The Africa’s Business Heroes (ABH) prize competition is an annual initiative dedicated to identifying, supporting, and inspiring the next generation of African entrepreneurs who are driving impact and building a more sustainable economy. The program welcomes applications in English and French from entrepreneurs across all African countries, sectors, and age groups, provided their businesses are formally registered, headquartered in Africa, and have a track record of at least three years. Each year, ten finalists are selected to compete in the ABH Grand Finale, showcasing their businesses for a chance to win a share of a $1.5 million grant.
Program Benefits
• Grant Funds: A prize pool of $1.5 million is shared among the top 10 finalists, with grants ranging from $100,000 to the grand prize of $300,000. An additional $100,000 is allocated for a global immersion training program.
• Global Recognition and Exposure: Finalists receive significant media exposure through press releases, social media campaigns, and extensive PR opportunities to amplify their brand and business.
• Exclusive Entrepreneurial Community & Network: Participants gain lifetime access to an elite community of entrepreneurs, investors, and business leaders, with opportunities for networking events and collaboration.
• Mentorship from Business Icons: Finalists are paired with global business leaders and industry experts for one-on-one mentorship during and after the competition to help refine strategies and scale their businesses.
• Targeted and Practical Training Programs: The program offers tailored training in financial management, marketing, intellectual property law, and investment readiness to strengthen business acumen.
• Valuable Business Insights & Feedback: The application process itself provides a structured learning experience, with participants receiving feedback from experienced professionals at each stage.
Eligibility Criteria
• Founder or Co-founder: Applicants must be the founder or a co-founder of the business.
• African Identity: Applicants must be an African citizen or a direct descendant (child or grandchild) of an African citizen.
• Business Presence in Africa: The company must be registered, headquartered, and have its primary operations in an African country.
• Proven Market Traction: The business must have at least three years of revenue and demonstrate proven market traction.
Judging Process
• Round 1 - Application Review: Each application is scored by three independent judges. The Top 100 applicants, based on average scores, advance to the next round.
• Round 2 - Video Call Interviews: The Top 100 applicants participate in video interviews with three seasoned business leaders for an in-depth assessment. The Top 20 finalists are selected from this round.
• Due Diligence: A third-party firm conducts a thorough due diligence review of the Top 20 finalists before they proceed to the semi-finals.
• In-Person Semi-Finals: Finalists who pass due diligence pitch in person to a panel of investors and industry experts, who then select the Top 10 finalists.
• In-Person Grand Finale: The Top 10 finalists present their businesses to a high-profile panel of judges at a live event for a share of the $1.5 million grant funding.
Past Finalist Achievements
• Temie Giwa-Tubosun, LifeBank (2019 Winner): Leveraged funds to expand into Kenya, diversify services to include oxygen supply and COVID-19 testing, and grew revenue by 2x in both 2020 and 2021.
• Ethel Mupambwa, MoneyMart Finance (2020 3rd Prize Winner): Grew revenue by 9x between 2021 and 2022, increased the customer base by 4x, launched a new financial product, and expanded the business into Zambia.
• Khadija ElBedweihy, PraxiLabs (2021 Winner): Used grant funds to develop a native mobile app with offline features, increased staff by 40%, and grew revenue by 2.7x between 2021 and 2022.
• Ikenna Nzewi, Releaf (2021 2nd Prize Winner): Developed two new technologies, enabling a pivot to a farmer-centric model. The company grew 5x in 2022 and closed an oversubscribed $3.3 million Pre-Series A round in early 2023.
The program provides a platform for finalists to gain extensive exposure, access a lifelong network of peers and mentors, and receive ongoing support to scale their businesses. The success of past finalists highlights the significant impact of the competition, with many expanding their operations, accelerating revenue growth, and attracting strategic investment. Entrepreneurs who meet the criteria are encouraged to explore this opportunity to advance their ventures and join a distinguished community of African business leaders.