Smith, who delivered the keynote, titled 鈥淭he path to inclusive economic recovery in Africa鈥�, told delegates that technology is the catalyst to solving problems that are agonising the continent, and urged corporates to support start-ups that are at the forefront of innovations.

SAIS2021 is one of Africa鈥檚 biggest tech start-up gatherings, which seeks to connect tech entrepreneurs looking to scale with potential investors and also find innovative solutions to challenges bedevilling Africa.

Smith said: 鈥淚t is not possible to think about progress on the continent 鈥� whether education, food security, healthcare, trade, infrastructure 鈥� without considering the role that technology plays. There is a saying 鈥榥ecessity is the mother of all invention鈥�, which originally came from Plato, who said: 鈥極ur need will be the real creator鈥欌�nd there is certainly need in Africa.

鈥淭he solution needs to come from within 鈥� from Africans 鈥� particularly our youth who are passionate, creative, digitally-savvy and can be the continent鈥檚 greatest asset.鈥�

Africa鈥檚 population will double over the next 30 years, she noted, which will pose new challenges, and when combined with urbanisation and climate change, as well as the effect of COVID-19, the continent will need to be innovative in tackling the new challenges.

According to Smith, these challenges 鈥渁re a clear indication that the traditional models for building economies, societies and countries are no longer valid鈥�.

She told the 1 500 early-stage entrepreneurs, serial entrepreneurs and industry thought leaders attending the three-day hybrid event that start-ups hold the key to solving many of Africa鈥檚 and the world鈥檚 most pressing issues.

Shared vision

Smith urged corporates to support new ventures on the continent, saying 鈥渢o be successful, start-ups need the building blocks for success鈥�.

鈥淎 great idea is only an idea until someone believes in it, until it has a business plan, until it has a proof of concept, until it has funding, until there is demand, and until it is sustainable. Those building blocks move an idea from a concept to a thriving business. Those building blocks are what we refer to as 鈥榯he ecosystem鈥�.鈥�

Smith lauded corporates on the continent, saying that in Africa 鈥渨e have made huge strides in building a vibrant ecosystem. Funding from venture capital firms has increased significantly, with Nigeria, Kenya and South Africa benefiting the most. Fintech still dominates in the funding space but other sectors like agritech, healthtech and clean energy tech are growing.鈥�

Nonetheless, she cautioned African corporates that they need to think differently, adding there is more the sector can contribute to develop start-ups and innovation.

鈥淲hile there are many stakeholders who play a critical role in the ecosystem 鈥� from government to investors to innovation hubs and networks, I think there is more to be done by corporate Africa. Enabling start-ups is critical to our own success; there are pockets of excellence across the continent, but they are still siloed.

鈥淲e need to think differently about partnership and about building a network of support for African start-ups 鈥� one that results in a massive increase in digital skills, small business growth and employment on the continent.鈥�

Featured guests

Over 150 local and global venture capital and angel investors who are seeking investment opportunities are participating in SAIS2021.

The opening day of SAIS2021 also included an address by alderman Jean-Pierre Smith of the City of Cape Town.

The city鈥檚 mayoral committee member for safety and security鈥檚 address, titled 鈥淎 digital view of a city in a pandemic鈥�, focused on how to integrate innovation through working with start-ups in cities on the continent. He noted the pandemic had pushed the City of Cape Town to be innovative.

SAIS2021 also witnessed 30 female entrepreneurs with tech and tech-enabled start-ups pitching their business cases to potential investors during the Female Founder Takeover Demo Day, hosted by the Small Enterprise Development Agency and Department of Small Business Development.

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