Malak El Masry speaks on championing entrepreneurship and art in Africa
With a rich background in strategic communications and a passion for nurturing new talent, Malak continues to make significant strides in shaping Africa’s entrepreneurial landscape. Join us as we explore her insights into the challenges and triumphs of driving economic growth and innovation across the continent.
BI Africa: Malak, with your extensive entrepreneurship background and in your role in fostering entrepreneurship across Africa, how do you see competitions like Africa’s Business Heroes contributing to the entrepreneurial ecosystem on the continent?
El Masry: Competitions like ABH incentivise economic growth in the region, they help create the space for startups to push their boundaries and grow. Not only due to the financial gain for the winners, but the extensive training and experience they receive and the exposure they get globally. A big part of programs and competitions like ABH is they unite the startups and resources they need but also allow the startups themselves to exchange experiences and learn from one another. This is evident as we can see past winners and finalists from the ABH program and how they have flourished and contributed significantly to both the local and regional entrepreneurial ecosystem.
Can you share the vision behind the ABH Prize Competition and how it aligns with the broader goals of fostering economic opportunity and development in Africa?
El Masry: The vision of the ABH competition is focused on supporting and empowering African entrepreneurs who are addressing challenges specific to Africa with their products and services, to get the support and network they need. The beauty of this competition is it understands the richness of the African region and how many bright minds have innovative solutions and can benefit from networking with the correct community of mentors, experts, investors and other startups to scale and succeed. Economic opportunity and development are now a reality due to programs like ABH that understand what entrepreneurs need, from the financial support to the content and training and finally and most importantly a community of like-minded people.
BI Africa: The ABH competition offers up to $300,000 in grant funds along with other substantial benefits. Can you elaborate on how these resources have historically empowered entrepreneurs to scale their businesses and make a larger impact?
El Masry: A common misconception is that a startup simply needs funding; every startup is at a different stage and may need a very specific resource. In the past we have seen many competitions and programs helping entrepreneurs and at times some businesses may need to reflect on their prototype, choose the correct marketing campaign or require funding to scale into new markets. As RiseUp, looking at the startups who participated in our 2013 RiseUp Egypt summit, we can proudly say some of the startups that had just launched are now leading in their fields across Egypt and the region. This simply goes back to these startups finding the right advice, training, people to hire or funding from the vast networks they have built from programs, events and communities they are now a part of.
BI Africa: For potential applicants reading, what qualities do you believe make a business stand out in this competition, especially considering the focus on inclusivity, innovation, and impact?
El Masry: The main characteristics that make a startup standout in a program like Africa’s Business Heroes is the clarity of their idea and their ability to present it as simply as possible. This entails effectively communicating the core concept of their business in a clear and understandable manner. Whilst the innovative new ideas always are important, an application that lacks substance will not show the full capabilities and details of the business. Another aspect is the ability for the startup to tackle multiple Sustainable Development Goals (SDGs) with their business model, showing that they have a significant impact on their community through their sustainable business model. Finally, a story behind the business that connects and shows what is behind the startup, a story that can show the passion, commitment and journey of the startup will always garner attention.
BI Africa: How can entrepreneurs make the most of these opportunities to refine their business models and strategies?
El Masry: Entrepreneurs should build connections with every person they meet throughout the program, discuss their business model with not only mentors, but other startups as well. A fresh insight will always help startups understand and see their challenges from a different perspective. Don’t be afraid to ask and reach out to people you meet across your journey. By constantly re-evaluating your model and listening to expert advice or fellow entrepreneurs that share your journey, you address every challenge and opportunity you may be facing.
BI Africa: The competition places a significant emphasis on personal stories and the entrepreneurial journey. How important is storytelling in attracting investment and growing a business beyond the ABH competition?
El Masry: Across every startup competition, pitching and storytelling have been skills every entrepreneur needs to work on. Putting together the perfect pitch is being taught by many experts around the world, and while some startups may have excellent business models, a lack of clear delivery and strong connection with their audience/ investors may impact how others view their business model – or simply make them just another business in the industry with no competitive edge. Storytelling is the way they can connect with their audience, judges and investors.
