How to Apply for the $1.5M ABH Prize Competition 2023 as an African Entrepreneur

There are many aspiring entrepreneurs in Africa who have unique ideas that may be used to address some of the continent's most serious issues. To put their ideas into action, however, many of these entrepreneurs lack the necessary capital and other resources. Africa's Business Heroes (ABH) Prize Competition is where you may show off your entrepreneurial skills. 

When it comes to expanding their enterprises, African entrepreneurs have the potential to earn $1.5M in the ABH Prize Competition. In this article, we will examine the ABH Prize Competition 2023 application process for African business owners.

Africa's most prominent entrepreneurial contest is the ABH Prize Competition, which was established in 2018 by the Jack Ma Foundation. This competition searches and invests in African business owners that are making a positive impact on their local economies and providing new employment opportunities for their fellow countrymen.

Procedure to Apply for the ABH Prize Competition 

The following steps listed below are ways you can apply for the ABH Prize Competition and get a stand to stand out amongst other aspirants.

First Step

Checking your eligibility requirements is the first step in applying for the ABH Prize Competition. You need to be at least 18 years old, a resident of Africa, and have your business's registration and primary place of business in Africa to qualify. Your company also has to have a revenue model and be in existence for at least three years.

After ensuring that you qualify, the next step is to complete your application. Each of the three phases of the application procedure for the ABH Prize Competition may be found on the competition's website. The first step is filling out a lengthy application form that inquires about your company's background, values, and objectives. In addition, details about your business's sales, finance, and personnel will be requested.

Second Step

Applicants that were successful in the first round will advance to the second round and be invited to participate in a virtual pitch session. You will get the opportunity to present your company to a group of judges during this session. The judges will evaluate your company based on its potential for growth, scalability, and impact.

Final Step: 

The grand finale of the competition will consist of the top ten competitors presenting their enterprises to a panel of judges consisting of well-known business gurus, investors, and industry leaders. This round will determine the winner of the competition. The competition's winner will be awarded a monetary reward of $1.5 million, while the other finalists will split the remaining $1.5 million into equal halves among themselves.

Take Note!

While arranging your application, it is absolutely important to make sure you give information that is both true and accurate about your company. This comprises your company's business strategy, the income sources it relies on, and the market you want to serve. 

In addition to this, you should emphasize your competitive advantage as well as your future development and expansion goals. It is essential that you keep in mind that the judges will be searching for companies that have the potential to have a big effect not only in their local communities but also outside those areas.

Conclusion

In conclusion, the ABH Prize Competition provides African company owners with a one-of-a-kind opportunity to promote their companies and compete for good funding. Take advantage of this chance to enter the ABH Prize Competition 2023 if you are an entrepreneur in Africa who fits the requirements for participation and consider doing so to be in your best interests. It is important to remember to prepare your application completely and to emphasize the potential for development and influence that your company possesses. You have the potential to become the next Business Hero of Africa if you put in the effort and stay dedicated.