By Standard Reporter
The winning proposal will be awarded a cash prize of $100,000 (Sh8.4million) , with the two runners-up receiving $25,000 (Sh2.1 million), all totalling to $150,000 (Sh12.75 million).
According to the award organisers, the prize aims to support Africans’ efforts to develop new products, increase efficiency and drive cost-savings.
At an event organised by the ECA and AIF, researchers, entrepreneurs and innovators will be invited to propose projects that unlock new African potential under one of five categories which include: agriculture and agribusiness; ICT applications; health and wellbeing; environment, energy and water; and manufacturing and services industries. “The IPA team believes that best way to build Africa’s capacity is to invest in local innovation and entrepreneurship,” said AIF Chairman Walter Fust. “This prize encourages Africans to develop creative ways to overcome everyday challenges.”
Only Africans are eligible to enter. Africans in the Diaspora can also apply if their innovations are of significance to Africa. The organisers said they expect the prize to promote among young Africans the pursuit of science, technology and engineering careers and business applications and mobilise leaders from all sectors to fuel African innovation.
This will also promote innovation across Africa in key sectors of interest through the competition as well as promote science, technology and engineering as rewarding, exciting and noble career options among the youth in Africa by profiling success applicants. The registration deadline for the 2013 prize has been set for October 31.