The 2024 Mastercard Foundation FAST Program is thrilled to announce the launch of the Mastercard Foundation Fund for Alumni Start-ups in Transition (FAST). This initiative is designed to support and empower the next generation of African entrepreneurs by offering up to $15,000 in funding for ventures at different stages of development.
This article provides a comprehensive guide for interested applicants, including details on the program, eligibility criteria, benefits, and the application process.
Program Overview
- Host: Mastercard Foundation
- Category: Competitions | Training
- Eligible Regions: All African Countries
- Rewards: Up to $15,000 in Grants | Business Development Training | Mentorship
- Deadline: September 15, 2024
2024 Mastercard Foundation FAST Program Details
In partnership with organizations such as CCHub Nigeria, MDF Global, Concree, Scale Up, and Savannah Innovations Lab, the Mastercard Foundation has launched the FAST program to support African entrepreneurs. This initiative primarily focuses on graduates and alumni of programs like Young African Leaders Initiative (YALI), Anzisha Prize, African Leadership Academy (ALA), and Mastercard Foundation Scholars Program.
The program seeks to help young entrepreneurs in the early stages of their business journey by offering both financial support and valuable training. Entrepreneurs will gain access to crucial business development skills and mentorship from seasoned professionals, ensuring their ventures are well-equipped for success.
Eligibility Criteria for the 2024 Mastercard Foundation FAST Program
To be eligible for the Mastercard FAST Program, applicants must:
- Own a business: The venture must be for-profit (non-profits are not eligible).
- Be an alum of one of the following programs: Mastercard Foundation Scholars Program, African Leadership Academy (ALA), Anzisha Prize, or Young African Leaders Initiative (YALI).
- Located in a qualifying country: Check the program’s application form for a full list of eligible countries.
2024 Mastercard Foundation FAST Program Benefits
The Mastercard Foundation FAST Program offers support in two main phases:
- Idea Phase: Entrepreneurs can receive up to $5,000 to help develop and refine their initial business ideas.
- Build Phase: Entrepreneurs may receive $10,000 to $15,000 to transform their ideas into viable business models.
In addition to funding, participants will benefit from business development training and access to a network of like-minded entrepreneurs and mentors. This program is designed to accelerate business growth while fostering a supportive community.
Selection Process
The length of the program will vary depending on the implementing partner, generally lasting between 3 to 6 months. The duration also depends on the stage of your business (e.g., idea or build phase). Participants are expected to attend all required activities and sessions throughout the program to successfully complete it.
How to Apply
To apply for the Mastercard Foundation FAST Program, interested and qualified candidates should:
- Visit the Program Webpage: Access the official Mastercard Foundation FAST webpage.
- Complete the Application: Follow the instructions on the webpage to submit your application before the deadline of September 15, 2024.
This program provides an excellent opportunity for aspiring African entrepreneurs to grow their businesses with financial and professional support. Don’t miss your chance to apply!
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