Jack Ma Funds African Start Up Competition

Jack Ma has agreed to fund the Africa Netpreneur Prize Initiative (APNI). The competition which starts in March is open to digital entrepreneurs on the continent.

The contest worth 10 million dollars is primarily focused on empowering the next generation of African technology based start-ups whose founders are either women or youth.

Jack Ma Taking A Selfie
Source: xinhuanet.com

APNI said in a statement released in Nairobi it will be hosting an annual contest for Africa’s technology based enterprises in the next decade where 10 finalists will compete for 100 million shillings (1 million dollars) in total prize money.

“The Netpreneur Prize Initiative has brought together a strong ecosystem of players to support both technology driven and traditional businesses,” said Sam Gichuru, Founder and CEO of Nairobi-based innovation hub Nailab.

The 10 finalists are expected to receive grant funding from Jack Ma Foundation alongside access to the Netpreneur community of African business leaders to help leverage on shared expertise, best practices and resources.

“By 2030, we hope to identify and shine spotlight on 100 African entrepreneur heroes, who will inspire the continent.

“From day one, our approach has been community based and focused on inclusiveness, to be truly for Africans and by Africans,” said Beth of APNI.

“To realise these goals, we are excited to work with Nailab as our implementing partner in Africa and multiple African partners across the continent,” she added.

The African digital entrepreneurs’ prize is open to innovators and start-up founders across all industry sectors in the continent’s 54 countries.

Female and young entrepreneurs are encouraged to apply for the prize before the June deadline to be followed by announcement of top 50 regional finalists in August and final 10 finalists in October.

The grand finale pitch event will be held in November when the overall winner of the Africa’s technology entrepreneur prize contest will be announced.