Since March this year, the organisers of the Africa’s Business Heroes (ABH) prize competition opened applications for the 3rd edition of the continent-wide entrepreneurial competition, with an increased pool prize of $1.5 million USD from $1 million USD in the launch edition, which is shared by Top 10 winners of the competition. The competition is Jack Ma Foundation’s flagship philanthropic programme spotlighting and celebrating Africa’s entrepreneurs.
In this interview, Zahra Baitie-Boateng, head of partnerships & programs, Africa’s Business Heroes prize competition, speaks to OBINNA EMELIKE on the success of the previous editions, impact on wealth creation across the continent, access to needed funds, 10 years sustainability plan, expectations for the third edition, improvements and other related issues.
Congratulations for successfully hosting two editions of the Africa’s Business Heroes (ABH) prize competition. As you prepare for this year’s edition, what is new about the competition this year?
Applications for the 3rd edition of the Africa’s Business Heroes prize competition opened at the end of March and entrepreneurs from all over Africa, across sectors and from any background will be able to submit their applications until June 7, 2021.
This year, we have introduced a brand-new central theme, “It’s African Time”, which celebrates all entrepreneurs who are challenging stereotypes attached to “African Time”, and using their talent and vision to drive change in their communities. We are working with even more partners, such as African Leadership Group, Ashesi, Dalberg, Janngo, SA Innovation Summit and RiseUp, and we are thrilled to have Bogolo J. Kenewendo, recently confirmed global economist and former Minister of Investment, Trade and Industry of Botswana, as Special Advisor of ABH.
We have designed a rich programme with several opportunities for training and mentorship via application workshops and boot camps. We’ve also expanded the pool of distinguished judges, who are ready to meet the candidates throughout the selection process to test their skills and share invaluable insights and knowledge.
The current circumstances have led us to be more creative and flexible, and so we are considering various hybrid initiatives to combine online and offline formats. Despite the uncertainty of the pandemic, we are on track to deliver a great competition, show and a valuable experience to all the participants.
Some aspiring African entrepreneurs have missed out of the competition due to misunderstanding of the eligibility. Who really should apply for the competition?
The Africa’s Business Heroes competition is addressed at all African business founders and/or co-founders regardless of their age, gender or industry. Diversity and inclusiveness are two pillars of ABH.
As a truly grassroots initiative made for Africa, ABH is open only to citizens of one of the 54 African countries, and/or with a parent or grandparent with African citizenship. Their business needs to be registered and headquartered in an African country, and has to primarily operate in Africa and be active for at least three years. Our experience over the past two years has shown that Africa is full of entrepreneur heroes, and we are committed to finding and spotlighting individuals whose vision, leadership, skills and passion are driving positive change and inspiring others.
What are some of the competition’s insights this year and key dates?
Applications to the 2021 Africa’s Business Heroes prize are open until June 7th, and we encourage all interested candidates to register at https://africabusinessheroes.org/en/the-prize/overview and take their time to go through all the details and informative materials before applying.
In June, we will kick off the judging and selection process and in July and August we will announce our Top 50 and Top 20 and hold the semi-finals in September to determine our top ten finalists. These ten “heroes” will have the chance to pitch their businesses to the Grand Finale judges later in November and compete for a share of the $1.5 million prize.
It is an intense schedule but what is important is that candidates are offered exclusive mentorship and training throughout the selection rounds. They also have the opportunities to attend courses, webinars and boot camps hosted by representatives of ABH and our vast network of partners.
What makes ABH special is also the level of participation of the audience in Africa, who follow the journey of their favourite entrepreneurs in the months of the competition. We are excited to see the enthusiasm that the ABH community demonstrates by interacting on our social media, including; Facebook, Instagram, LinkedIn and Twitter. These are great channels to get hold of all the insights and stories from the competition.
We will also air the 2020 Africa’s Business Heroes later this year. The 2020 Show will be a 4-episode format, showcasing the most memorable moments of the competition and following the finalists in their journey to the finale.
Finally, we have recently revamped our website and made it even more user-friendly. All the key updates about our competition and upcoming events can be found at https://africabusinessheroes.org/en.
In your view, do you think the competition has so far lived up to expectations?
When Africa’s Business Heroes was established three years ago we were excited to identify and spotlight and celebrate African entrepreneurship in all its forms. We knew there were a lot of untold and inspiring stories but our expectations have been blown away.
Last year in particular, despite the global crisis brought about by Covid-19, we were encouraged by the over 22,000 applications from all 54 African countries that we received. This alone is a great proof of the interest that ABH has generated in the entrepreneur and business community in Africa, and further strengthens our commitment to making our initiative known and accessible to as many people as possible.
The most remarkable aspect of ABH is the quality of applications and candidates that we have the pleasure to meet every year. We have several examples of women and men who have little resources but who have huge talent and drive. They have been able to build innovative and solid businesses, create jobs and most importantly provide concrete solutions to pressing issues on the continent – in key fields such as healthcare, renewable energy, water supply, agriculture, and financial services. These individuals motivate us to keep ABH running so we can provide them with support, showcase their work and stories and provide them with a platform to grow.
How do you arrive at the selections and winners, what is the process like and what are you looking out for?
In the span of approximately three months, applicants go through several rounds of judging to test the fundamentals and strength of their business, their knowledge of the industry they operate in but also their capacity to illustrate what they do; why and how they do it.
Soft skills are as important as hard skills. The top ten finalists will have demonstrated their leadership and vision, how they have built successful teams, how they motivate their co-workers and others in their circle, and how they act as catalysts for change in their communities.
