In a bid to address the funding gap faced by historically disadvantaged entrepreneurs in South Africa, Amazon Web Services (AWS) has unveiled its fourth round of the Equity Equivalent Investment Programme (AWS EEIP).
Start-ups can apply for up to R7.5 million in seed funding and benefits from the AWS EEIP over 24 months to jump-start their business. The capital will cover hiring and developing the best team, paying for office space and other administrative overheads to support their business growth.
This programme is aimed at supporting black-owned and led early-stage start-ups in the country by providing them with the necessary resources and funding to jump-start their businesses.
The AWS EEIP, part of AWS South Africa’s Broad-Based Black Economic Empowerment Programme (B-BBEE), aims to empower 100% black-owned small and medium-sized technology businesses. While the programme does not take equity in the participating start-ups, it provides comprehensive support, covering financial, technical, and business aspects.
Who can apply?
100% black-owned innovative start-ups building or planning to build using AWS cloud are eligible. Applicants must have a Level 1 B-BBEE rating and be an Exempted Micro Enterprise or Qualifying Small Enterprise. AWS will give preference to start-ups that are female owned and managed.
Organisations can apply up to August 10. For more information go to: https://aws.firstdistribution.com/aws-equity-equivalent-investment-program/ to review the full eligibility requirements and terms and conditions of application.
BUSINESS REPORT