New Initiative Offers $50,000 to Competitive EAC Companies!

East African Business Week (Kampala)
NEWS
16 July 2007
Posted to the web 16 July 2007

By Ben Moses Ilakut
Kampala

A new initiative to promote competitive enterprise has been kicked off by OTF Group to benefit businesses that have pioneered prosperity in their endeavors. Courtesy of the Prosperity Grant and Award Programme, a high-impact initiative that rewards and promotes the few torch-bearing companies of Africa, the programme sets out to identify and cultivate local role models that can show the way to a more prosperous and sustainable future for their country and their region.

Five pioneers of the programme will each receive up to $US 50,000 to strategically re-invest in their businesses.

Winners will be selected based on a rigorous and fair selection process, according to a press release sent to Business Week.

In addition, the semi-finalists and finalists will enjoy media coverage throughout the course of the competition, aided by Pulse Experiential Ltd, which has been retained by the sponsors as regional PR partners for the initiative.

In 2007, the pioneers of Prosperity Awards will focus on five countries in East Africa-Kenya, Uganda, Tanzania, Burundi and Rwanda.

"The continent's future is in the hands of companies that win by building truly sustainable competitive advantages, and can show others the way forward," says the OTF Group spokesperson.

OTF believes that such enterprises are unique because they provide value to customers by identifying and developing sophisticated and innovative products for the right customers, segments of local, regional, and international buyers who are willing and able to pay high prices, says the release.

The award also seeks to encourage companies that consistently generate profits for the owners that are commensurate with the risks taken by investing in them; companies that provide high wages to their workers; and operate in ways that do not compromise the living environment of future generations of African.

The competition is open to all businesses that employ more than 10 full time staff, earn $100,000 - $10million in revenues per annum, are profit motivated, have been profitable for the last four quarters in a row, receive outside funding, but do not rely solely on donor funding

The Pioneers of Prosperity Grant and Award Program is a partnership between the OTF Group and the John F. Templeton Foundation of the United States of America.

The OTF Group is the competitiveness consulting firm that brings the deepest experience in building prosperity in developing economies. For the past 15 years, the OTF Group has helped transform over 20 business sectors in 35 countries throughout the world. The John F. Templeton Foundation is a philanthropic catalyst for discovery in areas engaging life's biggest questions. Winners will receive recognition, international networking opportunities and grant financing.

To apply or nominate a company, participants are required to visit www.pioneersofprosperity.org. The deadline is July 20 for nominations and July 30 for applications.