During Round 1 and Round 2, evaluation is conducted by over 150 qualified judges from Africa and all over the world, including business leaders, senior investors, industry experts, academics and more. In Round 1, our judges review the written online application that applicants submit and use a set of criteria to score. From that process, we determine our Top 50 Finalists who then go on to Round 2 where our Judges interview each finalist during a video-call and score them to determine our Top 20 finalists. Our Top 20 finalists undergo due diligence with global auditing firm PwC who ensures that all finalists meet general legal and accounting standards of the competition. The finalists who pass due diligence will then move on to the Semi-Finale.
At the semi-finale, seven judges have the responsibility and the privilege to select the ten finalists who will proceed to pitch their businesses on stage at the Grand Finale in front of business legends. Grand finale judges in the previous years included; Jack Ma, Ibukun Awosika, Strive Masiyiwa, Joe Tsai and Lucy Peng. And considering how the quality of applications has increased year after year, judges always have a tough time picking the winners among such talented participants.
It is a long process but many of our Finalists have shared with us that it is rewarding as it both provides them an opportunity to introspect and to also receive invaluable feedback.
Do you see the organisers increasing the number beyond 10 outstanding entrepreneurs and the cash prize above $1.5 million USD in the nearest future?
The commitment of Africa’s Business Heroes to support the continent’s entrepreneurial ecosystem is long-term and in a 10-year period we will award 100 outstanding entrepreneurs across sectors. Last year, we increased the pool prize to $1.5 million USD from $1 million USD in the launch edition, and expanded our training and mentorship initiatives to include even more participants, not just the finalists.
We are always looking at ways to improve our programme, and we will continue to review how we can generate an even bigger impact and reach more entrepreneurs in Africa.
Are there specific impacts the cash prizes, mentorships and networking have made across African entrepreneurial landscape in the last two years?
The best testament to the impact of ABH can be seen in the trajectory of some of our most successful and inspiring finalists of the previous years, five of which are from Nigeria. Their businesses are not only profitable but they are also instrumental to tackle relevant problems and provide significant support to their respective communities.
They include; Temie Giwa-Tobosun, CEO & founder, LifeBank, a Nigeria-based medical distribution company that uses data and technology to help health workers discover critical medical products, and has saved over 5,300 lives in Nigeria. After winning the 1st prize of ABH 2019, Temie has expanded her business in other states in Nigeria as well as in Kenya. She plans to further grow their footprint in other African countries as well. Last year, in response to the pandemic, Temie’s team expanded their services to include the delivery of oxygen and COVID-19 testing. Temie has gone on to win several awards and raised investments, a testament to her impressive achievements, leadership and growing profile, which was (in part) boosted by the 2019 ABH Show.
Omar Sakr is the CEO & founder at Nawah Scientific, the first private research centre in the MENA region, focused on natural and biomedical sciences that offers online and on-demand analytical and scientific services. Omar made it to the Top 3 in 2019 and since then his start-up has secured a total of $2 million in funding, making it the most funded life science venture in the Middle East and North Africa. To tackle Covid-19, Omar’s team has supported research in the region by offering cheaper and quicker diagnostic tools, as well as free pickup services for research samples requiring examination at their laboratory.
Moulaye Taboure is the CEO and co-founder at Afrikrea, a leading online marketplace of “Made of Africa” fashion, art and handicrafts. Moulaye was one of the Top 10 finalists in 2019, and following his successful experience at ABH, he has gone on to raise investment and also expand his business to provide fulfilment services for vendors across Africa. Thanks to his expansion efforts, Afrikrea is now DHL’s largest exporter out of Africa.
A competition of this magnitude will always have some challenges, what are the challenges so far?
Our priorities are to raise awareness about the Africa’s Business Heroes prize competition as a valuable platform for all entrepreneurs of Africa, and to give a chance to as many people as possible to participate. With Covid-19 restrictions still in place, we have modified parts of our programme and we will continue to be flexible and innovative in the way we shape ABH going forward – for example hosting hybrid events.
Africa is a large and diverse continent, and that’s why we also work closely with a wide network of established partners and supporters that help us share information and knowledge on the opportunity that ABH represents.
Of course, the competition is Jack Ma Foundation’s flagship philanthropic program spotlighting and celebrating Africa’s entrepreneurs, do you think the foundation is committed to sustaining the competition for the 10 years it initially planned?
Absolutely. The Jack Ma Foundation’s commitment to support Africa’s entrepreneur ecosystem is long-term and ABH will recognize 100 brilliant African entrepreneurs over a ten-year period, allocating grant funding alongside training, mentoring and learning programmes.
This is part of our broader vision, which looks to ultimately create a community of like-minded entrepreneurs and business leaders, joining forces with a variety of stakeholders among investors, educators, policymakers and civil society – that can cooperate to remove barriers and create better opportunities for the future.
What really does Jack Ma Foundation gain from the competition and are there obligations for beneficiaries?
When Jack Ma visited Africa for the first time in 2017, he was impressed by the talent and passion of the young entrepreneurs that he met with. He also recognized that many barriers to economic development and entrepreneurship in Africa were similar to those he faced in China when he founded Alibaba over 20 years ago. Off the back of this visit, Jack and the Jack Ma Foundation committed to do their part to inspire, train and support entrepreneurs in Africa to build inclusive businesses models that can create jobs and economic opportunity for the continent.
After the winners receive their share of the $1.5 million USD in grant funds, we remain connected with them and periodically request for updates on the progress and developments of their business. All the finalists from 2019 and 2020 join the ABH network of entrepreneurs and business leaders, and most of them collaborate with us to shape and deliver training and counselling for the new batches of ABH candidates.
We are really grateful for their continuous support and contribution, and we are extremely proud to see how much they have achieved as entrepreneurs and as leaders.
