THE Prosperity Paradox is inviting applications for its African Impact Challenge grants.
The programme aims to create the Africa we desire by investing in the continent’s early innovators. They are able to produce market-creating innovations that use technology to address their country’s most pressing concerns.
The challenge begins in April 2023 with a self-paced Pre-incubation phase, which leads to the selection of top-performing businesses for funding and Incubation.
Each top-performing venture will be interviewed and given the option of receiving either a non-dilutive gift or a simple agreement for future equity investment.
The organiser says that ideas should address an identified problem/challenge in a country, by providing a comprehensive solution through a clearly defined job to be done.
The 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.
Also, preference will be given to innovative business models that are scalable.
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.
The deadline for the submission of applications is April 15, 2023. Interested applicants can apply here.
Blessing Otoibhi is a Multimedia Journalist and Anchor host for the News in 60 seconds at The International Center For Investigative Reporting. You can shoot her a mail via [email protected] or connect on Twitter @B_otoibhi