Africa is not short of business ideas with the potential to transform the continent into a global economic powerhouse. The problem has always been local start-ups having no access to capital; in the form of grants, loans, and investments to scale-up their growth.
Uganda was, in 2015, named the world’s most entrepreneurial country by the B2B Marketplace Approved Index. However, the smiles quickly faded when it emerged that more than 50 per cent of the country’s start-ups do not see their first anniversary.
With Africa hitting the 1.3 billion population mark, Africa Startup League (ASL) has launched a challenge they hope will unlock the potential for start-ups to meet this market demand.
The competition will commence on February 8, 2023 and is open to young entrepreneurs across the continent with the grand prize of US$1 million (about Shs3.7b).
The continent-wide contest is open for innovators, entrepreneurs, micro-enterprises, and early-stage start-ups to access finance and the much-needed expertise required for growth.
An all-Africa panel of judges that includes venture capitalists and financiers has been selected to choose the winners based on the innovation and social impact of the start-up projects submitted. Additionally, Web3Africa news community members will vote on the best start-ups.
Besides the US$ 1 million grand prize, the top 100 entrepreneurs will walk away with prizes worth US$10,000 (about Shs37m).
ASL is a unique start-up studio platform that connects entrepreneurs with strategists, creatives, engineers, and capital to build and launch exponential organizations focused on improving livelihoods in Africa.
According to Mr. Aly Ramji, the Co-Founder and Managing Editor of Web3Africa.news, a key partner in the Africa Startup League, the initiative aims to create a matchmaking platform of sorts, allowing start-ups to acquire the initial seed-funding, mentoring and training to scale their businesses.
“Rather than being left to fend for themselves, Africa’s tech start-ups will benefit from networks that connect founders, tech hubs, universities, and government bodies to identify business opportunities, overcome skill shortages and access to cheap credit to scale up,” Ramji said.
Our dream, Ramji added, is to create an enabling environment for young African entrepreneurs to participate in this unique competition and build an inter-connected start-up ecosystem in Africa.
At the same time, one of the key goals is for African innovators to see the opportunities ahead of them and to compete in a challenge that can produce solutions for pressing needs in their communities.
