The Paul Katema Foundation has announced an increase in prize money for its Young Builders Challenge Season 1, following an overwhelming response from students and fresh graduates submitting their business pitches.

Founder Paul Katema said the surge in submissions prompted the decision to revise the prize structure upwards. “We’ve seen a tremendous response from young people eager to showcase their business ideas hence the decision," Katema said.

Under the updated prize structure, the first prize winner will receive K5 million and a comprehensive business mentorship package.

The second prize winner will take home K2.5 million and the third prize winner will receive K1 million plus mentorship from seasoned industry professionals.

According to Katema, just 48 hours after opening the application portal on www.paulkatema.org/apply.

The challenge had already received 371 entries and recorded approximately 30,000 public votes.

Winners will be selected through a combination of public voting and a panel of expert judges, with final results to be announced at the end of the season in December.