Tears, emotions as ABH announces top 2023 African entrepreneurs

IT was a moment of tears, emotions and passion on Friday in Kigali, Rwanda as Africa’s Business Heroes (ABH) 2023 Summit and Grand Finale came to an end with the announcement of the top three best business winners after the presentation of pitches and a rigorous adjudication process by the judges.

From morning to evening, entrepreneurs drawn from across the continent debated over new business ideas, with some shedding tears as they told bitter stories behind their innovation and business journey.

Young African business leaders, both male and female, dominated attendance, and exhibited a strong sense of passion and determination to transform the continent’s economy while outlining diverse innovative business proposals that seek to address the prevailing socio-economic challenges facing the continent.

Top three Africa 2023 entrepreneurs pose for a photo with judges in Kigali on Friday.

Every year 10 finalists are selected to compete in the ABH Grand Finale where they get a share of the US$1.5 million prize money.

Nigerian medical practitioner, Dr Ikpeme Nato, who has established Wellahealth Technologies, a digital-driven medical insurance solutions company that seeks to enhance access to healthcare in Africa by bridging the financing gap, especially for the poor communities, came first.

Dr Nato could not hold back his tears after being announced the first prize winner, and got away withUS$300 000 boost for his business.

Earlier in his pitch he recounted how he was forced to come back from the Diaspora due to his mother’s severe illness and the challenges she faced in getting medical assistance. The experience inspired the young business.

On second position with US$250 000 prize money, was Kenyan insurance expert, Mr Thomas Njeru, who has established Pula Advisors Limited, a thriving agriculture insurance support business that seeks to unlock Africa’s farming production and widening the job market through promoting climate change resilient approaches.

Mr Ayman Bazaraa from Egypt, came third with US$150 000 award for his disruptive innovative digital education business model under the ‘Sprints’ brand that is tailor-made for producing industry aligned skills needs with a guarantee of 100 percent hiring of all graduates.

The top three were part of the 10 finalists for the year whose other members pocketed US$ 100,000 each to boost their businesses and were selected from numerous competition applications from across the continent.

The rise of Bathu, a lifestyle sneaker brand founded by South African youth, Mr Theo Baloyi, is a story of ‘owning your destiny by staying true to what you are, preserving and following your dreams and doing something you are passionate about’.

Rwandan Albert Munyabugingo was among the top 10 through his Vuba Vuba digital-powered courier service business that is already impacting positively on the market with good profit gains.

African female entrepreneurs are also on the go and among them is Nthabiseng Mosia from Sierra Leone who has established Easy Solar, a young company that provides renewable enervy solutions to communities.

Bola Bardet from Cote d’Ivoire made a passionate plea for the establishment of a collaborative medical aid scheme and has set up Susu, a business that provides cover to multitudes of poor communities in Africa, which includes harnessing diaspora funding.

In a bid to enhance climate change resilience at community level, Christina Gyisun from Ghana has set up Sommalife, a software technology platform that assists rural women farmers upscale their production and linkages with the global market.

Egyptian engineering graduate Mohamed Ali, founder and CEO of iLock, has innovated an anti-electric shock plug lock system and has secured intellectual property rights for it. He told delegates that since 2016 when he set up the business, he has been able to atrract 50 percent of his country’s market and wants to expand globally. African entrepreneurs are also revolutionising trading through adoption of electronic commerce and Ismael Belkhayat of Morocco, is among the champions.

In 2020, Zimbabwean financial services innovator, Ethel Mupambwa, won US$150 000 from the competition, which she ploughed back into the business.

Led by ABH 2023 Grand Finale Judges,

Joe Tsai, chairman of the Alibaba Group

Dr Diane Karusisi, CEO Bank of Kigali and Mrs Ibukun Awosika, founder of The Chair Centre Group, the adjudication process was rigorous, as entrepreneurs were quizzed over a range of issues such as the strategic focus of the business, viability and sustainability, financing, competition and technology, as well as marketing, among others.

According to organisers, this year’s competition has attracted more attention than ever, bringing together Africa’s finest entrepreneurial minds, symbolizing the continent’s immense innovative and entrepreneurial potential.

Over 27,000 participants from all 54 African nations joined, with women representing an all-time high of 34 percent.

The finalists’ projects spanned critical sectors like agriculture, education, energy, finance, healthcare, manufacturing, and retail, each shining a light on the innovative drive that propels societal advancement and reflects Africa’s dynamic entrepreneurial spirit.

Now in its 5th edition, the ABH initiative was set up in 2019 with support from Chinese billionaire and Alibaba founder, Mr Jack Ma, through his Jack Ma Foundation and Alibaba Philanthropy.

Each year the programme identifies, support, and inspires the next generation of Africa entrepreneurs who are making an impact in their local communities, working to solve the most pressing problems, and building a more sustainable and inclusive economy for the continent.

In the last five years, ABH has conducted a continent-wide search with its partners for the most talented and motivated entrepreneurs who are driving growth and positive impact in their communities.

It features 50 African entrepreneur finalists each year as they pitch their business to compete for the final prize. Over the decade, ABH will recognise 100 outstanding African entrepreneurs.-chronicle