2023 African Impact Challenge for early-stage African entrepreneurs ($25,000 in funding)

Inspired by The Prosperity Paradox, it will be run in different African countries every year. Since launching, the challenge has trained over 500 early-stage African entrepreneurs and funded over 80 of them.

This year African Impact Initiative is in South Africa. 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. Registration for the 2023 challenge closes on April 15th.

The target is to successfully kick-start innovations aligned with their selection criteria across the continent. African Impact Initiative does this by providing the capital, resources and guidance necessary for early founders to (re)start from scratch, and build viable solutions in the market.

Eligibility Criteria

2023 Stream 1: Ventures based in South Africa from any sector.
2023 Stream 2: Ventures across Africa that enable positive health outcomes.
Young Africans (under 39) who live in the countries of the given year’s challenge.
A desire to pursue impact-focused entrepreneurship as a means of livelihood.
A desire to solve critical problems with technology.
Full time commitment from the team building the venture.

Streams

Stream 1: Sector Agnostic ventures based in South Africa.
- This is the stream for startups/ventures building solutions in any industrial sector in the country of focus for that year’s Challenge.
- This year the country of focus is South Africa for the sector agnostic stream.
Stream 2: Ventures focused on improving the Health sector across Africa.
- This is the stream for startups/ventures building solutions in creating positive health outcomes in any African country.
- Startups and founders in this stream can be based anywhere on the continent.

Funding Information

Non-Dilutive Grant – up to 10,000 CAD
Simple Agreement for Future Equity – up to 25,000 CAD
The Pre-Incubation lasts 6 – 8 Weeks.

What You Can Expect

Capacity Building.
Incubation.
MVP Capital.
Mentorship.
Market Penetration.

Selection Criteria

Your idea should address an identified problem/challenge in your country, by providing a comprehensive solution through a clearly defined job to be done.
Your 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.
Preference will be given to innovative business models that are scalable.