A new backed by South African billionaire and the aims to accelerate in Africa.

Announced at the , the is the most ambitious yet in a series of innovation challenges focused on addressing Africa’s structural challenges through technology.

The prize includes a , and is open globally through . It targets entrepreneurs using AI, data analytics, and smart-factory tools to , and across the continent.

“We’re excited to see what bold entrepreneurs can bring to Africa’s manufacturing sector,” said , Managing Director at the Milken Institute.

Africa, home to 18% of the world’s population, contributes less than 2% to global manufacturing – a long-standing imbalance the prize aims to correct. In South Africa, manufacturing has weighed down growth, with Q1 2025 GDP expanding just 0.1%.

Organizers want that optimize production, expand access to essential goods, and unlock Africa’s export potential – especially in housing, food, and healthcare.

The prize is part of the , launched in 2021 by the and the Milken Institute. Previous editions have backed startups in agritech, fintech, and energy, with over $6 million awarded and more than 530,000 lives impacted.

While global teams are welcome, the focus remains Africa. “The goal is industrialization led by innovation,” Musil said. For details or to apply, visit: milkenmotsepeprize.org.