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North African entrepreneurs have until this Sunday (20 October) to apply for the Middle East and North Africa (MENA) focused Wamda X grant-based fellowship programme.
The four-month programme is an initiative of Dubai-based and MENA-focused entrepreneurship platform Wamda.
Through the programme, Wamda aims to work with fellows to build businesses by providing them with grants and access to its network.
Wamda X fellows will receive grants of $30 000
Fellows will receive grants of $30 000 which will convert into five percent equity if a business is formed. The programme will also offer participants access to continuous follow-on financing through Wamda Capital.
Wamda states on its website that on completion of the programme, Wamda Capital will have the right to invest $100 000 in follow-on capital in exchange for 10% equity.
Wamda is particularly seeking:
- MENA-focused businesses
- Entrepreneurs with between five to 10 years of prior work experience in a business environment
- Individuals prepared to be devoted full time to their business
- Disruptive tech or tech-enabled business models that are scalable and capital efficient
In addition, Wamda says it prefers teams of two or more entrepreneurs over individual applicants.
Programme participants will also be provided with working space in Dubai as well as more than $10 000 worth of software and support services.
Featured image: Olgaozik via Pixabay