The rise of African start-ups
Africa is home to some of the fastest-growing and most innovative start-ups in the world. According to a report by Partech Africa, a venture capital firm, African start-ups raised a record $2.02 billion in 2021, up 27 per cent from the previous year. The continent also saw the emergence of four new unicorns – companies valued at more than $1 billion – in 2021: Flutterwave, Interswitch, OPay and Fawry.
These start-ups are solving local problems and creating opportunities for millions of Africans, especially in sectors such as fintech, e-commerce, health, education and logistics. They are also attracting global attention and investment from leading tech companies, such as Google, Facebook, Amazon and Microsoft, as well as international development agencies, such as the World Bank, the African Development Bank and the European Union.
The role of European business schools
As the African start-up ecosystem grows and matures, there is an increasing demand for skilled and entrepreneurial talent to drive innovation and growth. This is where European business schools come in. Many of them have launched initiatives to support and educate Africa’s entrepreneurs, either by offering scholarships, courses, mentoring, networking or incubation programmes.
For example, HEC Paris, the top-ranked European business school in the Financial Times ranking, has partnered with the Tony Elumelu Foundation, a philanthropic organisation that supports African entrepreneurs, to offer a customised executive education programme for 100 selected participants from the foundation’s network. The programme aims to enhance their leadership, strategy, innovation and social impact skills.
Another example is IESE Business School, which ranks fourth in Europe according to the FT. The school has established the Africa Initiative, a platform that connects its faculty, students, alumni and partners with the continent’s business opportunities and challenges. The initiative organises events, research projects, case studies and executive education programmes focused on Africa, such as the Doing Business in Africa programme, which exposes participants to the realities and potential of doing business in different African countries.
The benefits and challenges of targeting Africa
European business schools have various reasons for targeting Africa’s entrepreneurs. Some of them are driven by their social mission and vision, as they want to contribute to the continent’s development and empowerment. Others see Africa as a strategic market and a source of innovation, as they want to tap into its growing population, consumer demand, natural resources and digital transformation.
However, targeting Africa also comes with some challenges and risks. One of them is the lack of awareness and understanding of the continent’s diversity and complexity, which can lead to stereotypes, misconceptions and cultural clashes. Another challenge is the difficulty of accessing and verifying data and information, which can affect the quality and relevance of research and teaching. A third challenge is the competition and collaboration with local and regional business schools, which have a deeper knowledge and presence in the continent.
To overcome these challenges and maximise the benefits of targeting Africa, European business schools need to adopt a long-term and holistic approach, based on mutual respect, trust and partnership. They also need to adapt their curricula, pedagogy and delivery methods to the specific needs and preferences of African entrepreneurs, who are often more interested in practical and experiential learning than in theoretical and academic knowledge.
