The Under 30 Impact Challenge is especially targeted at businesses whose work has social and environmental impact.
The challenge is hosted by the Rise Fund, Echoing Green and media firm, Forbes.
To be eligible, companies must have generated revenue of at least Sh10.3 million ($100,000) in the previous two 12-month periods.
Young Kenyan entrepreneurs have until Wednesday to jump into a global competition that could see them earn up to Sh51 million ($500,000) in funding.
The Under 30 Impact Challenge is especially targeted at businesses whose work has social and environmental impact. The challenge is hosted by the Rise Fund, Echoing Green and media firm, Forbes.
“Businesses must operate in one or more of the following seven sectors: education, energy, food and agriculture, financial services, growth infrastructure, healthcare or TMT (technology, media and telecoms),” says a statement from the Rise Fund.
To be eligible, companies must have generated revenue of at least Sh10.3 million ($100,000) in the previous two 12-month periods. Alternatively, they should have earned cumulative revenues of at least Sh103 million ($1 million) since inception.
After submission deadline closes Wednesday, finalists will be expected to pitch their businesses during the week of September 18. The winner will be awarded on October 2. The award is split into several parts.
Forbes will provide a media grant of up to $250,000 while the Rise Fund will provide the rest of the value through a “combination of cash investment and business-building support”.
The Rise Fund is managed by TPG Growth, a private equity and venture capital firm which focuses on “middle-market buyout opportunities.”
Echoing Green is a non-profit which mentors and provides fellowships to “visionaries transforming economies, racial and gender equity, environmental sustainability, and more”.
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