In the month of July, 2010, Legatum, a privately owned international investment group, in conjunction with Omidyar Network, a philanthropic investment firm, launched the 2010 Africa Awards for Entrepreneurship, to promote commerce as a driving force in Africa’s economic growth.
The Africa awards focus on celebrating the standards of business excellence within Africa and building a strong network of African entrepreneurs as a source of learning and sharing best practices.
To date, the total number of entries has exceeded previous years by 40% with more than 2,000 companies submitting entries to compete for the grand prize of US$ 100,000 and five other prizes of US$ 50,000 each.
The competition remains open for applications at www.AfricaAwards.com, until August 31st, 2010.
Speaking on the awards, Alan McCormick, Managing Director of Legatum, said: “This year’s Africa awards has far surpassed our expectations and send the message again that Africa is open for business. We know that entrepreneurs play a vital role in the development of any economy and through the Africa awards, Legatum is able to identify and support the leaders of remarkable companies and the contribution they are making to promoting prosperity across the continent.”
Entrepreneurs from 15 countries are participating in the 2010 awards and submissions are being accepted from Botswana, Ivory Coast, Ethiopia, Cameroon, Ghana, Kenya, Uganda, Mozambique, Namibia, Nigeria, Rwanda, Sierra Leone, South Africa, Tanzania, and Zambia.
A total of US$350,000 will be awarded to the winners, with the funds directed towards growth and strategic reinvestment within the respective companies.
The competition is opened to all profitable businesses that have been in existence for a minimum of three years and have annual revenues between US$2-$25 million.
With the August 31st deadline for applications fast approaching, interested companies are encouraged to visit the Africa Awards website soon to ensure their submissions are included.
Finalists will be invited to make formal presentations to an international jury of business leaders, entrepreneurs and investors in Ghana early this December.
The jury will be chaired by Tokunbo Talabi of Superflux International, the Grand Prize Winner of the 2008 Africa Awards.
The 2010 winners will be announced at a gala ceremony attended by an invitation-only audience of Africa’s business leaders, policymakers and investors.
Matt Bannick, Managing Director of Omidyar Network, said: “Omidyar Network and Legatum share the conviction that entrepreneurs are vital to creating new opportunities in Africa. As we approach the final weeks of the entry period, we encourage dynamic business leaders to share how they are driving innovation, economic growth and opportunity across the continent.”
STORY: WILLIAM BEEKO