This initiative aims to support African entrepreneurs in the fashion, textile, apparel, and accessories (TA&A) industry in expanding their businesses.
Africa's fashion and textile industries are a powerhouse, ranking as the continent's second-largest employer and boasting a market size of $31 billion in 2020.
With the global fashion market projected to double in the next decade, reaching a staggering $5 trillion annually, exciting opportunities await African fashion entrepreneurs. And this is one of them.
Even with a promising outlook, African fashion entrepreneurs still face hurdles, lacking crucial industry skills and access to financing.
To support this budding economy, the ADB's Fashionomics Africa Incubator and Accelerator programs brings you solutions to face these challenges head-on, aiming to propel Africa's participation in the global fashion scene.
The Incubator Program nurtures early-stage businesses, equipping them with the know-how to grow their business. It provides aspiring entrepreneurs with the knowledge to develop their ventures, build sustainable models, and secure funding.
The Accelerator Program empowers established fashion businesses (MSMEs and startups) with the tools to thrive. Focused on growth-stage companies, it equips them with knowledge to build a customer base, manage cash flow, and explore product and market expansion.
The inaugural year of the Fashionomics Africa Incubator and Accelerator programs delivered exceptional results. Top participants gained entrepreneurial skills, financial and technical know-how, and industry insights, solidifying their businesses in today's digital landscape.
The curriculum addressed key challenges faced by African fashion startups across four areas, namely, product development, talent management, distribution strategies and access to funds.
Delivered in three phases, it addressed core technical, business, and creative capacity-building needs.
The eight-week intensive training empowered over 5000 participants with six winners from Cohort 1 and 2 awarded $20,000 each. The curriculum provided a roadmap for sustainable business growth, fostering trade expansion within Africa and beyond.
Building on this success, the second year will focus on marketability, branding, business growth strategies, sustainability practices, and financial management.
Additionally, networking sessions will foster collaboration, partnership building, and knowledge sharing among participants.
At the end of the training program, top fashionpreneurs in the program will receive personalized support to refine their business models, pitching skills, and networking capabilities.
The participants will also have a chance at pitching their ventures to industry experts and investors during the 'Demo Day.'
Twelve winners (six from each cohort) will be chosen and awarded $10,000 each to support their entrepreneurial journeys.
To get a sneak peek into what Fashionomics Africa Incubator and Accelerator programs has to give, here is what previous participants form the first year of the program have to say;
Gifty Adonu
'Since the training, there has been an increase in the revenue of the business. A 10% increase in profit has been seen on each product as compared to what we had two months ago. During the training I took some cues from the pricing strategy of a product.'
Theresa Ogallo
'I am now a seller on the Afrikrea digital marketplace. Additionally, I have on boarded one new employee and have a strategy to recruit one more in the next couple of months and set my cost markup to 60%, previously 50%.'
Applications for the second year of the Fashionomics Africa Incubator and Accelerator Programs will close on. 20/10/2024 To apply, participants are required to fill out an online form which takes 3 to 5 minutes to complete.
Please access the application form using this link: [English, French, Portuguese, Arabic]
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