The majority of start-ups in Africa are struggling to remain afloat due to financial constraints.
Majority of start-ups depend on sourcing for funds, unlike Small Medium Enterprises that have long-term “business goals.”
There is a difference between a start-up and an SME. A start-up is a temporary form of business that mostly lasts up to 6 months and it is mostly through trial and error.
“It is a temporary organization designed to search for a repeatable and scalable business model,” says Steve Blank.
An SME is more permanent than a start-up and it starts out as a well-structured organization designed to deliver goods and services to an already known customer base.
There are various startups in Africa that have managed to get more than 1 million US Dollars in the first half of 2019.
The start-ups from Kenya are:
The start-ups from Nigeria are:
The start-ups from Uganda are:
The start-ups from South Africa are:
Mauritius had one start-up that managed 1 million USD in 2019:
The start-ups from Ghana are:
Tunisia, Zimbabwe, and Zambia had one start-up each securing 1 million US dollars in 2019:
The start-ups from Egypt were:
Here is how the countries ranked in terms of the number of start-ups:
What do you need for a start-up?
All you need for a start-up is an idea. Your idea must be smartest in the room and unique in the whole world if possible. Investors in start-ups invest in ideas. Your idea has to touch as many people as possible in terms of an impact if actualized.