The Africa Business Heroes (ABH) Competition 2024 offers African entrepreneurs a chance to present their innovative ideas and leadership abilities on a continental scale.
Organized by the Jack Ma Foundation, it aims to discover and support the next generation of African business leaders.
With substantial funding from the Jack Ma Foundation, startups can expand their businesses, promote innovation, and bring about lasting change throughout Africa.
Ten finalists will be chosen annually to compete in the ABH finale pitch competition and participate in a televised show broadcast online and across the continent. These finalists will vie for a portion of the US $1.5 million grant.
Entrepreneurs from diverse African countries and backgrounds, whether starting out or already established, are encouraged to join, addressing crucial challenges and contributing to economic growth and positive social impact.
Participating in the ABH Competition 2024 provides entrepreneurs with resources, mentorship, and funding to accelerate their ventures and enhance Africa’s economic prosperity. It serves as a platform for showcasing potential, networking, and integrating into the entrepreneurial ecosystem.
Type of Grant: Entrepreneurship
Deadline for Africa Business Heroes (ABH) Competition
To be considered for the ABH Competition 2024, submit your application before May 19, 2024, at 23:59:59 GMT.
Benefits of Africa Business Heroes (ABH) Competition
Winners of the ABH Competition 2024 stand to gain a range of benefits, including:
- Financial Support:
- Top 10 finalists share a grant pool of $1.5 million.
- The winner receives $300,000, the 1st runner-up $250,000, and the 2nd runner-up $150,000. The remaining 7 finalists each receive $100,000.
- An extra $100,000 is allocated for global immersion training.
- Global Recognition and Exposure:
- Talented African entrepreneurs are showcased through press releases, social media, and news articles.
- Top 10 finalists get extensive PR exposure and media coverage.
- Access to Exclusive Community:
- Finalists join an impactful entrepreneurship community across Africa.
- Networking opportunities are organized for collaboration and connection.
- Mentorship from Business Icons:
- Finalists gain mentorship from global business icons, investors, and professionals.
- Targeted Training Programs:
- Tailored programs in financial management, marketing, IP law, etc., are offered.
- Access to investment readiness and management training is provided.
- Insights and Feedback:
- Applicants receive guidance on storytelling and pitching throughout the competition.
- They benefit from advice from experienced professionals and entrepreneurs.
Eligibility Criteria for Africa Business Heroes (ABH) Competition
To apply, you must meet the following criteria:
- Founder or Co-Founder: You should be the Founder or Co-Founder of the company.
- African Nationality: You must have traceable/provable African nationality. This means you have/had African citizenship, or your parent or grandparent has/had African citizenship.
- Africa-Based Company: Your company should be Africa-Based, meaning it is registered and headquartered in an African country and primarily operates in Africa.
- Post-Idea Stage: Your business should be a post-Idea stage, meaning it is 3 years old or more and has at least 3 years of revenue history.
Selection Criteria for Africa Business Heroes (ABH) Competition
They are as follows:
- Vision, Mission & Values: Clearly outline your vision, mission, and core values.
- Problem/Need Importance: Highlight the significance of the problem or need you are addressing.
- Solution Feasibility: Demonstrate the feasibility and value of your solution.
- Market Traction: Show evidence of traction and interest in your solution in the market.
- Product Competitiveness: Explain how competitive your product or solution is in the market.
- Revenue Model Feasibility: Present a feasible revenue model and financial projections.
- Leadership & Team Potential: Showcase the potential of your leadership and team.
- Social Impact: Describe the tangible and sustainable social impact your project will create.
Application Process of Africa Business Heroes (ABH) Competition
The application process may include:
- Visit the official ABH Competition 2024 website at [https://africabusinessheroes.org/en/] to begin your application process.
- Register an account on the ABH platform to access the application.
- Check eligibility criteria to ensure you qualify for the competition.
- Gather necessary documents such as your business plan, financial statements, proof of registration, and any supporting materials.
- Complete the application form, providing information about yourself, your vision, business model, and future plans.
- Include a customer testimonial video to support your application.
- Review all details in your application before submission.
- Submit your application before the deadline.
- Stay updated by checking your email for any application status updates or communications.
Documentation Requirements for Africa Business Heroes (ABH) Competition
Submit the following to complete your ABH Competition 2024 application:
- Business plan outlining company objectives, strategies, and goals
- Financial statements demonstrating business financial health and viability
- Proof of business registration and legal documentation
- Any additional supporting materials showcasing business impact and potential.
Tips for Successful Application of Africa Business Heroes (ABH) Competition
Here are tips for a successful application:
- Clearly explain your business idea and its potential impact.
- Provide evidence of your business’s success and achievements.
- Show your passion, commitment, and leadership skills.
- Make sure all your documentation is accurate, complete, and well-presented.
- Use available resources or support to enhance your application.
In Conclusion
The ABH Competition 2024 is a platform that supports African entrepreneurs with funding and assistance from the Jack Ma Foundation. Participants receive financial aid, global recognition, community access, mentorship, and training programs. Eligible entrepreneurs must apply with clear business ideas, achievements, and accurate documentation. Winners are selected based on their impact, scalability, leadership skills, and potential for success. In summary, ABH Competition 2024 encourages entrepreneurship and helps African entrepreneurs create positive change.
Frequently Asked Questions
Can entrepreneurs with businesses in the idea stage apply?
Yes, entrepreneurs at all stages of business development are welcome to apply.
Is there a fee for the application?
No, there is no application fee required.
How are winners determined?
Winners are selected based on their impact, scalability, leadership qualities, and potential for success.
CHECK THESE OUT:
 Competition 2024 offers African entrepreneurs a chance to present their innovative ideas and leadership){kind=link}