Roberta Annan, founder of the Accra, Ghana-based African Fashion Foundation and managing partner of Annan Capital Partners (ACP), launched the Impact Fund for African Creatives (IFFAC) in Paris earlier this week. Billed as a long-term capital vehicle, IFFAC supports African creative entrepreneurs by awarding grants and early-stage investments to qualified businesses, while also providing a structured form of technical and vocational skills training and a mentorship and networking platform.
IFFAC will award grants ranging from €10,000 – €50,000 ($11,600 – $58,000) to selected projects. Those entrepreneurs who successfully complete prescribed skill-building exercises will be eligible for consideration of €250,000 – €2 million ($290,000 – $2,3 million) as venture capital toward an approved business plan. According to Annan, the idea for IFFAC grew out of the African Fashion Foundation, which she founded in 2011 to empower emerging designers on the continent.
“When I was just starting to build my brand, the support I received from Roberta and the African Fashion Foundation was essential,” said Nigerian designer Kenneth Ize, one of the entrepreneurs slated to receive funding from IFFAC. “That support was what allowed me to elevate my work to a global audience.”
Other beneficiaries of IFFAC include Ethos Members Club, Chef Coco, GM & Ahrens, Mansa by Ebony Skincare.
Author: ASHLEY OKWUOSA
http://businessoffashion.com/
