(Yicai Global) March 28 -- The first Africa Netpreneur Prize started accepting applications yesterday.

The initiative sponsored by the Jack Ma Foundation will provide USD1 million each year for the next ten years.

Ten winners will be competitively selected to attend the final round in November, but whether it is a winner-take-all or shared award is unclear.

Ma, the founder of Hangzhou-headquartered tech titan Alibaba Group Holding who started the foundation in 2014, calls Africa a "land of hope," and wishes its people can start up businesses just as he did 20 years ago.

First announced in August, the prize is open to nationals from any of the 54 African countries in all industries and sectors andencourages young and women entrepreneurs to apply.
Editor: Ben Armour