The African Impact Challenge for Entrepreneurs (AIC) is an initiative inspired by The Prosperity Paradox, that are operating in various African countries annually. Since its inception in 2020, AIC has empowered over 1000 early-stage African entrepreneurs and provided funding to more than 100 ventures.
Previous editions have taken place in Ghana (2020), Kenya (2021), Rwanda (2022), and South Africa (2023). In 2022, AIC introduced the Pan-African Health Entrepreneurship Stream, supported by the Mastercard Foundation, which now runs annually.
The challenge commences with a self-paced Pre-incubation phase starting in April 2024, leading to the selection of top-performing ventures for funding and incubation.
Each selected venture will undergo interviews and can choose between a non-dilutive grant or a Simple Agreement for Future Equity (SAFE) investment. Additionally, they will have the opportunity to participate in activities in Toronto during the summer of 2025.
Benefits of the Challenge
- Top-performing teams receive funding of up to $25,000 through a grant or SAFE investment.
- Participants travel to Toronto the following summer with all expenses covered which facilitates learning and expand their entrepreneurship network.
Eligibility for the Challenge
To be eligible for the challenge, you should be a:
- Young Africans (under 39) residing in the countries hosting the challenge for the given year.
- Committed to impact-focused entrepreneurship and solving critical issues with technology.
- Have full-time dedication from the team building the venture.
Streams for 2024
- Health Entrepreneurship Stream: Pan-African ventures focused on health outcomes.
- Country Innovation Stream: Scalable ventures based in Botswana from any sector.
- Community Impact Stream: Social enterprises or nonprofits based in Botswana.
Selection criteria
To be selected for the challenge, you should be:
- Solving a pressing problem/challenge in your country by offering a comprehensive solution with clearly defined job(s) to be done.
- Ensure your solution is technology-enabled in its creation and/or utilization.
- Prioritize solutions targeting non-consumption, aiming to boost adoption, accessibility, and affordability.
- The challenge favor innovative and scalable business models.
How to apply for the Challenge
The African Impact Challenge aims to empower early innovators across Africa and drive market-creating innovations to tackle significant challenges using technology. The deadline for application is 15th April 2024. If interested in becoming part of the challenge, click here to apply. If you want more details about the challenge, visit: https://www.africanimpact.ca/the-african-impact-challenge.
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