Chinese billionaire Jack Ma has announced a $10 million prize for small businesses in Africa that are growing in the continents early digital economy,

Under the Jack Ma Foundation Netpreneur Prize, winner of an annual pitch competition will get $1 million funding each year for 10 years, starting from 2019. The focus of the competition will be internet-led businesses run by African nationals that help advance technology and innovation in Africa.

“As a fellow entrepreneur, I understand the importance of getting support during the early days,” Jack Ma said.

“This prize demonstrates our support of the next generation of young entrepreneurs across Africa who are paving the way for a better future and imparting a positive change in their communities. I am inspired and encouraged by these entrepreneurs who, together, will help build a sustainable, inclusive economy for Africa and for the world.”

All the 10 finalists of the competition will be eligible for grant funding, mentorship and access to the Netpreneur community of African business leaders.

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