Africa's tech challenge
What are the promises and obstacles of Africa's budding tech sector?
- Mfonobong Nsehe contributing for Forbes wrote: “Africa is undergoing a technology renaissance. More than ever before, the population is becoming more technologically-inclined, more web-dependent. With the right financing, our entrepreneurs can put Africa on the global map of technological innovation. But until its financiers and the self-proclaimed ‘venture capitalists’ are easily accessible and listen to these entrepreneurs, Africa may never have its own answers to such internationally famed corporations like Google, Facebook, Zynga and the rest of them.”
- When you angel invest you are going to have failures. Out of failure comes good learning. We want to help build the technology scene, but a lot of entrepreneurs don’t understand how things work. I have seen failures in Silicon Valley all the time. Sometimes you fund an entrepreneur who has failed twice and they succeed a third time because they have learnt a lot. We expect maybe even half of the 35 companies we hope to fund will fail. As we continue to invest in the successful ones, the risk will become less and less. One thing we need to change in east Africa is that there is no shame in failure.
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