’Find Your Soil’, Nurture Your AgriTech Innovation and Win $50,000 in Equity Funding

ACCRA, Ghana, August 26, 2024/APO Group/ — 

The Meltwater Entrepreneurial School of Technology (MEST Africa) (www.Meltwater.org), in collaboration with the Norwegian Embassy, proudly announces the launch of the 6th edition of the MEST Africa Challenge (MAC). This year’s challenge seeks to identify and support exceptional AgriTech entrepreneurs who are addressing critical agricultural challenges in West Africa. 

In the rapidly evolving world of AgriTech, innovation needs the right conditions to flourish. While many African entrepreneurs possess bold visions, they often face challenges in accessing the necessary resources and networks to bring their ideas to fruition. MAC 2024 is here to bridge that gap, offering startups the opportunity to “Find Their Soil” by providing critical support, funding, and mentorship. 

“‘Find Your Soil’ is a call to action for AgriTech innovators to discover the ideal environment where their vision can flourish. Through the MEST Africa Challenge, we aim to support this ecosystem by providing the necessary resources, visibility, and strategic support for these entrepreneurs to thrive,” said Ashwin Ravichandran, Portfolio Advisor, MEST Africa. 

MEST Africa is committed to fostering job creation and economic growth across the continent through software entrepreneurship. By offering specialized tech entrepreneurial training and investment opportunities, the organization empowers Africa’s brightest minds to build and scale impactful businesses. 

The MEST Africa Challenge 2024, centered on the AgriTech sector, is open to startups from key West African markets, including Benin, Cape Verde, Côte d’Ivoire, Gambia, Ghana, Guinea, Guinea-Bissau, Liberia, Mauritania, Nigeria, Senegal, Sierra Leone, Mali, and Togo. The winning startup will receive $50,000 in equity funding along with access to MEST’s extensive global network, unlocking valuable partnerships, mentorship, and investment opportunities to accelerate their growth and global presence. 

Through the MEST Africa Challenge, we aim to support this ecosystem by providing the necessary resources, visibility, and strategic support for these entrepreneurs to thrive

Since its inception, MEST has invested over $30 million into training more than 2,000 entrepreneurs and has supported the launch of 90 early-stage tech startups across sectors including AgriTech, FinTech, SaaS, eCommerce, Digital Media, and Healthcare. This year presents an unparalleled opportunity for AgriTech entrepreneurs to “Find Their Soil” and take their businesses to the next level. 

Eligibility Criteria for MEST Africa Challenge 2024: 

• Early-stage technology startup 
• Monthly Recurring Revenue: A minimum of $5k 
• Funding raised: $0 to $1M cumulative 
• Years in existence: 3 years and below 
• Traction: At least 6 months of recurring revenue 
• Founding team: At least 2 founding team members 
• Registered in Delaware (This is preferred) 
• Any industry 
• Any business model (B2B, B2C, B2B2C, B2G etc…) 
• All participants must pitch in English 

Interested AgriTech entrepreneurs can learn more and apply here https://apo-opa.co/3yUlSr6.

Distributed by APO Group on behalf of The Meltwater Entrepreneurial School of Technology (MEST Africa).

A proactive introduction of solid local content regulations will no doubt foster job creation, help combat energy poverty, and promote hope and human dignity for the Namibian people

WINDHOEK, Namibia, March 29, 2024/APO Group/ — 

By NJ Ayuk, Executive Chairman, African Energy Chamber (https://EnergyChamber.org).

Namibia’s oil and gas sector is still looking forward to reaching the production phase — S&P Global analysts don’t anticipate Namibia’s first oil to come until 2029, and the country’s first gas-to-power project is scheduled to begin in 2027. Before Namibia achieves these hotly anticipated milestones, Namibian lawmakers have the opportunity to implement thoughtful, effective policy to benefit their people. Specifically, I’m talking about local content laws that will help spread future wealth among Namibians, develop the skills of the Namibian people in oil and gas professions, and promote the establishment of Namibian oil and gas businesses. Ultimately, this will help ensure a long-term, sustainable economic impact from the resources.

Local content laws are broad policy tools that governments use across many industries. The goals of local content are multifaceted, promoting domestic businesses by requiring a certain percentage of goods or services to be sourced from domestic companies, motivating international companies to share knowledge and expertise with local firms, stimulating job growth in the domestic economy, and encouraging investment in local infrastructure that benefits the industry.

Namibia is fortunate to be in a position to benefit from the experiences of other oil- and gas-producing states. Namibia can use the best practices that have benefitted others and learn from their mistakes. Standing at the precipice of an energy revolution that will help transform its economy, lawmakers in Namibia have something of an advantage, and they need to capitalize on this.

