Startups & Ideas

Win Funding, Mentorship in New Nigerian Business Competition

StarNews, GBEF Launch Business Competition for SMEs

Interested in the latest initiatives aimed at fostering economic growth and innovation in Africa? Well, StarNews Mobile and the Global Black Economic Forum (GBEF) have something exciting in store. In a groundbreaking collaboration with MTN and the United States Agency for International Development (USAID), these organisations have unveiled a call for applications for a new business competition based in Lagos, Nigeria. This initiative is designed to propel Nigeria’s most promising small-medium enterprises (SMEs) into the spotlight, providing them with opportunities for lucrative partnerships and investments from the United States.

Today, StarNews Mobile, alongside GBEF, announced the launch of this competition. The event is set to empower Nigeria’s brightest business minds, offering a gateway to invaluable investments and collaborations. This 10-week competition, spanning from April 8th to June 14th, will be hosted on the StarNews Biz Channel, enabling emerging entrepreneurs to present their ventures to a national audience. With subscribers voting for their favorites, the top 20 contenders are set to gain significant exposure, boosting their visibility across the business landscape.

The partnership between StarNews and GBEF presents a unique avenue for Nigerian SMEs to access a suite of developmental tools, including mentoring, funding, and partnerships, all aimed at socio-economic advancement. Competitors stand a chance to win cash prizes up to NGN 5,000,000, courtesy of StarNews, alongside access to a network of investors and national visibility on the StarNews web platform. The top three winners will also benefit from coaching by GBEF’s Academy for Advancing Excellence and integration into GBEF’s global network of leaders dedicated to championing social and economic justice within the Black Diaspora. Notable past speakers at GBEF events include influential figures from the entertainment industry such as Wyclef Jean, Debra Lee, and Ceci Kurzman. The competition welcomes applications until April 5th, 2024, setting the stage for an intense and inspiring showcase of entrepreneurial talent.

Guy Kamgaing, the visionary Founder and CEO of StarNews Mobile, expresses his enthusiasm for the competition, highlighting it as a passion project aimed at uncovering Nigeria’s most promising business talents and connecting them with global opportunities. This initiative reflects a broader ambition to empower SMEs to contribute positively to their communities, supported by strategic partnerships with MTN, USAID, and GBEF.

This initiative arrives at a crucial time for Nigerian startups, which, despite their significant incorporation in the United States and reliance on US venture capital, have faced a marked decline in funding amid a global economic downturn. This makes the competition an essential platform for injecting much-needed capital and support into Nigeria’s emerging business landscape.

Alphonso David, President and CEO of GBEF, underlines the importance of this partnership with StarNews Mobile as a pivotal resource in bolstering entrepreneurship across the Diaspora. By fostering a sustainable ecosystem of Black entrepreneurs in the United States and Africa, GBEF aims to pave the way for a future where economic opportunity and freedom are accessible to all. Through its affiliation with ESSENCE and initiatives like the Academy for Advancing Excellence, GBEF is at the forefront of addressing complex challenges within the community, advocating for economic and social justice on a global scale.

Since its inception in 2017, StarNews Mobile has been at the forefront of empowering African content creators, offering them a platform to monetize their content through a subscription model. With a subscriber base exceeding 4 million and a vibrant community of content creators, StarNews Mobile’s impact spans across several African countries, underscoring its commitment to fostering creativity and entrepreneurship on the continent. The platform’s recent funding achievements, including a $3 million pre-Series A round, highlight the growing confidence in its mission to revolutionize content consumption and creation in Africa, making this competition a noteworthy addition to its array of impactful initiatives.

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