The African Startup League (ASL) has set an ambitious goal of funding over 10,000 startups in Africa each year, aiming to create a robust continental-wide startup ecosystem and bring the number of African unicorns at par with the US and China.
ASL is the first Project of Humanity Nodes Protocol and is the world's first decentralized community-powered company builder for humanity-focused startups.
The competition, which runs from August to December, will see the top 100 projects win cash prizes of a minimum of $10,000, with top startup projects walking away with a minimum of $1,000,000 investment.
Startup funding in Africa is gathering momentum, driven by the ready market and the need to solve problems using technology on the continent.
However, despite the growing amount of funding, Africa lacks the critical components to create a true startup ecosystem, similar to those found in the US's Silicon Valley, Israel's Startup Nation, or China.
Startups are essential to creating a growing economy, and unicorns are the measuring stick of a startup ecosystem.
According to the Hurun Global Index, the US had 487 unicorns, while China had 301, with India having 54 and Africa having only 4.
ASL's funding plan aims to change the dynamics of startups, blockchain technology, and humanity in Africa, creating an environment that will grow hundreds of thousands of businesses, ten thousand funded startups, and hundreds of unicorns.
