Diaspora Network Unveils $1M Innovation Fund, Offers Up to $25,000 in Grants for African Entrepreneurs

In a strategic move to shift diaspora contributions from remittances to long-term investments, the African Diaspora Network (ADN), in partnership with Myriad USA, has launched the African Diaspora Innovation Fund (AfDIF). The initiative was unveiled at the 10th African Diaspora Investment Symposium (ADIS25), held at George Washington University, Washington D.C.

The fund aims to raise $1 million within six months, beginning with individual diaspora contributions starting at $500. Selected high-impact African entrepreneurs will receive matching grants of up to $25,000 through a transparent, donor-led selection process.

According to ADN, the AfDIF is designed to redirect financial resources toward sustainable investments that generate wealth, drive innovation, and create lasting economic change across the African continent.

To amplify the fund’s impact, ADN is engaging a lead institutional donor to match contributions 2:1, potentially unlocking up to $750,000. Additionally, a crowdfunding campaign will seek to raise another $250,000 from the broader diaspora community.

Grants from AfDIF will target ventures in critical sectors such as:

• Education

• Healthcare

• Youth employment

• Climate resilience

“This fund marks a new era in diaspora engagement,” said Almaz Negash, Founder and CEO of ADN. “AfDIF is more than just financial support it’s about building a legacy of sustainable growth and innovation on the continent.”

In line with ADN’s 2024–2028 strategic plan, AfDIF emphasizes entrepreneurship, public-private partnerships, knowledge exchange, and a shift from short-term remittances to strategic, long-term economic impact.

The fund also offers a philanthropic gateway, allowing diaspora members and supporters to make tax-deductible donations of $500 or more, while ensuring full transparency and compliance with regulatory standards.

A recent report by the African Diaspora Collective estimates that over 170 million people of African descent live outside the continent, primarily in Latin America and North America. Despite annual diaspora remittances exceeding $50 billion, the majority is spent on immediate needs rather than long-term development.

AfDIF seeks to change that narrative by empowering African entrepreneurs to create scalable, transformative businesses.