Kenya incubation hub, Nailab has been picked by the founder of Alibaba, Jack Ma to manage the $10 million African fund. The fun was launched during a recent conference in South Africa and will award 100 African entrepreneurs over the next 10 years. The plan targets innovators using digital solutions that strengthen and deal with the challenges of Africa’s digital economy.
Nailab will work closely with the Jack Ma Foundation team and other innovation hubs in the continent to run the “Netpreneur Prize” across the continent. Nailab will also help identify other critical partners on the continent that will help with the program.
The Jack Ma Foundation will from next year host annual pitch competition for the shortlisted 10 best business ideas. The best business idea will take home Sh100 million in prize money with the rest receiving grant funding from the foundation and have access to Netpreneur’s network of business leaders.
“This is one of those opportunities that we believe and know will create a network of entrepreneurs that not only showcase the African startups but will help tell the African startup stories as they drive change in the continent,” said Nailab Founder and chief executive officer, Sam Gichuru.
