South Africa’s Grindstone partners USAID for startup support program
TLDR
- South African accelerator Grindstone partners with USAID Southern Africa Mobilising Investment for startup support program.
- Grindstone, co-owned by Knife Capital and Thinkroom Limited, offers structured entrepreneurship development focusing on high-growth, innovation-driven companies.
- Grindstone selected by USAID to lead a two-year program supporting 40 startups annually for rapid scaling and sustainability.
South African accelerator Grindstone has partnered with USAID Southern Africa Mobilising Investment to launch a two-year program to reshape startup and scale-up support in South Africa.
Founded in 2013 and co-owned by Knife Capital and Thinkroom Limited, Grindstone is a structured entrepreneurship development program. It focuses on assisting high-growth, innovation-driven companies for rapid scaling, sustainability, and fundability. To date, Grindstone has completed 16 accelerators.
Selected by USAID from a pool of 13 grantees in Southern Africa, Grindstone will lead the implementation of this new program. The initiative aims to support 40 startups annually, drawing from both Grindstone alumni and other startups and scale-ups within the entrepreneurial ecosystem.
Key Takeaways
A significant trend shaping Africa's venture capital landscape, as highlighted in a Briter Bridges report, was the notable expansion of the early-stage support infrastructure for startups on the continent. This growth was particularly evident in the form of increased involvement from angel networks, seed funds, and accelerator programs. Accelerators, incubators, and pitch competitions play a vital role in providing startups with essential access to capital and mentorship. The benefits of these support mechanisms in the African startup landscape are crucial, especially considering the context of the ecosystem playing catch-up with those in more advanced economies.
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