Word on antoa’s street—TechTouch—is that 81% of surveyed top executives at venture capital and private equity companies believe that there would be a huge entrepreneurial boom in Africa despite the limitations surrounding internet connectivity by 2025.
Beyond poor internet connectivity for some, there is also the lack of digital skills. Although 5G would be a game changer for many.
No doubt these challenges are holding back African start-ups from attaining greater heights as compared to businesses outside the continent. However according to the top executives surveyed, with more entrepreneurs increasing in number and productivity the rise of valuable startups are undeniable in the African and global market.
Today about $3.8 trillion marks the value of start-ups in the world with African startups currently occupying 0.2%—$7.6 billion.
…entrepreneurialism is growing rapidly across Africa but the current value of start-ups on the continent is just 0.2% of the value of start-ups globally and could be much higher. Venture capital and private equity investors are clearly very optimistic about the future for start-ups but like in many countries they see potential roadblocks including lack of funding. Africa also however suffers from poor internet connectivity which has an inevitable knock-on effect for the digital skills needed in start-ups—Micky Watkins, CEO of World Mobile
Research shows that poor internet connectivity without improvement will lead to a decline. This could therefore affect access to VC funding.
Regardless, VCs and private equity investors remain strongly optimistic.
The importance of internet connectivity to support entrepreneurs will only grow in the future but there are still areas where delivering affordable and reliable connectivity remains an issue. World Mobile’s network based on the sharing economy sells affordable network nodes to local business owners, so they have the power to connect themselves and others while sharing the rewards. This will enable more people to access the opportunities that internet connectivity creates—World Mobile
World Mobile is one of the top innovators revolutionising internet connectivity in Africa.
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By Elijah Christopher