Application Deadline: April 15th, 2023
Inspired by The Prosperity Paradox, it will be run in different African countries every year. Since launching, the challenge has trained over 500 early-stage African entrepreneurs and funded over 80 of them.
This year African Impact Initiative is in South Africa. Top performing teams will receive up to $25,000 in either grant funding or a simple agreement for future equity (SAFE) investment. They will also travel to Toronto for 3 months next summer, with all costs covered, to learn and expand their entrepreneurship network. Registration for the 2023 challenge closes on April 15th.
The target is to successfully kick-start innovations aligned with their selection criteria across the continent. African Impact Initiative does this by providing the capital, resources and guidance necessary for early founders to (re)start from scratch, and build viable solutions in the market.
Eligibility Criteria
- Young Africans (under 39) who live in the countries of the given year’s challenge.
- A desire to pursue impact-focused entrepreneurship as a means of livelihood.
- A desire to solve critical problems with technology.
- Full time commitment from the team building the venture.
- 2023 Stream 1: Ventures based in South Africa from any sector.
- 2023 Stream 2: Ventures across Africa that enable positive health outcomes.
Streams
- Stream 1: Sector Agnostic ventures based in South Africa.
- This is the stream for startups / ventures building solutions in any industrial sector in the country of focus for that year’s Challenge.
- This year the country of focus is South Africa for the sector agnostic stream.
- Stream 2: Ventures focused on improving the Health sector across Africa.
- This is the stream for startups / ventures building solutions in creating positive health outcomes in any African country.
- Startups and founders in this stream can be based anywhere on the continent.
Funding Information
- Non-Dilutive Grant – up to 10,000 CAD
- Simple Agreement for Future Equity – up to 25,000 CAD
- The Pre-Incubation lasts 6 – 8 Weeks.
What You Can Expect
- Capacity Building.
- Incubation.
- MVP Capital.
- Mentorship.
- Market Penetration.
Selection Criteria
- Your idea should address an identified problem/challenge in your country, by providing a comprehensive solution through a clearly defined job to be done.
- Your solution should be technology enabled in its creation and/or use.
- Preference will be given to solutions that target non-consumption, by increasing adoption, accessibility or affordability.
- Preference will be given to innovative business models that are scalable.
For More Information:
Visit the Official Webpage of the African Impact Challenge 2023