AFR I LABS
KUBATANA MAGAZINE | OCTOBER 2022
THE AFRICAN INNOVATION ECONOMY HAS THE POTENTIAL TO REVOLUTIONISE ENTIRE INDUSTRIES, IMPROVE LIVES AND CONTRIBUTE TO AFRICA’S GDP —ANNA EKELEDO
Second, invest in the innovation economy. Startups and innovation hubs need targeted investment and support. Also, African governments should fulfil their commitment to funding research and development, and digital skills-focused human capital development through schools. Finally, collaborate! We need African governments and other stakeholders to work together to achieve the Africa we want, through the innovation economy. What roles can collaborations between stakeholders play in improving the prospect of a thriving innovation economy? Most of the progress we’ve achieved so far has been through collaborations. For example, the most progressive policy moves by the governments such as the Tunisian, Senegal and soon-to-be Nigerian Startup Acts whereby the governments are working with the startup ecosystem. The increase in investment in African startups has also largely been driven by investors coming together to invest in startups. Development agencies and governments have also set up funds to support innovators, startups and innovation hubs. However, most of these have been in silos, or at most bilateral collaborations. Catalytic Africa, an initiative built by AfriLabs and African Business Angels Network (ABAN), to increase investment in African startups demonstrates stakeholder collaboration. Catalytic Africa brings together startups, innovation hubs and angel investors on a platform while inviting governments and institutional investors to set up funds as part of the Catalytic pool of funds. So far, Catalytic Africa has worked with the Agence Française de Développement (AFD) and has contributed to the first pool of funds as well as investors networks across Nigeria, Cameroon,
Botswana, Zambia, Tunisia, and Senegal to co-invest in startups. We invite more private, institutional and government investors to work with us. Finally, we need to work together to build capacity at all levels. As a result of our programmes, governments, multilaterals, and development organisations have played an important role in collaborating with innovation hubs and strong Pan- African organisations like AfriLabs. This builds the capacity of youth and innovation enablers on the continent, strengthening our institutions, industries and enhancing climate resilience. These AfriLabs projects include the AfriLabs Capacity Building Programme, with the first of its kind university- certified curriculum for African startups. It is supported by AFD in collaboration with Strathmore University, the African Union Fellowship Programme supported by GIZ, Climate focused programmes with the Egyptian government, United Nations agencies and the Global Center on Adaptation. There’s work to be done on the continent to tap into and enjoy the benefits of the innovation economy, we call on more partners to collectively achieve our goals. We can do so much more when we work together.
LEADING AFRILABS IN DEVELOP- ING AFRICA’S INNOVATION ECON- OMY THROUGH COLLABORATIONS AND PARTNERSHIPS
BY ANNA EKELEDO EXECUTIVE DIRECTOR, AFRILABS
In a broad stroke, what potential does the African Innovation Economy have? The African Innovation Economy has the potential to revolutionise entire industries, improve lives and contribute to Africa’s GDP. You can see this with what’s happening with fintech and how the sector is challenging the traditional banking model and moving millions of Africans from not having bank accounts into financial freedom. It also reflects in the sharp rise of how health tech, logistics tech, edtech, e-commerce and e-government solutions have changed how we carry out business and access services.
What can we do better to tap into the potential of the innovation economy on the continent? First, create enabling policy and regulatory environments for innovation and entrepreneurship to thrive. It can be achieved by the government setting the right policies that incentivise startups and innovation-enabling actors - followed by deliberate implementation. AfriLabs has rolled out our African Policy Pathways that further break down the policy categories and how governments can create the right environment to boost the economy.
AFRICAN GOVERNMENTS SHOULD FULFILL THEIR COMMITMENT TO FUNDING RESEARCH AND DEVELOPMENT, AND DIGITAL SKILLS- FOCUSED HUMAN CAPITAL DEVELOPMENT THROUGH SCHOOLS.
—ANNA EKELEDO
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