Namibia’s Recent Finds

What’s driving the need for local content directives in Namibia’ nascent oil and gas sector are recent petroleum discoveries, in the Orange Basin in particular. That’s where, in 2022, Shell and TotalEnergies made significant finds in blocks Graff-1 and Venus-1, respectively.

Graf-1 holds an estimated 2.38 billion barrels of oil (boe). And Venus-1 is estimated to hold more than 3 billion boe — potentially the biggest discovery ever in sub-Saharan Africa.

While the commercial viability of extracting the oil still needs to be assessed, these initial discoveries have already sparked further exploration efforts. Galp Energia, for one, reported positive indications of hydrocarbons in their Mopane-1X well, hinting at the potential for the oil and gas play to extend further north.  The Mopane-2X encountered a significant column with light oil in good-quality reservoirs.

Drafting Effective Legislation

To help local companies and Namibian citizens benefit from oil and gas opportunities across the industry’s value chain, Namibia currently has a draft of the National Upstream Petroleum Local Content Policy, but it hasn’t been passed into law yet. The ministry is consulting with stakeholders to make revisions that will best serve the country and her people.

The draft reflects the government’s desire to leverage its recent oil and gas discoveries for broader national development. There’s a focus on achieving a balance between local participation and attracting foreign investment.

We love to see that Namibia is moving toward implementing local content regulation or directives, and the draft policy offers a glimpse into its goals.

As I noted last year, I am heartened to see the productive cooperation of Namibian lawmakers and oil and gas companies. I have personally witnessed their efforts to ensure Namibia’s best economic opportunities. Unlike too many other African nations, Namibian policymakers are not throwing roadblocks in the way of exploration companies. They also realize that the country will reap the benefits of its new petroleum bounty only if all key stakeholders seize this historic opportunity to put the right policies in place and continue encouraging investments in energy.

That’s why it’s all the more heartening that, even after the sad passing of President Hage Geingob in February, the ruling party (the South West Africa People’s Organisation, or SWAPO) has signaled that it will maintain its business-friendly approach to energy exploration and development.

Challenges Ahead

Still, Namibia has several key local content hurdles to overcome.

For one, growing and maintaining a successful oil and gas industry in Namibia will require significant investments in infrastructure, workforce development, and regulatory frameworks. Because the complex energy sector requires high initial investment, specialized technology, particular workforce skills, and a long-time horizon for projects, it can be difficult for local companies to readily participate.

Namibia has to make sure that its local content policy leaves no room for interpretation or nuance to avoid an unfair advantage for some Namibian businesses

In addition to the huge sums of infrastructure financing needed to build out the oil and gas sector, Namibia needs to invest in training and education programs to create a skilled workforce capable of operating and maintaining this infrastructure. Without substantial input — both financial and educational — from external experts, domestic involvement will likely remain limited, despite any well-planned local content policies.

And we can’t overlook the need to define “local” clearly. Namibia has to make sure that its local content policy leaves no room for interpretation or nuance to avoid an unfair advantage for some Namibian businesses.

At the same time, it’s equally important for the country to be pragmatic in its implementation of the regulations to continue fostering investment. Namibian policymakers need to avoid government overreach. While local content regulations can have positive effects, they can also raise concerns about potential drawbacks, such as increased costs or limitations on competition. Striking the right balance between local requirements and international competitiveness will be key to the success of the fledgling oil and gas sector.

Cultivating Trust and Cooperation

Meanwhile, the energy sector must tread carefully to avoid any backlash from the Namibian citizenry. One false step could quickly crumble the people’s support for oil and gas companies.

In today’s world, simply focusing on resource extraction isn’t enough. Oil and gas companies that want to prosper in Namibia must also embrace corporate social responsibility (CSR) and social programs that foster positive outcomes for the people. Implementing sustainable practices that mitigate the environmental impact of oil and gas activities demonstrates a commitment to responsible resource development. Companies that neglect CSR risk facing community opposition and protests, potentially delaying or derailing projects.

In addition, companies with a strong CSR reputation attract and retain top talent, creating a more positive work environment. That, of course, includes women: In Namibia, women make up almost 52% of the population so ignoring their potential would be a gross oversight. A positive social impact should ideally influence government decisions and create a smoother operating environment. The Namibian government can foster this cooperation by favoring companies with strong CSR initiatives when awarding licenses and concessions.

Multinationals like Exxon, TotalEnergies, Shell, Galp, Woodside, and Chevron stand to be amazing allies in this growth. Likewise, service companies like Halliburton, SLB, Baker Hughes, Technip Energies and many others should play a big role — in boosting Namibia’s oil and gas production as well as in promoting Namibia’s local content environment. With the big contracts they’re going after, they’d be wise to start hiring and training Namibians in their oil and gas activities NOW.

A Commitment to Namibians

As long as the country continues along the path toward local content that the Geingob administration initiated, we might well see it becoming obligatory for companies to provide a local content plan and supplier development plan to be eligible to win contracts. Consider the recent ultimatum issued by Maggy Shino, petroleum commissioner of Namibia’s Ministry of Mines and Energy.

