The African Startup League (ASL) competition that provides funding for African tech start-up companies, has been launched for the 2023 fiscal year.
The competition gives opportunity for Tanzanian startup companies to get funding for capacity building, marketing and growth. The African Startup League (ASL) competition is organized by Adnanian Labs, Humanity Nodes Protocol and Web3Africa.
Speaking in a press communiqué that was released at the end of the week in Dar es Salaam, Mr. Aly Ramji, a key partner in the Africa Startup League (ASL) competition said; “By building startup capacity across the continent, digital transformation will serve as the bedrock to create a productive and sustainable workforce, support development of an income generating environment and help to build a thriving economy across the continent.”
In support of this, Mr. Ramji said the Africa Startup League (ASL) has announced the 2023 innovation competition that will commence on 8th February 2023 where young entrepreneurs across the continent will compete for a $1 million-dollar (USD) funding prize.
Mr. Ramji, who is also Co-Founder of Web3Africa, the first pan-African Social Network and Web3 integrated platform , said, “…the continent wide contest is open for innovators, entrepreneurs, micro-enterprises and early stage start-ups to attain access to finance, as well as the much-needed expertise required to scale businesses.”
Judges for the competition are chosen from various fields across Africa to vote on the best startups, which will be evaluated based on criteria such as innovation and impact to the larger African communities.
The competition will run for six-months enabling innovators and entrepreneurs to showcase their innovative products. The selected top 100 entrepreneurs will be competing for a grand prize of $1 million and 99 prizes of $10,000.
The African Startup League is a unique platform that connects entrepreneurs with strategists, creatives, engineers, communities and capital to design, build and launch exponential organizations focused on improving the life of humans and transforming the world of tomorrow.
The aim of the initiative is to create a matchmaking of sorts, allowing startups to acquire the initial seed-funding, mentoring and training to scale their businesses.
At the same time one of the key goals is for Africans’ to see the opportunities ahead of them and to compete in a challenge that can produce solutions for pressing needs in African communities.
“Rather than being left to fend for themselves, Africa’s tech startups would benefit from networks that connect founders, tech hubs, universities, and government bodies to assist in the identification of business opportunities, the overcoming of skill shortages, and the attraction of the required talent,” he summed up.
The Africa Startup League gives young businesspeople in Africa the opportunity to demonstrate their skills and innovations, while facilitating a more effective strategy for addressing Africa’s challenges and increasing the size and viability of their own companies.
Innovation is Africa’s key to unlock an economic boom for more than 1.3 billion people. Reports show that in East Africa, Fintech is the fastest growing industry.
“Between 2020 and 2021, the number of tech start-ups in Africa tripled to around 5,200 companies. Just under half of these are fintechs” reads the McKinsey report.
According to the analysis, Africa’s financial-services market could grow at about 10 percent per annum, reaching about $230 billion in revenues by 2025.
“Overall, we anticipate that the growth opportunity in fintech is likely to be concentrated in 11 key markets: Tanzania, Cameroon, Côte d’Ivoire, Egypt, Ghana, Kenya, Morocco, Nigeria, Senegal, South Africa, and Uganda, which together account for 70 percent of Africa’s GDP and half of its population,” reads the report.
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