Tech Startup Project Scores $5m

Jul 27 , 2019

iCog Labs Software Consultancy, in partnership with Kudu Ventures, has launched a programme that will work toward assisting and accelerating tech startup ventures. The first programme, which will be started in September 2019, will take a year and a half and aim to work with 18 startups. Five of the startup ventures will get three months of training, after which follow-up activities will be carried out. Getnet Aseffa, CEO of iCog Labs, and Noel Daniel, co-founder and managing partner of Kudu Ventures, signed the agreement at the end of last week. Kudu Ventures allocated 100 million Br for startups, of which five million Birr will go to iCog Labs to support this year’s acceleration program. iCog will provide technical and operational support, while the Ministry of Innovation & Technology will provide an incubation centre, according to Betelhem Dessie, project manager of iCog. “The selection process will target university students with the highest scores and individuals with innovative ideas,” said Betelhem. Once the startups start making profits, they will be sharing 20pc of the profit with iCog and Kudu.


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