FAQ: Africa Fast Growth 500


 
What is the Africa Fast Growth 500 (and the Botswana 25, Ghana 25, Kenya 25, Nigeria 25, Rwanda 25, South Africa  25 and Tanzania 25)?

AllWorld Network is launching the Africa Fast Growth 500 – an unprecedented effort to find all of Africa’s dynamic entrepreneurs. The Africa 500 will find and rank Africa’s fast growing private companies, companies that are the builder’s of Africa’s future wealth and employment.

Joining in this effort are global partners; the United Nations Office of Partnerships, The World Bank Institute, Endeavor SA, the Harvard University Corporate Social Responsibility Initiative, the Business Council for International Understanding, the Center for Strategic Competitiveness at IIT-Stuart School of Business, and the leadership training institute Pinnacle Ltd.  Professor Michael Porter of the Harvard Business School is Chairman of AllWorld Network’s Advisory Board.

After having successfully launched the Saudi Fast Growth 100 and South Africa Fast Growth 100, we are creating the Botswana 25, Ghana 25, Kenya 25, Nigeria 25, Rwanda 25, and Tanzania 25 as part of the Africa 500.  We are looking for the fastest growing private companies in these countries and the winning companies will be ranked according to their revenue growth between 2007 and 2009.  The fastest growing company wins the #1 spot.

The 25 winners from each country will be announced in Fall 2010
.

Subsequently, all applicants from the Country 25s that will automatically qualify for the Africa 500. The first Africa 500 will be announced towards the end of 2010-location to be determined.

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Why apply?

Here are five good reasons:

  1.      YOU CAN EARN A POWERFUL ENDORSEMENT

Making the list distinguishes your company in the eyes of clients, prospects, competitors, investors, the media, your community, and the world at large. Many of the 2009 and 2010 Saudi Fast Growth 100 winners use the recognition on their web site and marketing materials and have received considerable media attention.

2.      YOU CAN BOOST EMPLOYEE AND INVESTOR MORALE

Recognition as the fastest growing company in your country and Africa 500 winner is tangible, objective evidence that the hard work of your employees is paying off and that your investors made a good decision.

3.      YOU`LL GET TO NETWORK WITH THE BEST

By connecting with and learning from other innovative and successful entrepreneurs you will become a stronger, smarter, and better business leader. Also, the top 5 winners from each country are invited to attend the AllWorld Leadership Summit in October at Harvard University and the Pinnacle Institute with fast-growing companies from around the world.

4.      YOU WILL BE SUPPORTING THE ENTREPRENEURIAL CAUSE

Entrepreneurship is the backbone of any competitive economy. It is important that the country and the world recognise what African entrepreneurs have to offer.

5.      BECOME A MEMBER OF ALLWORLD EXCHANGE B2B PLATFORM

You will become a member of the exclusive Africa 500 business network and the AllWorld Exchange B2B platform.

Still not convinced? CLICK HERE to learn why some of the most successful and dynamic business leaders in Saudi Arabia have taken part in the previous lists.

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How do I apply?

CLICK HERE to begin filling out the Application.

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How are companies ranked?

We rank companies by the percentage growth of their annual revenue (turnover) between 2007 and 2009. We look for companies that have been able to grow at a very fast rate for the years in consideration. Also, each company qualified for the lists must meet international standards of competitive entrepreneurship. We are looking for real companies, with real growth and real success. Companies are ranked on pure performance and the fastest growing company we find will be ranked #1 on the list. We reserve the right to disqualify companies for financial or other reasons.

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Why do we emphasize fast growth companies?

Fast growth companies generate new ideas, new business models, and new markets. To sustain high growth rates for a number of years, a company is not replicating best practices, it is creating best practices. Closer to home, fast growth companies rapidly expand their employment base, and because of their growth, offer unparallel opportunities for employee training and advancement.

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Will my company's growth percentage be high enough to make my country's list or the Africa 500?

This depends on your company's growth percentage in comparison with the rest of the private companies that apply. Remember that the award is based on 3 year growth rate, not one. Thus, if your company has experienced any growth during this period, we encourage you to apply.

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My company's revenue growth slowed or declined in the past year. Does that disqualify my business of make it unwise to apply?

Not at all. We look at your overall growth rate in comparison to the other applicants. Year-to-year declines are accepted and will most likely be common among honorees.

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What are the basic criteria for eligibility?

To be eligible for the lists, your company:

  • Must be an independent, private, for-profit, corporation or partnership, or proprietorship
  • Must NOT be a non-profit, holding company, franchise, bank or utility   company. Private companies established by government or where government is a majority stakeholder are also not eligible.                              
  • Have 6 or more full-time employees in 2009.
  • Have a minimum 3-year operating history, and revenue (USD) of at least $100,000 in 2007 and $500,000 in 2009.
  • Provide audited statements or an audit letter to confirm your company’s revenues.
  • Smaller and younger companies can apply to be recognized as Companies to Watch.

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My company is majority or wholly owned by a venture capital firm, a private equity firm, or an investment bank. Is it eligible?
Yes

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How does the list define revenue?

We define revenue as gross revenue or turnover, less returns and allowances, before any cost of goods sold. If you do not have a final figure for your 2009 revenue when you apply, you may enter an estimate and give the more precise figure when you submit additional documents.

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When is the deadline for submitting an application for the Country "25s" and Africa 500 lists?

The deadline for the Country 25 lists is October 1, 2010.  Your application will also be automatically entered into the Africa 500 process to be announced later in 2010.

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Is Supporting Documentation Required?

Yes. To ensure the integrity and credibility of the list, we require that all applicant companies submit audited financial statements or an audit letter for proof and verification of their revenue figures.

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What if my company is public?

Public companies are not eligible for the Country 25s or Africa 500. However, if a company was privately held and independent up to December 31, 2009, it is still eligible.

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What if my company is independent but is about to be acquired or go public?

Your business is eligible as long as it is privately held and independent as of December 31, 2009.

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Does my company have to be profitable to be eligible?

No. The lists are solely based on revenue growth, and profitability does not enter into the equation.

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Will being recognised on the Country 25s or Africa 500 reveal information about my company to my competitors?

As a part of the program, we will publish your 2009 revenue, growth rate, location, industry, number of employees, year founded, and your company's Web address. We will also publish a short profile of your company. Most of this basic company information is already available publicly in one form or another. The other information provided in the CEO Survey will only be reported in aggregate, in other words, your company’s survey results will be combined with those of other companies to preserve the confidentiality of your answers.

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Right now, I'm not sure if I want my company to be on the list? Can I apply now and withdraw my application later?

You may withdraw at any time.

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Who are the partners in the program and what do they do?

Information about our partners can be found our web site www.allworldlive.com

Who is AllWorld Network?  

To learn more about AllWorld Network visit our web site www.allworldlive.com

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What is a nominating partner?

Nominating Partners are actively involving in building the programs. Each organization participating as a Nominating Partner agrees to nominate 10 fast growth companies to the list. The logo of each nominating partner is showcased on our web sites.

To become a Nominating Partner, please contact  Dereje Bereta @ dbereta@allworldlive.com

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What if I have more questions that are not listed here?

If you have further questions, please contact Dereje Bereta @ dbereta@allworldlive.com

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