Across Africa, millions of entrepreneurs are opening businesses daily, contributing to their communities and spurring economic growth. Some reports claim Africa has the world’s highest number of entrepreneurs, with Nigeria alone housing an estimated 39 million small businesses. The African Development Bank reports that 22% of the working-age population in Africa starts new businesses, illustrating a thriving entrepreneurial spirit. Of these ventures, around 2,461 are startups.
Entrepreneurship in Africa holds immense potential for driving economic advancement and addressing global challenges. These entrepreneurs offer tailored solutions that resonate with their communities, potentially generating jobs and innovative solutions. However, like in many developing economies, obstacles such as challenging economic conditions and high capital requirements impede these innovators.
Business operations in Africa come with unique challenges, including low consumer spending power, political instability, and inadequate infrastructure. Around 80% of new African businesses fold within five years due to factors such as economic hardship, limited capital access, and suboptimal business practices. Given these challenges, African entrepreneurs increasingly require grant funding and capital to nurture their ideas and catalyse economic growth.
Jack Ma, the founder of Alibaba Group, was moved by the entrepreneurial energy he encountered during his 2017 visit to Africa as an adviser to the United Nations Conference on Trade and Development (UNCTAD). Recognising the parallels between the obstacles faced in Africa and those he overcame in China when he founded Alibaba in 1999, Ma established Africa’s Business Heroes (ABH) prize competition. ABH is a philanthropic venture initiated by the Jack Ma Foundation and Alibaba Philanthropy to inspire, train, and support African entrepreneurs in building inclusive businesses that foster development and economic opportunity.
Commencing in 2019, the Africa’s Business Heroes Prize aims to identify 100 African entrepreneurs over a decade, offering grant funding, training programs, mentorship, and ecosystem support. The annual competition features 10 finalists pitching their businesses to win a share of the $1.5 million grant. After rigorous evaluations by ABH judges, finalists are selected based on their innovative, resilient, growth-oriented, and impactful enterprises. The 2023 edition marks its 5th year.
Since its inception, Nigeria has significantly benefited from ABH, with eight Nigerian entrepreneurs emerging among the top 10 winners in 2019, 2020, and 2021. The country has secured grants totalling over $1,185,000. Participation has surged over the years: 2019 had 10,000 applicants, 2020 saw 22,000 applications and 2021 and 2022 had 12,000 and 21,000 applicants, respectively. This year, 27,267 applications were received from all 54 African countries, reflecting the growing entrepreneurial spirit.
The selection process, mentorship, and grant allocation foster a positive impact on Africa’s business landscape. This process encourages entrepreneurs to critically think through their business ideas right from the application stage. ABH provides rigorous training, feedback, and mentorship, prompting entrepreneurs to refine their business ideas from the application stage. The ABH application form is designed to ask questions that help entrepreneurs think deeply, look at their business in detail, and identify areas they can already start improving on. At each step of the application process, participants receive feedback and guidance from carefully selected judges. This feedback is specific to every entrepreneur’s business. These selected judges offer customised feedback throughout the process, aiding entrepreneurs’ growth. The finalists benefit from guidance on storytelling and business development, amplifying their post-competition prospects. ABH also affords finalists opportunities to connect with accomplished business leaders and investors, offering mentorship, masterclasses, and global recognition through the “Africa’s Business Heroes” show.
ABH’s 2023 edition announced its top 50 finalists in June and top 20 in July. The top 10 winners will be unveiled in early September, with the Grand Finale in November determining their share of the $1.5 million prize pool. This year’s finalists represent 9 countries and span 9 business sectors.
The top three winners will receive the largest grants: $300,000 for the winner, $250,000 for the first runner-up, and $150,000 for the second runner-up. The remaining 7 finalists will each be awarded $100,000, with an additional $100,000 distributed for training programs post-competition.
ABH welcomes African entrepreneurs from all sectors, ages, and countries. The program equips participants with valuable experience, benefiting their businesses through mentorship and exposure.
As ABH celebrates its 5-year milestone, a gathering is planned in Kigali, Rwanda, alongside the Grand Finale in November. The event promises diverse engagement and exciting sessions. Scheduled for November 23-24, participants can attend in person or online.
Future applicants can start to prepare their applications ahead of time to take part in the upcoming editions and reap the numerous benefits the competition offers. You can also visit Africa’s Business Heroes official website to find out more. Follow ABH on Twitter, LinkedIn, Instagram, or Facebook to further explore available opportunities around ongoing editions when they are announced and learn more about the winners of the 2023 edition and the innovations of different entrepreneurs.
Meet the three Nigerians selected among the top 20 finalists for ABH 2023
Funmi Adewara is a British-Nigerian Physician with a master’s degree in Bioscience Enterprise from Cambridge. Funmi is passionate about changing the poor narrative of healthcare in underserved communities and she contributes to policy formulation on healthcare, particularly around telehealth programs for Africa at both local and regional levels. This passion has led her to serve as an external reviewer to the African Development Bank and a contributor to the United Nations, World Health Summit, and the Medical and Dental Council of Nigeria, (MDCN). Funmi has more than a decade of experience in clinical medicine within the NHS UK, a stint in the pharmaceutical industry as a drug safety physician and she is a member of the American Telemedicine Association (ATA).
Dr Ikpeme Neto is an internal medicine physician and tech entrepreneur. He’s a recognised digital health thought leader with expertise in healthcare, sales, and product development. He is currently working on ways to provide cost-effective technological solutions to improve the quality and affordability of healthcare across Africa. He is also engaged in community building efforts with Digital Health Nigeria, a community for entrepreneurs and enthusiasts in digital health across Nigeria.
Bryan Mezue is an alumni fellow of the Harvard Forum for Growth and Innovation where he founded Banyi Ventures, an investment company focused on funding and building market-creating companies. Bryan is also a co-founder and board member of WAVE Academies, an Obama Foundation Africa Leader, and is published on Foreign Affairs and Harvard Business Review. Bryan was previously a Manager at Bain & Company, working in the London and Johannesburg offices and was a founding member of Bain’s Lagos office. Bryan graduated with a Bachelor of Science (First Class) in Mathematics and Statistics from Warwick University, and a master’s in Business Administration from Harvard Business School.
