Hot Off The Press: Competition for Entrepreneurs in the Diaspora

Africa has seen one-too-many talents fleeing the continent, also known as brain drain, for many years. This has seen some of the continent’s highly qualified and experienced population leave their home countries for greener pastures in the Western world. Africa Report looks at a competition tailored for African entrepreneurs who left the continent… And would love to come back!

Africa is a fertile soil for anyone with an entrepreneurial spirit and dedicated willingness. Why are some of our most talented entrepreneurs leaving the continent? A new business plan competition is seeking to reverse this by offering African entrepreneurs living abroad support in settling back and establishing their business ventures. Winners of the competition will receive technical and financial support needed to get them started.

The Diaspora Challenge is seeking Africans of Burundi, Liberia, Kosova, and Rwandese nationalities living abroad interested in setting up business ventures in their home countries. Are you interested? Well, if you come from any of these four nationalities, you are currently living abroad and would like to establish a business in your country then take your notebook out and diarize: you have until December 31st, 2011 to submit your business plan.

And just to help you enter the game and be part of the successful candidates, there is a bonus for those who submit their business plan before September 30^th. They will receive free coaching and help in refining their business plan hence, giving them a serious head start in the challenge.

Winners of the Diaspora Challenge will receive a technical assistance prize worth €5,000 as well as mentorship and coaching from top business executives and successful entrepreneurs. Do you need anything more to have you jump at this opportunity? Successful candidates will also receive free training and access to more than 100 investors interested in investing in small and medium sized enterprises in Africa. Exciting? Then, make sure you don’t miss the deadline.

The thrilling challenge has been organized by the BidNetwork, an organization that prepares and assists early stage entrepreneurs access financing, in partnership with IntEnt, a foundation that offers training and advice to entrepreneurs and helps them set up successful businesses.

Seeking at encouraging more Africans in the Diaspora to return back home and contribute to economic growth and improved living conditions in their countries by creating employment and development for local communities, this competition is not only an incredible opportunity for willing entrepreneurs but also impact on the countries involved.

Investing in Africa can be challenging, so the competition promises to offer support services and create linkages that will enable interested investors in the Diaspora harness the many opportunities available on the continent.

One of the key requirements to be eligible for the competition is a financing requirement of between US$10,000 and US$1,000,000. You should also aim to be profitable in the next three years.  Something any talented entrepreneur should always aim for.

To apply, follow the links below. From all of us at Africa Report, good luck!

Register at the BidNetwork website here http://www.bidnetwork.org/ and submit your business plan in English or French. The winner of the competition will be announced in January 2012.

For more details or enquiries you should write an email to Natalia Merchan  at natalia.merchan@bidnetwork.org or Maria Pontes  at: maria.pontes@bidnetwork.org