In a groundbreaking move to support AI-driven innovation in Nigeria, the government has partnered with Google to launch a ₦100 million AI Fund aimed at empowering 10 Nigerian startups. The Minister of Communication, Innovation, and Digital Economy, Dr Bosun Tijani made the announcement on Tuesday, September 10, 2024. The initiative seeks to nurture AI-powered businesses, providing them with the financial, technical, and networking resources needed to thrive in a rapidly evolving digital landscape. What the AI Fund Offers The AI Fund will provide selected startups with up to ₦10 million in grant funding per startup, alongside several other benefits: Financial Support: Non-equity grants of up to ₦10 million for each startup. Technical Expertise: Access to cutting-edge AI tools, mentorship from Google engineers, and technical resources that can help scale AI products. Network & Visibility: Startups will gain access to Google's global network, offering exposure and opportunities for collaboration on a global scale. Why the AI Fund? AI has the potential to revolutionize sectors from healthcare to agriculture, driving efficiency, innovation, and growth. However, many Nigerian startups lack the resources to develop and scale AI-based solutions. This fund aims to bridge that gap by supporting promising AI-focused startups that are addressing key challenges in Nigeria. Application Process Startups interested in the AI Fund can apply by submitting information about their team, product, market traction, and financial performance through a structured six-part application form. Here’s what applicants need to know: Company Overview: Basic details about the company’s mission, vision, and business objectives. Team Details: Information about the startup’s leadership, team structure, and AI expertise. Product Details: Overview of the AI product, target market, and competition. Technical Details: AI/ML technology stack, development challenges, and growth trajectory. Financial Performance: Data on revenue, funding, and financial health. Program Alignment: How the startup’s vision aligns with the goals of the AI Fund and how they intend to leverage Google’s support. Why It Matters for Nigeria With its burgeoning tech ecosystem, Nigeria is positioning itself as a major player in AI on the African continent. However, startups often face significant hurdles, including funding shortages and limited access to technical expertise. The AI Fund not only addresses these challenges but also seeks to make Nigeria a leader in the global AI landscape. By fostering homegrown AI talent, this initiative is set to drive economic growth, create jobs, and catalyze technological advancements, enabling Nigerian startups to solve local challenges and compete on the global stage. How to Apply Only 10 AI-driven startups across various sectors will be accepted into the program. Interested founders can apply here. Read more here.
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