Jack Ma rolls out $10 million to support African Eentrpreneurs

Alibaba founder and billionaire Jack Ma has launched a Netpreneur Prize in South Africa this week to invest in the growth of entrepreneurship on the continent.

The Netpreneur Prize, which will receive a $10 million grant from the Jack Ma Foundation, aims to build a strong community of exceptional young African tech entrepreneurs. The fund, which Jack Ma launched on Wednesday during a conference in South Africa, will award the $10 million to 100 African entrepreneurs by 2030, focusing specifically on innovative entrepreneurs who churn out digital solutions that address some of Africa’s most pressing challenges and strengthen the digital economy.

Ma spoke at the conference titled "Netpreneurs: The Rise of Africa's Digital Lions" which took place at Witswatersrand University. The conference was aimed at analysing the challenges and opportunities facing a new digital Africa and the role that the public sector, investors, entrepreneurs and educational organisations must play in this transformation.

Jack Ma has selected Nailab, a Kenyan startup incubator, to coordinate the newly established Netpreneur Prize. Nailab is set to work closely with the Jack Ma Foundation team and other innovation hubs as well as identifying other critical partners on the continent that will help roll out the program. Nailab is a Kenyan startup incubator which was founded in 2010 by tech entrepreneur Sam Gichuru. Nailab aims to lower the barriers to entry for ICT entrepreneurs who want to start and scale their businesses in Kenya.