Zahra Baitie-Boateng, Managing Director – Africa, Africa’s Business Heroes Initiative
Partner content: Africa’s Business Heroes
By Zahra Baitie-Boateng, Managing Director – Africa, Africa’s Business Heroes Initiative
A Ghanaian Adinkra symbol, “Sankofa” depicts a bird facing backwards with an egg on its back, symbolising the importance of learning from the past to create a better future. As Africa’s Business Heroes (ABH) enters its sixth year, with our most recent call for applications just ended, we have been reflecting on five key learnings to guide our next five years.
1. The African entrepreneurship landscape is growing more robust and diverse: Agriculture holds a significant position within our applicant pool, representing ~20% of all applicants. Agro-processing firms are increasingly prominent. These firms underscore the sector’s capacity to stimulate employment and contribute to GDP growth. For example, our 2022 Grand Prize Winner – East Africa Foods spearheaded by Elia Timotheo is adding value to raw produce and providing jobs to nearly 500 people. Concurrently, African businesses are experiencing notable expansion in size and revenue, which is also reflected in our applicants data. In 2023, 74% of applicants had over five employees, indicative of positive economic development trends. Moreover, African female entrepreneurs, who account for over 25% of business ownership in Africa (the highest globally), are making significant strides. Over the last five years, female participation has stood at 30% and most notably three out of our five Grand Prize Winners are female. These Heroes: Temie Giwa-Tubuson of LifeBank, Chebet Lesan of Bright Green Renewables, and Khadija ElBedweihy of PraxiLabs are pioneering ventures in critical sectors such as health, renewable energy, and education, thereby shaping the future of African communities.
2. Innovation in adaptation: Innovation is critical for the longevity of any business. At Africa’s Business Heroes, we have adapted our programme over the years to suit Africa’s changing entrepreneurial landscape and overcome challenges like the COVID-19 pandemic. This includes transitioning from offline to online events and incorporating hybrid formats for wider reach and engagement. Our 5th Year Summit & Grand Finale incorporated lessons from hosting both physical and innovative online events from the past five years. We hosted our first large-scale physical event since the pandemic with ~2,000 people in attendance. But we merged it with the best of augmented reality creating Africa’s largest AR stage giving both online and in-person audiences a chance to experience up-close the environments our Heroes’ work in. From our event style to content production, we have innovated and we have seen it pay off both in terms of our reach and impact. It is our aim to maximise what technology can offer regarding large convenings while maximising the rich interpersonal experience that occurs during in person events.
3. Impact-driven entrepreneurship: In Africa, profit and purpose tend to inevitably go together given the needs of our communities. For a business to stick, it has to solve real problems unlike in other parts of the world where gaming for example can become a billion-dollar business. Several ABH Finalists exemplify this reality. You can learn more about them in our 5th year impact report.
4. Partnerships for scale: ABH operates a very lean team. Despite this, we have successfully ensured all African countries are represented in our applicant pool for the last four years. Pan-African reach has only been possible through strategic partnerships with ecosystem players. These partnerships have been essential for raising awareness, recruiting judges, and providing support to our entrepreneurs. Our partnerships have exemplified the adage: “if you want to go fast, go alone but if you want to go far, go together.” We are thankful to all our partners and call on other like minded organisations to join us. Together we can better strengthen the African entrepreneur ecosystem.
5. Growth in investments: African entrepreneurs are attracting increasing investments, indicating growing confidence in African businesses. In 2023, African entrepreneurs raised $4 billion$, a 50% growth compared to 2019. The increased capital flow into and within Africa is a strong indication of the increased robustness of businesses and trust of investors. It’s also a hopeful indication of the future. As African businesses continue to grow and successfully attract investment, they have increased ability to scale. Bringing it home, our Top 10 Heroes, over the last five years, have collectively raised over $153 million (excluding debt). The growth in capital is a positive signal of increased confidence in African entrepreneurs – something ABH aims to promote by showcasing the best of African entrepreneurs through publicity of our Heroes.
As we reflect on the past five years, we’re inspired by the potential for even greater impact and growth in the future. By staying innovative, collaborating effectively, and remaining committed to impactful growth, we’re set to continue supporting and celebrating the entrepreneurs shaping Africa’s future. Be sure to download a copy of our 5th Anniversary Coffee Book to learn more about the impact of our Heroes.
