DO’S & DON’TS

THE DO’S

1
Check that you are eligible to apply! ANPI has strict eligibility criteria. Only applicants who meet the ANPI criteria will have their application reviewed. See below for ANPI Eligibility Criteria:
  • Applicant should be the Founder or a Co-Founder of the company.
  • Applicant has traceable/provable African nationality. In other words, you have/had African citizenship and/or a Parent or Grandparent has African citizenship.
  • Company is Africa-Based. The business is registered and headquartered in an African country, and primarily operates in Africa.
  • Company is post-Idea stage. Business is 3 years old or more and has at least 3 years of revenue history
2
Be honest. Selected finalists will be required to submit documents proving their responses. Top 10 finalists will undergo a rigorous due diligence process.
3
Demonstrate your answers. Where relevant provide examples and details that will allow judges to thoroughly assess your application.
4
Answer all required questions. Required questions will be indicated with an *.
5
Be concise. Stay within the word limits.
6
Shoot & upload an introductory video.
7
Get a recommendation and ensure your referral submits it by the deadline.
8
Refer to our application FAQ & Guide, if you’re stuck or email us at info@africabusinessheroes.org if any questions are unclear.

THE DON'TS

1
Do not disclose commercial or security sensitive information.
2
Do not wait till the midnight hour to complete the application. The application is extensive and will require a few hours to complete thoroughly and will not be possible to complete in one-sitting as you will require a reference, video submission and detailed answers.
3
Do not miss the deadline!! All applications must be submitted by June 9th 2020 23:59:59 GMT.
SAMPLE VIDEOS

2019 Africa's Business Heroes Top 10 Finalist, Ayodeji Arikawe, co-founder, Thrive Agric (Nigeria)
A STEP BY STEP APPLICATION GUIDE
Check out this guide developed by Dalberg Advsors for insights on various aspects of the ANPI application and to understand the differences between strong answers and weak answers. The guide will provide you with the support you need to submit a strong application.


KEY TIPS & EXPLANATIONS

FOUNDER PROFILE

Please give us a twitter version of your bio. Who are you, what are your interests and motivations*.

Example: I’m an adventurous person with a love for art and live music; an avid proponent of Female Education on a mission to teach 25,000 girls how to code by 2025.

Why do you believe you deserve to be a 2020 ANPI Africa's Business Heroes?
Key values that ANPI uses to define heroes include: passion, boldness, resilience, mission-driven, innovativeness, impact-oriented and vision.

If you made it to the Grand Finale, what question would you want to ask Jack Ma?
During the Africa's Business Heroes show, finalists have the chance to ask Finale judges, including Jack Ma questions. Imagine you’re on stage and have such an opportunity. What would you ask? Think about what you would ask and state it. Be concise.

BUSINESS PROFILE

Company Slogan/Tagline:
Tag-lines are brief marketing words or phrases that help customers remember and understand you. They can be similar or different to your mission. For example, the tagline of LifeBank – our 2019 1st Prize Africa's Business Heroes – is “in the business of saving lives” whereas their mission is “to save one million lives in Africa”. If you don’t have one yet, think of what it would be.

Business Registration/Incorporation:
please provide the date that your company was formally registered with the “Registrar General” or other related government agency. This should be the date on your business license.

Number of years Actively operational:
refers to the number of years the business has been running for; in other words, when you first started to execute on your idea. This could be before you formally registered the business. For example, if you began working on your business on January 1st 2015 but registered it in 2016, in 2020 the number of years you’ve been operational is 5.

Primary country of operation:
refers to where your company has a majority of its staff, equipment and customers.

Industry of Focus:
pick the industry most applicable to your business.

Fulltime staff:
refers to workers who occupy a permanent position and work for a minimum number of hours over a week/month/year (as defined by the employer) and are paid weekly, biweekly or monthly.


“What are the differences in stages of funding?”

