US $350,000 in prize funds to be awarded to the continent’s most innovative and inspiring entrepreneurs. Applications exceed previous totals by 40% with most from Nigeria, Ghana, Kenya and Uganda. Entries close at the end of August.
This July Legatum, a privately owned international investment group, in conjunction with Omidyar Network, a philanthropic investment firm, launched the 2010 Africa Awards for Entrepreneurship to promote commerce as a driving force in Africa’s economic growth. The Africa Awards focuses on celebrating the standards of business excellence within Africa and building a strong network of African entrepreneurs as a source of learning and shared best practices. To date the total number of entries has exceeded previous years by 40% with more than 2,000 companies submittingentries to compete for the Grand Prize of US$ 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 about the Awards, Alan McCormick, Managing Director of Legatum, commented, “This year’s Africa Awards has far surpassed our expectations and sends 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 open 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 wil 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, concluded, “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.”
MEDIA CONTACTS
Hamish Banks
Legatum
Dubai
Tel: +971 4 317 5800
Hamish.banks@legatum.com
Kelly Mason
Omidyar Network
Redwood City, CA
Tel: +1 650 482 2566
kelly@omidyar.com
PROGRAMME MANAGEMENT
Alex Cudaback
Jamestown Exploration Company
Middleburg, VA
Tel. +1 540 687 8690
alex@jamestownexploration.com
About Legatum
Legatum is a privately owned international investment group whose primary focus is commercial investment, and which also applies its investor’s expertise to a long standing involvement in the sustainable development of communities around the globe. For more information please visit Legatum’s website at www.legatum.com.
About Omidyar Network
Omidyar Network is a philanthropic investment firm dedicated to harnessing the power of markets to create opportunity for people to improve their lives. Established in 2004 by eBay founder Pierre Omidyar and his wife Pam, the organization invests in and helps scale innovative organizations to catalyze economic and social change. To date, Omidyar Network has committed more than $353 million to for-profit companies and nonprofit organizations that foster economic advancement and encourage individual participation across multiple investment areas, including microfinance, property rights, consumer internet, mobile and government transparency. To learn more about Omidyar Network, please visitwww.omidyar.com.