About the New Venture CompetitionThe New Venture Competition (NVC), a highlight of the conference, is a pitch competition for early-stage ventures designed to showcase a new generation of innovators.
Participants will have the chance to win up to US$ 30,000 in non-equity funding and network with leading founders and investors from across Africa.
The best finalists will present their startups to a panel of esteemed judges at the conference.
The process
Step 1: The forms are collected
Enter the CNV with your early-stage venture. Showcase your innovative idea and take advantage of the chance to secure up to US$ 30,000 in non-equity financing.
Stage 2: 20 semi-finalists are chosen
The semi-finalists will connect with leading founders and investors from across Africa and benefit from exclusive masterclasses to strengthen their business acumen and build a strong foundation.
Stage 3:10 Finalists are selected
The finalists can present their start-ups to renowned judges, vying for recognition and support to turn their innovation into reality.
What they're looking for:
From the multitude of entries they receive, they will choose 10 finalists. Here are some factors to consider that can increase the strength of your idea.
ELIGIBILITY CRITERIA
The WABF New Venture Competition (NVC) seeks to elevate founders by creating innovative products, solutions or services that strategically address Africa's biggest and most pressing challenges. To participate in the NVC, founders must meet the following criteria:
- The business must be in a pre-seed or seed stage (the business must have raised a maximum of US$ 150 thousand)
- Companies must primarily serve the African market, although they do not have to be domiciled in Africa
- The company must have been in operation for less than 3 (three) years, with no more than 50 employees- Companies must not be beneficiaries of any previous WABF NVC funding
JUDGEMENT CRITERIA
The strength of an application will be assessed against the following broad category areas:
- Team experience founderDoes the current team have the necessary skills for the job? Is there a history of building significant things and/or an exceptional professional track record? How has the management team performed since the start of the company/product?
- Market and TractionIs there a demonstrated need or gap in the market that the startup's solutions address? Is the total addressable market substantial enough to make this a profitable investment opportunity? How is the market for the product/service growing and/or changing?
- Product Design and Business ModelIs the product better than anything else on the market? Is customer acquisition more economical than others? Is the product economically viable for the company and affordable for the target customers? Does the startup have a competitive advantage or gap? Is there evidence to validate that the current business model can produce attractive returns and is scalable?
- ImpactHow well does the solution address at least one of the UN's SDGs?
Benefits
Earn up to $30,000 NON-PROPERTY FINANCING
Gain global exposure:
Elevate your idea above the busy forum chat, gaining the leverage and momentum needed for a successful launch right from the start.
Present your concept to those with the power to turn it into reality:
Present your innovative idea to decision-makers who can turn it into reality in the CNV competition. Seize your chance for growth and impact
Network with key founders and investors:
Connect and collaborate with industry pioneers and investors as a CNV participant. Build invaluable relationships for the success of your venture.
Deadline: 24 September 2023.
Click HERE to sign up
