Jack Ma launch $10 million Netpreneur Prize to African entrepreneurs

Chinese business investor has unveiled a new program dubbed ‘Netpreneur’ Prize, that is geared toward supporting and financing the African entrepreneurs who are seeking solutions to combat the continent’s major challenges. The co-founder of Alibaba Group has expressed his desire to share technology with Africa and will is hopeful his financial support further digital economy in the African economies.

The African Entrepreneurs Award is aimed at empowering young entrepreneurs and help small businesses to grow. It focuses on women founders whose efforts have been notified in different economies, and their impact has triggered support to boost their performance in building stronger economies. The Ksh 1 billion prize will be awarded to 100 African entrepreneurs in a span of 10 years.

The competition will begin next year with the ten finalists picked from across the continent. They will have a chance to present their business ideas, each contending for $1 million. Local entrepreneurship, according to the business tycoon is able to create employment opportunities and improve the productivity of a nation. Jack Ma’s visit to Africa in 2017 played a significant role in empowering young entrepreneurs who are willing to change the economies of their countries and the continent as well.

He has encouraged business ideas in collaboration with technology to bolster economic growth in the digital era. During his visit, he highlighted the impact of technology on local economies which proves to be a necessity for upcoming businesses. The 53-year-old CEO whose company is valued at $519 billion, expects the competition to be competitive cutting across all industries.

ALSO READ: Thousands of students needed to register for Huawei ICT Competition

The “Netpreneurs: The Rise of Africa’s Digital Lions” conference saw close to 800 entrepreneurs come together to discuss solutions for African entrepreneurs. The digital economy could paint a better picture in Africa, and with the availability of technology more inclusive technologies would arise. Jack Ma is aware of the financial support needed in the early days of an entrepreneur to build a sustainable economy.