Nigerian billionaire Tony Elumelu has decided to fund 1,000 budding African entrepreneurs as part of a $100m (£670,000) initiative to boost the continent's private sector.
Mr Elumelu said the entrepreneurs were Africa's "hope for the future".
The 1,000 come from 52 African states and territories and were chosen from some 20,000 applicants.
Forbes magazine listed Mr Elumelu last year as the 26th richest African, worth $1bn.
The BBC's Lerato Mbele reports from South Africa's main city, Johannesburg, that his donation is the largest by a businessman towards the development of small businesses in Africa.
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