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Thanks to research carried out by key players of the African tech ecosystem, GSMA, VC4A, Orange Digital Ventures, Techcabal and Briter Bridges over the past year, we have finally been able to put numbers to anecdotal evidence we've been collecting for years. Some of the key finding of the year have been:
Of the Africa-based, VC-backed startup founders that have raised over $100K:
With this information in mind, we sought to discover the difference between these funded founders and the African born, raised and educated founders not yet in receipt of funding.
We carried out our own research and found that the overarching barrier is access.
With this in mind, we created AfriTech XYZ; a program that supports high potential, early-stage startups across 6 African countries through an individualised mentorship program supported by skilled volunteers around the world. Here's a quick snapshot of our volunteer community:
Much more news to come on the progress of this program in 2020, but we believe we’ve stumbled on something that could significantly impact the African tech ecosystem and allow for a stronger, more effectively supported pipeline of startups to grow out of the continent.
In Africa, we support the democratisation of access to key opportunities and information that will catalyse the growth of startups and their ability to get funded. We’re working to ensure that we can bridge as many of those gaps as possible through the AfriTech XYZ program.
Subscribe to the AfriTech XYZ newsletter for more information on the work we're doing with tech entrepreneurs across Africa - www.afritech.xyz