African Startups Require a Public-Private Partnership for Survival

African startups - cfamedia

As with other continents, Africa is gifted with entrepreneurs in its numbers, nevertheless, their success is dependent on having to work in a conducive environment that would see them thrive.

Entrepreneurs need a viable startup ecosystem that would establish them as impact makers for economic growth.

Reports have shown that more than half of Africa’s young population is under unemployed status.

This is nothing but a clear indication that the continent needs a new drive for employment growth.

Fortunately, the young populace on the African continent has a 13% higher entrepreneurial activity than what is obtained globally.

Nevertheless, a lack of adequate infrastructure and support portends a high failure rate for African startups compared to the rest of their counterparts anywhere in the world.

On the African continent, entrepreneurs have harnessed technology through the creation of innovative solutions, which have seen the continent get solutions to some of its critical challenges.

From the health to the logistics sector, financial industry to the energy sector, more startups need support for growth and development.

We need to realise that for the African economy to survive, entrepreneurship needs to thrive. Economic development on the continent rest on the employability of its teeming young population.

Considering the rate at which higher institutions churn out graduates in their millions, an empowerment scheme for entrepreneurs and startups wouldn’t be out of place.

Startups on the African continent, however, are facing quite a number of challenges in terms of having access to finance especially getting venture funds.

Not quite long ago, the World Economic Forum launched the Africa Growth Platform to support the startup ecosystem to develop and compete with their counterparts on the international market.

The platform seeks to secure commitments from governments in implementing a policy aimed at stimulating business growth.

build a community of investors having private investors, foundations, multilateral institutions and intrapreneurs

Enable better coordination that can trigger bigger rounds of funding.

These and many more initiatives on the African continent promises a much more enabling environment for the startup ecosystem.

With the working together of the government and non-governmental bodies, a public-private partnership may just be the best bet in making the startup ecosystem on the continent thrive.

With great collaborations fostered between the private sector and the government, startups on the African continent can solve their most challenging problems and proffer solutions to many of the world’s problems.

Featured Image: africanbrains.net

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