About the New Venture Competition
The New Venture Competition (NVC), a conference highlight, is a pitch competition for early-stage ventures, designed to showcase a new generation of innovators.
Participants will get a chance to win up to $30,000 in non-equity financing and network with top founders and investors from across Africa.
Top finalists will pitch their startups to a panel of esteemed judges at the conference.
Stage 1: Forms are collected
Enter the NVC with your early-stage venture. Showcase your groundbreaking idea and grab a chance to secure up to $30,000 in non-equity financing.
Stage 2: 20 Semi-Finalist are chosen
Semi-finalists will connect with top founders and investors from across Africa and benefit from exclusive masterclasses to strengthen their business acumen and build a robust foundation.
Stage 3:10 Finalists are selected
Finalists get to pitch their startups to esteemed judges, vying for recognition and support to turn their innovation into a reality.
What they are looking for:
From the multitude of applications they receive, they will choose 10 finalists. Here are a few factors to consider that can enhance the strength of your idea.
ELIGIBILITY CRITERIA
The WABF New Venture Competition (NVC) seeks to elevate founders creating innovative products, solutions, or services that strategically tackle Africa’s biggest and most urgent challenges. To participate in the NVC, founders must meet the following criteria:
– Business must be at a pre-seed or seed stage (business must have raised no more than $150K)
– Business must primarily serve the African market, though it does not have to be domiciled in Africa
– Business must be less than three (3) years in operation, with no more than 50 employees
– Business must not be a recipient of any previous funding from the WABF NVC
JUDGING CRITERIA
The strength of an application will be assessed against the following broad category areas:
– Founding Team Experience: Does the current team have the required skills for execution? Is there a track record of building meaningful things and/or an exceptional career trajectory? How has the management team performed since the inception of the company/product
– Market and Traction: Is there a demonstrated need or gap in the market that the startup’s solutions solve? Is the total addressable market substantial enough to make this a lucrative investment opportunity? How is the market for the product/service growing and/or changing?
– Product Design and Business Model: Is the product better than every other thing on the market? Is customer acquisition more cost-effective than others? Is the product both economically viable for the company and affordable for the target customers? Does the startup have any competitive advantages or moats? Is there evidence to validate that the current business model can produce attractive returns and is scalable?
– Impact: How well does the solution tackle at least one of the UN’s SDGs?
Benefits
Win up to $30,000 NON-EQUITY FINANCING
Gain Global exposure:
Elevate your idea above the bustling forum chatter, gaining the leverage and momentum needed for a successful launch right from the start.
Pitch your concept to those with the power to turn it into reality:
Present your innovative idea to decision-makers who can transform it into reality at the NVC competition. Seize your chance for growth and impact
Network with top founders and investors:
Connect and collaborate with industry pioneers and investors as an NVC participant. Build invaluable relationships for your venture’s success.
Deadline: September 24, 2023.
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