APPLY: 4th African Entrepreneurship Award by BMCE Bank of Africa ($1 Million in Prizes + a trip to Morocco)
Deadline: April 30, 2018
BMCE Bank of Africa invites you to submit your business or idea for the African Entrepreneurship Award 2018. The African Entrepreneurship Award welcomes angel investors to mentor and select businesses for investing. International angel investors seeking African deal flow improve their investing efforts by joining AEAngels. Their goal is to close the gap in startup funding. The African Entrepreneurship Award is more than just a grant. It is mentoring, and now, it is also a network for angel investing.
Are you looking for mentoring to launch or grow your business or idea in Africa? Submit a brief summary to start your journey! This Award mentors entrepreneurs as they launch and scale their businesses in Africa by providing them with free online mentoring from over 400 entrepreneurs, investors and business owners.
During the first 3 online rounds of the Award, entrepreneurs answer questions about their idea, market, scalability and sustainability and receive free mentoring and individual scores. After Round 1, 2 and 3, finalists are hosted in Morocco for an intensive 3-day Boot-Camp before pitching their ideas to the Presidential Jury. The Jury decides the number of winners and how the $1 Million Award is shared.
You can submit a business proposal in one of the two Award categories:
- Innovation or Sports Entrepreneurship: Innovation is key to solving pressing issues and creating value in Africa. It means introducing a new technology, new business model or attempting to solve a problem that’s never been solved before. The Award seeks businesses that innovate to create jobs and improve lives in Africa. The criteria for measuring innovations within the AEA journey are:
- Environmentally Sustainable
- Sports and entrepreneurship share many of the same values.
- Sports: Entrepreneurship promotes integrity, perseverance and friendship to unite communities. The Award seeks businesses in the Sports industry that create jobs and improve lives in Africa. The criteria for measuring Sports Entrepreneurship within the AEA journey are:
- Produce financial value – to what extent does it strengthen the economy?
- Improve performance – to what extent does it improve health of our youth?
- Promote values – to what extent does it reflect values, especially integrity?
You, the entrepreneur, must meet the following criteria as you submit your business proposal:
- You must be a citizen of an African country.
- You must be a minimum of 18 years old as of November 1, 2018.
- Your business or idea must be applicable in an African country.
- Your business or idea must include a technological component (digital, machinery, computers, ICT, automated processes, field related technologies,…)
- Your business or idea must be for profit.
- Your business or idea must include a social impact. You need to articulate the problem you are trying to solve as well as the solution you offer.
- Your business or idea must be relevant to one of these categories:
Innovation: An idea or invention which is or can become a good or service that creates value for which customers will pay.
Ex: Using a new technology (something new to the industry), or using a new business model (new way to deliver, collect, share), or solving a problem not solved before in your region.
Sports Entrepreneurship: An idea, prototype or startup business in the sports industry which is a Product (e.g. apparel, equipment), Production Method (e.g. supply chain), Service (education, health, spectator-experience, athlete-experience), Supplier (e.g. sources of materials, resources), Market (e.g. buyers) or Media (e.g. promotion, information)
Additional Eligibility Information
- You can submit a proposal as a resident of any country worldwide – keeping in mind that you must be a citizen of an African country. For example, a resident of Canada with a Senegalese citizenship is eligible for this Award.
- Your business can operate in any African country even if you are not a citizen of that country. For example, a Ghanaian citizen can submit a proposal for a business in Liberia.
- You can submit a proposal for a business already in operation.
- Your business can operate across borders in multiple African countries.
- Your business should demonstrate the potential to scale beyond one region in Africa to pan-African impact.
- You can operate in multiple countries, but you will be asked to designate a primary African country that will benefit from your business.
For more information, visit African Entrepreneurship Award.