The French oil group Total has launched, earlier in November, the initiative “Startupper of the year by Total” whose purpose is to support promising young companies in 34 countries of the continent. The company plans to allocate $ 3.7 billion FCFA to the cause.
The initiative is a competition in which candidates must meet certain conditions. Thus, they must have 35 years or less and an innovative start-up of less than 2 years. The company must also have great potential in terms of job creation and must be competitive. “Through this initiative, Total intends to provide funding to young entrepreneurs whose ideas and business plans are dying for lack of funding,” said Philippe Boisseau, Marketing Director, services and renewable energy enterprise.
The deadline for applications is January 31 2016 and the winners will be announced in early May 2016. This news comes at a time when an African start-up of three bankrupt for reasons insufficient or non-existent funding, reports the website pourlentrepreneur.com .