Young innovators, entrepreneurs, micro-enterprises and early stage start-ups are set to benefit from a new innovation contest, slated for February next year. The continental-wide contest, organised by the Africa Startup League, will see innovators compete for $1 million (over Rwf1 billion) as the grand prize. Also to be provided, organizers said, is the much-needed expertise required to scale businesses. Innovation is Africa's key to unlock an economic boom for more than 1.3 billion people, ASL said in a statement. By building startup capacity across the continent, digital transformation will serve as the bedrock to create a productive and sustainable workforce, an income generating environment and a thriving economy across the continent. “Judges chosen from various fields across Africa, as well as people across the Web3Africa.news community will vote on the best startups, which will be evaluated based on criteria such as innovation and impact to the larger African communities,” a statement by the organizers reads in part. Over the six-month competition, the ASL says it will enable innovators and entrepreneurs to showcase their innovative products. The selected top 100 entrepreneurs will be competing for a grand prize of $1 million and 99 prizes of $10,000. The aim of the initiative is to create a matchmaking of sorts, allowing startups to acquire the initial seed-funding, mentoring and training to scale their businesses. “At the same time one of the key goals is for Africans to see the opportunities ahead of them and to compete in a challenge that can produce solutions for pressing needs in African communities.” Aly Ramji, the Co-Founder and Managing Editor of Web3Africa.news and key partner in the Africa Startup League said, rather than being left to fend for themselves, Africa's tech startups would benefit from networks that connect founders, tech hubs, universities, and government bodies to assist in the identification of business opportunities, the overcoming of skill shortages, and the attraction of the required talent. The hope is that the ASL (Africa Startup League), will create an enabling environment for young African entrepreneurs to take part in this unique competition, because the startup ecosystem in Africa is not well linked. Founders often do not have access to the support, guidance, openings, and information sharing that are essential to their continued existence, added Ramji. The development comes at a time experts argue that bolstering early- and late-stage funding for African startups with operational support and a wider, deeper talent pool will unleash the continent's growth potential. Experts also agree that African governments must nurture entrepreneurship and support its thriving startup ecosystem. Already a hub for telecoms and fintech innovation, Africa has the potential to become a future tech superpower due to the continent’s rapidly expanding tech startup ecosystem. Rwanda, among several other countries, has since launched an annual challenge, Hanga Pitchfest, that aims to provide a platform to showcase tech-entrepreneurs and creative talent from all over the country, as part of the efforts to support young innovators. The country is also home to Norrsken House Kigali, a regional innovation and entrepreneurship hub. Just recently Peace Ndoli, Co-Founder of Lifesten, a health startup, emerged the winner of this year’s challenge, walking away with a $50,000 grand prize, a Rwf5 million contribution to their Ejo Heza long term saving scheme account by the Rwanda Social Security Board (RSSB). Other benefits include a workspace and connectivity access, mentorship and coaching, and website development for a year from BK TecHouse and advisory services for capital raising and valuation from BK Capital.
