The Africa’s Business Heroes (ABH) prize competition, a flagship philanthropic initiative sponsored by the Jack Ma Foundation and Alibaba Philanthropy, has unveiled its Top 50 finalists for the 2024 edition. Among the continent’s most promising entrepreneurs, eight founders from Egypt have distinguished themselves, underscoring the nation’s growing influence in the African startup ecosystem.
By the Numbers: The 2024 Competition
The scale of this year’s competition highlights the prestige of being selected as a finalist:
- Total Prize Pool: $1.5 million in grant funding
- Egyptian Finalists: 8
- Total Finalists: 50
- Total Applicants: Over 16,000
- Countries Represented (Applicants): 54
- Female Representation (Top 50): 40%
A Strong Egyptian Showing on the Pan-African Stage
The inclusion of eight Egyptian entrepreneurs in the Top 50 is a significant achievement, demonstrating the strength and innovation of the country’s startup scene. These founders represent a diverse range of sectors, from HealthTech and EdTech to AgriTech and enterprise solutions, reflecting the dynamic nature of Egypt’s contribution to solving critical challenges across the continent.
Meet Egypt’s Top 50 Finalists
The eight Egyptian entrepreneurs who have advanced to this critical stage of the competition are:
- Ahmed Saad, Founder of MQR
- Ayman Bazaraa, Co-founder and CEO of Sprints
- Belal El Megharbel, Co-founder and CEO of O7 Therapy
- Fady Hanna, Co-founder and CEO of Codi
- Mostafa El-Beltagy, Co-founder and CEO of Nawy
- Omar El-Garem, Co-founder and CEO of El-dokan, Inc.
- Refaat Farawi, Co-founder and CEO of Rology
- Sarah El-Aggany, Co-founder and CTO of FreshSource
Inside the Rigorous Selection Process
Making it to the Top 50 is no small feat. This year’s finalists were selected from a pool of over 16,000 applicants following a thorough and multi-stage evaluation process. The selection criteria focused on the viability of the business models, the founders’ vision and leadership qualities, and the potential for tangible, positive impact on their communities and beyond. The diversity of the cohort, which has an average age of 35, speaks to the vibrant and varied entrepreneurial talent emerging across Africa.
About Africa’s Business Heroes
Now in its sixth year, the ABH prize competition is dedicated to identifying, supporting, and inspiring the next generation of African entrepreneurs. Its core mission is to foster an inclusive and robust entrepreneurial ecosystem by providing grant funding, extensive training, and valuable networking and mentorship opportunities. The competition aims to showcase stories of entrepreneurial success that can motivate others and drive economic growth across the continent.
Looking Ahead: The Road to the Grand Finale
The journey for the Egyptian finalists and their counterparts is far from over. The Top 50 will now undergo further evaluation, which will culminate in the selection of the Top 20 finalists in August. These entrepreneurs will then proceed to the semi-final, with the Top 10 eventually competing in the Grand Finale for their share of the $1.5 million prize. The MENA tech community will be watching closely as these founders advance, representing the region on one of Africa’s most prominent entrepreneurial stages.
Source: Arab Founders
