Following a rigorous selection process, involving more than 700 applicants from 26 countries across Africa, the top three finalists in the MTN Entrepreneurship Challenge powered by Jumia, have been revealed.
The challenge, which aims to boost entrepreneurship and innovation, as well as build a stronger and more sustainable business environment on the continent, kicked off in February, and is a joint initiative between MTN, Jumia and the MTN Solution Space based at the University of Cape Town Graduate School of Business.
Through the entrepreneurship challenge, students were invited to develop a unique digital application or smart solution to address a problem faced in Africa. Applicants heeded the call and hundreds of original ideas covering the areas of E-Commerce Marketplaces, Education Technology, Smart Cities and Solutions, and Health Technology were received.
Over the past few weeks, the ideas were narrowed down, with 11 Live Pitch events taking place from Cameroon to South Africa, to shortlist the top candidates who will eventually pitch their business ideas at the Entrepreneurship Festival in Cape Town in May 2016.
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The three finalists are:
Pass.ng is a web, desktop and mobile-based CBT examination preparatory and testing platform, with a vision to help candidates excel in all the major Nigerian examinations and tests.
MedRx app is an interactive health platform for all users who have health needs. The app connects users to health personnel from various fields of practice including hospital, pharmacy, laboratory and academia.
Village Community Banks (Vicoba) are an important instrument of development work, allowing people who do not have access to conventional bank accounts, to access informal investment groups. Vicoba app creates a collaborative platform that includes existing tools for financial and task management in a way that is adapted for the African market.
MTN Solution Space Manager, Sarah-Anne Arnold, congratulated the winners and commented: “Universities are resource-rich, highly networked and create opportunities for students to find like-minded co-founders and explore and develop new opportunities together, and are therefore the ideal environments to encourage entrepreneurs. This was shown by the amazing talent that emerged during the incredible week of Live Pitches which took place across campuses in 11 countries, in collaboration with partner universities and sponsors. Congratulations and best of luck to the finalists.”
The top two applications from each region were selected for the semi-finals and awarded the opportunity to undertake a short course from GetSmarter in order to build new capabilities in areas such as Search Engine Optimisation or Digital Marketing.
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The finalists will face a panel of experienced business leaders at the Entrepreneurship Festival, where the winning team will be named. The panel includes Jeremy Hodara, co-CEO Africa Internet Group, Professor Walter Baets, Director of the University of Cape Town Graduate School of Business, and Herman Singh, MTN Group Chief Digital Officer.
“We are incredibly impressed with the calibre of applicants and the level of innovation shown. We are looking forward to the finals and wish our contenders the best of luck. We are certain that whichever team emerges victorious, it is the continent that will be the biggest winner, as entrepreneurship and locally developed solutions are what will enable the growth and development of this continent,” says Singh.
Bankole Cardoso, the Head of Communications at Africa Internet Group added, “From the application phase, we were very impressed with the high quality business models and it was not at all easy for the judges to select from so many promising businesses. Over the last week, we have held over 100 live pitches and given young entrepreneurs across the continent a platform to showcase their business ideas and even more importantly, to receive critical feedback from experienced professionals on our judging panels. The gaps in the African entrepreneurship ecosystem are in capital and mentorship so it was great to undergo an exercise like this that will no doubt force them to improve. I now look forward to working closely with these three finalist teams to prepare them for what’s to come in Cape Town. It is an incredible opportunity for all of them to propel themselves to the next level.”
The winners will be announced at the Entrepreneurship Festival with the top team being awarded the opportunity for incubation at the premises of either the MTN Solution Space at the University of Cape Town Graduate School of Business, or at one of 9 Jumia offices across the continent. The winner will also win a cash prize of US$25 000 towards their start-up and have access to a Facebook Start Programme to the value of US$15 000, which includes tools and services needed to build mobile applications.
MTN EC by Jumia in numbers
- Collaborated with more than 60 universities in 13 countries in Africa
- Over 700 applications received, including 345 videos, from 26 countries in 3 languages -English, French and Arabic
- More than 1 000 students applied to the competition
- Top categories are E-Commerce Marketplaces, Education Technology, Smart Cities and Health Technology
- 11 Live Pitch events from Cameroon to South Africa, in partner universities or Jumia offices
- Met more than 250 young entrepreneurs during Live Pitch events all over Africa
- Top 3 countries in number of applications: Nigeria, Ghana and Cameroon.
