PRACTICAL ADVICE FOR TECHPRENEURS IN AFRICA
It seems the continent of Africa has entered an age of entrepreneurship. All over the continent, universities emphasizing and promoting entrepreneurship have cropped up. In the tech space, many men and women have come up with innovative solutions to problems within the continent. Perhaps you are also among this group of “techpreneurs”. We assessed the success and failure of a number of tech companies in the continent to acquire information on what factors seem to have a high contribution to success in Africa’s tech space. Want to know more? Read on to find out more about our findings.
There Must be a Physical Component
While the internet and social media are very important, they should not be given too much emphasis over all other factors. Let’s take mobile money as an example. While mobile money is a digital form of money, it uses physical and already established infrastructure to back it. Physical cash is deposited via an agent and physical cash can be withdrawn. In the continent, the existence of this physical component to attach the technological aspects makes integration of new technologies all the more simple. Hence, whether it is an edutech or a fintech business, having a physical component will be beneficial to your business.
Don’t Be Afraid to Collaborate
Sometimes partnering with another business that already has the infrastructure you need to develop your product can be one of the best ways to ensure sustainability. For Nigerian ride-sharing company, Oga Taxi, for example, partnering with a London-based company known as Splyt helped them to produce an innovative new product that will potentially boost their reach in Nigeria.
The Importance Of Local Investors
In as much as there is potential for growth, there is also a need for local investors to become interested in the tech space as well. The success of a tech business in Africa does, to some extent, require that a local environment be set up around it from which it can grow and thrive. If your tech startup exists without this kind of an environment in the closest vicinity, reach outside of your comfort zone and find that necessary support. Better yet, you can embark on creating that kind of environment for yourself.
Conclusion
These are a few of the incites we picked up when we embarked on understanding the key of successful tech in Africa. Do you have any additional thoughts, views or comments? Let us know them in the comments below.