Grace Ashiru
weVenture, an Ethiopian venture capital-backed incubator, has recently commenced its operations. Established through a collaborative effort of local industry experts, investors, and seasoned professionals, this hub focuses on discovering, cultivating, and expanding early-stage startups in Ethiopia. In its inaugural year, the incubator is set to assist a minimum of eight startups through its incubation and acceleration programs. Its primary objective is to give precedence to startups offering innovative solutions to the unique challenges faced in Ethiopia.
weVenture, established by Noel Daniel and Makeda Tsegaye, is dedicated to assisting local startups at the forefront of innovation in securing private and public funding to expand their businesses.
The Managing Partners founded the incubator hub with a clear purpose. “The country needs more privately funded hubs. weVenture is designed to elevate startups by providing a professional and open workspace,” they explained.
In today’s landscape, incubators like weVenture are increasingly vital to the country’s ecosystem. A report by the Japan International Cooperation Agency (JICA), a Japanese administrative agency, highlights that most startups in Ethiopia are in the initial stages of their business journey, with only 23% advancing beyond the early stages.
These startups are in dire need of investments to scale up. With the substantial resources, weVenture appears to be in a solid position to support these businesses. However, the hub may encounter various challenges as it maneuvers through the budding tech landscape.
Despite these challenges, there’s a strong sense of optimism among critical players regarding the potential of this hub to act as a catalyst for creating more incubators and accelerators throughout Ethiopia.
Thanks to a robust network of startup hubs, accelerators, and investor networks, including Iceaddis, Gebeya, and BlueMoon, Ethiopia’s tech landscape is rapidly growing. These platforms are nurturing a wide array of startups, contributing to the dynamic tech environment in the country.
Ethiopian investors and business leaders are celebrating the initiative of WeVenture as a groundbreaking step for the nation’s rapidly developing startup ecosystem. With effective implementation, Ethiopia is on the path to joining the ranks of other African countries with flourishing tech scenes, such as Kenya and Nigeria.
