Africa's entrepreneurial talent and innovation took the spotlight in the Rwandan capital of Kigali for the summit and grand finale of the seventh Africa's Business Heroes (ABH) competition.

The highly anticipated two-day event, hosted by Alibaba Philanthropy and Jack Ma Foundation in partnership with the Rwanda Development Board (RDB), brought together top entrepreneurs, investors, policymakers, and industry leaders to celebrate transformative ideas shaping Africa's economic future.

"Africa has never lacked entrepreneurial spirit. Africans have never lacked problem-solvers," said Sun Lijun, chairman of the Board of Alibaba Foundation and president of Alibaba Philanthropy. "Many of Africa's development challenges can be explored and solved through African innovation. We believe that a new generation of outstanding African entrepreneurs will bring transformative change to Africa."

Sun highlighted Alibaba's expanding investment in artificial intelligence (AI) and innovation, emphasizing that Africa's future "will be shaped by African entrepreneurs."

RDB Deputy Chief Executive Officer Juliana Muganza reaffirmed Rwanda's commitment to positioning entrepreneurship at the heart of national and continental transformation.

"Entrepreneurship is not just a tool for development; it is the engine of transformation," Muganza said. "Young people, women, and innovators are no longer waiting for opportunities; they are creating them. Africa is open for business, but importantly, it is ready for smart and patient capital."

Chinese Ambassador to Rwanda Gao Wenqi called the summit an inspiring gathering of Africa's most promising entrepreneurs and a major platform for fostering innovation.

"Past top winners have become inspirational leaders for the entire continent," Gao said. "The increasing number of applicants shows Africa's vitality and the strength of its economy."

According to the ambassador, China-Africa cooperation is expanding into forward-looking sectors, such as AI, digital economy, green energy, fintech, and sustainable development. "China will continue to broaden market access to Africa," he added.

The event has brought together over 1,700 entrepreneurs, investors, students, and industry experts for discussions on the future of African innovation.

This year's grand finale will feature live pitches before a panel of distinguished judges, immersive stage experiences, and performances celebrating African creativity. The Top 10 will share a total of 1.5 million U.S. dollars in grant funding.

The Kigali event followed the seventh ABH Semi-Finals held in Dakar, Senegal, in September, where 10 finalists were selected from a pool of 20 semi-finalists. This year's finalists hail from Kenya, Senegal, Rwanda, Tanzania, Egypt, South Africa, and Cameroon.

The ABH competition, as Alibaba Philanthropy and Jack Ma Foundation's flagship initiative, continues to scale its impact across the continent. The grant recipients have created over 120,000 jobs and impacted over 40 million people through the customers they serve, according to organizers.

More than 150,000 applications have been received to date, reflecting the program's wide reach and growing momentum, the organizers added.