Lisk's layer-2 Ethereum chain successfully concludes its initial incubation program.
Lisk's Blockchain Incubation Hub Empowers African Startups
Lisk, a blockchain ecosystem, has completed its first training program for 23 African startups as part of its Blockchain Incubation Hub. The six-month incubator, supported by Swiss-based CV Labs, was designed to empower African blockchain projects building on Lisk.
Notable participants in the first cohort include South African fintech Tata iMali, Nigeria-based tokenization platform TrendX, Rwandan decentralized marketplace for agriculture Afrikabal, South African NFT marketplace Pokecoin, decentralized podcast platform Jamit, and Kenyan blockchain-powered rent-to-own property startup Nomachain.
Besides Lisk's Blockchain Incubation Hub, several blockchain and tech startup support programs in Africa provide funding, mentorship, and infrastructure to help scale startups, including those focusing on blockchain, fintech, and related sectors.
One such program is the Co-Creation Hub (CcHub) based in Nigeria, which supports over 100 startups and offers funding up to $100,000 (equity-free), with strong local expertise. Google for Startups Accelerator Africa, operating in Kenya and Nigeria, supports AI-driven startups (including blockchain/web3) with an equity-free program, offering up to $350,000 in Google Cloud credits and mentorship.
In Kenya, iHub supports startups in health, fintech, and agritech, offering funding up to $250,000 through a six-month program and boasting a strong local network and mentorship. Rwanda's kLab offers mentorship and funding programs like StartupWave, while South Africa's I’M IN Accelerator focuses on black-owned and women-led startups, offering up to $105,000 funding and focusing on inclusive growth. Kenya's university-based iLabAfrica provides seed funding up to $10,000 and access to university research facilities.
Web3 and blockchain infrastructure are gaining traction among African startups, with many embracing decentralized tech to address local problems. While not all listed accelerators are exclusively blockchain-focused, they actively support fintech and decentralized innovation that often involve blockchain technology.
In contrast, some countries like Botswana face challenges due to lack of venture capital and startup infrastructure, highlighting that blockchain support ecosystems are uneven across Africa.
Lisk distributed $196,000 in grants to the program participants, and each participant of the second cohort will be eligible for up to $20,000 in grants. The deadline for applications for the second cohort is April 12.
Beyond Lisk, the Ethereum Foundation also invests in projects building on its network. Notable African blockchain companies like Web3Bridge, Borderless Africa, and the African Blockchain Institute have received grants from the Ethereum Foundation. Another Ethereum layer-2 protocol developer, StarkWare, launched a $4 million fund in February for startups building on Starknet.
Applications are now open for the second cohort, set to begin on May 19. The StarkWare fund is looking to award up to $150,000 in grants to beneficiaries. The Ethereum Support Program and StarkWare's fund have different grant amounts and eligibility criteria compared to Lisk's Blockchain Incubation Hub. The deadlines for the Ethereum Support Program and StarkWare's fund are not specified in the article.
- African startups are embracing web3 and blockchain technology to address local problems, as evident in the first cohort of Lisk's Blockchain Incubation Hub, which includes startups like TrendX from Nigeria.
- The Ethereum Foundation invests in projects building on its network, with African blockchain companies like Web3Bridge receiving grants.
- Beyond Lisk's Blockchain Incubation Hub, programs like Co-Creation Hub in Nigeria, Google for Startups Accelerator Africa, iHub in Kenya, kLab in Rwanda, I’M IN Accelerator in South Africa, and iLabAfrica provide funding, mentorship, and infrastructure to startups, including those focusing on fintech and decentralized innovation.
- StarkWare, an Ethereum layer-2 protocol developer, launched a $4 million fund in February for startups building on Starknet, and applications are now open for the second cohort of Lisk's Blockchain Incubation Hub, with a deadline for applications on April 12.
- While some countries in Africa, like Botswana, face challenges due to lack of venture capital and startup infrastructure, there are numerous blockchain and tech startup support programs that are actively empowering businesses and innovation across the continent.
- Blockchain and fintech innovation are gaining traction among startups in Africa, with ecosystems like Lisk's and the Ethereum Foundation's supporting a new generation of decentralized and crypto-focused businesses.
