Chinese billionaire and Executive Chairman of Alibaba Group, Jack Ma, has officially launched the Jack Ma Foundation ‘Netpreneur’ Prize, a significant initiative designed to foster entrepreneurial growth across Africa. This prize aims to promote and provide crucial funding to African entrepreneurs who are dedicated to developing tech-driven solutions to some of the continent’s most pressing challenges. The overarching goal is to significantly contribute to Africa’s digital economy through local entrepreneurship.

Jack Ma, drawing from his own experiences, emphasized the importance of early-stage support for entrepreneurs. He stated, “As a fellow entrepreneur, I understand the importance of getting support during the early days.” He expressed his inspiration and encouragement for these entrepreneurs, believing that their collective efforts will help build a sustainable and inclusive economy for both Africa and the wider world.

The Netpreneur Prize, supported by the UNCTAD, is set to be a substantial commitment, pledging to award a total of $10 million to 100 deserving entrepreneurs over the next ten years. To qualify for this fund, the Jack Ma Foundation will host annual pitch contests, commencing in 2019. Each year, ten startups selected from across the African continent will take the stage to compete for a $1 million prize money. Beyond the financial award, winners will also receive grants from the Jack Ma Foundation and gain invaluable access to the Foundation’s extensive community of supporters and prominent business leaders.

This new initiative marks Jack Ma’s second endeavor to spur African entrepreneurial development. Building on previous efforts, he launched the eFounders Fellowship under the Alibaba Business School last year. That fellowship is dedicated to training 1,000 entrepreneurs from various developing countries over five years, and has already successfully completed three rounds of training for 52 African entrepreneurs.

The first Netpreneur Pitch contest has been announced to take place in 2019. Applications for this inaugural pitch contest are scheduled to open in January 2019, with the deadline for submissions set for April 2019. The main contest itself is slated to be held in the second half of 2019, where the ten selected startups will vie for the $1 million prize. The launch event for the Jack Ma Foundation Prize was notably hosted by Wits University, further cementing its significance on the continent.