Kenya- Ivory Coast- Nigeria- Ghana- South Africa

African KINGS of Innovation

According to the AfriLabs and Briter Bridges 2019 study on startups and technological innovation on Africa, South Africa, Kenya and Nigeria were the three countries that raised the most funds on the continent in 2019 with respectively $250 million, $348 million and $306 million. It represents 78% of the total funding raised in Africa in 2019. Next came Tanzania ($75 million), Egypt ($67 million), Malawi ($28 million). The first country in West Africa is Senegal with $22 million for four transactions, followed by Ghana ($6 million), Mali ($3 million) and Ivory Coast ($1 million), which specialists consider to be the most promising market and potential to connect investors to innovators (startups).

643 hubs and more than 2,000 listed startups

The countries with the highest number of start-ups in Africa in 2019 are Nigeria (90), South Africa (78), Egypt (56) and Kenya (50). In French-speaking Africa, they are Tunisia (36), Morocco (34), Ivory Coast (22) and Mali (17). As for hubs, the study counted 643 hubs on the continent in 2019, 40% of which indicate that they also provide financial support to start-ups, either through equity investments (30%), donations (23%), or non-equity investments (13%). These funds can be as high as $250,000, but the vast majority of support is between $1,000 and $5,000.

However, according to the study, some 110 hubs dosappeared in the last five years. The main factor threatening the sustainability of the hubs is access to reliable and consistent funding. Other threats to the sustainability of these structures are the difficulty in finding interested investors to finance the selected start-ups, and the recruitment of sufficiently experienced or qualified staff to provide them with real strategic and business development added value.

Siré SY

See also:
Teleworking When Kenya gives justice by video-chat and the Councils of Ministers take place by videoconference in Senegal
African Startups and Entrepreneurs 3 strands of innovation
From Nigeria to Ghana, Kenya and South Africa The Stroll of Bridges Builder in Lagos, Accra, Nairobi and Jo’burg
Hackathon- Bootcamp-Innovation Challenges

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