Announcing The FAVE-YC Support Program for African Founders

Announcing The FAVE-YC Support Program for African Founders
July 15, 2021 Iyin Aboyeji

Today, I am excited to announce our new program for early-stage startups, FAVE-YC. FAVE-YC is an extension of our FAVE (Future Africa Venture Entrepreneurs) program. It builds on our value proposition of connecting investors and mission-driven innovators looking to turn Africa’s most difficult challenges into global businesses.

As you may already know, I co-founded two (now) global businesses, Andela and Flutterwave, before starting on my journey of helping other founders build an African future where purpose and prosperity are within everyone’s reach.

One of the most impactful opportunities I got access to as a founder who was keen on building high-growth, globally relevant businesses was getting accepted into Y Combinator. Even though I was a part of the widely acclaimed Andela founding team, Y Combinator changed my life and helped us build Flutterwave and put it on a path to becoming a billion-dollar business. I met and made lifelong friends, and many of my partners advised our business and invested in it.

This experience is not unique to me though, many of your favourite startups are also YC alums. If you ask them, I’m sure they can share the invaluable role YC has played on their journeys too. Here’s my take – if you are thinking of building a billion-dollar business, you should be thinking YC.

For us at Future Africa, we understand that founders are the backbone of our mission. This deep understanding is why we’re always looking to help you harness the very best resources & opportunities, including the resources we create and the best that we can find anywhere in the world. With FAVE-YC, we’re doing the latter – we’re helping more exceptional African innovators get accepted into what we believe is, arguably, the best accelerator program in the world.

If you are one of these innovators, we can’t wait to support you.

General Partner, Future Africa.

We invite you to apply to FAVE-YC. Before you do so, here’s a walkthrough of the program phases and everything else you need to know:

Phase One: Apply to FAVE-YC

We’ll need you to apply to join the FAVE-YC program. We’ve, however, made the process very simple for you. You only need to share your YC application answers with us here.

P.S. To apply, you need to be a post-launch startup. The deadline for applications is Friday, 6th of August, 2021. Also, before you apply, it would be very helpful that you go through this guide.

Phase Two: Application Review

When we review your application, we will be looking out to see that you

  1. are solving a big (popular / growing / urgent / expensive/ frequent) problem
  2. have unique insights into a solution that addresses the problem identified
  3. have an unfair advantage in executing the proposed solution (e.g. founder-market fit/domain expertise).

As we will be looking to co-invest in FAVE-YC companies, we’ll also evaluate how well you fit into our investment philosophy. You can read more about our TD3 evaluation investment criteria here.

Phase Three: Invitation to Join FAVE-YC

If you evaluate greatly against all of the above, we will invite you to join the FAVE-YC program. We are only able to support a maximum of 20 companies per batch. However, If we can’t invite you to join FAVE-YC, we will point you to other valuable resources to help with your Y Combinator application.

Phase Four: In-Depth Application Review / Revision + Brainstorming Session

Once in, we’ll invite you to a one-on-one brainstorming session with me. I will help you better craft your startup’s story and why the problem you are solving matters. Generally, you’ll get my thought partnership on your business and get to discuss your business model and strategy in detail.

Phase Five: Recommendation of your startup to YC

Once your application is submitted to the Y combinator, I will recommend you for the programme. As an ex YC founder, I can submit recommendations to support your application.

Phase Six: Ongoing Support

For 4 weeks, we’ll give you access to:

  1. curated resources that further help you refine your business and get you investment-ready
  2. weekly office hours where you get to discuss your obstacles and get help with dealing with blockers
  3. accountability – we help you choose the right growth metrics to measure, you report to us weekly, and we support/challenge you to grow your numbers week-on-week.

Phase Seven – Interview with YC Partners

If you get invited to interview with YC partners, we will conduct a mock interview for you. By now, you’d be fully set up with everything you need to have a high chance of getting accepted.

Phase Eight – Get Accepted Into YC

While we can’t guarantee acceptance into the YC accelerator program, we are confident that every startup that follows through with the FAVE – YC program will emerge “investment-ready”. As part of our support, we optionally co-invest in your seed round with a cheque size of up to $50k, in addition to the $125K YC invests.

Phase Nine – The Acceleration Program + Demo Day

You go through the 3-month YC acceleration program, which culminates in a Demo Day where a specially selected audience of investors and press get exposure to your startup. Again, we’d be here, supporting you through this phase. We will actively, strategically and aggressively market your deal to investors ahead of your demo day, increasing your chances of actually raising follow-on funding and significantly increasing your company’s valuation.

Phase Infinity – Lifetime Support

YC brings their years of expertise and robust network. We provide localised support/expertise, access to a solid local & regional network, regulatory mediation and help with other material issues that only operators in Africa can understand. You get the best of both worlds! You not only join the YC alumni community, but you also become a Future Africa portfolio company.

Start your application now with the button below.

Apply Here