Many startups in Africa, Nigeria especially, have benefitted from grants and funds by organizations, whether local or international. The Africa Netpreneur Prize Initiative led by the Jack Ma Foundation in 2019 was awarded to LifeBank, a Nigerian startup brand, and with this, they were able to grow exponentially.
The African Fashion Foundation recently announced a 100 million USD Impact Fund for African creatives, including fashion designers, to provide venture capital for the growth of African entrepreneurs looking to take their businesses to a global standard.
The African Fashion Foundation which was formerly known as the African Fashion Fund was founded by Ghanaian businesswoman, Roberta Annan, in 2011. African Fashion Foundation is an organization that empowers fashion designers and fashion professionals from Africa to succeed in the global fashion industry.
With the vision to develop and exploit the full potential of the cultural and creative industries in Africa, the African Fashion Foundation organizes programs with significant players in the fashion industry to assist and support the professional success of fashion designers.
Due to the COVID-19 pandemic which has affected many fashion entrepreneurs, the founder and board members of the African Fashion Fashion are determined to use the situation as an opportunity to nudge many fashion entrepreneurs into the world of e-commerce.
The Impact Fund, from August, will be investing 100 million USD in African designers with an emphasis on designers that deal with ethical fashion practices and make use of sustainable materials.
“We are generating demand for creative outputs from Africa, but on African terms.” – Roberta Annan.
In collaboration with Vogue Talents also, the African Fashion Foundation launched a project, Scouting For Africa 2020 to offer a more focused and concrete platform for these creatives.
Fashion designers emerging from Africa, such as Thebe Magugu, Sindiso Khumalo, and many more are changing the global fashion industry, in terms of ethical fashion practices, sustainability, and others.
In this same light, the Scouting For Africa 2020 project is to guide designers through a mentorship program, refining their raw ideas as well as uplifting their careers for them to become globally recognized.View this post on Instagram
A post shared by African Fashion Foundation (@africanfashionfoundation) on Mar 13, 2020 at 11:49am PDT
The applications for the Scouting For Africa 2020 program closes on the 30th of June. The scouting project is open to fashion designers residing in Africa. To find out more information about this project and the application guidelines, click here.
“We must use this COVID-19 pandemic as an opportunity to redefine sustainability – not just for Africa, but for the world” -Roberta Annan
The African Fashion Foundation, through these funds and projects, are truly providing a platform for international exposure, as well as contributing to sustainable fashion ecosystems in Africa.