• 57 per cent of the top 30 are young women-owned businesses, an increase of almost 30 per cent compared to the last two years.
• Businesses and entrepreneurs with exemplary growth and initiative will receive benefits and services.
Anzisha Prize has announced the next 30 young entrepreneurs cohort that will join its three-year venture-building program.
Anzisha is Africa’s entrepreneurship initiative for young people between the ages of 15 and 22 years.
Launched in 2011, Anzisha Prize is a partnership between Mastercard Foundation and Africa Leadership Academy.
Of the 30 entrepreneurs, 17 women will join the fellowship program to advance the movement of entrepreneurship as a viable career choice for young people.
This means that 57 per cent of the top 30 are young women-owned businesses, an increase of almost 30 per cent compared to the last two years.
This was an increase from last year’s top 26 who were chosen for the venture-building program.
Among the 30 entrepreneurs, two of them, Collins Kathuli, 20, and Lynnet Muritu, 21, are Kenyan.
Kathuli is the founder of Kyanda, a fintech business with a 360-degree digital financial service through its infrastructure that serves both individuals and businesses.
Muritu is the founder of MimiPambo, a jewellery company that uses recycled materials to create genderless pieces for everyday wear.
Anzisha Prize seeks to award young entrepreneurs who have developed and implemented innovative solutions to social challenges and started successful businesses within their communities.
At the end of the three years, the fellows will graduate and join the Anzisha Prize alumni network.
The 30 business owners were selected from across the continent following rounds of evaluation.
Entrepreneurs who applied were assessed on the leadership potential, scalability, and job-creation potential of their business models.
They represent 11 sectors that include health, and education with agriculture and consumer products having the highest representation.
Additionally, 17 African countries and all five regions within the continent have a representative in the top 30,
Some of the countries include Egypt, Ghana, Kenya, Mali, and South Africa.
The 30 are joining the ranks of 172 young African entrepreneurs who have benefited from the fellowship since its inception.
Businesses and entrepreneurs with exemplary growth and initiative will receive benefits and services.
These include short courses, cloud services, and cash stipends of Sh 17.08 million ($140,000) over the course of three years.
Anzisha Prize executive director Josh Adler said that young people are looking for committed support that improves the longevity of their businesses.
He said that this year they received a record number of 1,888 applications.
“This is particularly encouraging, as we have remodelled the program slightly to award progress and achievement over time,” he said.
“A few fintech businesses have been showing a growing trend.”
During a week-long virtual induction, the entrepreneurs met and learnt what the three-year fellowship involves.
The fellows will also have access to business training, mentoring, and learning initiatives, as well as access to key networks and the vibrant network of Anzisha alumni fellows.
At the end of the second year, entrepreneurs will have the opportunity to win one of four grand prizes.
They will have their business growth evaluated by a panel of external judges in numerous categories.
These include job creation, revenue growth, integrating systems, and storytelling.
Each winner will be awarded a Sh1.22 million ($10,000) cash prize.
“Having worked with early-age entrepreneurs over the last decade and seeing their impact on the economy, we continue to create an enabling environment,” Adler said.
“This makes it easier for them to do business through support programs."
Mastercard Foundation executive director of human capital development Philip Cotton said that the foundation is focusing on enabling 30 million young people in Africa, particularly young women, to access dignified and fulfilling work.
“Investing in young people’s leadership is catalytic,” Philip said.
“This is partly how we will solve some of the world’s more complex challenges including youth unemployment.”
Philip added that innovative young people need to be encouraged to pursue non-traditional career paths to secure their future and transform their communities for the better.