If the highly contested Hanga Pitchfest is anything to go by, innovation is no longer a "buzz word”, for Rwandan tech entrepreneurs.

Now more than ever, experts said at the closing of the annual challenge, innovation has become a critical element in fuelling business growth and maintaining market share.

Young entrepreneur, and Co-founder of health start-up, Lifesten, Peace Ndoli walked away with a $50,000 cash prize, Rwf5 million injection into her EjoHeza Savings account, after beating four other finalists, in a grand ceremony hosted at the BK Arena on Saturday, December 10.

The finalists were shortlisted from a pool of over 300 applicants.

Speaking to The New Times in an exclusive interview, Sangwa Rwabuhihi, one of the judges who participated in the two months exercise, said that generating ideas is only one part of successful innovation.

The rest, he said, lies in understanding the disruptions, building an innovative culture and, most importantly, in efficient implementation.

"Every year, there is a lot of potential in the quality of the founders, and the way they shape their business models, understand the customer needs, but also in a way that shapes their solutions,” Rwabuhihi said.

Opening doors

Varsha Redkar Palepu, the United Nations Development Program (UNDP) Deputy resident representative, said she was inspired to see how Rwanda is charting open doors for tech entrepreneurs and creators.

"I am thrilled to see how this (Hanga Pitchfest) is moving Africa to the direction of the fourth industrial revolution,” she said.

In 2018, Palepu pointed out, a completely disruptive agreement was born in Kigali, establishing the African Continental Free Trade Area (AfCFTA).

"Africa and most Importantly Rwanda is thinking big on digital transformation, while the shocks emanating from the pandemic and Ukraine-Russia crisis exacerbated by the soaring cost of living, lingers on.”

Despite the adverse impact, she said, Africa needs to produce more of what it consumes.

"Digital technologies offer the chance to realize such an ambition, unlocking new pathways for not just growth but inclusive growth, which would have been unimaginable even just a decade ago.”

AfCFTA will have the very first instrument on digital trade applicable across Africa, she said.

"Which means simply that all barriers to digital trade shall increasingly be dropped, your businesses are in fact digital by default continent-wide. First explore the one-Africa market and adopt the continental mindset. There is immense opportunity along with risk.”

Sustainable support needed

Regis Rugemanshuro, Chief Executive at Rwanda Social Security Board (RSSB), underscored the need of having major companies take lead in the development of the startup ecosystem.

"RSSB indeed participated in this year’s Hanga pitchfest and was very impressed at the caliber of projects being implemented. We are a partner this year, where we sponsored the events, and also made some commitments to support and provide opportunities for the innovators.”

According to Rugemanshuro, RSSB contributed to the awards of outstanding innovators, where on top of the cash prizes, the fund also injected Rwf5 million, Rwf2.5 million and Rwf2.5 million into the top three winners’ EjoHeza savings account.

"RSSB itself has been on the journey of digitization and innovation, and we have seen first-hand the journey created internally but also towards our members.”

"It is only right that we support the same cause across the board, whether it's in the corporate world, serving the regular retail market, and more importantly supporting the young innovators and entrepreneurs”.

Besides the funds, he said that RSSB would also open its 38-equity companies portfolio, to further support the winners.

"We are excited to see the capacity presented today, and the skill, the talent, will and the presentations made.”

"We will be reaching out to those companies, already three of the winners today, we can see direct partnership with one of our direct equity companies, so we make those opportunities possible, we avail the CEOs of those companies for mentorship,” he said.

Rugemanshuro likened the development as a "problem shopping opportunity”.

Under the proposed plan, he explained, RSSB would organize a forum where the equity companies in its portfolio are called, in a bid to meet the young entrepreneurs.

"This will also allow us to deliver on our mission in all sectors. We are confident that this is going to make a huge difference not just for the innovators but also for the economy.”

In total, a total of five solutions were awarded. Two of them were women-led, an improvement from last year’s inaugural edition which saw only one making it to the final five.