The Sky Is The Limit For South Africa’s Top Women Achievers
High-powered women achievers from across the private and public sectors, academia and diplomatic spheres gathered for a charged two-day conference in Johannesburg this week to share experiences about empowerment, achievement and the role that women are destined to play in a competitive global environment.
Several hundred women attended the 15th Annual Standard Bank Top Women Conference which, with the Top Women Awards, has become one of the premier events for women on the national calendar. The objective of the gathering at the Maslow Hotel on the 17th and 18th of October, was to showcase the achievements of South African women and reignite their passion as they have major roles to play in all arenas of endeavour, says Ethel Nyembe, head of Card Issuing at Standard Bank.
“The delegates to the Top Women Conference were inspired by speakers such as Yvonne Chaka Chaka, singer, songwriter and an entrepreneur in her own right; Phuti Mahanyele, executive chair of Sigma Capital, a black-owned investment group, and political and academic stalwart Geraldine Fraser-Moleketi, now Chancellor of Nelson Mandela University and other women who are playing leading roles in many of the nation’s listed blue-chip corporations.”
“The overall message is that women are playing a central role in growing all facets of our economy and are helping to build a future from which other women can benefit and, in turn, inspire others. Women, regardless of whether they are entertainment icons, professionals engaged in helping shape the minds of future generations, businesswomen or scientists are part of building a new global reality.”
To inspire delegates about the breadth and depth of the future for women, the conference examined all facets of economic life from the impact that IT and scientific research is having on building businesses, through to the development of entrepreneurs and leadership skills. Insights were offered through the contributions of speakers and roundtable panel discussions in which leading women offered observations and advice gathered from their vast experience.
“Standard Bank is proud of the role it has played in enabling women achievers to reach their full potential within its ranks. The bank also recognises that women across society have a broad role to play in the future of South Africa. It is through support for events like the Top Women Awards and the Top Women Conference that this approach is made visible and tangible.”
“We expect this year’s conference deliberations to deliver insights and inspiration that will not only spur established women to new heights of achievement, but also stimulate young women starting new careers,” says Ms Nyembe.
The Ins And Outs Of A Good Exit Strategy
The thought of parting with a business you’ve grown from the ground up may be unsettling, but Gugu Mjadu, spokesperson for the 2018 Entrepreneur of the Year® competition sponsored by Sanlam and BUSINESS/PARTNERS, says that it is better for both your business and yourself to plan for this as early as possible.
“The challenge that business owners often face in this respect is comparable to the difficulty that many new parents have with imagining their children grown up and leaving for university. Imagine, however, if parents did not plan ahead for the cost of their education – that would be detrimental to the future of their children. The same could be the case for your business.”
Mjadu says that a good exit strategy is about sustainability and being able to measure your business performance against the goals you have set for it. “It’s really about being able to say, ‘this is when the work is done and I can exit the business or take on a different role – this is what success looks like in terms of monetary return on investment and other business growth indicators’.
“The lack of an exit strategy could be telling of a fundamental lack of measurable business goals and this needs to be addressed,” she says.
From immediate liquidation to liquidation over time; family succession; selling to staff or external investors; the open market or another business; or the gruelling but profitable exercise of taking your company public – there are many different ways in which an entrepreneur can exit their business, but Mjadu says that whatever the process, a strong and solid strategy is essential.
She shares five key points of a good exit strategy:
1. It tells you when you are done
Mjadu says that a good exit strategy should reflect a core understanding of all the intricacies of your business and should be able to tell you when the lifecycle of your business (or of your involvement in the business) should come to an end. This is usually done by including a set of tangible measurables or objectives so that it is easy to ascertain when these have been achieved.
2. It sets out the right environment within which to exit
A good exit strategy considers the economic, social and political environment at the time of your exit. Mjadu says that this is important in order to plan for a secure financial future.
“Failure to think about this could result in short-changing yourself by exiting during a tough economic climate when the risk to buyers reduces the value of your business.”
