The Africa's Business Heroes (ABH) summit underway in Kigali serves as a clarion call for innovators and entrepreneurs to harness their unique talents, prioritize the African market, and develop solutions that shape a sustainable Africa. This was echoed by experts who joined hundreds of African entrepreneurs, academia, and investors on the first day of the Africa Business Heroes at Kigali Convention Center (KCC), on Saturday, March 15. The annual competition, which began as the Africa NetPreneur Prize Initiative with an initial investment of $10 million, from 2019 to 2029, recognizes outstanding African entrepreneurs annually. Held in partnership by Rwanda Development Board (RDB), Rwanda Convention Bureau (RCB), and Bank of Kigali (BK), the event brought together business leaders, entrepreneurs from across Africa to explore pressing challenges and innovative solutions through the lens of entrepreneurship. As we gather here today, we are reminded of Rwanda's unwavering commitment to entrepreneurship, the RDB's Chief Investment Officer, Michelle Umurungi, said. She added; This nation has proven that through bold leadership, innovative policies, and strategic investments, we can create an environment where businesses not only survive but thrive. Umurungi maintained that RDB and Africa Business Heroes will continue to work hand in hand to unlock opportunities for entrepreneurs across the continent. Jason Pau, the Executive Director (International) of the Jack Ma Foundation, pointed out that the current spotlight shines brightly on the continent's entrepreneurial spirit. He said that the summit underscores the critical need for African innovators and entrepreneurs to develop solutions tailored specifically for Africa to curb the continent's unique challenges. Pau also announced that Rwanda was selected as the exclusive host for the next four years, thanks in large part to the country's growing entrepreneurial ecosystem. “I am proud to announce that in partnership with the RDB, we will host our finale here in Kigali for the next four years, through the tenth year of the ABH,” Pau said. He also said that over the last six years, the ABH top 10 competitors have collectively raised $180million, served 40 million consumers, and many have doubled, tripled, and quadrupled revenues doing business across Africa. Time is now for Africa Focusing on the African market is not merely a nod to patriotism but a strategic business decision, according to experts who spoke exclusively to The New Times. We are seeing amazing talent that are coming into the market, what is missing is for them to do their homework on diligence and really get something started here, said Hasan Haider, the Founder and Managing Partner, Plus VC and ABH Semi-Final judge. Haider said that with Africa's burgeoning population, coupled with rapid urbanization and a growing middle class, entrepreneurs need to rush and take advantage of the vast and largely untapped consumer base. He said that by developing products and services that cater to local needs, entrepreneurs are able to capitalize on the expanding market. Haider shared similar sentiments with Former ABH beneficiaries like Christelle Kwizera, the founder and CEO of WaterAccess Rwanda, a social enterprise focused on access to clean water in rural Rwanda, who said that the prize money enabled her to grow the business with impact. “When I won ABH in 2019, we actually doubled. We had 63 employees, and now, WaterAccess Rwanda employs 122 people. So, it was quite impactful in terms of putting the company on a local and global map as well,” Kwizera said. Experts also said that the Africa Business Heroes Summit serves as a testament to the achievements of African entrepreneurs who have successfully prioritized the continent. For instance, Nigeria-based fintech company Moniepoint recently achieved 'unicorn' status, reflecting the immense potential within Africa's financial technology sector. The competition, which covers 52 African countries, has seen applications grow from 9,366 to 27,267, with regional distribution and diversity covering 42% from West Africa, 30% in the East African Community (EAC), 14% in Northern Africa, 10% in Southern Africa, and only 4% in Central Africa.
