YOUNG AFRICAN ENTREPRENEURS RECEIVE BOOST WITH JACK MA’S $10 MILLION ‘NETPRENEUR PRIZE’.

YOUNG AFRICAN ENTREPRENEURS RECEIVE BOOST WITH JACK MA’S $10 MILLION ‘NETPRENEUR PRIZE’.

Jack Ma, Founder of Alibaba Group, one of the world’s largest e-commerce businesses, concluded his unprecedented visit to Africa and announced the $10 million ‘Netpreneur prize’ for African entrepreneurs during his keynote address at the “Netpreneurs: The Rise of Africa’s Digital Lions” conference in Johannesburg.

The conference which was organized by the United Nations Conference on Trade and Development (UNCTAD), Alibaba Business School and the Jack Ma Foundation had a pool of young African emerging entrepreneurs in attendance. The business mogul sang praises of young African entrepreneurs and their landmark achievements which has attracted foreign investment to the continent.

“Give good tax conditions to start-ups. Big companies don’t need these. Let’s get policies for start-ups and young companies,” Jack Ma said in Johannesburg. “Governments should encourage entrepreneurs. It’s the entrepreneur that will drive dreams in Africa. Small businesses create jobs. Dreams drive the economy,” he added.

The Chinese investor whose company has a market cap of $542bn called on entrepreneurs present at the conference to be resilient and work hard to address the future needs of Africa. In the wake of rising unemployment in the continent, he believes emerging businesses in Africa must address the needs of the continent.

“I believe today we should not talk about the robots and artificial intelligence in Africa. We should talk about innovative ways to solve job creation for Africa. If there are no jobs, no matter how excellent the innovation or the technology is, that is going to be a problem.”

Jack Ma ended his speech with the announcement of a new $10 million in funding prize for African entrepreneurs. The prize which is called, Jack Ma Foundation Netpreneur Prize, will be open to start-ups with $1 million in prize money every year for ten years. The first edition will be awarded in 2019.

“The foundation seeks to select 10 young leading netpreneurs annually who will share a prize pool of one million US according to their individual achievements. The total sum of the reward goes up to $10 million for 10 years.” a statement on its website read.

Despite the rising unemployment in the continent, investors remain undaunted by demonstrating their belief in African businesses in recent years through financing small businesses. These businesses are addressing the core problems by becoming employers of labour and raising more capital from venture capitalists to expand their businesses.

Technology is fast changing the world, with new innovations and inventions across the globe, the gale has also spread through Africa with many technology start-ups and hubs dotting cities across the continent. In 2017, tech start-ups in the continent raised over $195 million in investment and are expected to add an additional $150 billion to Africa’s GDP by 2022 if the growth continues at a fast pace. This will place them in the driving seat in the fourth industrial revolution in the continent and digitalization of Africa.

Ventures Africa / Abiola Durodola

Facebook Comments

About author

Nigerians in South Africa
Nigerians in South Africa 3315 posts

We are about democracy, human rights, public opinion, political behavior, civil rights and policy aimed at improving the human condition, with a focus on African countries.

You might also like

Politics 0 Comments

SOUTH AFRICANS PAY TRIBUTE TO THE LATE WINNIE MANDELA

SOWETO, South Africa (Reuters) – Thousands of South Africans paid tribute on Wednesday to Winnie Madikizela-Mandela at a memorial service in Soweto, the township at the forefront of the battle

Sports 0 Comments

NIGERIA MAY BE OUT OF THE WORLD CUP, BUT THEIR JERSEY WILL STILL BE COVETED

The team’s sold-out-everywhere streetwear crossover enriched more than the tournament’s style. In the end, the standout jersey of the World Cup was only worn once. Nigeria was knocked out of

Man seriously injured after his car collides with truck in Vereeniging

A 29-year-old man was left seriously injured on Friday morning when his car collided with a truck on the R59 near the R42 split in Vereeniging, south of Johannesburg.ER24 paramedics came across the accident at 06:10 when they were returning to their branch.Medics found a truck parked on the side of the road, while a…

0 Comments

No Comments Yet!

You can be first to comment this post!

Leave a Reply