Orange Corners and GroFin proudly announce the launch of phase 2 of the Orange Corners Innovation Fund (OCIF), a pioneering initiative aimed at fostering entrepreneurship and supporting startups in the Kurdistan Region of Iraq (KRI). With a new funding cycle set for 2025-2030, the programme will invest €2.2 million to empower innovative businesses and strengthen the local entrepreneurial ecosystem.
The signing ceremony for phase 2 was held at the Divan Hotel in Erbil during the Orange Corners Erbil Year-End Event on 14 December 2024. This landmark event brought together key stakeholders, entrepreneurs and partners to celebrate the programme’s achievements and usher in its next chapter.
The Orange Corners Innovation Fund is tailored to equip emerging startups with critical tools, resources and funding to navigate today’s competitive business landscape. Managed by GroFin, a leader in small and medium enterprise (SME) development, this initiative underscores a strong commitment to creating opportunities for young entrepreneurs in KRI. Phase 2 of OCIF builds upon the success of the first phase, which provided essential support to dozens of startups, driving innovation, creating jobs and contributing to the region’s economic growth.
Key features of the programme include:
* Funding opportunities: access to financial support tailored to the needs of startups at various stages of development.
* Capacity building: comprehensive training, mentorship and business development services to equip entrepreneurs with the skills they need to succeed.
* Networking and market access: opportunities to connect with industry experts, investors and potential partners to scale their ventures.
“The renewal of the Orange Corners Innovation Fund is a testament to the remarkable entrepreneurial spirit in the Kurdistan Region,” said Abdalghany Al-Hassani, Senior Investment Manager at GroFin. “We are excited to continue supporting local startups and driving impactful change through innovation and resilience.”
Mike Sips, Programme Advisor for Youth Employment and Entrepreneurship, added: “The Netherlands Enterprise Agency and Orange Corners are pleased to continue the important work on the business ecosystem in the KRI. The extension reflects our belief in the potential of innovators and the impact of their ideas. Together with GroFin, Five One Labs, and other ecosystem partners, we will continue to empower entrepreneurs, create jobs, and drive economic development across the KRI.”
The programme aligns with the Netherlands’ broader mission to promote economic development, foster innovation and empower youth in the region. The €2.2 million investment reflects a continued partnership between the Netherlands Enterprise Agency, Orange Corners and GroFin to address the unique challenges faced by startups in KRI and unlock their full potential.
