Invest in African start ups – Ghanaian techprenuers

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Photo from 2017 Africa Summit.    Source: Africa Summit

Ghanaian technology entrepreneurs have called on African investors to look within the continent and channel much needed support to the local businesses that are solving the continent’s problems.

According to them, local investors need to see the vision and impact that start ups have and must invest at the early stage.

These revelations were made at the sidelines of the Africa 2018 Summit which took place in in Sharm El Sheikh, Egypt. The forum saw the launch of the Next 100 Startup initiative by President Abdel Fattah Al Sisi, which aims to select up to 100 promising entrepreneurs based in Africa and connect them with business leaders, international investors, financial institutions, and policymakers.

Ghana’s contingent consisted of 11 companies among which were Kudigo, Nokofio Ghana, Bloom impact, Agro innova LLC and more with facilitation from the International Finance Corporation (IFC), the World Bank Group’s arm in charge of private sector development.

25158986398_7dcd3936c8_kSpeaking to Citi Trends, CEO of Kudigo said, “most tech startups die prematurely and it is only with the right collaboration and deliberate effort that the situation can be salvaged. An africa-wide ecosystem approach is key for the growth of the continent where cross country connections will help spur growth. “

Kelvin Ashie of Agro Innova LLC however insisted, ”it is important that there needs to be shared understand of the investor language because though the trajectory we are travelling on is good in ghana with a good outlook for start ups, none of it will mean anything if we do not understand the language the investor is speaking.”

On his part, the CTO of Bloom impact, David Hutchful, held the opinion that there were not enough African investors who could “meet the demand of start ups and the ones that do exist are assessing the risk. What happens is that the investment levels offered do not match with the level of the need of the startups.”

Start-ups in Africa raised just $556 million from investors in 2017 (compared to $7 billion raised in India). The number of incubators and accelerators of start-ups has grown to more than 440 in 2018, compared to 314 two years ago, according to a just-released study by IFC. The study also found that five African cities — Accra, Cairo, Cape Town, Lagos, and Nairobi – attract 84 percent of the funds, even though they account for 22 percent of the continent’s startups. Start-ups in other cities are simply missing out in financing opportunities, according to the report.

25158994548_a1ad4e85c1_kDavid is thus off the option that, “more angel investors and more big ticket investors must be willing to meet the market where it is and where they can give smaller amounts without having to take over the start ups.”

“The summit was important for all parties to understand where their needs were and to understand how to tweak their companies to meet the needs of the investors without losing the core of their startups.”

One other startup at the summit was Wear Ghana and its cofounder, Ewurabena Agyeman, insisted that, “ it is not surprising (that African investors do not invest heavily in African startups) because underlying it is the same reason that African entrepreneurs have been trying to prove themselves for all these years.”

“We need to start believing in Africa and start believing that African entrepreneurs can build great companies. We need to prove that although we exist on a continent where the basic infrastructure that has been built in other economies do not exist, we can do better. We are forced to build the ecosystem that companies need to thrive but we must learn to tell our stories right. We must build the supply chain that other people do not have to spend their time doing.

#CITITRENDS S04 EP 27: CELEBRATING GHANAIAN TECHNOLOGY ENTREPRENEURS with Jewel Thompson & Lauren McKown – Idea to Impact Project, Randy Caiquo – Crowdfrica and Tom-Chris Emewulu – SFAN

Show Promos-2Finally, we close out the Ghanaian Techprenuers Month on Citi Trends and what a blessing it has been.

Learning about viable local solutions that are changing lived everywhere.

Super excited to have been able to bring you all these conversations.

This week Jewel Thompson of Ashesi University and Lauren McKown of MIT joined me to talk about their latest collaborations called the ‘Idea to Impact Project’

Randy Caiquo, who was inspired by some of the most incredible circumstances, spoke to me about his platform known as Crowdfrica.

Finally, what do you do when your school is shut down right in the middle of the term. Simple answer is: Learn from Tom-Chris Emewulu of SFAN.

Enjoy.

#CITITRENDS S04 EP 27: Celebrating Ghanaian Technology Entrepreneurs with William Senyo and Geraldine de bastion on re:publica Accra; Nehemiah Attigah and Thelma Quaye on Code Factory Africa; Ishmael Lamptey on Di Creative Agency

Show PromosWe continue to celebrate technology entrepreneurs on the show and this week we started the conversations off with re:publica, a conference based in Europe that deals with the Web 2.0, especially blogs, social media and information society.

William Senyo, CEO of Impact Hub Accra and his team have managed to bring the event to Accra for the first time. He was in the studio with Geraldine de Bastion, the programme curator of the event.

Nehemiah Attigah and Thelma Quaye joined me to speak about heir special training programme called Code Factory Africa which offers individuals special skills to prepare them for a digital future.

Ishmael Lamptey build Di Creative Agency to help people create websites simply and with little fuss and he explains it all on the show.

Enjoy.

 

#CITITRENDS S04 EP 26: Celebrating Ghanaian Technology entrepreneurs with Kinsgley Abrokwah of KudiGo, Yao Baku of Pennysmart, Kafui Yevu of Google Developer Group and Dr Murisiku Raifu & Joshua Owusu-Ansah of Talamus Health

Show Promos-12Another week of insightful chats with ‘the movers and shakers’ of the technology entrepreneurship drive in Ghana.

These are people who are working and solving problems in the country.

So excited to have the opportunity to host them.

On the show this week are Kinsgley Abrokwah of KudiGo, Yao Baku of Pennysmart, Kafui Yevu of Google Developer Group and Dr Murisiku Raifu & Joshua Owusu-Ansah of Talamus Health.

Enjoy.

#CITITRENDS S04 EP 26: Celebrating Techpreneurs Month on #CitiTrends with Micheal Acolatse & Dr. Sunu of BIMA Doctor App, Alfred Rowe of eGotickets and Gerald Pharin & Abigail Mesrenyame of Python Ghana

The whole month of November has been designated as one to celebrate Ghanaian technology entrepreneurs on Citi Trends.

Enjoy. 

For this episode spoke with Micheal Acolatse & Dr. Sunu of BIMA Doctor App, Alfred Rowe of eGotickets and Pharin & Abigail Mesrenyame of Python Ghana.