How might we democratize access to capital in Africa to foster innovation, thereby generating substantial returns for investors and driving economic growth?
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Of the five African startups I interviewed, all sought funding with 50% securing some form. 75% faced challenges related to proving business viability or understanding venture capital operations.
Access to capital for many of Africa's bright entrepreneurial ideas is a huge problem. The 6.6 billion dollars invested in 2022 in Africa comprised only 1.2% of venture capital investments globally, which could be better compared to the population, potential, and opportunities in Africa across several sectors. (Business Insider, 2022)
Business Daily reports:80% of startups in Africa fail within the first five years of establishment due to harsh economic conditions and minimal funding. This poses a significant challenge for African markets needing innovation and investors who need more potent ideas.
A payment solutions platform facilitating seamless financial transactions across Africa has raised $509.5M, valued at $1B, has enabled more than 290 million transactions. Flutterwave's initiatives have empowered over 500,000 businesses with simplified payment processes, contributing to a 60% increase in revenue for partnered businesses. The company is revolutionizing how Africa does business internally and with the world.
Based on selected key features, I drew out sketches that visualizes the platform's key features which will enhance the platform's usability for both startups (companies) and investors.
With the project's goals in mind and based on research with potential users, I decided to focus on the most valuable solutions that will help kick-start this project.
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