The Vodacom Lesotho Foundation, in partnership with the Global Entrepreneurship Network (GEN), launched Entrepreneurship World Cup (EWC) in Maseru on Tuesday.

The EWC initiative was established to offer entrepreneurs and fledgling businesses an opportunity to pitch globally for a share of US$1-million in prizes, as well as access to international mentors. Winning pitches also stand to win M1-million in local prizes and local incubation.

The EWC is open and accepting applications until 15th August 2022.

Vodacom Corporate Affairs Executive, Head, Tšepo Ntaopane said EWC is a national initiative aiming to curb the high unemployment rate.

According to Statista, Lesotho’s unemployment rate is currently 24.65% and according to analysis from Trading Economics, the expectation is that this rate will reach 25% by the end of 2022.

Ntaopane said this represents a major challenge to would-be businesses and entrepreneurs, with many not able to secure loans from banks to boost their businesses, so they look to affiliation with the Foundation and specifically opportunities linked to the EWC.

Investment in local entrepreneurship vital to boost country’s economy, he said.

Ntaopane stressed that the entrepreneurs will make a necessary network that will help grow their businesses, saying they will link with entrepreneurs from developed countries to learn entrepreneurship skills from them.

Member of GEN Lesotho, Ntšepeng Tšitsa said any start-up is welcome to apply and applicants must be legally registered or planning to register in Lesotho, and must not be over 7 years in business at the time of finals.

EWC Global Winners from previous editions are not eligible to participate again in EWC 2022.

Tšitsa noted that immediately after registration the applicants will get free training on entrepreneurship skills.

She said the country’s top five start-ups will receive a share of M1, 000,000 in cash.

“The Grant Prize; M200,000, Best Growth Stage; M100,000, Best Early Stage: M100,000, Best Idea Stage: M50,000, Best Social Enterprise; M50,000. The prizes will also include 1-year incubation, coaching, mentorship, and international study tour,” she said.