Kampala — HERBERT Asiimwe has won $50,000 (about sh95m) in the Private Sector Foundation's (PSFU) Start Your Business competition.

Asiimwe beat 4,000 contestants in the hotly-contested competition.

The PSFU executive director, Gabriel Hatega, said the awards, which were aimed at developing young entrepreneurs, were a great stride towards development.

The function was held at the Kampala Serena Hotel. Reginald Mengi, the chief executive officer of IPP and Media Group, handed over the cheques to the winners.

The competition that started in February had 10 finalists who were mentored in successful business development.

Buga Kasasira, the first runner-up, got $35,000 (sh66m), while Phillemon Aceku was third and bagged $30,000 (sh57m).

Jenifer Among emerged winner in the women's plan idea category.

Kaddu Mukasa Kironde was the central region winner, while Charles Draku got the northern prize. Julian Kizza was the western region's winner and Charles Naitala, the eastern winner. They each received $25,000 (sh47.5m).

Rogers Lubowa and Abdul Mbabazi were given $25,000 each for submitting the business plan proposal.

"We are giving out a grand total of $300,000 (sh570m) in seed financing to the nine finalists to help them implement their business plans," Hatega said.

He said the competition was sponsored by the World Bank.