Original Story Published by: Gabriella Mulligan for Disrupt Africa
Alibaba Group founder Jack Ma has announced the launch of the US$10 million Netpreneur Prize, aimed at empowering a new generation of African entrepreneurs.
The Netpreneur Prize is being created with the aim of supporting and funding African entrepreneurs working to address the continent’s most important challenges and further its digital economy through local entrepreneurship. The Prize will see US$10 million will be distributed to 100 entrepreneurs over the next 10 years.
Starting in 2019, the Jack Ma Foundation will host an annual pitch competition, with 10 finalists selected from across the continent to showcase their business ideas and compete for US$1 million in prize money.
All 10 finalists will receive grant funding from the Jack Ma Foundation, as well as access to the Netpreneur community of African business leaders to leverage the community’s shared expertise, best practices and resources.
“As a fellow entrepreneur, I understand the importance of getting support during the early days. This prize demonstrates our support of the next generation of young entrepreneurs across Africa who are paving the way for a better future and imparting positive change in their communities. I am inspired and encouraged by these entrepreneurs who, together, will help build a sustainable, inclusive economy for Africa and for the world,” Ma said, announcing the Prize at the Netpreneurs: The Rise of Africa’s Digital Lions conference in South Africa this week.
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