As part of the 21st Africa Business Conference, the Africa Business Club will be hosting the New Venture Competition on February 15th, 2019. The New Venture Competition aims to showcase the diversity of entrepreneurs making a difference on the continent today.
10 finalists will be invited to pitch their business in front of approximately 700 attendees and receive feedback from a panel of experienced judges. The competition winner and runner-up will be awarded cash prizes of $10,000 and $5,000, respectively.
The top 20 shortlisted ventures will also have the opportunity to showcase their companies at the Startup Fair to network and interact with distinguished panellists and conference attendees.
The competition is open to all African entrepreneurs with businesses focused on shaping Africa’s future. Entrepreneurs who offer unique and homegrown solutions to local problems and who meet the following eligibility criteria are highly encouraged to apply:
- Early Stage Startups (for-profit or not-for-profit)
- Africa-focused with a majority or all of its operations in Africa
- Less than 50 employees
- Less than 5 years of operations
- Raised less $250,000 in funding to date
The judges will evaluate the venture’s potential for economic success and the likelihood of achieving that success based upon the team’s plan, experience, and the validation of key assumptions and a clear and convincing presentation of the following:
- Value proposition and business model (including market validation of value proposition/growth hypothesis)
- Team expertise and ability to execute
- Market opportunity
- Geopolitical and industry context
- Potential risks and mitigants
- Realistic assumptions underlying any financial projections
- Defined milestones and execution plan
- Competition is about assessing the commercial merit and potential viability of each proposed new venture. Teams that have a proven technology or even attracted “beta” customers may raise their chances of success, but early-stage ideas that have been thought through / tested will be considered based on their standalone potential and the team’s ability to execute.
If you meet the requirements for the New Venture Competition, you may proceed to download the application form, enter your company’s details, and save the completed form.
Upon completion, send your application form to [email protected] Deadline for all applications is by 5 pm EST on Friday, November 30th, 2018.