How to Apply and Join i3 Program Supporting African Healthcare Startups with $50,000 Grant

Investing In Innovation Africa (i3) is a program aimed at supporting start-ups in Africa that are building the next generation of healthcare supply chains and is calling for innovators to join its second cohort.

Details about the i3 Initiative:

•i3 is Funded by the Bill & Melinda Gates Foundation and sponsored by AmerisourceBergen, Merck Sharpe & Dohme (MSD), Microsoft and Chemonics. 

•It aims to help support the commercialization of 60 promising early- and growth-stage companies.

•The programme connects African-led supply chain innovators to donors, industry, and government partners, to power start-ups’ growth and impact.

•Start-ups that have been selected receive targeted introductions to customers to support commercialization and impact, a $50,000 grant, and tailored investment readiness support. 

So far, the i3 initiative has helped to make over 200 connections between the group of participants, their sponsors, and various potential partners, including organizations like USAID, The Global Fund, Benshi.aI, i+Solutions, Chemonics, John Snow Inc., FHI360, and the Madiro Foundation, as well as government representatives from Nigeria's Federal Ministry of Health, and representatives from the states of Ekiti and Lagos, among others. 

Yusuf Rasool, Director, Sustainable Access Solutions, Global Market Access, at MSD commented:

“Expanding access to medicines requires a new way of thinking that taps into the incredible talent we have across the continent.

We can find African solutions for African challenges by bringing together government, industry, and donors to create the scaffolding for entrepreneurs to succeed.

MSD is proud to partner with i3 to find, meet and partner with the next generation of African health care companies that are finding innovative ways to solve tomorrow’s healthcare challenges today.”

TO BE ELIGIBLE TO APPLY, STARTUPS MUST FULFILL THE FOLLOWING CRITERIA:

1. Representative of the business must be a founder / co-founder, and at least 18 years old with a valid ID document.

2. Company must be owned, led or operated by an African(s). We define this as having an African national with long-term control and management of the business, an equity stake and an active role in both strategic and day-to-day decision making. Organization does not need to be headquartered in Africa

3. Business must have a legal presence on the African continent.

4. Business offerings must be focused on serving the needs of African customers

5. Business must be in the early or growth stage as defined below. Nascent/idea stage companies, or mature companies (e.g. mature incumbent distribution businesses) are not be eligible.

6. Innovators must offer data-driven products or services focused on the distribution of health products, which includes over-the-counter medicines, prescription medicines, health care consumables, medical devices, assistive health technologies, and the movement of medical waste. This includes but is not limited to companies that are building data-driven approaches to health product distribution including medicines, consumables, devices, and more; cold chain technology; track-and-trace; direct-to-consumer delivery of health products; online pharmacies; digital marketplaces for product resupply; vendor-managed inventory for health products; counterfeit drug detection; waste management solutions, and more.

7. Nonprofits, consultancies, intermediaries, and consortiums are not eligible.

8. You must show good management and governance. We are looking for efficient use of funds and a strong plan to generate further income and attract additional investments. Participants must have sustainability embedded within plans and practices.

All startups who fulfill the criteria should have no problem applying, and for more information regarding eligibility, Find out here

IMPORTANT DATES TO NOTE:

•25th April 2023-APPLICATIONS OPEN

•22nd May 2023-DEADLINE FOR QUESTIONS

•26th June 2023 -APPLICATIONS CLOSE

•16th August 2023-COMPLETE DUE DILIGENCE

•14th September 2023-COHORT ANNOUNCED

With an understanding of what the i3 initiative means and what benefits it offers, the next step is simply to apply. To do that, visit their website through this link:https://vc4a.com/investing-in-innovation/i3-2023/