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Startups in Africa, you have just 6 Days left to apply for the African Rethink Award

by Felix Omondi
Startups in Africa, you have just 6 Days left to apply for the African Rethink Award

Are you a startup business operating in Africa, with an innovative solution addressing a particular socio-economic challenge? Can your innovative solution be replicated in other regions across Africa faced with the same socio-economic challenge, thereby expanding your business reach across the continent? Are you a youthful entrepreneur?

If your answers are ‘Yes, Yes, and Yes,’ for the above questions. Then move with speed and apply for the African Rethink Awards. This program seeks to promote the continent’s economic and social development by leveraging on the talents of its youths and scaling their innovative ideas.

African Rethink Awards wants to reward the innovative and promising startups in Africa. Whose solutions to socio-economic challenges can be duplicated in other regions on the continent.

Minimum requirements for Africa Rethink Awards

The award is open to any startup in Africa that meets the following conditions:

The startup must not be more than 5 years old.

The founders of the startups must be African living on the continent or from abroad.

The founder must be less than 35 years old.

The business must have an effective and working CSR model.

The business operating results must be impressive.

The business products must be innovative.

How do you Benefit by Participating?

African Rethink Awards (ARA) has partnered with Global Youth Innovation Network (GYIN), MEDEF IIe-de-France, Innogence Pulse, AND Factory, and LABS-NS Lawyers to offer winners the needed support to scale their operation to other regions in Africa.

Meaning, should you become one of the winners of this edition of ARA, your business will get the needed support to scale your business across Africa. This support includes; legal, accounting, management counselling, help in finding investors, training, mentoring, coaching, marketing, and communication guidance.

The Application DEADLINE

The preselection phase of ARA is currently underway, and you have until August 15th, 2016 to apply. That is when the application window closes, so be quick in your application; time is not on your side.

Once the preselection phase window closes, the selected candidates will proceed to the next stage of the competition to be held in Paris, France on October 22 and 23 during the Land of African Business’ meetings. Where the selected startups will get to pitch their business model, and meet up with investors looking for their next venture capital projects. Not forgetting, you will get the opportunity to network and enjoy greater visibility for your business on an international stage.

Prizes for the Winners

The winners of this edition of ARA  are as follows:

The Great Prize: awarded to the startup with the best performing business plan and founded by an African on the continent or from the diaspora. The cash prize is €5,000.

The Diaspora Prize: awarded to an entrepreneur from the diaspora who started a promising business in Africa. The cash prize is €3,000.

The Women Entrepreneurship Prize: a cash prize of €3,000 awarded to a startup founded and run by a female entrepreneur.

The Jury Prize: this award will be a compliment to a startup whose business model is seen to be the most viable and sustainable in Africa.

ARA’s Objectives:

To provide the support for startup businesses offering innovative solutions to socio-economic challenges and scale their operation across Africa.

Spark and nurture the spirit of entrepreneurship. Something that is vital if African countries are going to grow their economies, and while at it support the growth of a dynamic private sector that meets the demands of the consumer market.

Showcase Africa’s promising startup businesses and ideas, with the goal of getting them the financial and logistics, support they will need to scale their operations.

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