Cape Town – While many have failed to see the power and potential that exists on the African continent when it comes to innovation and entrepreneurship, South African business leaders are looking to change that.
According to Al Jazeera, venture capital funding has massively grown in Africa over the past decade, with many other publications reporting that Cape Town could be the next ‘Silicon Valley’.
A newly established development and innovation hub in Cape Town known as Innovation City has a goal of accelerating growth among start-ups with a vision to supercharge local entrepreneurial ecosystems using its global innovative hotspots.
Co-founder Kieno Kammies said the Covid-19 pandemic had been one of the best teachers they could have had as it forced people from around the world to collaborate in business.
“We’ve got some critical issues we need to sort out on the African continent, and we can only do that through collaboration,” said Kammies.
Venture capital funding in Africa reached an all-time high last year at $5 billion, however, experts believe that the success of a start-up depends on the leadership of the company.
“Leadership is a fundamental issue because we’ve seen the converse of that …We’ve seen what happens on this continent when you’ve got dictators who wouldn’t allow for democratic processes to work,” said Mmusi Maimane of the One South Africa Movement.
He added that leaders need to “clear the path” for entrepreneurs and talented individuals to thrive.
According to a report by Wesgro, the official tourism, trade and investment agency for the Western Cape, the Cape Town–Stellenbosch corridor has around 450 tech firms employing more than 40 000 people which makes its ecosystem bigger than Nairobi and Lagos combined.
IOL