A startup boom is happening, and it is occurring in Africa! In recent years Africa has been developing into a new technology hub for start-ups, with significant growth taking place on the continent. Statista shares that last year there were over 7500 African startups that launched, helping contribute to the thriving economy. The North, South and East regions of Africa have been recognized as fast-growing technology hubs, due to reasons such as a technology advancements and a young innovative population being driven by female entrepreneurs. In this article, we will look at the key reasons Africa is emerging as a startup destination.
A mobile revolution is greatly contributing to a rise in the number of startups in Africa. Mobile penetration is particularly high, with Business Insider estimating that there will be 1 billion mobile connections by 2024. This widespread access to mobile devices has fueled the growth of innovative solutions, leading to African startups specializing in fintech, healthcare, agritech and more.
The World Bank Group shares that 58% of Africa’s self-employed population is made up of women entrepreneurs, who are a huge reason for the continent’s economic uplift. From tech startups to agricultural ventures, these visionary women harness technology, local resources, and unique insights to build sustainable businesses. They are introducing groundbreaking solutions in healthcare, education, renewable energy, and financial services. These solutions are addressing critical needs and improving the lives of millions and booming the startup ecosystem in Africa.
African startups face multiple challenges, but two of the biggest challenges are investment, and getting ahead of the competition. However, African startups can overcome these challenges with strategy, and technology.
African startups can face challenges with obtaining investment into their organisation, however, investment in Africa is evolving with a rise in fintech businesses supporting startups. McKinsey shares that it is estimated Africa’s fintech industry will grow at 10% per annum, reaching $230 billion in revenue by the year 2025. Due to this growth, African startup businesses have more options than ever to get the investment they need to grow and fulfill their potential.
“With a rapidly growing market, innovative solutions, and a supportive regulatory environment, Africa's fintech ecosystem offers a unique opportunity to tap into one of the world's most promising investment frontiers.” – Segun Cole, Ecosystem Builder
By strategically adopting technology, African startups can get ahead of their competition and grow in the market. Technology such as automation and CRM software is helping businesses in Africa with fewer team members compete with larger organisations through the ability to automate manual tasks. The Havard Business Review shares that more than 90% of workers that were surveyed said that automation increased there productivity.
Automation and CRM software have been rapidly growing in Africa, as more business leaders and entrepreneurs are realizing how this software empowers them to not only grow their businesses, but also streamline team management, data management and much more. Morder Intelligence shares that the CAGR of process automation is expected to register a CAGR of 5.21% in the Middle East and African region.
One of the fastest rapidly growing automation and CRM software in Africa is TEB Apps. With TEB Apps businesses are able to reduce there operating costs, boost productivity, gain unparalleled data visibility, streamline processes and more with unique features that include:
Want to see all of these features and more for yourself? Book a free demo and witness how TEB Apps will transform the future of your business.
Join us for our webinar “Africa – An Emerging Destination for Startups” and learn from out experts on how you can:
We will be joined by experts on this topic, such as Segun Cole, Zeineb Chabchoub and Akash Revo, all of whom are excited to share their expertise on how startups can grow, win more sales and how women entrepreneurs are innovating in Africa.
Register for the webinar event, and take your startup business to the next level.
