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AfricaTech Awards 2023
AfricaTech Awards 2023
Boosting African Innovation while tackling today’s biggest challenges.
ABOUT THE AFRICATECH AWARDS
VivaTech and the International Finance Corporation (IFC) have teamed up for the second edition of the AfricaTech Awards. This initiative aims to recognize and support innovative Africa-focused companies with disruptive solutions in the Climate tech, Health tech, and Fintech sectors.
Tech entrepreneurs can provide vital solutions to major global challenges, while also driving economic growth and fostering sustainable development. Despite increasing interest from investors, startups in emerging markets often struggle to access the networks and capital they need to scale their business.
Through the AfricaTech Awards, VivaTech and IFC aim to create new opportunities for tech companies that are having a transformational impact across Africa. The winners of the Awards will gain access to leaders and top executives in the tech industry and increased visibility among global investors, including IFC, one of the largest venture capital investors in emerging markets. The inaugural edition of the Awards, which launched last year, attracted more than 300 applicants.
If you missed the first edition of the AfricaTech Awards, watch the replay!
ABOUT VIVA TECHNOLOGY
VivaTech accelerates innovation by connecting startups, tech leaders, major corporations and investors responding to our world’s biggest challenges. This is where business meets innovation. Vivatech organizes Europe’s biggest technology and startup event each year, over 4 exciting days in Paris. We unite the most disruptive topics in tech, rule-breaking entrepreneurs, and the world’s largest technology breakthroughs, building an ecosystem where business gets done. VivaTech is a global community including thousands of visionary startups, investors, organizations, corporations, researchers, media, and talent. The seventh edition of VivaTech will take place June 14-17, 2023.
ABOUT INTERNATIONAL FINANCE CORPORATION (IFC)
IFC—a member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2022, IFC committed a record $32.8 billion to private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity as economies grapple with the impacts of global compounding crises.
IFC takes a holistic approach—from ecosystem building to investing directly in companies and VC funds—with combinations of commercial and concessional capital, and technical advisory services—to identify, incubate, and scale business models that can have significant impact. IFC’s current portfolio focuses on high-impact sectors, including Health Tech, Agtech, Climate Tech, EdTech and HR Tech, e-Commerce, e-Logistics and Mobility, and e-Supply Chains.
IFC has expanded its support to tech ecosystems with a new VC platform that in the next three years will invest up to $225 million additional capital in startups across Africa, Middle East, Central Asia, and Pakistan. Furthermore, IFC Startup Catalysts invests in seed funds, accelerators, and incubators in emerging markets that help early-stage companies grow and become ready for later-stage investment.
THE CHALLENGES
Climate Tech
Challenge
Solutions that can reduce emissions, protect the environment, and help communities become more climate resilient.
Challenge 1
Climate Tech Challenge
This Challenge is addressing the following topics:
Cleantech, Energy and Environment:
Innovations that can help reduce the environmental footprint from the production and sale of energy including for example the distribution or transmission of energy, grid management and energy storage.
Mobility and transport:
Innovations that can help reduce the environmental footprint from the movement of people or goods, including Electric Vehicles, Zero-emission aviation and shipping or low carbon fuels.
Food and agriculture:
Innovations that can help reduce the environmental footprint from the production of food or other agricultural products. Examples of innovations include precision farming, robotics, ag-Biotech solutions, regenerative agriculture, food waste reduction.
Carbon removal:
Carbon removal innovations including for example enhanced soil carbon sequestration, direct air capture and storage, enhanced mineralization or Hydro-carbon fuels.
Built environment:
Innovations in the domain of building materials, heating and cooling, energy efficiency and construction. Material-efficient design, reductions in material waste, replacement of high-carbon materials with low-carbon options.
Industrial and manufacturing:
Technologies contributing to reducing GHG emissions in hard to abate sectors such as cement, steel or chemicals and innovations improving manufacturing efficency such as circular economy models or waste management.
Climate accounting and Climate risk:
Solutions that can help collect and analyze climate-related data to facilitate GHG performance management, risk mitigation and GHG accounting and reporting. Examples include: methane leak detection, energy monitoring platform solutions, climate change monitoring platforms, solar irradiance data, and weather predictions for renewables.
This description is not exhaustive and the challenge is open to all Climate Tech solutions.
Sector-specific selection criteria:
- Clarity
- Scope
- Relevance of the problem and of the proposed solution.
- Impact on climate (quantify whenever possible i.e. GHG emission reduction).
Health Tech
Challenge
Solutions that can expand access to healthcare among underserved communities, reduce the cost of services, and boost innovation in the healthcare sector.
