Barclays launches innovation challenge

Barclays Africa Group has launched an innovation challenge for youth entrepreneurs that will see the winner receive a Sh1 million cash prize and potential funding opportunity from investors.

Barclays Africa Chief Executive of Corporate and Investment Banking Stephen van Coller said challenge will help transform the supply chain transparency and lower the cost of doing business.

"The supply chain, the journey of a product from manufacturer to consumer is often disjointed and inefficient and there is currently a huge amount of interest in finding ways to increase the transparency of provenance, not least of which is the use of Blockchain technology.

Such technologies have substantial potential in creating transparency about the series of transactions that occur along any supply chain process," Mr Coller said.

Supply Chain Challenge aims to tap ideas that drives the digital evolution on the continent and promote tech entrepreneurs in the region.

The announcement comes after the recent global launch of the Barclays Rise Innovation programme in which Barclays is partnering with innovators and entrepreneurs who drive technological disruption in the financial services sector.

Barclays bank Kenya Chief Executive Jeremy Awori said the bank will embark on several other programmes to promote innovations and drive entrepreneurship.

BRING EFFICIENCY

“We know that innovation will bring efficiencies in business and that is why we take such initiatives seriously to support the youth and the SMEs with targeted banking products. This will only be a step in the journey we want to embark on in creating more business opportunities through innovations,” Mr Awori said.

Technologies that promote supply chain transparency for products like Food and diamonds have largely attracted attention of traders and consumers as regulators focus to ensure traceability of these goods.

The challenge will be open for Africa based individual innovators in teams and start-ups aged between 18 and 35 who will be expected to propose a solution that creates more transparency between seller and buyer, through the supply chain.

The entries, which close on September 18, will see the overall winner take a $10,000 prize as one member from each finalist team gets invited to pitch to a panel of renowned experts in South Africa on November 3.

The challenge comes as Kenya begins hosting the 2015 Global Entrepreneurship Summit, which provides a similar opportunity for entrepreneurs to get mentorship and pitch ideas and attract investors.