March 24, 2016

The African Entrepreneurship Award (USD$1 million) for African Entrepreneurs In Africa and Abroad

African Entrepreneurship Award

Course(s) Offered: Business ideas
Course Level: Mentoring, Training
Provider: BMCE Bank of Africa
Country to Study in: Africa

Scholarship Description
Are you an African citizen with a business idea that will create jobs and improve lives in Africa? Will it improve education or the environment, or solve a problem that is uncharted? The African Entrepreneurship Award is looking to fund you with a million dollars. The journey begins NOW with submitting your business idea and your story by the deadline below.

The African Entrepreneurship Award, powered by BMCE Bank of Africa, offers a mentoring journey for business ideas that can impact and improve lives in Africa. The goal of the African Entrepreneurship Award is to inspire African entrepreneurs – living in Africa and abroad – to develop businesses across the African continent, creating jobs that improve lives.

Eligibility
You, the entrepreneur, must meet the following criteria as you submit your business proposal:
  • You must be a citizen of an African country
  • You must be a minimum of 18 years old as of October 1, 2016
  • Your business must be applicable in an African country
  • Your business must be relevant to one of these categories:
    • Education – positively impact education in Africa
    • Environment – positively impact the environment in Africa
    • Uncharted – a high-impact business venturing into unexplored territory or untested markets
ADDITIONAL INFORMATION:
  • You can submit a proposal as a resident of any country worldwide – keeping in mind that you must be a citizen of an African country
    • For example, a resident of the United Arab Emirates with Egyptian citizenship is eligible for this Award
  • You can submit a proposal if you are of any age over 18 as of October 1, 2016
  • Your business can operate in any African country even if you are not a citizen of that country
    • For example, you can submit a proposal for a different country in Africa than your personal, African citizenship (e.g. a Ghanaian citizen can submit a proposal for a business in Liberia)
  • You can submit a proposal for a business already in operation
  • Your business can operate across borders in multiple African countries
  • Your business should demonstrate the potential to scale beyond one region in Africa to pan-African impact
  • You can operate in multiple countries, but you will be asked to designate a primary community in Africa that will benefit or be impacted by your business.
Eligible groups
Citizen of ANY African country

Participating Institutions
BMCE Bank of Africa

Areas of Training
Education, the Environment and any other Uncharted areas. More information here.

Sponsorship duration (Rounds)
There will be practical mentoring in three Rounds:
  • Round 1 – Business ideas most needed in the region: During Round 1, you must convince the Regional Mentors that you understand the needs in your region and your idea meets these needs.
  • Round 2 – Business ideas most likely to succeed in Africa: During Round 2, you must convince the Pan-African Mentors that you know your potential customers’ needs, that you are able to communicate the idea, that you are well aware of your competition, and that you can visualize or explain the idea through a graphic or video.
  • Round 3 – Business Ideas most significant & sustainable in Africa: During Round 3, you must convince the Global Mentors that you understand the risks you are facing including: leadership gaps, advisor needs, political barriers, customer constraints, and financial risks. During Round 3, you will be coached by the Global Mentors privately via the website on how to improve your Concept Statement, which is a fantastic tool that is reusable in all of your future funding efforts and pitches.
  • Presidential Round – Presidential Jury: The Final Jury of entrepreneurs, business leaders and academics from Africa, China, and the USA will meet you in person in or by video October to hear your business idea and decide the winners.
Scholarship benefits
The Award partners with entrepreneurs, business leaders and leading academics from Africa, Asia, Americas, UK and Europe. These partners are mentors who provide coaching to African entrepreneurs at every step of this journey.

The journey includes USD$1 million across three categories: Education, the Environment and Uncharted areas – never been done before in Africa. The African Entrepreneurship Award will help you start or grow your business to create jobs and impact Africa.

Every entrepreneur needs more than money. You need mentors to come alongside you, advise you, ask hard questions, encourage you, comfort you, and help you persevere.

Method of Application
To apply, you need to submit an application before the deadline date. Please Submit Your Application Here for the 2016 African Entrepreneurship Award.

It is also important to visit the official website (link to it is below) for complete information on how to apply for this award.

DEADLINES:
The journey starts February 5, 2016. You can submit your business idea beginning February 15, 2016 through April 6, 2016.

PLEASE NOTE:
Finalists will present ideas to Presidential Jury for multiple Awards by October 2016.

Success is not just winning this Award. Instead, this African Entrepreneurship Award is the beginning of our Journey together to test, plan, launch and scale your new business to impact Africa.

BMCE Bank of Africa recognizes that you, the African entrepreneur, are a risk taker who seeks mentoring, practical support, and business colleagues as you start up revenue-generating businesses that solve problems and meet needs.

Application Deadline: 6 April 2016
Open to International Applicants: Yes (ONLY Africans)

More Scholarship Information and Application

Related: Scholarships in Africa for International Students

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