TANZANIAN startup companies may benefit from the 1 million US dollars (about 2.3bn/-) funding from the African Startup League (ASL) competition for 2023 that was launched on Thursday, this week.
The ASL competition provides funding for African tech start-up companies. The competition gives opportunity for Tanzanian startup companies to get funding for capacity building, marketing and growth.
The ASL competition is organised by Adnanian Labs, Humanity Nodes Protocol and Web3Africa.
A key partner in the ASL competition, Mr Aly Ramji, 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 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 US dollars 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 this grand prize.
The African Startup League is a unique platform that connects entrepreneurs with strategists, creatives, engineers, communities and capital to design, build and launch exponential organisations 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. 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.
