Tech Entrepreneurs in Africa are Leveraging these Trends for Opportunities

Tech entrepreneurs - cfamedia

Going some years back, the many challenges, confronting the African continent, appears to have its solutions, on a global scale.

Down the line, the narrative seems to have taken a new turn, as indications show that, the continent’s peculiar problems, can be solved by, only indigenous means.

With tech start-ups on the African continent, haven raised millions of dollars, in these recent past years, there appears to be no better time than now, to be an entrepreneur, especially, in the tech space.

A bit of a rise, on internet access, innovative solutions, in the payments industry, increase in mobile penetration and much more development, has changed the outlook of things, on the continent.

More and more funds continue to flow into start-ups in Nigeria, Kenya and South Africa.

Also read, Is Rural Digitisation, The Next Big Thing In Africa?

Foreign investors are eyeing these ecosystems, to set the ball rolling on the continent, however, what are the major trends that are causing this upward trajectory on the continent? Five of them are identified and explained below:

Venture Capital

In 2018, a report from VC Partech Africa showed that tech start-ups on the continent raised, up to $1 billion.

Projections indicate that these figures may rise to $1.5 billion in 2019, therefore, investors are eyeing this space, to see these challenges get solved.

A significant number of Venture Capitalists and some investors focus on start-ups, with the capacity to make improvements in their localities and effect socio-economic changes.

African tech entrepreneurs, with viable solutions that are impact-driven, are set to raise funds and bring about solutions, to daily challenges.

Tech Equality

The online community is, seeing the collaboration, among people, coming together to share ideas and establish new networks.

With a socialist atmosphere that breeds equality, entrepreneurs stand a good chance of creating tools, with the capacity to empower tons of people, on the African continent.

With the power of inclusion, fostered by an equal society, entrepreneurs in the tech space, are empowered, to give value, to their users, by creating digital products.

These products have the capacity, to improve their users’ lives, as access to technology becomes unlimited.

Digital Hub Cities On The Rise

Notable mentions of Lagos, Nairobi and Cape Town, as breeding grounds for tech talents, across the continent, has been nothing, but fascinating, in providing creative and innovative solutions.

These cities, over time, have empowered and connected entrepreneurs, across co-working space and incubation centres, with the intention of promoting local businesses.

Artificial Intelligence

Artificial Intelligence, AI, has certainly, come with significant changes, on the African continent, in the past years.

Making changes, in medicine, agriculture and the finance industries, tech entrepreneurs would require adaptive measures, to more changes that, AI sets to bring to the continent.

Cloud Services

These services, as well, are making changes, to the way businesses, running on large data, are operated.

Cloud service centres, are now on the continent and they offer, quite the same digital experience, as Cloud service centres located abroad.

Presently there is an abundance of capabilities that ensures the ease of cloud use.

Africa today, appears to hold its ground, as the belief that, a global solution is, ultimately, required, may no longer hold water.

More innovations are springing up, from digital disruptions to creative innovations on the continent, to resolve issues that we have here.

Featured Image: VCA4

Don’t miss important articles during the week. Subscribe to cfamedia weekly newsletter for updates.