The Mastercard Foundation FAST Program is launching an exciting opportunity for African entrepreneurs, offering up to $15,000 in support for each venture. This program aims to empower the next generation of entrepreneurs by providing financial grants, business development training, and mentorship.
Program Overview
The Mastercard Foundation, in collaboration with partners like CCHub Nigeria, MDF Global, Concree, Scale Up, Savannah Innovations Lab, and others, is introducing the Mastercard Foundation Fund for Alumni Start-ups in Transition (FAST) program. This initiative is designed to support alumni from key leadership programs across Africa as they develop and grow their entrepreneurial ventures.
Program Summary
- Host: Mastercard Foundation
- Category: Competitions | Training
- Eligible Countries: African Countries
- Reward: $15,000 Grant | Access to Funding | Business Development Training | Mentorship
- Deadline: September 15, 2024
Program Details
The Mastercard Foundation, a globally recognized Canadian charity, partners with visionary organizations to promote education and financial inclusion. The FAST program is open to alumni of the Young African Leaders Initiative (YALI), African Leadership Academy (ALA), Anzisha Prize, and the Mastercard Foundation Scholars Program who are in the early stages of their entrepreneurial journey.
Eligibility Requirements
To qualify for the Mastercard Foundation FAST Program, applicants must:
- Own a for-profit business (Not-for-profit entities are not eligible).
- The business must be majority-owned by alumni of one of the following programs:
- Mastercard Foundation Scholars Program
- African Leadership Academy (ALA)
- Anzisha Prize
- Young African Leaders Initiative (YALI)
- The business must be located in one of the qualifying African countries (Check the application form for the full list).
Program Benefits
The FAST program offers support in two phases:
- Idea Phase: Up to $5,000 to help develop and refine initial business ideas.
- Build Phase: $10,000 to $15,000 to transform ideas into viable business models.
Participants will gain access to funding, business development training, and a network of like-minded entrepreneurs and mentors.
Selection Procedure
The program’s duration varies across implementing partners but typically lasts between 3 to 6 months, depending on the business stage (e.g., “idea,” “build”). Participants must attend all required activities throughout the program to successfully complete it.
How to Apply
Interested and qualified applicants should submit their applications via the official link before the deadline on September 15, 2024.
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