The Impact Challenge 2024, which was influenced by The Prosperity Paradox, involves running the African Innovation Challenge (AIC) in various countries in Africa every year.
African Impact Challenge
Since its inception in 2020, AIC has trained more than 1000 early-stage African entrepreneurs and financially supported over 100 of them in Ghana (2020), Kenya (2021), Rwanda (2022), and South Africa (2023). AIC also launched the Pan-African Health Entrepreneurship Stream in 2022, which has since become an annual event supported by the Mastercard Foundation.
The competition kicks off with a self-paced Pre-incubation stage starting in April 2024, followed by the selection of the best-performing ventures for financial support and further incubation. Each successful venture will undergo an interview process and be given the option to receive either a non-dilutive grant or a simple agreement for future equity investment. Additionally, they will have the opportunity to establish their business in Toronto during the summer of 2025.
Benefit
- The most successful teams can receive up to $25,000 in grant funding or a SAFE investment.
- They are provided with an all-expenses-paid trip to Toronto the following summer to enhance their entrepreneurship network.
Eligibility Criteria
- African entrepreneurs under the age of 39 residing in the specified countries for the current year’s challenge.
- A passion for pursuing entrepreneurship with a focus on creating meaningful impact.
- A goal of addressing urgent issues through the use of technology.
- Team members dedicated to working on the venture full-time.
- Focus of the 2024 Health Entrepreneurship Stream: Pan-African ventures that drive health advancements.
- 2024 Country Innovation Stream: Looking for scalable ventures from any industry in Botswana.
- 2024 Community Impact Stream: Seeking social enterprises or nonprofits based in Botswana.
Selection Criteria
- Your project should address a critical issue in your nation by offering a detailed solution with specific tasks to address.
- Your solution must incorporate technology in its development and/or implementation.
- Solutions that focus on reaching underserved populations and improving access and affordability will receive priority consideration.
- Innovative and scalable business models will be favored in the selection process.
How to Apply
To begin your application click here.
Visit the official website of African Impact Challenge for more information.
Application Deadline
April 15, 2024.
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