She references the case of Victoria’s Secret when founder, Roy Raymond, sold the failing business for $1m unknowing that it would later grow into the multi-billion dollar empire it is now. “While Raymond’s exit was ultimately necessary for Victoria’s Secret’s growth, he sold it in 1982 during the global recession of the early eighties – one of the world’s biggest financial crises and this influenced the selling price at his exit”.
3. It compensates those who have contributed to the life of your business
It is important to consider the impact your exit could have on investors and staff, says Mjadu. “Closing shop for example, means that your staff no longer have employment at your business. Selling could mean the same.” She adds that it is important to consider ways in which your exit could also benefit these stakeholders – for example, selling to a bigger business could mean more career opportunities for your staff, as well as continued job security.
4. It compensates you
Mjadu says that entrepreneurs often struggle to recognise their own true worth, especially when this involves attaching a monetary value to what has been achieved. “The time of exiting a business is no place to short-change yourself. You need to get out the full worth of what you put in,” she says, explaining that this means ensuring that you are financially secure before and while you go into your next venture.
“Your needs for retirement and medical insurance, as well as the maintenance of your living standard, should be met at your exit.”
5. It sustains your entrepreneurial drive
Mjadu says that while you may be nearing the end of one journey, your exit should enable and encourage you to continue to be an entrepreneur – and to look forward to the next journey. “Your entrepreneurial skills and capacity do not end when you exit your business and whatever your strategy, it should egg you on to more entrepreneurial activity including becoming a mentor to aspiring entrepreneurs.”
Mjadu says that exiting your business should allow you a good retrospective look at what you have done over the years – and so planning the strategy early on in your business lifecycle will set you up in regards to what you hope to achieve. “Upon exit, you should be able to say that you have done what you set out to do, financially and socially, and you have some energy left to do more elsewhere.”
Search Is On For SA’S Online Retailer Of The Year
World Wide Worx in partnership with Platinum Seed, Visa, Heavy Chef and the Ecommerce Forum of Africa, launch new awards to recognise online stores that promote shopper trust.
World Wide Worx today announced that it was launching a new awards programme — called the Online Retailer of the Year — to honour online stores in South Africa that grow trust amongst digital shoppers. The awards are part of a broader project to boost online shopping by World Wide Worx in partnership with Visa, Platinum Seed, the Ecommerce Forum of Africa and Heavy Chef.
“Online retail in South Africa has consistently grown above 20% since the turn of the century but only passed 1% of overall retail in 2016. Research shows that trust is a big factor in ecommerce growth, which is why we want to recognise online retailers who help to grow the entire sector by ensuring the kind of ecommerce standards that engender trust with online shoppers,” Goldstuck says.
“But once online retail passes two per cent it crosses an essential psychological barrier and this often leads to a tipping point in emerging economies. That’s when we see online retail snowballing. It gathers real momentum and everyone in the sector benefits,” Goldstuck explains.
To be eligible for entry to the Online Retailer of the Year, owners of digital stores are urged to participate in an essential survey of local online shopping being run by Goldstuck’s World Wide Worx, together with Visa and digital growth agency Platinum Seed.
To participate in the research, local online retailers can go to www.surveymonkey.com/r/OnlineRetailSA
All online retailers who participate will be entered into the award. However, participation in the survey is not a precondition for entry to the awards. However, only online retailers who operate from within South Africa’s borders are eligible for this local award.
The awards will be made at a Heavy Chef event in Cape Town on Thursday, October 01 2018. At the same event, World Wide Worx’s Arthur Goldstuck will lay bare the state of local retail, with Brad Elliott, CEO of Platinum Seed, and Visa.
Goldstuck, who is judging the awards, will present the following awards:
- Online Retailer of The Year
- 1st runner-up – Online Retailer of the Year
- 2nd runner-up – Online Retailer of the Year
- Best New SA Online Retailer of the Year.
The winners of the Online Retailer of the Year awards will be given a digital badge that the online store can display online. The winners will have bragging rights for a year — until the next award is made in 2019.
Judging criteria for the awards include trust, innovation, customer service, digital excellence, customer engagement, product excellence, and the online reputation of the digital store. Visa, Heavy Chef, and Platinum Seed will oversee the judging of the awards. The Ecommerce Forum of Africa will audit the results.
Retailers or entrepreneurs who want to attend the awards and presentation of the research results by Goldstuck can purchase tickets from Heavy Chef.
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