The finalists were selected based on their demonstration of visionary entrepreneurship, embodying traits such as innovation and creativity, impact on communities and societies, leadership and vision, the potential for growth and scalability, market demand, and financial sustainability.

Effective communication skills were also crucial as entrepreneurs were required to present and articulate their business plans to a select panel of judges while responding to thought-provoking questions. Their ability to convey their passion, expertise, and unique selling points is essential to impressing the judges and securing their support.

Maxima Nsimenta (from Uganda), and 9 other entrepreneurs from Egypt, Ghana, Kenya, Morocco, Nigeria, Senegal, and The Democratic Republic of the Congo (DRC) will make their final presentations at the grand finale in Kigali, Rwanda on the sidelines of Africa’s Business Heroes Summit which will be held from December 3-5.

The entrepreneurs will win a share of USD$1.5 million (approx. UGX5.6 billion) grant funding ranging from USD$100,000 to USD$300,000. The overall winner will receive USD$300,000 while the 1st and 2nd runner-ups will receive USD$250,000 and USD$150,000 respectively. All other 7 finalists will each receive USD$100,000. An additional USD$100,000 is allocated for global immersion training.

The value of the prize goes beyond financial gain. All participants, including the winners and the finalists, will receive global recognition & exposure, access to an exclusive & vibrant entrepreneurship community and network, mentorship, and training programs, etc.

Livara is a personal care company that manufactures natural and organic products for natural hair and skin. Their mission is to bring equity to the cosmetics industry by providing authentically natural and organic solutions proven through centuries of use in Africa. In addition, the company wants to make natural haircare & skincare easy and accessible while empowering Africans.

The 10 finalists are;

Africa’s Business Heroes (ABH) competition is part of the Jack Ma Foundation’s long-term commitment to help support and foster an inclusive and strong African entrepreneurial ecosystem. The program wants to recognize 100 African entrepreneurs over ten years and allocate grant funding alongside training, mentoring, and learning programs, as well as access to a community of like-minded African business leaders.

The competition empowers entrepreneurs and captivates audiences with the diversity and ingenuity of the business plans submitted. Each business plan tells a unique story of resilience, creativity, and the drive to make a positive impact in Africa. From innovative tech solutions and beauty and fashion to sustainable agricultural initiatives, the business plans showcased in the competition offer fascinating insights into the entrepreneurial landscape across Africa.

Since 2019, grant recipients of the ABH have achieved remarkable milestones, collectively raising over USD$153 million in investments and serving a vast base of over 37.5 million customers or users. Collectively, these entrepreneurs have received USD$7 million in prize money, facilitating their operations in 52 African countries.

Notably, their endeavors have created over 123,000 direct and indirect jobs, contributing to Africa’s economic development. With a combined reported revenue exceeding USD$252 million, ABH grant recipients continue to exemplify the transformative power of entrepreneurship in fostering growth, innovation, and socio-economic impact across the African continent.

Over the past five years, ABH has received immense support from investors, entrepreneurs, and business professionals from across the globe. Over 900 volunteers have collectively devoted over 15,280 hours to judging, mentoring, and supporting thousands of contestants, underscoring the powerful spirit of collaboration that fuels the competition’s success.

ABH strives to foster an inclusive and dynamic entrepreneurial landscape in Africa. In its fifth year, this annual competition continues to spotlight the remarkable talents of African entrepreneurs dedicated to effecting positive change within their communities. What sets ABH apart is its grassroots orientation, coupled with its age, gender, and sector-agnostic approach.

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“At Africa’s Business Heroes, we are absolutely thrilled to announce the highly anticipated 2023 cohort of our remarkable top 50 finalists! After receiving an overwhelming response from over 27,000 applicants from diverse industries and sectors across Africa,” ABH said in a statement.

Out of the 50 finalists, 40% came from West Africa, 28% from East Africa, 16% from North Africa, 12% from Southern Africa, and 4% from Central Africa. In addition to this year’s number, ABH was thrilled to have a record number of inspiring female applicants, surpassing previous years — to be exact 36% of the finalists were female entrepreneurs.

The ABH finalists are selected based on their demonstration of visionary entrepreneurship, embodying traits such as innovation and creativity, impact on communities and societies, leadership and vision, the potential for growth and scalability, market demand, and financial sustainability.

Effective communication skills are also crucial as finalists are required to present and articulate their business plans to the judges while responding to thought-provoking questions within a specified number of minutes. Their ability to convey their passion, expertise, and unique selling points is essential to impressing the judges and securing their support.

The ABH competition not only empowers entrepreneurs but also captivates audiences with the diversity and ingenuity of the business plans submitted. Each business plan tells a unique story of resilience, creativity, and the drive to make a positive impact in Africa. From innovative tech solutions and beauty and fashion to sustainable agricultural initiatives, the business plans showcased in the competition offer fascinating insights into the entrepreneurial landscape across the continent.

Many of the business plans submitted demonstrated the remarkable depth of talent and the transformative ideas that are emerging from Africa’s entrepreneurial ecosystem.

The finalists are competing for a chance to win a share of USD$1.5 million (approx. UGX5,491,783,500) grant funding. However, the value of the prize goes beyond financial gain. It represents an extraordinary platform where all participants, including the winners and the finalists, benefit from the expertise and insights garnered by the ABH community of business leaders.

“To the top 50 finalists, we wish you the best of luck in the upcoming rounds. Let the pursuit of impact and the $1.5 million prize fuel your passion and drive,” per ABH.

The ABH competition has become a significant platform that aims to recognize 100 African entrepreneurs over a ten-year period, providing them with grant funding alongside other resources, mentorship, and exposure needed to thrive in the business landscape.

The list of the 50 finalists;

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