Oracle Corporation, the American multinational computer technology enterprise based in Texas, has reportedly announced a US$1 million investment to support technology startups based out of Africa.
The new investment would help the startups expedite their digital initiatives by leveraging the latest cloud technologies as well as business tools. Over the course of the next two years, Oracle for Startups, led by Oracle, will offer additional resources and assistance to tech startups throughout Africa.
As part of the initiative, 100 entrepreneurs will receive cloud credits worth up to $10,000. Startups will also receive hands-on technical assistance, go-to-market resources, executive mentorship, as well as customer engagements.
Eligible tech startups can visit the program website to apply and obtain additional information.
Oracle for Startups Vice President, Jason Williamson, stated that Oracle helps entrepreneurs grow from the grassroots to the scaling.
Africa is a hub for tech entrepreneurs, and the company has seen a 91% increase in enrollments from startups based in South Africa along with a 39% increase from more than 13 other African nations in the past year. The one-million-dollar investment will effectively support African tech entrepreneurs in their efforts to use cutting-edge digital technologies to help their businesses succeed.
As per recent reports, investments from large corporations in up and coming startups helps foster innovation. Through such initiatives, startups get to have benefits associated with business areas like market access, marketing, business knowledge, and expertise in addition to technical support.
This program comes in the wake of Oracle's recent revelation that it would create the first-ever African cloud region to address the continent's swiftly expanding enterprise cloud services demand.
The Oracle Cloud Johannesburg Region will augment cloud adoption in African nations while also helping firms improve their performance and also drive continuous innovation.
The opening is the 37th cloud region of Oracle in the world, with intentions to achieve at least 44 by the end of this year, continuing one of the highest growth rates of any prominent cloud provider.