SME $5,000 award opens for African entrepreneurs

For entrepreneurs  operating in agriculture, energy/infrastructure, financial services, health or intra-trade sectors, another competition with  a cash prize and a one-year marketing campaign support has opened.

The business competition was launched in the framework of the 2015 edition of the Africa Finance & Investment Forum (AFIF) which will hold in Cape Town.in collaboration with the European Investment Bank (EIB) between November 24 and 26, 2015.

According to Idit Miller, vice president and managing director of Belgium-based European Marketing Research Commission (EMRC), the competition and indeed the Africa Finance & Investment Forum is to encourage sustainable development, economic growth, innovation and entrepreneurship in Africa. The deadline for project submission is October 12, this year.

“EMRC will present the ‘AFIF Entrepreneurship Award 2015’, providing an African existing small-medium business with a financial contribution and exposure/visibility for a project. The award winner will receive a US$ 5.000,00 cash prize, year long media promotion support in and out of Africa, including promotion throughout EMRC’s global network and partners, free participation in the AFIF 2015, including the training conference, and travel expenses to the AFIF 2015 covered by EMRC,” stated Miller.

She further explained that this AFIF – Project Incubator Award 2015 is limited to existing small and medium businesses based in Africa. These SMEs are expected to have an annual turnover between 500.000 Euros and 15 million Euros. Though there are no gender or age requirements, the business owners must come from and be based in Africa.

The contest is however not opened to greenfield business – the project must have been ongoing for at least two years and the summary financial statements of the last two years must be provided in the application form.

Explaining further, Miller said the selection criteria include a selection committee that will evaluate innovation, potential for growth, financial sustainability, impact on job creation, social and economic impact, impact on the environment, experience of the managers and project presentation during the AFIF 2015 forum. “The AFIF Entrepreneurship Award recognises innovative African-based businesses that are transforming their communities and have the potential for more growth,” Miller stated.

AFIF itself is a forum which offers participants an international platform, input and feedback from leading experts, as well as peer networking.

OLUYINKA ALAWODE