100% FREE INCUBATION: Why africa is one of the few programs that is 100% FREE

Launching a startup has never been as easy and simple as it is today. More governments are encouraging their youth to innovate and create. However, having a great Idea for a business is not enough to survive, many startups fail to maintain stability after a few months from launching, mostly because of financial challenges that prevent a startup from growing, lasting, and expanding.

You can’t grow a business without funds

The biggest financial challenge a startup would probably face is securing funds for growing the business. In the early days, most startups resort to loans and partnerships to secure funds. And while these are effective options they come at a cost, and if not studied carefully, can cost a lot in the long run, therefore one must be careful before resorting to these options. Let’s take loans for example. Banks often offer loans for startups. Loans that require clean credit history, a certain financial situation, oh and several months to process the application and decide whether or not to give you the loan.

Partnerships on the other hand are tricky. Because in this case a partnership essentially means selling a percentage of your idea, which means that your partner will have a percentage in any future profit you make. So think twice!

Mishandled expenses can cost you a lot

Another financial setback is mishandling business expenses. The latter come in different shapes and sizes and it’s hard to know what’s making you lose money. Hidden costs and overspending are problems every startup is bound to face. This is where the importance of a detailed business plan stands out. It keeps you on track, helps spend money safely and manage financial risks. 

An example of an unexpected business expense is the workspace! As a startup you most probably don’t have an office of your own to work, which leads you to renting a workspace. That itself is a money draining expense.

Africa By IncubMe to the rescue

Now, where does Africa come to rescue? Well, in all of the above! The reason why the Africa program stands out amongst its competitors is that it’s 100% free. Contestants need not to worry about funding or business expenses. For the first we start a fundraising and for the second we provide thanks to our partners all the necessary tools our contestants need.

And unlike other incubation programs, Africa takes 0% equity throughout the entire program making it a 100% free incubation program.

 Application is possible in two forms:

  • Open innovation: where applicants provide solutions to existing problems proposed by Africa partners
  • Independent project: where applicants can work on developing their own ideas.

After the applicants choose the type of project they want to work on, a committee of carefully selected professionals conducts the selection process during which the most eligible are selected.

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