Africa's Business Heroes continues to support entrepreneurs in Africa

Africa's Business Heroes , a Jack Ma Foundation flagship philanthropic program, recently closed applications for its 5th annual edition of Africa's Business Heroes (ABH) prize competition. The program trains and supports impact-driven African entrepreneurs by awarding a yearly shared grant of $1.5million. The prize competition winner receives $300,000; the 1st runner-up gets $250,000, 2nd runner-up gets $150,000 and the 7 other top 10 finalists each receives $100,000 and the remaining $100,000 is split among all finalists.

In a written interview with Michael Mang, Project Director, Africa's Business Heroes, we discuss Africa's business landscape and ABH plans for its 2023 finalists.

Africa’s business landscape has changed and grown rapidly in the 5 years. How would you describe an African business hero in today’s business climate?

An African business hero in our view is a business leader who can grow a successful company while being a catalyst for positive change in Africa by addressing societal challenges and promoting sustainable development.

This is someone who dares to pursue goals that others may deem unachievable and is able to navigate and thrive in the complex and dynamic African business landscape.

They should also possess exceptional leadership skills, respect ethical business practices, and be able to motivate others to achieve excellence.?

What separates a business hero from a conventional entrepreneur?

Business heroes typically have a broader vision beyond just financial success. They aim to make a significant positive impact on society, the environment and even the world at large. Their ventures often address pressing social or environmental challenges and strive to bring about positive change on a larger scale. Their impact and achievements leave a legacy beyond their experiences, inspiring future generations of entrepreneurs and business leaders.

A business hero can envision and create ground-breaking ideas, products, or services that disrupt industries or solve significant societal problems. They demonstrate a level of innovation that sets them apart from conventional entrepreneurs.

Which technology sectors does ABH currently find exciting?

The Africa’s Business Heroes Prize Competition, or ABH, is sector-agonistic and welcomes entrepreneurs from any industry that are creating lasting solutions to help address Africa's economic and social challenges. Having said that, there are several technology sectors that we currently find exciting in Africa, including Fintech, Agritech, Healthtech, Edtech, Clean Technology and Renewable Energy.

These and other sectors represent significant growth opportunities in Africa and are helping to drive innovation and improve access to critical services across the continent. For example, Fintech is seeing rapid growth as consumers demand fast, reliable, and secure digital financial services.

What are some rewarding experiences the finalists can look forward to after they make it through the application process?

Finalists in the ABH application process can look forward to various rewarding experiences. First, if they make it through to the various stages (Top50, Top 20 and Top 10), they will have the opportunity to connect with like-minded entrepreneurs, receive mentorship from experienced business leaders, and learn from industry experts in various fields.

They will also present their business to a panel of judges and potentially secure funding or other resources to help take it to the next level.

Finally, top finalists will gain recognition and increased visibility in Africa and beyond via the?“Africa's Business Heroes”?Show, distributed across Africa via major television network providers and covered by globally renowned media houses.

Which mentors have worked with past ABH finalists? How useful were the mentoring sessions to both parties?

Since the launch of ABH, each year hundreds of business professionals have supported and mentored the participating African entrepreneurial talents at all levels of the competition. These include our group of esteemed judges who, besides providing guidance and evaluation for the contestants, also inspire entrepreneurs broadly and help them refine their strategies, build stronger teams, and develop more effective growth plans.

Some of our esteemed judges and mentors of past ABH editions include global business leaders like Ibukun Awosika, Founder of The Chair Centre Group; Victor Williams, CEO of NBA Africa; Joe Tsai, Executive Vice Chairman of Alibaba Group; Omar Cisse, CEO of InTouch SA; Amal Enan, Partner of 500 Global and Founder of The Lotus Collective; Tomi Davies, Collaborator-in-Chief at TVC Labs and Advisor to Fathom; Fatoumata Ba, Founder of Janngo Capital; and Fred Swaniker, Founder of African Leadership Academy.

ABH mentoring sessions have been helpful to all parties involved, as mentors also gain valuable insights into the challenges entrepreneurs face in emerging markets and the various solutions, they come up with to solve them.

In addition, ABH mentors gain from the various connections with the ABH ecosystem of more than 120,000 stakeholders, including investors, entrepreneurs, and partners, through judge networking sessions ABH hosts. It is, therefore, a win-win relationship.

Why 3 years of revenue for applicants?

The requirement for three years of revenue in the ABH application process aims to identify businesses with a proven track record of success and are poised for sustainable growth. In demonstrating a track record of profitable operations, businesses can more easily grab the attention of judges and potential investors. It also helps to ensure an objective evaluation of financial stability and demonstrates that the company has the potential to generate long-term value.

Are there any emerging African countries that you would like to receive applications from??

Plenty of African countries, such as Nigeria, Ghana, Rwanda, Ethiopia, Egypt, Ivory Coast, Senegal, and South Africa, among many other African countries, hold tremendous potential. These countries have enthusiastic, young, and innovative entrepreneurial communities.?

Africa is a diverse continent with numerous emerging countries that have experienced significant economic growth and development in recent years. ABH aims to reach and support entrepreneurs across all 54 African countries; therefore, the list of emerging economies is extensive, but to give you a few examples:

• Nigeria?is Africa's most populous country and largest economy and has been a major player in the continent's economic growth.
• South Africa?is a regional hub for trade and investment.
• Kenya?has emerged as a hub for technology and innovation, particularly in mobile payments and financial technology.?
• Ghana?has experienced stable economic growth and has a favourable business environment. It is a significant exporter of oil, gold, and cocoa commodities.?
• Ethiopia?has been one of the fastest-growing economies in Africa in recent years. It has a large population and abundant natural resources.?
• C?te d'Ivoire (Ivory Coast)?has made significant strides in economic reforms and has attracted foreign investment. The country's infrastructure development and diversification efforts have contributed to its emergence as an economic powerhouse in West Africa.
• Senegal?has been making significant strides in economic development, attracting foreign investment, and positioning itself as a regional hub for finance and trade.
• Rwanda?has made remarkable economic development and governance progress. It has a strong focus on technology, innovation, and sustainable development.?
• Tanzania?has been attracting investments in sectors such as energy, infrastructure.

All these countries and more have much potential given the proper support, a primary reason we continue to touch all 54 African countries. Above and beyond, various government initiatives focused on propelling economic growth are geared towards nurturing new business opportunities and ultimately fostering a vibrant private sector. The new economy, driven by growing entrepreneurship, creates space for disruptive innovations and new economic models that promise to support sustainable, long-term growth for Africa.