Development Ministry launches startup support program with €100K grant for Kenyan entrepreneurs
The funding will reportedly be distributed by DEG – Deutsche Investitions- und Entwicklungsgesellschaft mbH via a matching-funds model. DEG provides grant funding to startups that have displayed and achieved proof of concept and are ready to scale.
Gerd Müller Development Minister explains that the programme aims to drive entrepreneurial growth in Africa.
“Many developing countries, particularly in Africa, have an exciting startup scene. This is where the jobs of tomorrow and innovative solutions for the challenges on the ground are emerging. Drones being used to deliver medicines, banks that are completely digital – things which sound like the music of the future to European ears – many African companies are already making these ideas a reality. We want to encourage this entrepreneurial spirit even more, thereby helping to create modern jobs for young people. Since the launch of our DeveloPPP program, more than 2,000 projects have been realised around the world, together with local, German and European companies. Last year alone, almost 80,000 people received initial and further training thanks to this support.”