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Is the idea of a singular African tech scene holding the continent back?
by Web Summit
Africa is an enormous, diverse, populous continent with myriad cultures, languages and ways of thinking. But in the west, particularly in the US, Africa is often spoken about in singular terms, as though it were one country. This may be holding back the continent-wide African tech scene.
“When we talk about science, we don’t say African science, or US science, or Asian science,” said Johannesburg-based Mimi Kalinda, co-founder and group
CEO at Africa Communications Media Group. “Why is it that African entrepreneurs, and tech founders specifically, are leading with the fact that we’re African?”
Indeed, the focus on the concept of African tech is driving investment from other markets in the global south into just a few African markets – particularly Nigeria, Kenya and South Africa
Aza Finance founder and CEO Elizabeth Rossiello thinks the real burst of growth will come when African founders succeed and re-invest locally.
“The growth is in front of us. … We need to find the capital within, wait for our founders to get a little richer, and put the money back into the ecosystem,” Elizabeth said. “The next stage is for Africa to export its tech and
Ignore India at your peril
“India is probably, right now, going through the most unprecedented transformation in the history of humankind; in the free world. And when you think about it, our three pillars – which are financial, social and political – are going through this most unprecedented change at a pace never seen before.” So said Umang Bedi, co-founder and CEO at VerSe Innovation.
But what, according to Umang, are the key indicators of India’s transformation?
Predicted to become the third-largest economy in the world by 2028.
US$600 billion of foreign direct investment (FDI) has been raised in the last seven years.
Those in India under the age of 30 represent one eighth of the world’s population.
Predicted to be home to 25% of the world’s middle class in the next 25 years.
More than US$100 billion in FDI was raised in 2023.
Predicted to be home to 25% of the world’s working population by 2045.
