Seeds of Opportunity: The African Growth Series
September 2023 | Issue 3
In this week's issue, you will learn more about:
- AFRICA TREND: Technology Landscape Dynamics – Wasoko Highlight
- AFRICA OPPORTUNITY: Extended Intelligence
- AFRICA OPPORTUNITY: Empowering Africa by Bridging the Gap to Equitable Water Access
- UPCOMING EVENT: Transport Evolution Africa Awards
- UPCOMING EVENT: Hydrogen-Africa 2023
- UPCOMING EVENT: African Energy Week 2023
AFRICA TREND: Technology Landscape Dynamics – Wasoko Highlight
African tech startups raised US$4.8 billion across 1,000 deals in 2022, a considerable increase from US$4.33 billion across 820 rounds in 2021. However, in the first half of 2023, African tech startups raised only US$1.19 billion, which is down by more than half of the total from the corresponding period in 2022. Global economic slowdown, rising inflation, ongoing war in Ukraine, and tightening monetary policies have contributed to the decline in funding. Despite the slowdown, startups such as Wasoko, known as "people of the market" in Swahili, are one of Africa's rapidly growing startups. The company links small retailers with manufacturers or large distributors, creating a beneficial system for all parties. Leveraging technology, Wasoko distributes goods to countries such as Kenya, Rwanda, Uganda, Tanzania, Zambia and the Democratic Republic of Congo. Last year, investors infused Wasoko with US$125m in a Series B round, marking the highest funding for a non-fintech African startup. There are still some bright spots in the African tech ecosystem with South Africa, Kenya, Nigeria and Egypt leading funding rounds in 2022, making up 75% of total investments
AFRICA OPPORTUNITY: Extended Intelligence
Artificial Intelligence (AI) is taking off worldwide and becoming a new frontier for technological innovation. It is dominating media cycles and seeing a massive influx in capital powering its hypergrowth. Africa is also partaking in rapidly adopting this new form of computer-based reasoning. AI is forecast to have a Compound Annual Growth rate (CAGR 2023-2030) of 19.7% in Africa, resulting in a local market volume of US$18.3 billion by 2030. However, AI adoption has unique implications in Africa around jobs and automation. While traditionally viewed as a threat, a different approach to AI can create an opportunity.
Extended Intelligence is a multidisciplinary approach to the application and control of Artificial Intelligence in human life, society, and the economy. African governments and companies need to establish extended intelligence strategies to achieve holistic objectives both economically and socially. The Extended Intelligence model accounts for the shortcomings of people and current tools. Notably around the need for oversight of AI outputs and the repercussions of generative solutions not establishing new insights but repacking current knowledge. Additionally, the Extended Intelligence approach can help machines bridge the lack of soft skills and provide real-world actions to implement AI-generated results. Finally, Extended Intelligence recognises that educating people to interact with intelligent devices is as important as getting the technology right.
Extended intelligence provides a roadmap for how artificial intelligence should be implemented in Africa to capture the most value and increase jobs rather than replace them. AI is forecast to have an estimated 1.5% impact on GDP for Africa in 2023 with it increasing at a CAGR of 23.4% to 2030 where it is predicted to have an 8% impact. Practising Extended Intelligence can ensure that Artificial Intelligence is here to help us make our lives easier rather than replace us.
AFRICA OPPORTUNITY: Empowering Africa by Bridging the Gap to Equitable Water Access
Access to clean water, a fundamental human necessity, remains a significant challenge in Africa. Startling statistics from 2020 indicate that over 300 million Africans lack access to safe drinking water, while more than 700 million lack proper sanitation, and over 800 million have limited access to basic hygiene services. With rapid urbanisation and the compounding effects of climate change, Africa's already strained water infrastructure faces even greater pressure.
To address these critical issues, Africa can take strategic steps:
1. Embrace technology-driven solutions to enhance water accessibility and management.
2. Foster improved public-private collaborations through increased investments in water infrastructure.
These efforts will empower Africa to make substantial progress toward achieving equitable access to clean drinking water, resulting in transformative improvements for individuals and communities.
Learn more as Consultant Yaa Ngonyama further discusses these solutions and others to address some of the water and sanitation challenges in Africa.
UPCOMING EVENT: Transport Evolution Africa Awards
In just 5 days, you could connect with Africa's transport & logistics industry professionals.
Join us at the Transport Evolution Africa Awards on 21 September at the Durban ICC in applauding the remarkable achievements and invaluable contributions of our distinguished 21 finalists, each of whom has left an indelible mark on the transport industry.
Don't miss your chance to be a part of this event. Secure your seat at the awards ceremony now!
👉 Book here: https://lnkd.in/eEdGqBqk
UPCOMING EVENT: Hydrogen-Africa 2023
The Hydrogen-Africa Conference and EXPO offers a valuable platform for African Infrastructure actors, industry leaders, experts, and all attendees to assess market trends and the outlook of various key Infrastructure sectors in African countries.
Meet us on 28th-29th September 2023, at Emperors Palace, Johannesburg to engage with energy experts and other renowned industry leaders to accelerate the future of Africa's Hydrogen Economy!
➡ Delegate Registration link:
Delegate Registration link: https://lnkd.in/dmtWuevd
Email: marketing@hydrogen-africa.com
Contact: +27 (0) 65 982 8810
UPCOMING EVENT: African Energy Week 2023
This year's event returns bigger and better than ever before, serving as the official meeting place for Africa’s energy elite. At the forefront of the African energy industry, AEC African Energy Week promotes Africa's role in global energy matters, centered around African-led dialogue and decision-making. Covering the entire energy sector and value chain, AEW represents the only conference on the continent representative of the entire sector.
Join us from 16-20 October at the CTICC in Cape Town, South Africa, and experience Africa's booming energy markets.
➡ Click here to register: https://lnkd.in/d9y9Z2Tv
To find out more about opportunities in Africa, please get in touch with Lynne Martin.
