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Forbes Africa: “ Rise of the Unicorns”
Managing Editor of Forbes Africa, Renuka Methil joins CNBC Africa to preview the December edition of Forbes Women Africa.
Fri, 02 Dec 2022 11:18:36 GMT
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AI Generated Summary
- The African start-up ecosystem is experiencing rapid growth, with a 15% increase over other mature markets and an 894% year-on-year growth in funding for start-ups in 2021.
- The lack of female leadership in African unicorns highlights the need for greater gender diversity and representation in the tech industry.
- The Leading Women Summit, hosted by Forbes Africa, aims to empower and celebrate women in business and drive change in Africa's business landscape.
Forbes Africa has decided to end the year on a high note by featuring the rise of unicorns in Africa in their December edition. Unicorns, start-ups with a valuation of over one billion US dollars, are becoming increasingly common on the continent. In a recent interview with CNBC Africa, Renuka Methil, the Managing Editor of Forbes Africa and Forbes Women Africa, highlighted the significance of unicorns in validating the African start-up ecosystem. Methil emphasized that the African start-up market is experiencing rapid growth, recording a 15% increase over other mature markets. She pointed out that Africa has seen an 894% year-on-year growth in funding for start-ups in 2021, making it the perfect time to showcase the success of unicorns in the region. Despite the challenges and stereotypes faced by African entrepreneurs, particularly when dealing with investors from the West, the continent is witnessing a shift in perception. Methil mentioned that some investors have expressed skepticism or demanded discounts simply because the start-up is based in Africa, highlighting the barriers that African entrepreneurs still face in the global market. However, she noted that the fintech sector, in which most African unicorns operate, has seen significant growth and innovation, indicating a promising future for African start-ups. While the number of unicorns in Africa is currently limited compared to other regions, Methil is optimistic about the potential for more unicorns to emerge from the continent in the future. One of the key takeaways from the interview was the lack of women-led or women-funded unicorns in Africa. Methil pointed out that there are currently zero unicorns in Africa with female leadership, which underscores the need for greater gender diversity and representation in the tech industry. This issue inspired the launch of the Leading Women Summit, an annual event hosted by Forbes Africa that aims to celebrate and empower women in business. The next summit, scheduled for the 8th of March, International Women's Day, will mark the return to an in-person format after two years. The summit promises to feature prominent female leaders and entrepreneurs who are driving change and innovation in Africa's business landscape. Methil expressed hope that future editions of Forbes Africa may feature more female-led unicorns on their covers, highlighting the ongoing effort to promote gender equality and diversity in the tech sector.
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