Alibaba Group founder Jack Ma has launched $10 million (Ksh1 billion) ‘Netpreneur’ Prize, a new program created to support and fund African entrepreneurs who are working to address challenges facing African entrepreneurs and further its digital economy through local entrepreneurship.
The competition is set to kick off in 2019, in which the Jack Ma Foundation will host an annual pitch competition, with ten finalists selected from across the continent to showcase their talent and business ideas and compete for US$1 million (Ksh100 million) in prize money.
All ten finalists will receive grant funding from the Jack Ma Foundation, as well as access to the Netpreneur community of African business leaders to leverage the community’s shared expertise, best practices and resources.
“As a fellow entrepreneur, I understand the importance of getting support during the early days. This prize demonstrates our support of the next generation of young entrepreneurs across Africa who are paving the way for a better future and imparting positive change in their communities. I am inspired and encouraged by these entrepreneurs who, together, will help build a sustainable, inclusive economy for Africa and for the world,” said Jack Ma.
Applicants must be African nationals leading mission-driven organizations. The finalists will be selected by a team of judges from five regions representing the entire continent. Applications for the first pitch competition will be open from January 2019 until April 2019, and the finalist pitch competition will be held and broadcast across Africa in the second half of 2019. The program will be offered across the continent through lead continental partner, Nailab, and other regional hub partners.
The Netpreneur Prize is the second initiative launched by Jack Ma to support African entrepreneurs. Last year, Alibaba Business School and UNCTAD announced the eFounders Fellowship Initiative, a program that will train 1,000 entrepreneurs from emerging markets, 200 of whom will come from Africa. The purpose is building a community of young entrepreneurs committed to creating digital platforms to build more inclusive economies. This program supports the aims of the UN Sustainable Development Goal of ensuring no one is left behind in the digital economy.
To date, 52 African entrepreneurs have participated in this two-week fellowship at Alibaba’s headquarters in Hangzhou, China. Participants make a two-year commitment to improving society through their businesses. The graduates of the first two African cohorts reunited with Jack Ma and UNCTAD Secretary-General Dr Mukhisa Kituyi in Johannesburg on August 8.
Do you have a story you want told? Do you know of a sensitive story you would like us to get our hands on? Email your news TIPS to firstname.lastname@example.org