The visit of the team from the world’s largest startup accelerator, Y Combinator, culminated yesterday in the announcement of the commencement of the acceptance of applications from Nigerian startups.
Prior to the team’s depart from Nigeria, Y Combinator’s CEO, Michael Seibel, affirmed the company’s interest in investing in Nigerian startups particularly those that have ideas that can “rule the world”. Y Combinator has already invested in 4 Nigerian startups but Seibel said they want to invest in more.
“We think Africa is a huge market place that needs to join the rest of the world in the technology space, and Nigeria is a fertile ground to invest in technology startups, because there are signs of future growth,” he said.
In line with this position, the latest announcement by Y Combinator in addition to other popular sectors has also created space for startups involved in food and farming, mass media, and Underserved Communities and Social Services. The full list is available here.
“We believe economics will dominate – reducing cost while preserving or improving flavor will win the day…We [also] believe great non-profits and for-profits can bring technology and strong metrics-driven approaches to this largely ignored, massive market,” Y Combinator said.
Application can be done by clicking here. But before applying, Seibel while in Abuja gave 3 important tips on how to make a winning application.
“Apply to get into Y Combinator, always remember you can apply and there’s no penalty if you don’t get in. Second, have a strong technical team as founders – that’s extremely important, and third, build your company – the most important thing is keep on building your company, keep on growing. Don’t look for investors to validate you,” he said.
