Explore GIZ’s develoPPP Ventures, a groundbreaking funding scheme for Nigerian startups, offering grants and technical assistance to eligible SGBs.
German Influence: The Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ)
The German powerhouse for global collaboration, known as the Deutsche Gesellschaft für Internationale Zusammenarbeit or GIZ, has set its sight on fostering the entrepreneurial spirit in Nigeria.
GIZ is an organization that represents the German Federal Ministry for Economic Cooperation and Development (BMZ).
Their recent introduction of the funding program ‘develoPPP Ventures’ signals a new dawn for startups in Nigeria.
develoPPP Ventures: A Funding Boon for Nigerian Startups
This initiative, develoPPP Ventures, is designed to bolster the growth stage of innovative small and growing businesses (SGBs) in Nigeria.
The critical criteria for these businesses is their potential to create a notable positive social or environmental impact, while also promising financial returns.
Biannual competitions form the basis of funding decisions, with successful contenders standing a chance to receive grants of up to EUR 100,000.
This financial aid can fuel expansion and help startups scale their development-centric business models.
What it Takes to Be Eligible
Startups interested in partaking in this funding opportunity should meet specific prerequisites.
They must already generate initial revenues from their products or services and secure additional funds from other sources equal to or greater than the grant amount through a matching fund model.
To be considered, these SGBs should be registered in Nigeria, with a relevant product or service already in the market.
Demonstrating initial sales figures through at least one annual financial statement is also required.
Additionally, they must submit comprehensive financial and strategic business plans for the next three years, specifying how the funds will be employed to spur growth, attain financial stability, and achieve the break-even point.
Added Perks for Selected Businesses
The financing from develoPPP Ventures isn’t just about financial support; it’s also about elevating these companies to appeal to commercial impact investors and financial institutions.
Selected businesses will receive customized technical assistance, tailored to their specific needs to boost their chances of success.
Collaborations for Success
GIZ isn’t walking this path alone; it’s collaborating with the international start-up ecosystem-building organization VC4A and the community-driven local start-up hub, The Ventures Park.
Their combined efforts will implement the develoPPP Ventures in Nigeria.
Prospective applicants should note that the selection process includes additional requirements and due diligence procedures.
GIZ will also consider additional legal factors before engaging with the selected startups.
Application Details for the Interested
The curtain-raiser for develoPPP Ventures in Nigeria is currently accepting applications from 15th May until 30th June 2023.
Small and growing businesses (SGBs) interested in the Develop Ventures funding program can find further information and application details on the official GIZ website.
Alternatively, they can reach out via email for inquiries or assistance.
GIZ’s Impact in Nigeria
GIZ operates in Nigeria under the commission of the BMZ and the German Federal Foreign Office (AA).
Working alongside entities like the European Union (EU) in peace, security, and energy areas and the Bill & Melinda Gates Foundation in agricultural value chains,
GIZ’s primary focus is enhancing employment opportunities, income generation, and access to financial resources for micro, small, and medium-sized enterprises (MSMEs) in Nigeria.
with the introduction of the develoPPP Ventures funding scheme, GIZ offers an exciting opportunity for Nigerian SGBs.
This scheme, brought forward by GIZ, represents an incredible opportunity for innovative Nigerian startups to scale and generate significant socio-environmental impact, thus marking a significant step forward for Nigeria’s budding entrepreneurial ecosystem.
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FAQs
What is the develoPPP Ventures program?
DeveloPPP Ventures is a funding scheme by GIZ aimed at supporting innovative Nigerian SGBs that can generate a positive social or environmental impact alongside financial returns.
How much funding can startups receive from the develoPPP Ventures program?
Applicants can receive grants up to EUR 100,000 for expansion success.
Who can apply for the develoPPP Ventures program?
To qualify, startups must be registered in Nigeria, have a relevant product or service in the market, demonstrate initial sales, and match the grant amount with funds from other sources.
What is the application deadline for the inaugural develoPPP Ventures?
The application deadline is from 15th May to 30th June 2023.
Besides funding, what other benefits do startups receive from the program?
In addition to financial support, startups receive tailored technical assistance and the opportunity to collaborate with GIZ, VC4A, and The Ventures Park.
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