Changing the continent’s narrative will entail solving old problems while also harnessing the power of new technologies, says Akintoye Akindele, a serial entrepreneur and investor from Nigeria.
With more exposure and through encouraging creativity by giving innovators permission to fail, Africa can take its tech sector global, repeating the success of its Afrobeats music industry, Akindele argues. Africa’s tech landscape is also increasingly attracting attention — and funding. Between 2015 and 2021, total annual funding flowing into African tech startups has grown by 1,000 per cent according to the African Tech Startups Funding Report 2021. According to the report, 125 tech startups in Africa raised $185 million in funding in 2015 but in 2021, 564 startups raised $2.1 billion. Nigeria alone is home to five of the continent’s seven tech unicorns.
“Afrobeats was a deliberate export by the people in the business who genuinely believe that they could compete with the best in the world. The same way Afrobeats became mainstream, gradually, our tech ecosystem is also becoming mainstream,” Akintoye told CNN.
Akindele has just released a book “A Love Affair with Failure: When Hitting Bottom Becomes a Launchpad to Success,” jointly written with Olakunle Soriyan. They argue that many people do not fulfill their full potential because they are afraid to fail. But without taking risks, innovations that could propel Africa’s and the world’s growth will not emerge. Akindele noted that Africa’s burgeoning fintech ecosystem is only about a decade old but he has high hopes for its growth in the global marketplace.
Akintoye Akindele, an entrepreneur and chairman of Platform Capital Investment Partners Limited, emerged the winner of the ‘African Business Leader of the Year’ award at the 2022 edition of the African Business Leadership Awards..
The African Business Leadership Awards is a prestigious recognition event to reward exceptional corporate practices and outstanding achievers in Africa’s business landscape and its private sector