According to the ALN, “The Awards are open to Africa-based entrepreneurs with firms that are fully registered in their home countries and that have revenues over USD 150, 000 for Social Entrepreneurs and over USD 500,000 for other Categories.”
The firms ought to have been profitable for at least 2 years, are an independent business and not a subsidiary and are free of legal actions.
ALN adds that nominees will be selected through a rigorous and transparent selection process comprising of a team of business analysts, auditors and market and sector experts.
The experts will review nominees and select 15-20 of the most outstanding nominations across each of the five categories while the finalists will be judged by an international panel of leading business experts. The international experts will look at their sustainability and innovation, profitability and growth, long-term business strategy, leadership, culture and values, investment in employees and social and economic impact on communities.
- Lifetime Achievement Award –for a senior African business leader and entrepreneurial icon for several decades and has left an enduring legacy of success in Africa.
- Transformational Business Award – for a notable business leader with major socio-economic impact in Africa, having build a business with revenues greater than US$50million.
- Outstanding Mature Business Award – US$100 000 prize to a business leader who has built a company with revenues between US$5Million and US$50million
- Outstanding Small and Growing Business – US$50 000 prize to young, remarkable African business with revenues between US$500k – US$5Million.
- Social Entrepreneur Category – US$50 000 given to an outstanding enterprise that has a demonstrated socio-economic and environmental impact, while blending profitability and sustainability in its business model. To apply companies ought to have revenues of between US$150,000 and US$2.5million in the last financial year.