Open Startup International - Partnership for innovation and growth
Open Startup International (OST) is a non-profit SME accelerator in Tunisia that helps entrepreneurs across Africa. OST works on improving skills, building networks, and connecting ecosystems to encourage innovation and growth through business, education, and cultural exchange. It offers programs focused on soft-tech and sustainability to assist startups at different growth stages across Africa. Since 2016, OST has supported more than 400 startups, trained over 300 coaches and created over 270 jobs. However, OST is trying to depend less on grant funding to stay financially strong, as demand for its services increases in Sub-Saharan Africa. To achieve this, OST is looking for new ways to realize turnover, like creating funds, offering consulting services, and getting event sponsorships.
OST will work with DGGF's SC&BD facility using a Results-Based Financing (RBF) tool. This tool will help OST to become financially sustainable by encouraging to find new revenue sources and keep its program quality strong, especially for expanding their BRAIN program. This is a six-month initiative to make startups investment-ready through education, stakeholder interaction, and networking. With extra help to improve its internal management skills, OST plans to use the partnership with DGGF to keep getting good results even after the program, enhancing how it runs its services and making its operations more sustainable.
Investment
DGGF commits a funding of EUR 260,000 to Open Startup (OST), which includes the RBF grant and Technical Assistance (TA) support.
Sector
OST is focused on accelerator programs and ecosystem development, particularly in soft-tech and sustainability deep-tech sectors.
Image: © Open Startup International