weVenture Launches to Propel Ethiopia's Startup Ecosystem Forward

weVenture Launches to Propel Ethiopia's Startup Ecosystem Forward

By Staff Writer, 12 January 2024

In a significant development for Ethiopia's startup ecosystem, weVenture, a new venture capital-backed incubator, has commenced its operations.

Founded by Noel Daniel and Makeda Tsegaye, the hub has been established with the mission to identify, nurture, and scale early-stage startups in the country.

Supported by a consortium of local industry leaders, investors, and seasoned professionals, weVenture aims to provide essential resources to at least eight startups within its first year through a combination of incubation and acceleration programs.

The incubator has expressed a particular interest in prioritizing startups that offer innovative solutions to Ethiopia's unique challenges.

"We recognized a pressing need for more privately funded incubators in Ethiopia," stated the Managing Partners of weVenture. "Our goal is to elevate local startups by creating a professional and collaborative workspace that facilitates growth and innovation."

The establishment of weVenture comes at a crucial juncture for Ethiopia's burgeoning startup scene.

According to a recent report by the Japan International Cooperation Agency (JICA), a significant majority of startups in the country are still in their nascent stages, with only 23% having progressed beyond the early stage.

This underscores the pressing demand for investment and support mechanisms tailored to early-stage ventures.

Given its robust backing and resources, weVenture appears well-equipped to address these challenges.

However, navigating Ethiopia's rapidly evolving tech landscape presents its unique set of hurdles.

Nevertheless, industry stakeholders remain optimistic about the incubator's potential impact, anticipating that its success could pave the way for the establishment of additional incubators and accelerators across Ethiopia.

Osamu Ekhator / Techpoint Africa

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