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Emerging market startup community and investor Seedstars has partnered with the Human Security Division of the Swiss Federal Department of Foreign Affairs to launch the Migration Entrepreneurship Prize.
The initiative is aimed at supporting startups with socially driven business models in countries in Africa and the Middle East and North Africa (MENA) region that are prone to strong migration movements.
Seedstars said in a statement on 10 December that the ultimate objective of the initiative is to improve human security by promoting freedom from fear and a life in dignity in a sustainable manner.
Applications for the Migration Entrepreneurship Prize will close on 31 January
For ventures to be eligible for the prize, applicants must create be involved in promising business opportunities locally and offer innovative solutions that alleviate the pressure for people to take dangerous routes leaving their homes.
In addition, applicants must be involved in startups that have solutions aimed at both the migrant and local populations. These solutions must have the ability to be implemented in the migrant’s country of origin, their host nations, as well as those they pass through on their way to host countries.
The ventures, Seedstars added, must be at seed-stage, operate in either the English or French medium and must have a minimum viable product and initial user traction.
Seedstars will take applications from the following list of countries: Ivory Coast, Gambia, Ghana, Guinea-Bissau, Liberia, Mali, Mauritania, Nigeria, Senegal, Sierra Leone, Togo, Ethiopia, Somalia, Tunisia, Algeria, Morocco, Libya, Egypt, Bahrain, Iraq, Jordan, Kuwait, Lebanon, Israel, Oman, Palestinian Territories, Qatar, Saudi Arabia, Turkey and the United Arab Emirates (UAE).
Applications for the Migration Entrepreneurship Prize close on 31 January, with shortlisted candidates set to be contacted for interviews after 10 February.
The prize’s 10 finalists will be announced on 20 February, with the global winner set to be selected and announced during the global Seedstars Summit which will be held on 3 April in Switzerland.
The 10 will be invited to join Seedstars’ Investment Readiness Programme which starts in May, while the top five ventures from among the 10 will attend the global Seedstars Summit.
At the summit, the top five finalists will participate in a three-day bootcamp with mentors and investors.
Featured image: geralt via Pixabay