Africa’s Business Heroes (ABH) has announced its annual business pitch competition for entrepreneurs in 2024 to foster their growth and development.
The ABH prize competition, a pan-Africa philanthropic initiative, is sponsored by the Jack Ma Foundation and Alibaba Philanthropy.
During a roadshow in Lagos on Tuesday evening, Ms. Anysie Ishimwe, Community Development and Management Consultant for ABH, highlighted that the initiative’s goal is to spotlight, train, and celebrate Africa’s entrepreneurs.
Ishimwe emphasized the significance of the Nigerian entrepreneurial market to ABH, aiming to empower 100 African Business Heroes to inspire millions more entrepreneurs.
Since 2019, the ABH prize competition has featured 10 entrepreneur finalists annually pitching their businesses to win a share of US$1.5 million in grant money.
“ABH is seeking African entrepreneurial heroes making an impact in their communities and building a more inclusive economy for the future,” she explained.
Applicants from all 54 African countries are eligible regardless of age, industry sector, or gender, but they must meet strict criteria.
Ishimwe stressed that applicants must be of African origin, with a legally registered African-based company operational for at least three years and with at least three years of revenue history.
Nigeria has notably had the highest number of entries and beneficiaries in the ABH program, with 9 finalists among the top 10 winners for the years 2019, 2020, 2021, and 2023.
“These exceptional individuals have collectively secured an impressive sum of over US$1,345,000 (equivalent to over 2.1 billion Nigerian Naira) in grants through ABH, showcasing the innovation and entrepreneurial spirit of Nigeria’s business community,” Ishimwe remarked.
The winner of the competition receives $300,000, the 1st runner-up gets $250,000, the 2nd runner-up gets $150,000, and the other Top 10 finalists each receive $100,000. Additionally, the remaining $100,000 is divided among all 10 finalists for further training programs.
Applications for the ABH 2024 edition opened on March 4, 2024, and will close on May 19, 2024.
NAN also reported that among the Nigerian entrepreneurs who have benefited from ABH are Dr. Ikpeme Neto, Founder & CEO of Wellahealth, Dr. Tosan Mogbeyiteren, Founder of Black Swan Inc., Dr. Funmi Adewara, Founder of Mobihealth, and Dr. Chibuzo Opara, Founder of Drugstoc.
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