The Africa Startup Festival brings together founders, creators, ecosystem builders, and investors to create a platform for exchanging ideas, encouraging collaboration, and exploring innovative solutions. This strategic cycle ensures a continuous chain of information and diverse perspectives that can help sustain Africa’s entrepreneurial ecosystem.
Disclaimer: My reflections are drawn from my experience as an Explorer ticket holder. Different ticket categories, such as Founder, Investor, and Delegate, might have facilitated distinct conversations and experiences. I was also deliberate about panel discussions and networking, which shaped the highlights shared below.
Panel Discussions at The Africa Startup Festival 2024
Driving Digital Transformation in Africa: The Synergy Between Government, Academia, and Industry
The opening panel, moderated by Katharina Link, explored how governments, academic institutions, and industries can collaborate to encourage innovation. Ben Okonkwo, the Impact lead at The Tony Elumelu Foundation, shed light on the power of partnerships and how they can turn ideas into businesses, creating thousands of jobs. He also shared the importance of support systems, with an example of their work at the Tony Elemelu Foundation. The foundation has achieved a 90% post-funding survival rate for businesses they have supported, which can be attributed to the access these businesses have to proper guidance and mentorship.
Oyinkansola Akintola-Bello , the director of the UK-Nigeria Tech Hub, shed light on the untapped resources and existing policies within the ecosystem, including beneficial policies within the ecosystem that many founders and allies are unaware of. The UK-Nigeria Tech Hub collaborates with federal and state governments to prioritise startups and tech talents in policy implementation and to ensure they are correctly educated about their significance.
From an Academic point of view, Roselyn Isimeto PhD highlighted how creating technology, rather than just supporting it, can help galvanize Africa’s creative economy. She shared the importance of actively funding startups, STEM programs, and research and development (R&D) at the university level. She also advocated for an impact-driven university education and encouraged private-sector investments in programs that prepare undergraduates for careers in tech and also help them understand real-life experiences. Olatubosun Alake highlighted Lagos State Government’s efforts to provide more opportunities for undergraduates and tech enthusiasts to access innovation hubs across the state. It’s an encouragement and a signal of what’s possible when governments commit to global development through youth-centred policies.
Investing in Africa’s Tech Future: Trends and Economic Projections
The panel on tech investments, featuring Oyin Solebo, Bernard Ghartey, David Adeleke, and Onafume Akemu, provided insights for founders and investors. They discussed the importance of domain authority and the expertise of founding teams, sharing that founders should be based in their markets to have a deeper understanding of local dynamics. Oyin Solebo shared the importance of local investments made by founders and investors from the continent. She noted that these individuals, who are familiar with the ecosystem and the challenges it presents, are better equipped to navigate them.
Learning from Failures: Strategies Startups Can Use to Build World-Class Enterprises
During a session with Babajide Duroshola, Obinna Ukachukwu, Omoruyi Edoigiawerie, and Cynthia E. Chisom, the focus shifted to the foundational elements of startup success: governance, team structure, and company culture.
Corporate governance was a major focus in this conversation, and speakers emphasised the need for founders to build accountability structures from the start. Setting up proper boards and maintaining organised data rooms shouldn’t just be about meeting investor expectations; it’s also about protecting both the founder and the business. Building a strong value system also guides decisions on hiring, firing, retention, and promotions. Founders should also ask themselves intentional questions about their motivations and vision. Startups are driven by the soul of the founder, and a certain level of discipline is needed to raise profit in any peculiar market.
The values and principles of a founder significantly influence how they manage the funds they raise and how they determine profit. Most founders understand their income and spending limits when handling personal finances. However, after raising funds, many tend to overspend and struggle to calculate profit effectively. This conversation really helped me reorient my understanding of the founder’s impact on the overall success of the company.
Angola, Democratic Republic of Congo, Rwanda & Zambia – Unlocking Opportunities for Economic and Startup Growth
This conversation featuring Jordy K., Gerald Black, Victor Daniyan, CMC® and Lehlé Baldé MSc shared how scaling across Africa’s diverse markets requires an understanding of local contexts. The session shed light on the importance of focusing on low-hanging fruit and maximising untapped markets with high potential. Founders were encouraged to conduct thorough market research and build strong, tested foundations before scaling.
For startups to succeed across the continent, they need to do research, know their numbers and niche market and prioritise niches that align with market needs.
Mentor Hours: Mentorship on Ideation, Product Development and Marketing
The mentorship session with Olamide Alowooja and Moyin Ipinmoroti provided practical insights into ideation and product development. They placed peculiar emphasis on knowing your end users and identifying overlapping problems to uncover your Minimum Viable Product (MVP) and Minimum Lovable Product (MLP). No idea is unique, but solving problems effectively can set a startup apart. They also encouraged us to quantify our goals, define success milestones, and adopt agile methodologies, such as sprints, to iterate quickly and efficiently. I asked questions and got insights on how to navigate the product management challenges I currently face at work.
After the session on product development, I attended a marketing mentorship session moderated by ecosystem builder Gerald Black. He shared valuable insights on marketing, specifically in product marketing. He provided helpful tips for addressing the recurring challenges I’ve faced in solidifying our unique selling proposition (USP) and improving lead conversions across the buyer funnel. He offered guidance on how to effectively communicate the product’s USP while incorporating a human-centric approach to my messaging.
Final Reflections
The Africa Startup Festival shared a glimpse into the continent’s innovation potential. These conversations on strategic government policies, sustainable investment frameworks and intentional team building showed that Africa’s growth lies in collaboration, creativity, and disciplined execution.
For me, the festival’s biggest lesson is the importance of building with purpose and resilience. African founders and startups navigate uncertain situations and building a successful startup in the continent requires solid corporate governance, company culture, market understanding, and discipline.
Thank you, Lady Kay 🇳🇬🌈, for being kind, approachable and doing a stellar job at hosting. Thanks to Olamide Alowooja and Victor Daniyan, CMC®, for their post-event mentorship as well.
Over the next few months, I’ll share more in-depth insights into the African Creative-Tech Ecosystem. Creative X Tech explores the intersection of technology and creativity in Africa’s startup ecosystem and highlights innovative strategies in product communications and global marketing. I’ll also share insights on how emerging tech and investments in African talent are reshaping the creative economy and driving global expansion.
Subscribe to receive these insights directly in your inbox.
With Love,
#TheVictoriaO
