Five Egyptian entrepreneurs semi-finalists at Africa's Business Heroes in Rwanda

Doaa A.Moneim from Kigali, Rwanda, Friday 1 Sep 2023

The semi-final of the fifth edition of the Africa’s Business Heroes (ABH) Prize Competition kicked off in Kigali, Rwanda, on Friday, with five Egyptian entrepreneurs competing to be among the three top winners.

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The five Egyptian entrepreneurs competing for the prize include Mohamed Ali, CEO and Founder of Power Lock, which operates in the manufacturing sector; Ayman Bazaraa, CEO and Co-Founder of Sprints, which operates in the areas of education and training; Mohamed Mostafa, CEO and Co-Founder of Shezlong, which works in the healthcare field; Mostafa Ali, CEO and Co-Founder of iSpark Egypt, which works in education and training; and Omar Hagrass, CEO and Co-Founder of Trella (Egypt), which works in the transportation sector.

Since ABH’s first edition in 2019, Egyptian entrepreneurs have been among the ten finalists and the top three.  

Entrepreneurs from across Africa apply for the competition and are rigorously evaluated by ABH judges.

The finalists are selected from those who demonstrate they are visionary entrepreneurs who embody innovation, resilience, and growth potential.

ABH honours entrepreneurs who set up successful businesses and run mission-driven organizations that generate growth for their local communities.

The competition selects 10 finalists annually to compete in the ABH Grand Finale for a prize worth $1.5 million.

The winner receives $300,000, the first runner-up $250,000, and the second runner-up $150,000.

Each of the other seven finalists receives $100,000. The remaining $100,000 is split among all the finalists to fund additional training programs after the competition.

ABH is a philanthropic initiative sponsored by the Jack Ma Foundation and Alibaba Philanthropy that aims to support the next generation of African entrepreneurs and contribute to building a more sustainable and inclusive economy.

The competition will recognize 100 African entrepreneurs and support the development of their businesses over 10 years.

  

During their pitches in the semi-final round of the fifth edition of AHB, the participants asserted that the weakness of the local currencies in African countries, the soaring inflation, and the lack of finance are key challenges facing the entrepreneurship ecosystem in the continent, especially in light of the recent European geopolitical conflict which had a significant impact on the entire continent.

ABH will announce the 10 finalists and crown them with the prizes on Saturday

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