SMALL Business CLUB

Apply for the 2024 Kofi Annan Award for Innovation in Africa (up to EUR250,000)

Introduction

In the heart of Africa, where innovation intertwines with the quest for food security, the Kofi Annan Award for Innovation stands tall.

This prestigious recognition, born from the Kofi Annan Foundation’s unwavering commitment to a fairer and more equitable world, seeks to empower African social entrepreneurs who are reshaping the continent’s food systems through technology-driven solutions.

Requirements

Are you a social entrepreneur with a vision to transform Africa’s food security landscape?

If your heart beats with the rhythm of innovation and your venture aligns with the award’s focus areas, this opportunity awaits your bold ambition.

Focus Areas for the Award

The award centers on three critical pillars, each addressing a pressing need within Africa’s food systems:

Inclusion of Marginalized Groups:

Empowering women, smallholder farmers, and other marginalized communities to actively participate in food systems and strengthen their livelihoods.

Enhanced Nutrition for Women: Ensuring women and children have access to nutritious food, fostering better health outcomes and overall development.

Reduced Post-Harvest Losses: Minimizing food losses that occur after harvest, thereby enhancing food security and availability.

Eligibility Criteria

To be eligible for this prestigious recognition, your venture must meet the following criteria:

Be a for-profit legal entity, incorporated for at least two years.

Have a solution firmly anchored in at least one African country.

Demonstrate existing presence and partnerships within the country of implementation.

Possess a sustainable business model and measurable social impact.

Benefits

The Kofi Annan Award for Innovation paves the way for growth and impact:

Financial Grants: Winners receive substantial grants (EUR 250,000) to fuel their initiatives.

Mentorship: Benefit from the guidance and expertise of renowned mentors.

Visibility: Gain international recognition and exposure.

Networking Opportunities: Connect with a vibrant community of innovators and changemakers.

How to Apply

Ready to embark on this journey of recognition and impact?

The application process awaits your vision: https://www.bundeskanzleramt.gv.at/en/kofiannanaward.html

https://www.bundeskanzleramt.gv.at/en/kofiannanaward.html

Visit the official website of the Kofi Annan Award for Innovation in Africa.

Click here to the application portal
Complete the online application form, providing details about your venture, its impact, and alignment with the award’s focus areas.

https://www.bundeskanzleramt.gv.at/en/kofiannanaward.html

Submit your application by the deadline.

Application Deadline

Mark your calendars, changemakers!

The application deadline for the 2024 Kofi Annan Award for Innovation in Africa is February 8th, 2024.

Seize this opportunity to not only gain recognition but also contribute to a more food-secure and equitable Africa.

Let your innovation be the driving force behind a continent where hunger is a relic of the past, and prosperity abounds.

Apply today and become a part of the movement for a brighter future.

To Apply, Use The Link Below:

https://www.bundeskanzleramt.gv.at/en/kofiannanaward.html

Financing your SME business via selling equity

This article speaks to the criteria and process for a Small & Medium Enterprise (SME) and other startups to list shares on the Nigerian Stock Exchange.

Every small business needs capital to operate. Initially, that capital could come from debt financing, or selling founders’ equity to family and friends, venture capital or a private equity firm.

However, listing a company on the stock exchange is another way to raise long term funds or provide an exit to early investors.

Why Should A SME/Startups consider Listing on a stock exchange?

The most significant reason to list is that listing enables SMEs/Startups to raise cheap long-term financing from a wider group of investors, including international investors and provides an exit option for early investors.

The listing also brings a higher level of corporate government and visibility to the organization as it must publish results and reorganize internally.

The NGX Growth Board

The Nigerian Stock Exchange offers a Growth Board designed to provide SMEs and startups with a market capitalization of N50m to N500m an opportunity to raise equity funds.

The growth board is intended to encourage small-cap and growth-oriented companies with good corporate governance standards.

