WeVenture, a recently established local venture capital-backed incubator, has collaborated with Dashen Bank to organize the third annual Dashen Kefita Entrepreneurship Contest in Ethiopia. The competition, which aims to provide support and empowerment for emerging Ethiopian entrepreneurs, serves as a platform for individuals to access training, mentorship, and the opportunity to present their business ideas.
With a total prize pool exceeding 2 million birr, the first, second, and third place winners will receive 500,000, 400,000, and 300,000 birr, respectively. The objective is to stimulate innovation and creativity within the local business community, offering crucial support for new ventures in Ethiopia.
Noel Daniel, Managing Partner of WeVenture, has stated that the venture capital firm will evaluate the investment proposals and select the 50 most promising ventures from all participants. The contest will take place in various cities including Mekelle, Adama, Bahir Dar, Dessie, Dire Dawa, Wolayta, Hawassa, Jimma, and Addis Ababa. Prospective entrepreneurs have until June 29, 2024 to register for the event at their nearest Dashen Bank branch.
Following the initial registration and training phase, applicants are required to submit their proposals to Dashen Bank, where a rigorous shortlisting process will be conducted. WeVenture is responsible for developing the training materials and conducting sessions in eight key locations across Ethiopia. The firm will also assist participating individuals throughout the application process, aid in the selection of the top 50 ventures, and coordinate logistical arrangements for the founders.
The judging criteria for the competition will focus on several key areas, such as the originality and potential impact of the business idea, the experience and dedication of the founding team, and the overall market viability of the proposed venture. This comprehensive assessment approach ensures that the most promising and impactful ventures receive the opportunity to thrive and succeed.
The previous iteration of the Dashen Kefita Entrepreneurship Contest attracted 2,500 participants, with a total of two million birr awarded to the winners. Last year’s first place was secured by Ahmed Delil, Solomon Megerssa, and Hebalawe Aleleni, who developed edible flour from Enset, demonstrating the potential for innovative and sustainable business ideas to thrive within the competition.
In conclusion, the partnership between WeVenture and Dashen Bank for the annual Kefita Entrepreneurship Contest presents a crucial opportunity for aspiring entrepreneurs in Ethiopia to showcase their innovative business ideas, receive essential support, and compete for substantial monetary prizes. This collaboration not only fosters entrepreneurship but also contributes to the growth and development of the local business landscape, cultivating a robust and vibrant entrepreneurial community within Ethiopia.