The former co-founder of Flutterwave and Andela has joined forces with the General Partner at The Fund for Africa's Future to launch Accelerate Africa. The accelerator has secured a $750,000 grant from the U.S. Agency for International Development. Accelerate Africa aims to become the Y Combinator of Africa, with plans to select ten startups from across the continent for an eight-week accelerator program. Unlike Y Combinator, Accelerate Africa doesn't commit to financial investment but focuses on helping startups refine storytelling, develop products and business strategies, and build effective teams. The accelerator will operate physical programs in Nairobi and Lagos, seeking founders with compelling ideas and significant market opportunities.
The accelerator's unique selling points include an African perspective, access to regulators and financial leaders, and guidance grounded in the context of Africa's market and business realities. However, the decision not to provide funding has raised questions about the accelerator's ability to attract ambitious founders, especially given the common criticism of African accelerators for offering learning resources without financial support. The recent closure of accelerators like Nasper’s Foundry serves as a cautionary tale in this challenging landscape.