“We would like to inform those envisaging to service the Namibian oil industry that local content is mandatory, and that the Namibian government will not compromise in providing opportunities for its people to participate meaningfully in the industry,” Shino said.

In January, Shino shared the vision of the nation’s pathway to first oil. It is evident from her comments to World Oil that her people are foremost in her mind.

“First, we need to build the capacity, both in the local workforce and in the institutions that will help oversee, develop and regulate Namibia’s oil and gas industry. We also have an obligation to share up-to-date information with the Namibian people so that they can prepare effectively for first oil production,” Shino said.

She emphasized the importance of knowledge and skill transfer, to ensure that Namibian companies and Namibians themselves have the opportunity “to participate meaningfully and add value to the projects.”

Shino also called on Namibians themselves, tasking them with some amount of self-determination.

“A much bigger obligation is further placed on the Namibian people to ensure that they equip themselves with the necessary skills required. The oil industry is a highly specialized industry with high standards for HSE, and we will not compromise on the international requirements. We must ensure that the industry has an effective local content policy and regulatory landscape so that Namibians reap the fruits of their labor. This is central to sustainable governance.”

On his part the Minister who has been a strong advocate for local content focused on the role of Namibians to step up their entrepreneurial skills and personal responsibility. “Without local entrepreneurs who are curious, innovative, and willing to invest their time and energy in acquiring the necessary skills to succeed, it will be extremely challenging, and possibly even impossible, to embark on our local content journey,” Stated Tom Alweendo, the Minister of Mines and Energy.

With this mindset, Namibia’s foray into oil and gas will reignite the country’s sluggish economy by encouraging new investment and revitalizing the manufacturing sector. At the same time, a proactive introduction of solid local content regulations will no doubt foster job creation, help combat energy poverty, and promote hope and human dignity for the Namibian people.

Distributed by APO Group on behalf of African Energy Chamber.

Spotlights Role of African Philanthropy in Transforming the Development Agenda in Africa

BOSTON, United States of America, March 11, 2024/APO Group/ — 

At a time of renewed geopolitical interest in Africa, and an increasing questioning of traditional development finance models, Harvard Business School today released a case study examining the role and impact of the Tony Elumelu Foundation (TEF) (https://www.TonyElumeluFoundation.org), and its unique approach to catalysing entrepreneurship in Africa.

The Foundation, Africa’s leading funder of young entrepreneurs, has pioneered an innovative approach to seeding, capacitising and networking young entrepreneurs across Africa.  Drawing directly from Tony Elumelu’s entrepreneurial journey, his acknowledgement that luck and chance played an important role in his success, the Foundation democratises luck, spreads opportunity, in a sector agnostic approach, and has developed a bespoke infrastructure that reaches every country in Africa. The Foundation is a direct expression of Elumelu’s philosophy of Africapitalism, that the private sector must play a pivotal role in Africa’s development, and that investment must seek social, as well as economic returns.

We know that entrepreneurship is the solution to youth unemployment and insecurity

The case study, the first of its kind focused on African philanthropy, was launched today, Thursday, February 29, 2024, before a class of graduate students at Harvard Business School and explored the Foundation’s unique approaches and transformative initiatives, showcasing how the strategic philanthropy offered by TEF, is driving positive change and elevating countries and communities.

The case study recognises challenges the Foundation faces, and its responses, as it developed its mission, since founding in 2010.  The track record is impressive, with over 20,000 entrepreneurs funded, over a million connected digitally and the development of an impact assessment capacity.  TEF has disbursed over USD$100 million, reaching every African country.  The Foundation is increasingly developing a partnership-based approach, working with institutions such as the EU, US agencies, the UNDP, the ICRC, the Ikea Foundation, and others to develop bespoke programmes focused on fragile states, female entrepreneurs and sustainability initiatives.

Tony Elumelu, who spoke at Harvard said, “TEF is creating economic hope and opportunity for African entrepreneurs.  We know that entrepreneurship is the solution to youth unemployment and insecurity.  Through the intervention of the Foundation, we are transforming our young people, giving them hope.  Collectively, all of us can resolve the challenges that we have on the continent.

It is wonderful to have had the opportunity to work with HBS, to spotlight our successes, acknowledge the challenges that we have at times faced, and provide the opportunity to spread our experience, for the benefit of others.”

The Harvard Business School session provided an opportunity to engage in a meaningful discussion on the role of philanthropy in shaping sustainable and inclusive economies.  As the world grapples with complex challenges around demographics, climate and sustainability, the Tony Elumelu Foundation model offers a fascinating model of how strategic philanthropy can be a driving force for positive change.

Distributed by APO Group on behalf of The Tony Elumelu Foundation.