Date Published: Friday, December 6, 2024
Category: Economy
Algiers – Experts participating in the third edition of the African Startup Conference, held Friday in Algiers, emphasized the urgent need for Africa to increase the number of startups across the continent. This expansion is essential to attract investors and to position Africa as a destination for entrepreneurship and innovation, reflecting its vast potential.
Scaling Startups and Improving Perceptions
During a panel discussion titled “Tech Entrepreneurship and the Startup Ecosystem,” Algerian entrepreneur Kamal Omrane, who leads a Luxembourg-based startup, stressed the importance of multiplying the number of startups in Africa to create a robust market for foreign investment. He highlighted the necessity of reshaping the continent’s image to dispel stereotypes of instability, citing examples of nations that have successfully branded themselves as rapidly growing, innovation-friendly environments.
Omrane praised initiatives like the African Startup Conference as valuable platforms for fostering partnerships among businesses and called for the organization of more such events.
High-Quality Startups to Meet Investor Expectations
Cameroonian expert Clément Mugisa noted that while investors are willing to engage with African markets, they seek high-quality startups capable of scaling operations across multiple countries. To meet this demand, he urged the creation of more startups and conducting thorough market studies before launching new ventures.
Similarly, Tunisian entrepreneur Mohamed Amin Al-Aouni shared insights into how nations that significantly increased their startup numbers experienced corresponding changes in legal frameworks, enabling the establishment of funding mechanisms and attracting international investors. He advocated for more gatherings of African entrepreneurs to facilitate knowledge-sharing and forge impactful partnerships.
Collaborative Efforts and Standards for Growth
George Murumba, a representative of the African Union Development Agency (AUDA-NEPAD), emphasized the need for collaboration among African nations, especially those leading in the startup sector. He called for uniform standards to enhance the quality and competitiveness of startups, enabling them to achieve international expansion.
Murumba identified three pillars critical to fostering an investment-friendly business climate:
- Governance – Effective policies and regulations supporting innovation.
- Financial Infrastructure – Strong systems to oversee and allocate funding.
- Business Incubators – Well-defined accelerators to nurture startups.
Africa’s Largest Startup Conference
The third edition of the African Startup Conference, held under the high patronage of President Abdelmadjid Tebboune, continues until Saturday at the Abdelatif Rahal International Conference Center in Algiers. Organized by the Ministry of Knowledge Economy, Startups, and Microenterprises in partnership with the public accelerator Algeria Venture, the event boasts impressive participation.
With over 500 startups, 100 investors from 50 African nations, 30 lectures, and contributions from more than 200 experts, the conference is the largest of its kind on the continent, according to the organizers.
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Author: Nor-Eleslam
Keyphrase: Africa startup growth and investment potential
