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In bid to foster innovation and entrepreneurship across the African continent, MEST Africa has joined hands with Absa Bank to launch applications for the highly anticipated MEST Africa Challenge Startup Pitch Competition.
Early-stage technology startups operating in Ghana, Nigeria, Senegal, Kenya, and South Africa stand a chance to participate in the competition, showcasing innovative businesses and entrepreneurial prowess.
Benefits
The MEST Africa Challenge offers exceptional benefits to participating startups. The winner will receive a substantial equity investment of $50,000, providing crucial financial support to accelerate their business growth. In addition, the winner and other outstanding participants will gain access to MEST Africa’s global community and networks, unlocking valuable partnerships, mentorship, and investment opportunities. This platform catalyzes startups to unlock the next phase of their business growth and gain global recognition.
Building upon the success of the previous years, the 2022 MEST Africa Challenge crowned Kwely, a B2B e-commerce startup from Senegal, as the winner. Kwely’s groundbreaking solutions stood out among the fierce competition, and their success serves as an inspiration to entrepreneurs across Africa.
This year’s tagline, ‘Unlock Your Startup Potential’, resonates deeply with the vibrant technology landscape we are witnessing in Africa today. With the remarkable advancements in technology innovation and adoption across the continent, this year’s competition is poised to showcase groundbreaking ideas and solutions. I am confident that the MEST Africa Challenge will uncover exceptional startups that will shape the future and drive positive change in Africa and beyond,” said Ashwin Ravichandran, Portfolio Advisor and MEST Africa Challenge Lead.
Over the years, the MEST Africa Challenge pitch competition has garnered thousands of applications from across the continent, attaining global recognition and forging partnerships, while nurturing a thriving community of African tech founders. It has spotlighted and impacted the growth of winning startups such as Tanzania’s Kilimo Fresh, Ghana’s OZE, South Africa’s Snode Technologies, Kenya’s Waya Waya, Nigeria’s Accounteer, and reigning title holder, Kwely from Senegal.
Eligibility
Monthly Recurring Revenue (MRR): Your company should be generating a minimum of $5,000 in monthly recurring revenue.
Funding Raised: Your cumulative funding raised should be $1 million or less.
Years of Existence: Companies with a history of three years or less are eligible.
Traction: A prerequisite of at least 6 months of consistent recurring revenue is required to demonstrate traction.
Founding Team: Your team should consist of at least 2 founding members.
Registered Location: While not mandatory, being registered in Delaware is preferred.
Market Traction: It’s important to showcase traction in MAC Markets such as Ghana, Kenya, Nigeria, South Africa, and Senegal.
How to Apply
Are you an early-stage technology startup operational in Ghana, Nigeria, Senegal, Kenya, or South Africa? Then participate in the competition to scale your innovative business. Application deadline is on Monday, October 9, 2023.
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