The $10 Million Innovation Fund has been established by Sony Group to Subsidize the Development of the Entertainment Industry in Africa

By Abdul Rahman Bangura-

Great Africa Map
Photo Credit: Creazille

NEW AFRICA BUSINESS NEWS (NABN) Freetown, Sierra Leone- The Group’s contemporary endeavor…the Sony Innovation Fund: Africa, strives to enable the development of entertainment businesses in Africa. It will subsidize seed to early stage startups in the entertainment enterprise in Africa, comprising startups in the gaming, music, movie, and content distribution sectors. Sony is originally distributing $10 million towards such investments. In 2016, Sony Group ran a mixture of budgets, comprising the Sony Innovation Fund, the Innovation Growth Fund in 2019, and the Sony Innovation Fund Environment in 2020.

In complement, Sony has finalized a partnership consensus with the International Finance Corporation (IFC) a multinational development institution concentrated on the private sector which is vigorously investing in emerging nations, comprising startup companies in Africa. In addition to financial investment, this collaboration will support the growth of the entertainment industry in Africa by leveraging the strengths of both parties.

“Sony Group has been fostering next-generation technologies and startups and promoting corporate activities Fund: Africa, we hope to accelerate the growth of the African entertainment industry and contribute to the progress and development of the region by providing opportunities for collaboration with the entertainment businesses within the Group. I am confident that our collaboration with IFC, which has a strong presence in emerging markets, will enhance this activity by leveraging both parties’ strengths,” said Toshimoto Mitomo, Executive Deputy President and CSO of Sony Group Corporation.

For New Africa Business News (NABN) Abdul Rahman Bangura Reports,  Africa Correspondent