You have probably never heard of the African Entrepreneurship Award, but soon you will know about them and what their award is about. If you are an African entrepreneur with an impactful idea (or business), here is a great opportunity to get some funding.
The award is hosted by BMCE Bank of Africa. BMCE is the second largest private bank in Morocco with a staggering 690+ banks in Morocco alone whilst they have over 500 banks throughout the rest of Africa. Anyway, the goal of the Africa Entrepreneurship Award (we’ll call it AEA going forward) is to inspire Africans – both in Africa and abroad- to come up with businesses within the African continent, creating jobs that improve lives.
For 2018, the AEA will be offering $1 million for these innovative entrepreneurs. There is a jury that will decide the number of winners and how much is allocated to each winner. If your idea is that cool there is a minor chance you could walk away with the entire prize since the jury decides. Go big or go home!
Yes, there’s a million dollars up for grabs, but more importantly, how do you get your slice of the cake? Well here’s a list of the requirements you need to meet and will be judged upon:
- You are an African citizen, & over 18 years of age.
- Your idea or business is a for-profit.
- You have a strategy for positive social impact.
- Your idea or business includes a technological component
- Your idea or business is for Africa
- Your idea fits in one this year’s categories
You probably noticed the last point was talking about categories and yet we had not spoken about those. Well, worry not since that is what we are going to talk about now:
To fit in this category your idea must be a new technology or invention, a new business model or an attempt to solve a problem that has never been solved before in your region.
This includes ideas that are:
- Environmentally sustainable
- Low cost
- And in all sectors
To apply for the innovation category click here.
For this category, your idea must promote integrity, perseverance and friendship to unite communities.
This includes ideas in:
- Apparel, Equipment and Footwear
- Fitness, Training and Sports Infrastructure
- Events, Media and Spectators Experience
- Health and Nutrition
- Talent Management
- Leisure and Tourism
Click here to apply for this category.
The deadline for submission of applications is 30 April. Around the corner but there seems to be high stakes so if you are an entrepreneur it might be a good idea to dive in head first and send those applications.
This fund is casting a wider net so it will be interesting to see who the eventual beneficiaries are and if their ideas ever reach regional prominence. Good Luck!