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The African startup ecosystem is expanding at an exponential pace and it continues to record remarkable success. The sector has drawn the attention of influential people; the likes of Mark Zuckerberg and Bill Gates. Their attention has further slanted the geographical focus on innovation and entrepreneurship into Africa’s market hence attracting investments into the sector.
Despite the fact that the sector is thriving, startups till face a myriad of challenges majorly a lack of access to financial resources to grow, flourish and compete in the global markets.
Notably, African startups more so those on growth stage risk collapsing during their first year since that’s when they are most susceptible to failure.
A new World Economic Forum initiative, the Africa Growth Platform, has been launched to help African startups grow and be able to compete in international markets.
Alibaba Group, Dalberg, A. T. Kearney, Export Trading Group, U.S. African Development Foundation, and the Zenith Bank are part of the new World Economic Forum initiative supporting the launch of the Africa Growth Platform.
The Program is expected to support the growth of the continent’s startups notably through working with governments to form favorable policies, by developing a community of growth investors as well as through increasing collaboration and sharing best practices.
“Africa’s entrepreneurs are its greatest economic asset but spirit and resourcefulness alone are not always enough to help them succeed. Too often start-ups and innovative enterprises fail needlessly through lack of additional finance or overly burdensome regulations. The Africa Growth Platform brings together all the actors; governments, investors and the businesses themselves necessary to create an environment where they can fulfill their potential in terms of growth and employment,” said Elsie Kanza, Head of Africa, World Economic Forum.
The Africa Growth Platform is looking to leverage on the forthcoming World Economic Forum to bargain support, commitments and participation from leaders of governments, businesses, investors and other stakeholders
Featured Image Courtesy: Forbes
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