10 Indian teams win INDIAFRICA Business Venture Competition

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SME Times News Bureau | 20 May, 2014
Ten teams from India are among the top 20 winners at the 3rd INDIAFRICA Business Venture Competition and will receive a cash prize of Rs.50,000 each, it was announced in New Delhi Monday.

Amit Shahi, chief executive officer, theIdeaWorks and programme director, INDIAFRICA: A Shared Future, said here Monday that five teams from Nigeria and one each from Egypt, Zambia, Senegal, Rwanda and Uganda are also among the winners.

Open to students and young entrepreneurs from Africa and India, this year the annual competition received over 1,800 registrations from 40 African countries and India. It is organised by theIdeaWorks under the aegis of the INDIAFRICA: A Shared Future programme.

INDIAFRICA: A Shared Future has been conceptualized by IdeaWorks Design and Strategy Pvt Ltd with support from the public diplomacy division of the India's external affairs ministry.

The new business ideas are aimed at addressing challenges in education, healthcare, food and nutrition, and water and also offer innovative ICT solutions.

Leaders of eight teams (four each from Africa and India) will now travel to Ghana for the finals to be held in Accra June 10.

One team each from Africa and India will win the WOXSEN INDIAFRICA prize of Rs.750,000 and a trip to Davos in January 2015 at the time of the World Economic Forum Annual Meeting.

Finalists will also compete for equity investment, incubation and mentorship opportunities that will be on offer from domain experts and investors who will constitute the 25-member Grand Jury for the finals.

The jury process for the contest is anchored by ISB, Hyderabad; Ghana Institute of Management and Public Administration, Accra; Said Business School, Oxford University, and WOXSEN School of Business, Hyderabad with enterprise support from Indian Angel Network, GSF India and Villgro.