A major highlight of the opening ceremony was the announcement by the Jack Ma Foundation and Alibaba Philanthropy that Rwanda will remain the exclusive host of the ABH Summit for the next four years.
Jason Pau, Executive Director (International) of the Jack Ma Foundation, made the declaration, reinforcing Rwanda's rising status as a hub for entrepreneurship in Africa.
'I am proud to announce that in partnership with the Rwanda Development Board, we will host our finale here in Kigali for the next four years, through the tenth year of the ABH,' Pau stated.
The ABH competition, which began as the Africa NetPreneur Prize Initiative in 2019 with a $10 million investment spanning a decade, recognizes top African entrepreneurs annually.
Co-organized by the Rwanda Development Board (RDB), the Rwanda Convention Bureau (RCB), and the Bank of Kigali (BK), the event provides a platform for African entrepreneurs to showcase their ventures and pitch for funding.
This year's edition underscores the growing influence of Artificial Intelligence (AI) in business, with AI being the central theme. Pau encouraged entrepreneurs to integrate AI into their operations, emphasizing its transformative power.
'No matter what business you're in, whether it's agriculture or fashion, AI has the potential to transform your business,' he said.
The impact of ABH over the years has been remarkable. Pau revealed that past top ten finalists have collectively raised $180 million, serving 40 million consumers across the continent.
'Entrepreneurs are a driving force for good, creating jobs, economic growth, and providing innovative solutions. To all the entrepreneurs, aspiring entrepreneurs, and supporters, your time is truly now,' he added.
The competition's reach continues to expand, with applications from all 54 African countries. The 2024 edition saw a surge in gender and regional representation, with female applicants reaching 39%, surpassing the five-year average of 30%.
This year, 40% of the top ten competitors are women, highlighting the increasing role of female entrepreneurs in shaping Africa's business landscape.
Michelle Umurungi, Chief Investment Officer at RDB, praised the long-term partnership between Rwanda and ABH, calling it a powerful force for fostering entrepreneurship across the continent. 'This partnership is a true example of what happens when vision meets action,' she said.
For young entrepreneurs like Cedrick Mupenzi, founder of Sinc Today, a startup that provides an all-in-one platform for event management, the ABH Summit represents a significant opportunity.
'We see this as a very good opportunity to learn, get investment if we can, solve challenges we face today, and also expand our business models into other markets,' Mupenzi remarked.
Former ABH winner Christelle Kwizera, founder and CEO of WaterAccess Rwanda, shared how the competition transformed her business. 'When I won ABH in 2019, we actually doubled.
We had 63 employees, and now, WaterAccess Rwanda employs 122 people. So, it was quite impactful in terms of putting the company on a local and global map as well,' Kwizera said.
The influence of ABH continues to grow, with an increasing number of businesses benefiting from the initiative. Applications have surged from 9,366 in the first edition to 27,267 in 2024, with strong regional representation.
The Democratic Republic of Congo (DRC) and Madagascar appeared in the Top 20 for the first time, and North African representation rose to 9%, up from a five-year average of 5%.
The summit's semi-finals were hosted in North Africa for the first time, with Cairo, Egypt, serving as the venue in September 2024. The diversity and reach of the competition affirm its role as a transformative force in Africa's entrepreneurial ecosystem.
Pau encouraged all aspiring entrepreneurs to take advantage of the opportunity, reiterating the foundation's commitment to inclusivity. '40% of our applications this year are from women.
We are inclusive, but we're not doing it because we feel like women should be at the top or men should be at the top. We let the best entrepreneur win, and the results speak for themselves,' he said.
At today's grand finale, ten top competitors will pitch their ventures for a share of the $1.5 million prize pool.
With Rwanda cementing itself as the home of ABH for the next four years, the country continues to position itself as a leading force in Africa's entrepreneurial journey, fostering innovation and economic growth across the continent.
Sam K Nkurunziza
