Harvard’s Africa Business Club is set to host the New Venture Competition as part of the 24th Africa Business Conference.
The New Venture competition seeks to highlight the diversity of entrepreneurs who are making a difference on the African continent today.
The competition aims to evaluate each proposed new venture’s commercial merit and the likelihood of success.
Although early-stage ideas that have been thought through/tested will be taken into consideration based on their standalone potential and the team’s ability to execute, teams that have a proven technology or have garnered ‘beta’ consumers may increase their chances of success.
Eligibility for the competition: African entrepreneurs with startups focused on reshaping Africa’s future with distinctive and indigenous solutions are eligible:
- Early-stage startups (for-profit or not-for-profit)
- Africa-focused startup with a majority or all of its operations in Africa
- Less than 50 employees
- Less than 5 years of operations
- Raised less than $250,000 in funding to date
The selection Criteria: The judges will assess the venture’s economic potential and the likelihood of success based on the team’s plan, experience, validation of key assumptions, and a clear and convincing presentation of the following:
- Value proposition and business model (including market validation of value proposition/growth hypothesis)
- Team expertise and ability to execute
- Market Opportunity
- Geopolitical and industry context
- Potential risks and mitigants
- Realistic assumptions underlying any financial projections
- Defined milestones and execution plan
Value of the awards:
- The competition winner, the runner-up, and the third place will be awarded cash prizes of $30,000, $15,000, and $10,000, respectively.
- The shortlisted participants will be able to showcase their companies at the Startup Fair to network and interact with distinguished panellists and conference attendees.
How to Apply: Please fill out the application form here to enter your company’s details. Application Deadline: 2nd January 2023 5 pm EST.