Emerging Markets

Empowered and enabled by increased digital access, Africa is well-positioned to play a big role in the future economic growth.

With the fastest growing youth population and home to six out of ten of the fastest growing economies, Africa is predicted to experience more than half of the world’s population growth by 2050. [1]

[2]

Following on from the previous segment of this course, and to illustrate the innovations happening in Africa, 119 entrepreneurs from 18 African countries have participated and succeeded in Alibaba’s eFounder Fellowship program. These include:

Jessica Anuna, Founder and CEO of Klasha (Nigeria), a shopping platform for millennials in Africa with fast shipping and payments for stylish and affordable items in local currencies. She was named one of Forbes’ 20 “New Wealth Creators on the African Continent.”

Francis Nkurunungi, Cofounder and COO of Xente Tech (Uganda), an e-commerce platform and a financial products provider for African consumers and businesses.

Mesh Alloys, Founder of Sendy (Kenya), an app linking delivery drivers with customers. Sendy just raised an additional $2 million in 2019 for international expansion.

The Netpreneur Prize [3], in its first year, had 10,000 applicants from across the continent, with an notable network of ecosystem partners such as Kenyan startup incubator NaiLab [4]. The eventual winner was LifeBank [5], a medical distribution company helping health workers find and obtain critical medical products using data and technology. The company estimates they have already saved over 5,300 lives in Nigeria.

Africa’s solution driven innovations is at the heart of it’s success. With a heritage of commitment to community and sustainability, it is building on it’s historical experience of efficiency and resourcefulness of working outside of formal structures.

Discussion

• Why is Africa well-positioned to play a big role in the future economic growth?

Share your response in the comments box below.

References:

1. https://www.weforum.org/agenda/2020/03/jack-ma-alibaba-digital-entrepreneurship-africa/
2. https://qz.com/africa/1016790/more-than-half-of-the-worlds-population-growth-will-be-in-africa-by-2050/
3. Netprenuer, https://africabusinessheroes.org/en/
4. NaiLab, https://nailab.co
5. LifeBank, https://lifebankcares.com/#/home