StarNews Mobile, the African video streaming platform and the Global Black Economic Forum (GBEF), have announced a call for applications to launch their Business Competition in Lagos, Nigeria.
Held in partnership with MTN and the United Nations Agency for International Development (USAID), the initiative will empower Nigeria’s most promising businesses that are classified as Small-Medium Enterprises (SMEs) with invaluable investment and partnership opportunities from the USA.
Held over 10 weeks between April 8th to June 14th, hosted exclusively on the StarNews Biz Channel on the StarNews platform, this competition offers a platform for emerging entrepreneurs to showcase their ventures and gain national visibility. With subscribers voting for their favourite candidates, the top 20 contestants will seize the spotlight and make their mark on the business landscape.
The StarNews Business Competition in partnership with GBEF delivers a unique opportunity for thriving Nigerian SMEs to access mentoring, funding, partnerships and socio-economic development tools through the Global Black Economic Forum.
With the prospect of securing cash prizes through StarNews worth up to NGN5,000,000, getting access to StarNews’s network of investors and the opportunity to gain national visibility by having their business on the StarNews web platform.
The top three winners will also receive coaching from GBEF’s Academy for Advancing Excellence and become part of GBEF’s ecosystem of global leaders committed to social and economic justice across the Black Diaspora. Previous speakers at GBEF convenings from the entertainment sector include Wyclef Jean (Haitian Musician & Activist), Debra Lee (Former CEO of Black Entertainment Television – BET) and Ceci Kurzman (Founder of Nexus Management Group). Applications will close on April 5th 2024.
Speaking on the competition’s launch, Guy Kamgaing, Founder and CEO at StarNews Mobile, says “The StarNews Business Competition is a passion project close to our hearts at StarNews Mobile. It’s about discovering the most promising business entrepreneurs and creators in Nigeria, opening up global opportunities for them and providing them with the resources and tools to achieve their goals. By partnering with MTN, USAID and GBEF, we want to be a platform of empowerment for these SMEs by helping them give back to the communities that are supporting them.”
According to the US Embassy and Consulate for Nigeria, over 80% of Nigerian startups are incorporated in the United States and more than 60% of venture capital funding in Nigerian startups is accounted for by the US. In 2023 alone, Nigerian startups raised a total of $398mn however, this signalled a 66% funding decline compared to 2022 due to the global economic downturn, reinforcing the massive need for a fresh injection of capital and business support for Nigeria’s emerging SMEs.
Alphonso David, President and CEO of the Global Black Economic Forum notes that, “Our partnership with StarNews Mobile is a critical resource as we continue to build the collective strength of entrepreneurship across the Diaspora. Building a sustainable ecosystem of Black entrepreneurs in the United States and across the African continent is essential to create a future that makes economic opportunity and economic freedom a reality for all.”
Eligibility Criteria
• Business should be at least 50% Nigerian-owned and operated.
• Business should be registered in Nigeria with a valid CAC.
• Business activities should be mainly taking place in Africa
• Must have a web/social presence with a minimum of 1,000 followers
• Have been in a formal business for at least 2 years and have at least 2 years of consecutive turnover
• Generate positive impacts for Africa by contributing directly to SDGs.
To participate, be the first to apply at bit.ly/starnewsbizcompetition.
