Deadline: May 29, 2023
Applications are open for the Africa Business Heroes (ABH) Prize Competition 2023. ABH aims to identify, support, and inspire the next generation of African entrepreneurs who are making an impact in their local communities, working to solve the most pressing problems, and building a more sustainable and inclusive economy for the future.
The initiative aims to be as inclusive as possible. Applications are open in English and French to entrepreneurs from all African countries, all sectors, and all ages who operate businesses formally registered and headquartered in an African country, and that have a 3 year-track record.
Every year, ten finalists will be selected to compete in the ABH grand finale pitch competition and participate in a TV Show that will be broadcast online and across the continent. The finalists compete for a share of US $1.5 million in grant money. All finalists also join an exclusive community of likeminded entrepreneurs, business professionals, investors and mentors. In addition, they get access to training and networking opportunities to further support them on their business journey.
Prizes
ABH is more than your average competition, and has been designed to provide both applicants and finalists with a range of benefits to meet the needs of entrepreneurs across the African ecosystem:
- Grant funds of up to $300 000: The Top 10 finalists share a prize pool of $1.5 million in grants ranging from $100,000 to $300,000.
- The first prize takes home $300,000;
- The 2nd and 3rd prize winners take home $250,000 and $150,000 respectively.
- All other 7 finalists, take home $100,000. An additional $100,000 is allocated for training.
- Global recognition and exposure: ABH spotlights talented African entrepreneurs as finalists progress in the competition via press releases, social media, and news articles at every stage of the competition. We also provide significant exposure opportunities to the Top 10 finalists via the Africa’s Business Heroes Show, which is distributed across 40+ African countries.
- Access to an exclusive & vibrant entrepreneurship community and network: Finalists join an exclusive community of some of the most impactful and successful entrepreneurs from across the continent. ABH organizes numerous online and offline networking opportunities where these entrepreneurs can connect and collaborate.
- Mentorship from business icons: Finalists are given access to mentorship opportunities with global business icons, investors, and business professionals both throughout the competition and afterward.
- Targeted and practical training programs: ABH community members are given access to a range of bespoke training programs including financial management, marketing insights into your business, understanding IP law, and more. Finalists are also given the opportunity to access additional programs and services such as investment readiness and management training via ABH’s network of partners and judges.
- Insights into your business: Throughout the application process, they help applicants strengthen their storytelling and pitching efforts via an introspective application process. Applicants are also given feedback at each stage of the competition, and they receive advice from numerous business professionals and seasoned entrepreneurs throughout the competition.
Eligibility
- You’re the founder or a co-Founder.
- You’re an African citizen or the direct descendant (child/grand-child) of an African citizen.
- Your company is registered, headquartered and primarily in an African country.
- Your company has market traction and at least 3 years of revenue.
Judging Process
- Round 1 Review of Application Form
- Each application will be reviewed by three judges using ABH’s criteria. The Top 50 Finalists will be determined by the average scores of all applications.
- Round 2 Video Call Interviews
- Two established business leaders will engage a Top 50 finalist in an 1h30 in-depth assessment. The Top 20 Finalists will be determined by the average scores of all 50 Finalists.
- Due Diligence
- Top 20 Finalists will need to pass due diligence checks by ABH’s partner: Price Waterhouse Coopers (PwC) in order to move to the Semi-Finale round.
- In-person Semi-Finale
- Short-listed finalists will pitch in-person to a panel of distinguished and experienced panel of investors, business leaders and professionals who will determine the Top 10 Finalists.
- In-person Grand Finale
- The Top 10 finalists will pitch to a live audience and an illustrious panel of judges for their share of $1.5 million. The Finale will be broadcast online and will also feature in the televised ABH Show.
Application
If you are an entrepreneur who fits the profile, they invite you to apply to the fifth annual competition. It’s an opportunity you don’t want to miss!
For more information, visit ABH Prize Competition.