Ugandan entrepreneurs eye share of sh5.6b prize money

Barely a day is left to close entries for what is arguably Africa's largest entrepreneurship prize fund, which seeks to identify and support innovative ideas from young African people.

The Africa Netprenuer Prize Initiative (ANPI) is looking for Africa's Business Heroes who are bold, passionate, resilient, innovative and impact-oriented. 

Young business owners from any of the 54 African countries are eligible to apply, irrespective of age, industry sector or gender, for a share of the $1.5m (sh5.6b) prize pool. 

Last year's top prize winner, Temie Giwa-Tubosun, started LifeBank, a Nigeria medical distribution firm that uses data and technology to link health to find critical medical products.

Apart from being the founder or co-founder of the company, the applicant must be an African citizen or child or grandchild of an African citizen.

According to the competition guidelines, the company must be Africa-Based, registered and headquartered in an African country, and primarily operating in Africa. 

The business must be at ‘post-idea' stage and in existence as a business for at least three years or more, and with no less than three years of revenue history.

Interested applicants must submit an online application by June 9, 2020, at 23:59:59 GMT. The details are available on https://africabusinessheroes.org/en/register.

Taking the leap

Simon Ojok, a visually impaired beekeeper in Gulu district, who participated in the first edition of the competition last year, says he hopes to win this time round.

"I applied last year and, although I did not get selected, the appraisal process helped me to rethink my business strategy, and it gave me the confidence to keep trying," he told New Vision.

He advises youth who are undecided to give it a try but to revisit their business ideas, be smart in their presentation and be precise about their business models and plans.

The top 50 finalists will be selected and taken through a second round (video-call interviews) to determine the top 20 finalists.

At the third (semi-final stage), the finalists will pitch their ideas to a distinguished panel of investors, business leaders and professionals to select the top 10 finalists.

The 10 shortlisted finalists will be subject to due diligence checks by Price Waterhouse Coopers (PwC) and then given chance to pitch at the Africa's Business Heroes Show.

The show, a mix of entertainment and education, will feature respected business icons including Jack Ma, the Founder of Alibaba & the Jack Ma Foundation. 

The final pitch will be in front of a televised audience syndicated across Africa via major television networks and free to air stations.

Focus on technology

With nearly all the businesses previously shortlisted for the prize being tech-based enterprises, business moguls seek to get the continent to embrace technology as a driver for commerce. 

Fred William Fergusson, a tech enthusiast and founder of EasyPay, an e-payment app, says the key to winning such grants is for one to have a business idea that solves a challenge.

"We need solutions that are realistic and work for the local market. Jack Ma's project inspires a lot of innovators to realize their dreams and create solutions that actually work here, he explains. 

According to Fergusson, business ideas that demonstrate flexibility and innovation in the digital space will draw the attention of global leaders and attract funding.

He observes that such funding is critical now when many industries have been economically hit by the COVID-19 pandemic, which has forced many entrepreneurs to rethink their strategies. 

For small and medium enterprises that have no active online presence, he advises entrepreneurs to digitise their businesses to build resilience, an undertaking he has made with his self-funded app.

How the prize started

The ANPI started when Jack Ma first visited Africa in 2017 in his capacity as special adviser to UNCTAD Secretary-General, Mukhisa Kituyi. 

During his trip, he was inspired by the entrepreneurial energy and potential he saw in the young people he met.

He also recognized many of the same barriers to economic development and entrepreneurship in Africa that existed in China when he founded Alibaba in 1999.

Ma committed to inspire, train and support entrepreneurs in Africa to build inclusive business models that can create jobs and economic opportunities for the continent.

In 2018, he announced the establishment of the ANPI with a $10 million grant to identify and grant-fund to 100 business heroes across Africa over the next 10 years.

In November 2019, the inaugural Africa's Business Heroes competition was held in Accra, Ghana where ten entrepreneurs were identified.

In addition to grant funds, they were able to tell their stories to Africa and the world and receive mentorship, training and networking opportunities.

Ma increased the total prize pool to $100m to cover not just enabling the rise of entrepreneurs but also to grow the continent's entrepreneurial ecosystem.

For anyone unsure whether to give it a shot, a word of advice from Fred Swaniker, founder of African Leadership Group and semi-finale judge, may suffice. 

"Just go for it! Fortune favours the bold. The continent needs you to step up right now to solve problems," he says.