Challenge 2
Health Tech Challenge
This Challenge is addressing the following topics:
Access to care/Healthcare delivery:
Solutions that can improve access to quality healthcare, particularly among underserved communities.
Healthcare digitalization:
Solutions such as telemedicine/online consultations and other digital solutions that promote easy and affordable access to health services. Innovations also include e-learning solutions for clinical and managerial medical personnel.
Healthcare data collection:
Solutions that can help monitor health information and support health diagnostics.
FemTech:
FemTech focuses on providing healthcare products and services for women e.g. solutions for female cancers, fertility and feminine hygiene, women safety, services for maternity care.
This description is not exhaustive and the challenge is open to all Health Tech solutions.
Sector-specific selection criteria:
- Demonstrated ability of the solution to deliver impact to mid- and lower-income patients in emerging markets.
- Demonstrated ability to scale commerciality to improve access, affordability, and/or quality of healthcare.
FinTech
Challenge
Solutions that can expand access to financial services among underserved communities, promote financial inclusion and financial literacy, and improve the efficiency of the banking infrastructure.
Challenge 3
FinTech Challenge
This Challenge is addressing the following topics:
Payment Infrastructures:
Solutions for enabling all types of digital payments.
InsurTech:
Digital innovations in the insurance industry.
RegTech:
Innovations designed to simplify the monitoring and management of regulatory compliance.
Neobank:
Digital banks offering innovative and low-cost banking services.
Book keeping:
Digital solutions for book keeping.
WealthTech/ Investment Tech:
Solutions for comparing financial products (bank accounts, credit and investment options, etc.) and digitized or automated investment advice and portfolio management solutions.
Cross Border:
Digital solutions facilitating cross border remittances, trade and capital flows.
This description is not exhaustive and the challenge is open to all FinTech solutions.
Sector-specific selection criteria:
- Financial inclusion
- Maturity of the technology.
- Access to market.
REWARDS FOR THE FINALISTS
The top 9 startups (3 in each category) will receive:
- ✨
- 🤝
- 🎤
✨
- Invitation to the event (flights, passes and booth at VivaTech all included)
- Pitch on stage on the AfricaTech Lab
- Take part in the official AfricaTech Awards ceremony
🤝
- Network with top corporate partners
- Pitch your startup to top VC funds
- Connect and learn from other top startups from around the world
🎤
- Be showcased across a wide variety of media
- Be included in the VivaTech communication plan
REWARDS FOR THE WINNERS
The 3 winners (1 in each category) will receive:
- 🌍
- 🩺
- 🏦
🌍
- 1:1 mentoring session with the founder of a unicorn company in IFC's portfolio
- Award from the sponsor of the category to be announced soon
🩺
- 1:1 mentoring session with the founder of a unicorn company in IFC's portfolio
- Award from the sponsor of the category to be announced soon
🏦
- 1:1 mentoring session with the founder of a unicorn company in IFC's portfolio
- Award from the sponsor of the category to be announced soon
SELECTION CRITERIA
Impact
Innovative product/ solution addressing an important global challenge with a high social, economic, environment and gender impact.
Innovation
Relevance and innovation level of the tech solution compared to existing alternatives (Size, problem solve, technology used, protection of the innovation, etc.)
Scalability
Market sizing and scalability potential of the startup, track record of scaling (target addressable market, geographic ambition on the continent, clients targeted, etc.)
Team Profile
Quality and size of the team (expertise, entrepreneurship background, academic background, number of employees, etc.)
Business model
Proven ability to monetize business model and achieve sustainable operations with demonstrated traction and product-market fit (maturity of the start-up, commercial traction, number of clients, annual global turnover growth, etc.)
OUR STRONG COLLABORATION
MAKHTAR DIOP - IFC’S MANAGING DIRECTOR AND EXECUTIVE VICE PRESIDENT
“Tech entrepreneurship can help shape Africa’s future by contributing to countries’ efforts to address key challenges linked to climate change, food security, health resilience, and financial inclusion. Yet Africa’s tech ecosystems are underserved by private capital
investments, receiving just 1 percent of the global VC funding in 2022. With initiatives like the AfricaTech
Awards, we hope to help innovative startups attract more private investment, showcasing the dynamic and
growing opportunities in the continent’s tech sector.”
investments, receiving just 1 percent of the global VC funding in 2022. With initiatives like the AfricaTech
Awards, we hope to help innovative startups attract more private investment, showcasing the dynamic and
growing opportunities in the continent’s tech sector.”
TIMELINE
THE CO-HOSTS
FINTECH SPONSORS
THE KNOWLEDGE PARTNER
