Alibaba founder announces US$10 million investment for African entrepreneurs

Alibaba founder announces US$10 million investment for African entrepreneurs

The Founder of Alibaba, Jack Ma, has announced a new contest designed to support Africa’s digital entrepreneurs. In total, the eponymous foundation will put forward a pot of US$10 million in funding.

African start-ups will compete for US$1 million each year for the next decade, starting next year. The Jack Ma Foundation Netpreneur Prize, as the contest will be known, will take the form of a pitch competition, with the 10 internet-led small businesses who make it to the final all receiving investment as well as access to a dedicated community of African business leaders for mentorship.

Applicants must be African nationals and the finalists will be selected by a team of judges across five regions. Applications for 2019’s contest open in January and the pitch competition will be broadcast on television in the second half of the year.

“As a fellow entrepreneur, I understand the importance of getting support during the early days,” said Ma. “This prize demonstrates our support of a next generation of young entrepreneurs across Africa that is paving the way for a better future and impart positive change in their communities.”

1 Comment

  1. Jack Ma is a great example of what can be achieved with entrepreneurial drive
    and determination. He was built a global empire, much of which is based on his
    considerable financial and business skills. To be setting aside a large amount of money
    to encourage African businesses to achieve success is a move which many will applaud.
    African is in urgent need of economic growth and this fund could help provide it.

    Reply

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