A billion people, increasing political stability, a rising middle class and rapid growth in mobile and Internet, Africa is a hot bed for innovation and growth. Of course there is a lot of debate about the quality of this economic growth and to what extent it trickles down. Certainly there are mega business tycoons like Dangote (the 24th richest man in the world), but a greater % of the population still struggling to scrape by. And with 46% of the population under the age of 14 it is by all means a race to create jobs, jobs and more jobs. So what does Africa's innovation economy look like today?
There are many well educated Africans returning home to set up shop, Tayo from PagaTech and Jason from Iroko as being just two examples. They do this because they see untapped market opportunities ripe for development. Much more exciting than the slow American and/or European markets where it's hard to even get a job interview. These entrepreneurs are bringing world class management systems and practice with them to bear in an otherwise uncompromising marketplace. Think of all the employees who leave these organizations and go out to set up their own business? This knowledge transfer is HUGE. Most impressive is that these 'return home entrepreneurs' show results and present case studies that help validate Africa's market potential. A new breed of entrepreneur is coming up across the continent and the results show they are a key engine for growth.
This session is part of the GLOBAL INNOVATION GATHERING programme.