Pre-Seed:
You are still in an early stage of development and you are growing organically. During this stage, you’re likely still getting operations off the ground.
You have not formally raised a significant amount of finance/investment. Your funding may have come from your own savings, friends, family or via crowd-funding platforms and they likely do not have any stake (equity) in your company.

Seed:
This is the first official investment stage. At this stage, your operations have stabilized and you’ve sought additional external funds to gain more traction and to accelerate growth. At this stage, the investors (angel investors, founders, friends, family, incubators, venture capital companies) take equity in your company.

Series A/B/C/D:
You have any established track record (an established user base, consistent revenue figures, or some other key performance indicator), you’ve moved past your development stage and you’re at the stage where you’re developing new products, expanding into new markets or acquiring other companies. To support this rapid growth, you have gone beyond your first round of formal investment to raise more finance (often above $1 million). The investment is usually in the form of equity investment or convertible loans and is likely to come from experiences investors and have clear shareholder rights.

PROBLEM & SOLUTION

What problem are you trying to solve?
Try to explain what the challenge you’re tackling is. Please outline how the customer addresses the issue today and why current solutions are not working. To do this, identify the specific inefficiency in the current solution (e.g cost, efficiency, quality) and what the customer’s pain point is.

What inspired you to solve this problem?
Explain what motivated you to start your business and why are you solving this particular problem. Provide an understanding of why it should be solved – the urgency important and magnitude of the problem. Finally, highlight why you felt capable to solve the problem.

How does your business solve this problem?
Demonstrate your company’s value-add – how does your solution improve the customer’s life?
Provide examples and customer insights where possible.

MARKET – SIZE, PROFILE, DYNAMICS

Primary Customer and/or User:
Identify and describe the customer that your solution caters to. For example, the customer profile for our 2019 2nd Prize Winner (Omar Sakr) is scientists operating in Africa who require research facilities and analytical services.

Size of addressable market:
Provide figures that are backed by logic and statistics/estimates. Use census data and/or proxy data to identify estimated number of potential users.

Changes to customer base:
We want to understand whether your primary customer profile has changed over time and if you anticipate it changing. For example, some companies may start off offering B2C services/products but realize that due to market trends the B2B market is more suitable for them. If any such change has occurred, we want to know why. If none has happened, do you see any shifts occurring? Give us reasons.

COMPETITION

Direct Competitors:
businesses that offer products or services that are essentially the same as yours and compete for the same/similar market. For example, Pepsi is a direct competitor to Coca Cola.

Indirect & Substitute Competitors:
businesses that offer slightly different products but target similar customer profile. For example, manufacturers of bottled water or fruit juice beverages are indirect competitors to Coca Cola.

Future Competitors:
businesses that have not yet entered the market yet but could do so and target the same customer profile.

Competitive Advantage:
Try to answer the following questions:
  • Why hasn’t anyone done this before?
  • How unique/different is what you’re doing?
  • How does it compare to current offerings?
  • What are the barriers to entry that keeps or would keep a competitor from imitating your solution?

REVENUE MODEL

Revenue Model:
Describe how the business makes money. Examples include: subscription model, pay-per-use/transactional, ad-based, franchise, direct sales, indirect sales etc. Give us insights into how you make money – who is paying you and how much are they paying?

Sales & Distribution Model:
Explain how you reach your target market and provide examples of channels you use to sell. Please also share any sales, marketing and partnership plans you have.

FINANCIAL SNAPSHOT & PROJECTIONS

Plans to achieve financial goals/projections:
be specific on how you will achieve your financial goals. Will you optimize costs? Will you increase the number of users? Will you increase the price of your product? How will you do these things? What will the implications be? What’s your strategy?

TEAM PROFILE

Structure of team:
teams can be structured in different ways – they can be flat/horizontal, vertical or circular. At a high-level, we want to understand the major roles within your team and how the team functions as a unit. Feel free to sketch out the structure, if you’d prefer.

IMPACT:
what value is your business creating? What benefit is it bringing to customers? Is it generating employment?