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AFRICA50 Launches Innovation Tech Challenge

AFRICA50 Launches Innovation Tech Challenge

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Kigali, October 0, 2019 (CABNC): – Africa50, the pan-African infrastructure investment platform, launched the first edition of its Innovation Challenge. Through this initiative, Africa50 will crowdsource innovative solutions to help increase access to high-speed internet in under-served areas in Africa.

The call is open for ICT developers, innovators, engineers, entrepreneurs to submit workable solutions, via an online platform, to be assessed by the Africa50 investment team and its partners. The winning solutions will receive cash prizes and/or will be considered for project development funding. Projects will be rolled-out in Rwanda as the pilot country, with the objective to scale them up to other countries in Africa

Despite significant progress in recent years, 75% of Africans still do not have access to the internet. In today’s digital age, they are missing out on one of the best ways to access knowledge, social services and economic opportunities.

Chief Operating Officer Carole Wainaina for Africa50 said: “As a pan-African investment entity, we are committed to contributing to our continent’s most critical and pressing development challenges. Internet connectivity is a key driver for inclusive growth, provided it is accessible, affordable, easy-to-use and adapted to people’s needs. This Challenge is an exciting opportunity for us to engage with the most creative minds to find novel solutions that can help address all these factors and tackle last-mile connectivity in a holistic and sustainable manner. We see this as a huge opportunity and are ready to work with savvy investors and innovators, acting as a bridge to regulators and governments.”

For this Challenge, Africa50 will exceptionally consider projects at pilot stage, with smaller funding needs, with the intention of scaling them up into bankable projects with broad impact.

Africa50 is implementing the challenge in partnership with DysruptUs, a firm specializing in the organization of innovation challenges to solve global social and economic needs, and with Informa; a leading international event and knowledge group.

Through the platform, the solutions can be submitted worldwide.

How to apply

Applications are open from 14 May until 31 December 2019 on the website: www.africa50innovationchallenge.com

About Africa50

Africa50 is an infrastructure investment platform that contributes to Africa’s growth by developing and investing in bankable projects, catalyzing public sector capital, and mobilizing private sector funding, with differentiated financial returns and impact. Africa50’s investor base is currently composed of 27 African countries, the African Development Bank, the Central Bank of West African States (BCEAO), and Bank Al-Maghrib, with over $870 million in committed capital.

For more information, visit: www.Africa50.com

 

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