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USAID, Western Union Launch Competition for Diaspora Entrepreneurs
FrontLines - July 2009
USAID and the Western Union Company and Foundation launched June 2 the African Diaspora Marketplace, a business-proposal competition aimed at finding and funding the most promising diaspora entrepreneurs.
The business competition taps into the entrepreneurial ambitions of the U.S.-based African diaspora and hopes to use its know-how and assets to create business opportunities that will boost employment in sub-Saharan Africa.
“The African diaspora have unique insights into their home countries and have the willingness and motivation
to encourage direct investment into Africa,” said Alonzo Fulgham, Acting Administrator of USAID. “This is a unique opportunity for U.S.-based migrants to help alleviate the disparities surrounding Africa’s economic
situation.”
The competition is accepting
applications from June 2 to July 30. It will provide winners with matching grants to implement their business ideas. More than $1 million in grants will be awarded. Finalists will have access to a network and financing mechanisms to start their programs. Some may also receive USAID technical assistance.
U.S.-based African diaspora organizations and members can submit proposals at
www.diasporamarketplace.org.
Entries will be evaluated based on the strength of their business idea, management capability, sustainability, development impact, and leverage potential. Finalists will present their proposals before a panel of business and development experts at a December awards ceremony.
“Harnessing the strength of this population, estimated at 1.4 million strong, is critical
to solving poverty in Africa,” Fulgham said.
★
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