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Latest News / Technology-based innovations support African entrepreneurship

 

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A new report has revealed technological innovation is driving entrepreneurship in Africa, identifying a direct correlation between the application of new technologies to traditional services and business growth. Examples of the trend included the integration of digital financial services into business models, mobile payments and the introduction of solar photovoltaic energy technology.

An impressive number of African entrepreneurs are benefitting from innovation, with 20% reporting they have introduced a new product or service.

The Africa Economic Outlook Report, which this year focused on Entrepreneurship and Industrialisation, also highlighted that the Africa had the most proactive population of entrepreneurs, with 22% of African’s starting a business, above Lantin America (18%) and Asia (13%).

African entrepreneurs are also the youngest, aged an average 31 years old, compared to an average of 35 years in Latin America, and 36 in Asia. African women are also twice as likely to start a business than anywhere else in the world.

The main sectors in which early-stage entrepreneurs work are trade hotels and restaurants, followed by agriculture, forestry & fishing, and manufacturing.

The report also highlights the removal of barriers to youth entrepreneurship, as a means to alleviate poverty and promote human development.

Read the full report here.

 


 

Technology-based innovations support African entrepreneurship
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