Congratulations to the Finalists of the Milken-Motsepe Prize in FinTech!
The Milken-Motsepe Prize in Green Energy was a two-year, $2 million innovation competition that challenged innovators to expand access to reliable, affordable, and sustainable off-grid electricity in Africa.
The prize offered $2 million in prizes and additional benefits, including a $1 million grand prize for the winning team and $1 million in additional prize money. Participating teams also received access to networking, training, and other resources. The prize was split up into three rounds.
Teams submitted their designs and business models. An independent panel of expert judges selected 20 teams to advance to become semi-finalists.
Twenty semifinalist teams received $20k each to develop and test their innovations. They were afforded access to a tuition-free entrepreneurship course from Stanford Online and Global Innovation Catalyst. Thirty-eight people from 19 teams participated in the 13-week experiential program, receiving 900+ hours of mentorship and capacity-building support. Using data evaluation support from AI-enabled image authentication from Truepic, the expert panel of judges selected five semifinalists to move on to the Finalist Round.
Five finalists received $70k each, in addition to curated benefits for professional development and media support. The five teams then participated in a 24-hour live demonstration at Stellenbosch University, followed by networking and media opportunities. They pitched for investors and experts at Africa’s Green Economy Summit in Cape Town.
The finalists also the attended Milken Institute Global Conference in Los Angeles.
Engaging Young Entrepreneurs in Green Energy Innovation
“As one of the judges for the Milken-Motsepe Green Energy Prize, it was a privilege to witness firsthand the innovation, passion, and commitment of the finalists in addressing one of the most critical issues of our time—clean energy generation. The live demonstration event in Stellenbosch, South Africa, where the top five finalists showcased their groundbreaking green energy technologies, served as a powerful platform not only for assessing these innovative solutions but also for engaging young people in the critical field of STEM and sustainable energy.
One of the most impactful aspects of this event was the inclusion of high school students from Western Cape during the live demonstrations. This decision was not incidental; it reflects a deliberate effort to inspire and educate the next generation of leaders and entrepreneurs who will carry forward the work of building a sustainable future. Having studied in similar schools myself, without such opportunities, their inclusion was motivated by the need to open their eyes to possibilities and empower them to envision themselves as active global players within the global economy.
It is no secret that entrepreneurs play a pivotal role in the economy; they are the pioneers who not only push the boundaries of technology but also act as role models, showing young people that impactful change is within reach. Having high school learners present during live demonstration was a vital step toward fostering a generation that is not only aware of but also actively involved in the pursuit of sustainable development. Entrepreneurs have a unique ability to engage and inspire young minds, guiding them toward careers that address climate challenges and contribute meaningfully to the SDGs.”
Innovation and entrepreneurship are the greatest keys in driving economic development; together in collaboration, we can build economies that respect our planet and inspire future generations to dream, create, and lead with confidence and purpose.
Yolanda Mabuto
The independent judging panel selected two winning teams, who were announced and celebrated at the 2024 Milken Institute Global Conference. The winning Green Energy teams were celebrated onstage with Mike Milken, chairman of the Milken Institute, and Dr. Patrice Motsepe, founder and chairman of the Motsepe Foundation. Diana Orembe, former grand prize winner of the Milken-Motsepe Prize in AgriTech, was also on stage to celebrate the winners and provide an update on her experience in the Milken-Motsepe Prize.
Aftrak, an initiative based in the UK and Malawi led by Jonathan Wilson, PhD, was awarded the $1 million grand prize for its innovative system involving solar microgrids to power custom-designed tractors for deep-bed farming.
Aftrak October press release on impact in Malawi:
“Nicholous Soko is a former teacher who now farms in the village of Emsizini in the north of Malawi. He says the introduction of Aftrak is life-changing: “This has brought new things to us. For so long, we had no light but because of this [Aftrak] coming, the situation has improved for the better. We are no longer living in the dark but are living in the light.”
OMNIVAT, a South Africa-based company led by Randy Kabuya, was awarded the $250,000 runner-up prize for its containerized electricity generation and storage system for remote communities.
in outside funding secured, six times the grand prize purse
in average staff growth among prize winners
total end users served
of competing teams received formal incorporation status or other licenses within 12 months of the competition
people reached through nearly 7,000 pieces of media coverage published across Africa about the competition and its participating entrepreneurs
Unrestricted prize funds awarded were used for:
The Prize Program was impactful for many reasons, including the entrepreneurship training, funding, and public exposure, but the most impactful aspect of the Prize Program was the networking with influential figures across various industries… The Prize Program has given us an incredible platform to connect with a variety of sectors and industries globally.
Toby Williams, Aftrak
The strength of this prize really is its multifaceted offering—the funding, combined with the ongoing support and exposure opportunities, created a formula for success.
Deney van Rooyen, Omnivat
“The Milken-Motsepe Innovation Prize Program was really an eye-opener for me, especially because I see myself as a solution provider more than a businessperson. Coming up with solutions and creating a real business that is profitable and how to talk about my business, how to represent my business, and how to attract talented young and experienced personnel on the team are the most beneficial offerings from the program that I will forever be grateful for.
Kagiso Mampa, VGreEn
“[The Prize] enabled us to reach more customers, and the business has grown to more than 256 customers, with over 1650 employed.
Mayowa Olasupo, PAM Africa
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