High-Energy Stereoscopic System telescopes in Namibia. (Photo: Flickr)
While it is true that necessity breeds invention, true change in Africa requires deep investment in R&D, the intellectual capital, infrastructure and policy changes required for sustainable change. And anyone in the investment space has seen the rapid increase in technology investment in Africa. A few institutions reporting on venture capital financing in Africa note that investment in Africa eclipsed $500 million in 2015.
Bunmi Akinyemiju, chief executive officer (CEO) of Nigeria’s Venture Garden Group, noted “Africa has been recently described as the next economic frontier with the necessary supporting variables to match.” He is not alone in this perspective; the technology entrepreneur sector in Africa has grown ten-fold over the past four years. This growth is expected to continue as early-stage investors increasingly realize gains from their investments. One sign of the strength of the investment opportunities in the African technology sector is the diversity of investors, which many project is not far off.
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