Promising early- and growth-stage startups in the agriculture, healthcare, and education sectors are set to receive $750,000 in equity-free grants from the Ethiopian Diaspora Trust Fund (EDTF) at an upcoming summit.
The Great Rift Valley Innovation Summit (GRV), scheduled for late January, will mark one of the largest fundraising and pitch competition events in the history of Ethiopia’s nascent startup ecosystem.
According to Afomia Hailemeskel, co-executive producer of GRV Summit, the initiative looks to respond to the pressing need for innovative solutions that can address the challenges faced by Ethiopia’s youth.
“The decision to organize this specific startup funding event stems from the growing need to empower Ethiopia’s youth to become innovative leaders in sectors that are pillars of the nation: agriculture, education, and healthcare,” Afomia told Shega.
The fund, raised through contributions from Ethiopian diaspora communities worldwide, totals nearly $1 million and will be awarded in two categories. Currently accepting applications, EDTF plans to support over a dozen startups.
In the first category, which is dubbed the Legacy Builder Award, a total of $650,000 will be awarded to support four entrepreneurs with strong, scalable business models that align with EDTF’s impact areas. The grand prize for this category is $150,000, with an additional $50,000 People’s Choice Award.
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