INNOVATION IN AFRICA
- October 24, 2017
- 0 Comments
In most countries, the number 2030 carries with it a hefty tag. It holds a vision, the year that most countries will become economic powerhouses. Achieving this vision serves as great motivation to most people especially the youth within Africa. It is estimated that there are 1 billion people on the continent with the majority being young people under 35 years. This fact combined with time and other factors provide a key reason why achieving vision 2030 is sustainable.
Mobile penetration is also playing a major role in innovation across the continent. According to Ericsson, by 2019, they estimate that almost every person will have access to a phone. Interestingly, mobile penetration is higher than electricity penetration. It is for this reason that mobile money works well compared to other regions. Even more appealing is that this innovation, mobile money, has its roots in Africa. There is a big opportunity in the technology space. Moreover, technology reception is high, therefore, technology innovation is widely supported.
Over the last few years, there has been massive investment in businesses in Africa. This is because of the vast ideas coming through that solve real life problems. The African ecosystem is different compared to others hence understanding how it works plays a key role in solving most of the issues. Therefore, venture capitalist and big corporations opt to invest or form key partnerships respectively with local companies to come up with solutions. This is great since it not only develops local industries but also enables an expansion of exposure. In general, any solution that seeks to improve lives within the country is welcomed.
Innovation in Africa is thriving simply because entrepreneurs are solving issues that affect their day to day lives. This creates a future for the next generation. The future is indeed great and definitely a space to watch.
Leave A Comment