The Growth Board has Entry and Standard routes, we are focusing on Entry route in this article. There are Route 1 and Route 2 pathways. If the SME has already been listed on the main board or seeks to be listed, then it goes through Route one

Route One criteria include the SME/Startup duly incorporated by the Corporate Affairs Commission as a public company limited by shares.

Next, it must have audited financials prepared per the International Financial Reporting Standards (IFRS). Date of the last audit by nine months. The SME/ Startup does not need to have posted pre-tax profits.

The SME also needs two years minimum operating track record; alternatively, If the SME/Startup is a new business it should provide evidence of investment either through a core investor or technical partner that has a minimum of two (2) years’ operating track record.

Alternatively, it can also provide evidence of a majority shareholder who is either a High Net Worth individual or is a director of a listed company; then.

The company must be capitalized to the tune of N50m minimum. Capitalization of N50m means the number of shares the company has issued multiplied by the market price should produce a number at or higher than N50m.

Other requirements to list on Entry Growth board include.

The SME Has a minimum free float of ten per cent (10%) of its issued share capital, meaning 10% of the issued share capital is not restricted and is available to be purchased in the secondary market.

The SME must also have a minimum of twenty-Five (25) public shareholders.
The SME will also undertake to ensure that its promoters or directors retain a minimum of fifty per cent (50%) of their shares in the Issuer for a minimum period of twelve(12) months from the date of its listing, meaning the directors cant pump the up the stock, sell to new investors and exit the market with profits.

What About Costs

The cost to list an SME on the Entry Growth board of the NSE is as follows.

Application Fees of N250,000, then an annual listing fee of N200,000

Any Post Listing requirements?

The SME/Start up, once listed, must submit Quarterly semi-annual and Annual reports.

Also, a certificate that the SME has adhered to corporate Governance is required.

The SME/Startup needs an SEC-approved financial adviser to guide it through this process, and once listed, it needs to retain an adviser.

Summary

The benefits of being listed are numerous apart from the funds raised.

Overall, a listed company is deemed more credible and is held to a higher standard than an unlisted company, and this perceived value adds a premium to the company shares and future offers.

With the inflated cost of debt financing, equity financing must remain an option for SMEs in Nigeria.

Call For Applications: One Young World/Deloitte Lead2030 Challenge for SDG 13 ($50,000 grant)

As part of their commitment, Deloitte is proud to support the Lead2030 Challenge for SDG13 for the third year in a row.

Through this challenge, they seek to empower passionate people to find meaningful and innovative ways of tackling climate change.

In line with Deloitte’s ambition to address climate change through ecosystem engagement, the challenge seeks to support scalable youth-led solutions that:

Reduce the impacts of climate change, and/or empower others to act on climate change

Address the root causes of the issue

Demonstrate ability to drive impact and potential to scale

Collaborate with others to accelerate or broaden the impact

Utilize innovative approaches

Eligibility

Solutions should be evidently aligned with the SDG13 challenge.

Founded by a person aged 18 – 30.

Well-structured time horizon identified key stakeholders and beneficiaries, and proposed outcomes that are reasonable and well thought out.

The solution is readily available, being piloted, implemented, or scaled.

Solutions must have a positive social impact, for example, generating educational outcomes, employment opportunities, or developing skills.

The solution’s impact on society must be adequately measured and/or measurable.

Must be able to achieve efficiency and to survive independently through the resources they generate and/or the investments and donations they attract.

Potential to grow impact after expanding in scope or size and/or into other regions.

Must rely on proven or readily available technology (if technology is relevant to the solution).

Benefits

The winning solution will receive the following:

Sponsorship to participate in the One Young World Summit 2024

A US$50,000 grant from Deloitte
12 months of mentorship from a team of Deloitte professionals and partners.

The mentorship team will work to accelerate your solution based on the needs of your initiative or organization, such as:

Business strategy

Best practices for data collection

Monitoring and evaluation
Product design

Deadline: March 1, 2024

Click HERE to Apply

https://www.oneyoungworld.com/lead2030/23-24/challenge-sdg13-deloitte