When Jack Ma visited Africa in 2017, he was struck by the entrepreneurial spirit flowing through. Across the continent, in both rural and urban areas, there are ingenious and resourceful entrepreneurs transforming their communities with innovative ideas. Inspired by these innovators, Jack Ma created the Africa Netpreneur Prize Initiative which was afterwards rebranded to Africa’s Business Heroes (ABH). The mission of ABH is to identify, spotlight, and provide support to 100 African entrepreneurs in 10 years whose innovations are creating solutions to solving problems in their communities.
Having a large digitally-savvy youth population means Africa is ready to embrace innovation. A thriving entrepreneurial ecosystem will attract investments and spur economic growth. Since 2019, through the support of the Jack Ma Foundation and Alibaba Philanthropy, ABH has been stoking the fires of entrepreneurship on the continent. By providing grant funding, mentorship, and entrepreneurship training programmes, ABH has played a pivotal role in encouraging innovation on the continent and also empowered African entrepreneurs to continue to positively impact their communities and the world.
Now that the ABH initiative has hit the five-year mark out of its 10-year commitment, let’s look at the impact it has had across Africa as detailed in the Africa’s Business Heroes (ABH) Coffee Book.
Inclusion and diversity
ABH has committed itself to supporting entrepreneurs who are building solutions wherever they are in Africa. It lives up to this mission by opening its competition doors to all Africans regardless of age, gender, or sector. From the agritech founder planting drought-resistant grain in Ghana to the ingenious inventor creating clean water ATMs in Rwanda, or the visionary making virtual science labs available in Egypt, the ABH coffee book paints a compelling picture of a truly pan-African and sector-agnostic initiative. This inclusivity has ensured that the initiative’s support and impact spreads across the length and breadth of Africa but more than that, it has motivated cross-border collaboration and business expansion for its heroes. Through these heroes, the initiative has positively impacted digital and consumer services, science, education, healthcare, retail and manufacturing, and the energy sector in Africa among other industries.
Nurturing global innovators
The core mission of ABH is to nurture the growth of African visionaries. Africa’s business heroes have not only transformed their communities but a number of them have gone on to make an impact on a global scale. With the unwavering support of the initiative these entrepreneurs have weathered business storms, raised funding, and become success stories on the world stage. So far, ABH participants have raised over $153 million in investment and served over 37.5 million customers globally. These entrepreneurs are also pulling their communities into the modern world by providing modern infrastructure and services. They are changing the global narrative of Africans by being ambassadors of African excellence and ABH is helping to amplify this narrative.
Female empowerment
Globally, women-led businesses are less likely to receive funding compared to male-led startups and, according to some reports, only 3% of venture capital funding in Africa goes to startups with a female CEO. This is an extremely low percentage when you consider the fact that Africa has the highest number of women-led businesses globally. Understanding that women are a crucial part of the entrepreneurial ecosystem is key to unlocking sustainable growth on the continent.
Women make up 30% of the ABH applicant pool and ABH has provided extensive funding, mentorship, and business support for its female entrepreneurs. In five years, women have been awarded 47% of the ABH prize money and they account for 42% of the 50 ABH finalists and 60% of the grand prize winners. By providing an inclusive stage for female entrepreneurs, ABH is closing the gender funding gap and empowering a community of female innovators shaping Africa.
Economic empowerment and community building
In five years, ABH has awarded grants to 50 top heroes. These heroes have received $7 million in prize money, reported over $252 million in revenue, and created over 123,000 direct and indirect jobs. These remarkable numbers tell the story of an initiative that has positively impacted the lives of thousands of Africans either directly or indirectly. By providing funding and mentorship the initiative aids the growth of businesses and the communities they serve and overall economic growth of the continent. While incubating these entrepreneurs, the initiative has also received support from the broader African entrepreneurship community. From partners to judges, volunteers, and the heroes themselves, ABH is building a stronger African entrepreneurship community and aiding cross-border collaboration on the African continent.
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Looking ahead…
Delving deeper into the ABH coffee book paints a picture of an initiative that is passionate about its mission of empowering 100 African entrepreneurs in 10 years. It chronicles stories of triumph, resilience, and innovation cutting across all ages, demographics, and regions of the continent. Through grant funding and unyielding support, ABH has become a driving force of entrepreneurship, economic growth, and sustainable development on the continent. This fifth anniversary is an opportunity to look back at the ways the African ecosystem has benefited from this initiative and shows potential areas where it can deepen its impact. It also serves as an encouragement to entrepreneurs who are interested in making an impact on their communities to go out and brave the entrepreneurship landscape.
Download the coffee book here to learn more about Africa’s Business Heroes’ journey on the continent.
