By Hayal Alemayehu

Legatum, a privately owned international investment group based in Dubai, and Omidyar Network, a philanthropic investment firm has selected Ethiopia for the 2010 African entrepreneurship award due to be held in December this year in Ghana, Accra.

The announcement to select Ethiopia among 15 African states were made on Tuesday during the launching of the 2010 Legatum Africa Awards for Entrepreneurship, which claims to be one of the continent’s most prestigious business awards.

The 2010 award ceremony is scheduled to be held in Accra, Ghana, next December where African business people and invited guests are expected to attend the award ceremony.

The Legatum Africa Awards program recognizes and rewards African business leaders who embody the entrepreneurial spirit and demonstrate the qualities required to succeed in business - determination, a commitment to excellence, innovation and profitability, according to the organizers of the award.
“This is the third year that Legatum has offered an award for entrepreneurship in Africa. And over that time we have found many dynamic entrepreneurs across the continent whose businesses are building prosperity for their communities,” said Alan McCormick, managing director of Legatum.

The 2010 Africa Awards program builds upon similar competitions in 2007 and 2008, and is expected to attract 1,500 entries from fifteen African countries, according to the organizers.

This year, submissions will be accepted from Botswana, Cameroon, Côte d’Ivoire, Ethiopia, Ghana, Kenya, Mozambique, Namibia, Nigeria, Rwanda, Sierra Leone, South Africa, Tanzania, Uganda, and Zambia.

A total of USD 350,000 will be awarded to the winners and the funds directed towards growth and strategic re-investment in their companies, the organizers said in a statement. Winners will be selected on the basis of a rigorous and transparent selection process by an international panel of leading business experts.
Leaders of small-and medium-sized enterprises with an annual of revenues of between USD 2 to 25 million are entitled to apply at africaaward.com until 31 August 2010.

“Omidyar Network and Legatum share the conviction that entrepreneurs are vital to creating new opportunities in Africa”, said Matt Bannick, Managing Partner of Omidyar Network. “With the expanded reach of this year’s awards, we will identify and support the dynamic business leaders who are driving innovation, economic growth and terrific new opportunities across the continent.”

The criteria to qualify for the award include a turnover of USD 2 to 25 million, profitability for at least two full years or rapidly approaching profitability, according to the organizers. The competing organization should be an independent company with more than twenty employees, preferably founder-led and not a subsidiary of a larger organization. It must be fully registered according to the regulations of its country of domicile and no legal action should have been filed against it.

Winning companies will be selected on their ability to operate truly sustainable and innovative businesses, and will demonstrate excellence in overall profitability, return on investment and growth, according to the organizers.


Investment in employees, making a contribution to the community, long-term business strategy, innovative and effective marketing strategies, leadership, culture and values are the other elements to be considered to select winner(s).