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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Following a year of constrained growth – East Africa saw only meagre growth of 0.9% in 2020, compared to 6.6% in 2019 – economies across the region look poised to recover some lost ground.

According to , Kenya is expected to see growth of 6.3% in 2021, Ethiopia 4%, Uganda 3.7%, Rwanda 5.7% and Tanzania 5.2% in 2021.

While traditional sectors such as tourism took a heavy knock due to the lockdowns imposed as well as limits to international travel, the region鈥檚 tech sector proved resilient and could hold promising potential for accelerating the region鈥檚 economic recovery.

For example, mobile money, for which the region is considered a global leader, continued to perform well. Mobile money transfers in Kenya grew by 62.9% in 2020, largely due to social distancing measures that saw consumers shy away from cash payments.

The (healthy) state of start-up innovation in East Africa

The quality of fintech start-ups that has emerged in East Africa over the past decade has established the region as one of the continent’s most innovative.

Nairobi, long considered as a regional technology and trade hub, recently took a bold step toward also becoming a world-class financial hub with the launch of the Nairobi International Financial Centre. The centre could unlock a new era international investment into East Africa and its vibrant business ecosystem, by the UK government.

The region has also established vital innovation hubs to provide support and greater market opportunities for local innovators.

Rwanda’s provides an open space for collaboration and innovation, and brings together students, thinkers, and entrepreneurs to turn concepts into viable products and services. In Uganda, the incubation and innovation space provides similar support to local entrepreneurs, while has brought together innovators and some of the world’s leading organisations to accelerate start-up activity in the country.

And in Kenya, the , a brand new smart city spanning 2000 hectares and designed to create up to 100 000 new jobs, is currently under construction. Once completed, the smart city will play host to business processing outsourcing, software development, data centres, call centres, a university campus and residential units, schools and hospitals.

Supporting innovators and entrepreneurs

There is arguably a vital role that larger enterprises can play in supporting the region鈥檚 start-ups and fostering greater innovation.

In the energy sector, green energy innovation in investment into the continent’s transition away from fossil fuel energy. As large global enterprises shift to more sustainable practices and boost investment into cleaner technologies, partnerships with local innovators could prove beneficial and ensure knowledge and revenue is retained locally.

Building climate-resilient infrastructure – a growing concern for nations facing the escalating impacts of rapid climate change – holds a further investment opportunity of between $130-billion and $170-billion.

And investment into the circular economy could unlock not only new innovation, but an opportunity to reverse some of the more harmful and unsustainable business practices that are still prevalent today and establish the region as a leader in the fight for sustainability. Examples of circular economy innovation in East Africa abounds:

Kapa Oil Refineries, one of Kenya鈥檚 leading manufacturers of sustainably and ethically produced consumer goods, has established more than 1.5GW of solar power to reduce the impact of its operations on the environment.

Silafrica, the region鈥檚 largest packaging manufacturer, has embedded circular economy principles in its production processes, and today counts leading global companies such as Coca-Cola among its customers.

And CP Solar Resources, a leading solar power installer in Kenya, is providing households, businesses and manufacturers with turnkey solar power options to reduce the strain on Kenya鈥檚 power grid while advancing the growth of the local green economy.

Such examples point to a growing ecosystem of contributors to the circular economy, driven by the region鈥檚 聽most innovative entrepreneurs and companies.

As we work together to repair the economic damage wrought by the pandemic and endeavour to build a more sustainable and equitable society, our world-class tech start-ups could hold the key to our collective success. It is vital that we provide them with the support they need to find solutions to some of our most pressing challenges.

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