African fashion, textile, apparel, and accessories entrepreneurs and businesses encouraged to apply for the Fashionomics Africa Online Incubator and Accelerator programs through the African Development Bank’s Call for Proposals. Each program will last for eight weeks, having information in the following languages: English, French, Arabic, and Portuguese.
The African Development Bank’s Fashionomics Africa initiative intends to increase Africa’s involvement in the global textile, clothing, and accessory value chains. The goal is to support the expansion of the micro, small, and more so, medium-sized firms that dominate this sector by providing them with the access to markets, market intelligence, and financing possibilities they need to scale up their operations in an increasingly digitalized economy.
For the purpose of developing sustainable business models and gaining access to funding, the project is creating the online Fashionomics Africa Incubator and Accelerator Programs. The curriculum and content will be divided into separate incubator and accelerator programs, with an emphasis on strengthening business and financial models, investment readiness, branding, marketing, digitization, sustainability, and circular economy actions applied to the industry, as well as outlining preparations for the capital raising process.
Benefits
- The most promising fashion entrepreneurs selected through a competitive process to present their business ideas at the online Fashionomics Africa Pitching Days Competitions.
- Each incubator and accelerator program will produce 12 finalists who will compete for the top 4 prizes of 20,000 USD each to scale up their operations.
Eligibility
- Competition open to participants who can provide an identification document like a passport, national ID card or voters card issued in an African country, and/or domiciled in African countries.
- Applicants should be 18 years of age and above. Priority given to youth (18-35) and women-led fashion businesses.
- Any fashion micro, small and medium-sized enterprises (MSMEs) or fashion entrepreneurs operating in the fashion ecosystem, including but not limited to fashion designing and dressmaking, accessories design and making, textile design, fashion illustration, fashion photography, technology-enabled fashion businesses, and service providers whose main sector of focus is fashion, are welcome to apply.
Online Fashionomics Africa Incubator Program – Specific Selection Criteria
- Fashion business entities under three (3) years, either registered or not registered.
- Fashion business has at least deployed a proof of concept, at the micro, small or medium level.
- The application provides a clear and detailed description of the fashion business.
Online Fashionomics Africa Accelerator Program – Specific Selection Criteria
- Entities should be formally registered as a business in the African country of operation.
- Fashion business/start-up needs to be at the growth stage (must have existed for at least 3 years, have solid traction with clear product and sale channels and customer base).
Timelines
- Application Deadline: 23rd October 2022
- Selection and onboarding: 24th October – 28th October 2022
- Online incubator and accelerator programs: 31rd October – 20th December 2022
- Shortlist of 12 fashion entrepreneurs: 21st December 2022
- Pitching day: 26th January 2023
- Award ceremony: 31st January 2023
Visit AfDB for further information.
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