Apply for the StarNews and GBEF Business Competition In Partnership with MTN & USAID
StarNews Mobile, Africa’s leading video streaming platform, and the Global Black Economic Forum (GBEF) have jointly announced the launch of their Business Competition in Lagos, Nigeria. This initiative, held in collaboration with MTN and the United Nations Agency for International Development (USAID), aims to empower Small-Medium Enterprises (SMEs) in Nigeria by providing them with valuable investment and partnership opportunities from the USA. APPLY HERE
Taking place over a span of 10 weeks, from April 8th to June 14th, the competition will be exclusively hosted on the StarNews Biz Channel on the StarNews platform. It offers a remarkable platform for emerging entrepreneurs to showcase their ventures and gain nationwide recognition. Through a voting system by subscribers, the top 20 contestants will have the chance to shine and leave a lasting impact on the business landscape.
The StarNews Business Competition, in collaboration with GBEF, presents a distinctive opportunity for thriving Nigerian SMEs to access mentoring, funding, partnerships, and socio-economic development tools through the Global Black Economic Forum. Participants also have the potential to win cash prizes worth up to NGN5,000,000 from StarNews, gain access to StarNews’s network of investors, and achieve national visibility by having their business featured on the StarNews web platform. Additionally, the top three winners will receive coaching from GBEF’s Academy for Advancing Excellence and become part of GBEF’s ecosystem of global leaders dedicated to social and economic justice across the Black Diaspora. Notable speakers from the entertainment sector who have participated in GBEF convenings include Wyclef Jean (Haitian Musician & Activist), Debra Lee (Former CEO of Black Entertainment Television – BET), and Ceci Kurzman (Founder of Nexus Management Group). Applications for the competition will close on April 5th, 2024.
Speaking on the competition’s launch, Guy Kamgaing, Founder and CEO at StarNews Mobile, says “The StarNews Business Competition is a passion project close to our hearts at StarNews Mobile. It’s about discovering the most promising business entrepreneurs and creators in Nigeria, opening up global opportunities for them and providing them with the resources and tools to achieve their goals. By partnering with MTN, USAID and GBEF, we want to be a platform of empowerment for these SMEs by helping them give back to the communities that are supporting them.”
According to the US Embassy and Consulate for Nigeria, over 80% of Nigerian startups are incorporated in the United States and more than 60% of venture capital funding in Nigerian startups accounted for by the US. In 2023 alone, Nigerian startups raised a total of $398mn however, this signalled a 66% funding decline compared to 2022 due to the global economic downturn, reinforcing the massive need for a fresh injection of capital and business support for Nigeria’s emerging SMEs.
Alphonso David, President and CEO of the Global Black Economic Forum notes that, “Our partnership with StarNews Mobile is a critical resource as we continue to build the collective strength of entrepreneurship across the Diaspora. Building a sustainable ecosystem of Black entrepreneurs in the United States and across the African continent is essential to create a future that makes economic opportunity and economic freedom a reality for all.”
A sister company to ESSENCE, GBEF advances its work by convening global summits and conferences, bringing together world leaders, business leaders, entrepreneurs, celebrities and civic leaders to address the most challenging problems facing our communities. GBEF’s Academy for Advancing Excellence facilitates workforce and leadership development strategy, addressing the talent pipeline & employee lifecycle, providing leadership development & coaching, and conducting institutional assessments & research. GBEF also develops and implements economic and social justice policy recommendations with partners ranging from civil and human rights organisations to government entities and corporations that advocate for economic opportunity, social justice, and health equity through thought leadership, advocacy and litigation.
Launched in 2017, StarNews Mobile empowers African content creators with the unique opportunity to monetize their work through a subscription model, boasting over 4 million subscribers and a thriving community of more than 120 content creators. With a strong presence across six countries including Cameroon, Nigeria, Côte D’Ivoire, Congo, Benin and Ghana, the platform has also established key partnerships with major telecom operators such as MTN and Orange.
To-date, StarNews Mobile has secured over $8mn in funding with its most recent raise – a $3mn pre-Series A funding round in October 2023 – led by Janngo Capital with participation from French football players Aurélien Tchouaméni, Jules Koundé and Mike Maignan.
According to the US Embassy and Consulate for Nigeria, the majority of Nigerian startups, approximately 80%, are registered in the United States. Additionally, more than 60% of venture capital funding for Nigerian startups comes from the US. However, in 2023, Nigerian startups faced a significant decline in funding, with a total of $398mn raised, marking a 66% decrease compared to the previous year. This decline can be attributed to the global economic downturn, highlighting the urgent need for fresh capital infusion and business support for Nigeria’s emerging small and medium-sized enterprises (SMEs).
Alphonso David, the President and CEO of the Global Black Economic Forum, emphasizes the importance of the partnership with StarNews Mobile. He views it as a crucial resource in fostering the collective strength of entrepreneurship within the Diaspora. Establishing a sustainable ecosystem of Black entrepreneurs in both the United States and across the African continent is vital to creating a future where economic opportunity and freedom are accessible to all individuals.
GBEF, a sister company of ESSENCE, advances its mission through the organization of global summits and conferences. These events bring together influential figures from various sectors including world leaders, business leaders, entrepreneurs, celebrities, and civic leaders. The purpose is to collectively address the most pressing challenges that our communities face. Additionally, GBEF’s Academy for Advancing Excellence plays a crucial role in fostering workforce and leadership development strategies. This includes addressing talent pipeline and employee lifecycle issues, providing leadership development and coaching, as well as conducting institutional assessments and research. GBEF also collaborates with a diverse range of partners, including civil and human rights organizations, government entities, and corporations, to develop and implement economic and social justice policy recommendations. Through thought leadership, advocacy, and litigation, GBEF advocates for economic opportunity, social justice, and health equity.
StarNews Mobile, launched in 2017, offers African content creators a unique opportunity to monetize their work through a subscription model. With over 4 million subscribers and a thriving community of more than 120 content creators, the platform has become a significant force in the industry. It operates in six countries, namely Cameroon, Nigeria, Côte D’Ivoire, Congo, Benin, and Ghana, and has established valuable partnerships with major telecom operators like MTN and Orange.
In terms of funding, StarNews Mobile has successfully secured over $8mn to date. Its most recent achievement was a $3mn pre-Series A funding round in October 2023, led by Janngo Capital. Notably, this round saw the participation of renowned French football players Aurélien Tchouaméni, Jules Koundé, and Mike Maignan.