A startup run by a passionate engineer who started building car models as a child in his room and grew into a car engineer that develops cars running on electricity shows their passion towards their subject matter and that makes them both stand out and get the attention of the investors. The passion in their story can reflect on many characteristics we need in today’s entrepreneurs such as perseverance, commitment and the motivation to keep going in the toughest of times.
BI Africa: Could you share a few standout success stories from past ABH finalists or winners? How have they utilised the ABH platform to scale their businesses or make a more profound impact?
El Masry: If we look at the Entrepreneurs who participated in the past cycle of the ABH prize competition, with a focus on those coming out of Egypt, a critical thing to note is most of these startups not only continue to operate today but have significantly scaled.
Some excellent examples include Helm co-founded by Ameena El Saeey – who were part of the ABH top 10 finalists in 2022. They focus on inclusion for people with disability through providing their services of training and consultancy https://www.helmegypt.org/. You can visit their website to see the amazing impact they have created.
Another noteworthy success story is Praxilabs, led by CEO Khadija Elbedweihy. They specialize in developing and enhancing science education. Praxilabs clinched the grand first place in the ABH 2021 competition. Since then, they’ve expanded into multiple countries and markets, doubling their revenue post-competition. Their success continues to soar to this day. You can learn more about them at https://praxilabs.com/en/about-us .
Reflecting on 2019, we highlight Omar Sakr, CEO of Nawaah Scientific, who secured the 1st Runner-up position. Nawaah Scientific excels in conducting high-quality scientific research in less time and at a reduced cost. Learn more about them at https://nawah-scientific.com/
In the 2023 ABH Semi-Final Pitch, Nadya Gamal ElDin, the founder of RahetBally, extremely impressed the ABH judges. She convincingly demonstrated her need for the prize to launch her Super App, which she successfully launched immediately after winning. This showcases how ABH empowers startups to turn their dreams into reality. Explore more about RahetBally at https://rahetbally.com/ar
BI Africa: As an ABH Partner for Northern Africa, could you offer any advice or insights specifically for entrepreneurs from this region on how to successfully navigate and leverage the ABH competition?
El Masry: As an ABH Partner for Northern Africa, we offer tailored advice and insights for entrepreneurs from this region on how to effectively navigate and leverage the ABH competition. Our first recommendation to interested entrepreneurs is to connect with past ABH participants and semi-finalists. Engage in conversations with them to gather valuable insights and experiences. Additionally, we encourage thorough exploration of the ABH website to find answers to any questions they may have.
Furthermore, we suggest keeping a lookout for local launch events in their respective countries. For instance, in Egypt, we are hosting an ABH launch event on Monday, May 6th. We extend a warm invitation to all local entrepreneurs interested in learning more about the program firsthand. This event provides an excellent opportunity to meet the ABH and RiseUp team and gain deeper insights into the program.
BI Africa: With the application deadline approaching on May 19th, what final words of encouragement would you offer to entrepreneurs who are considering applying but might be hesitating to take that step?
El Masry: Don’t let hesitation hold you back from applying or feeling overwhelmed by the process. The ABH program offers a valuable network of people available to provide insights into how other startups operate across the region. If you meet the eligibility criteria, start the application process early to ensure you can provide all required documents and details. Additionally, ensure you have a compelling video showcasing your business, along with references and customer testimonials, to strengthen your application. While applying, be sure to read through the provided tips for guidance.
BI Africa: Where can interested entrepreneurs find more information about the ABH competition and connect with past participants or mentors to learn from their experiences?
El Masry: For those interested in the ABH program, the website extensively shares the eligibility criteria, the journey of the startups, all the way to testimonials about the program. Also, you can follow ABH and RiseUp on Instagram to get the latest updates on the program.
For entrepreneurs keen on learning more about the ABH competition and connecting with past participants or mentors, there are a few avenues to explore:
Website Resources: The ABH program website offers extensive information, including eligibility criteria, startup journeys, and testimonials. You can explore all these resources to gain a comprehensive understanding of the program. Visit: https://africabusinessheroes.org/
Social Media Channels: Follow ABH and RiseUp on Instagram for the latest updates, announcements, and insights about the program. This is a great way to stay connected and informed about upcoming events and opportunities.
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