OPINION | The rise of Africa’s digital economy creates an opportunity for South Africa to shine: However, the government needs to change archaic policies to make them entrepreneur-friendly in order to boost economic development and job creation
Amid the myriad global macro developments, it is easy to overlook the quieter revolutionary tides that are turning. One such is the rise of Africa’s digital economy – a trend that is now at an inflection point.
Not only has the funding in African tech start-ups increased 18 times from 2015 to 2021 but it has also grown at twice the pace of global venture capital funding in 2021 and Africa was the only continent where venture capital investment continued to grow in the first half of 2022. To put things into context, African start-up funding is currently where Southeast Asia and Latin America were five years ago and is tracking an accelerated upward trajectory.
Pardon Makumbe, managing partner at CRE Ventures, believes the venture capital investment community needs to apply different principles when assessing these businesses in Africa — and not the usual parameters used for “Silicon Valley tech entrepreneurs” — as African start-ups are emerging market natives and need to be valued on this basis.
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