World Mobile: 54% of Africa executives expect tech start-ups to double

African business leaders are optimistic about the future of tech funding on the continent as internet connectivity continues to expand. According to a recent report by World Mobile, 54% of executives in Africa are expecting tech startups to receive a significant boost in funding, paving the way for Africa to emerge as a major player in the global tech industry over the next decade. The survey conducted by World Mobile included a diverse group of participants from 52 countries across the continent, ranging from government officials and ICT ministers to private investors and business professionals. The consensus among the leaders was that improved connectivity lays the foundation for progress and economic development. With a population of approximately 1.3 billion people in sub-Saharan Africa, of which 900 million are actively engaged and connected, the continent boasts the youngest population globally, with an average age of 19.3 years. The potential for growth and innovation through enhanced connectivity is evident, as it enables individuals to seize opportunities and drive development in various sectors. When it comes to the types of tech companies that are expected to benefit from increased funding, the report highlighted the diversity of sectors, including Fintech, AgroTech, and other areas that have shown significant progress in the connected world. The belief is that advancements in technology across all sectors will propel societal advancement and economic growth. Despite the promising outlook, challenges remain in ensuring widespread connectivity and building a robust tech ecosystem across the continent. While East Africa has been identified as a hub for technological innovation, the focus is shifting towards expanding tech initiatives in other regions, including South Africa. Micky Watkins, CEO of World Mobile, emphasized the importance of connecting SMEs and individuals to foster an inclusive tech ecosystem that supports entrepreneurial growth. By providing access to digital resources and platforms, businesses and individuals can tap into a wealth of opportunities that fuel innovation and economic prosperity. The report also shed light on the anticipated sources of investment in Africa's tech sector, with three-quarters of respondents believing that Western countries will lead in funding initiatives. Additionally, 66% of participants identified China as a major source of investment, highlighting the changing landscape of investment patterns on the continent. While the progress is promising, the operating environments in various African countries present a mixed picture. Countries like Rwanda have streamlined business registration processes, allowing entrepreneurs to establish their ventures quickly. However, other nations continue to grapple with bureaucratic hurdles and regulatory challenges that hinder the ease of doing business. In response to these obstacles, government officials and regulators are actively seeking ways to improve the business environment and attract more investors. The focus remains on enhancing basic infrastructure to facilitate growth and innovation in the tech sector, thereby creating a conducive environment for businesses and startups to thrive. As Africa positions itself as a prominent player in the global tech industry, the collective effort to enhance connectivity, streamline regulatory processes, and attract diverse sources of investment will be pivotal in driving sustainable growth and unlocking the continent's full potential.