Sunday Okobi
The State of Tech in Africa report for second quarter (Q2) by Tech Cabal revealed compelling insights which indicated significant growth on the continent’s tech ecosystem across diverse sectors.
From the report, startups have transitioned from emerging entities to well-established names, which now play pivotal roles in shaping the African digital economy.
Notably, the period has witnessed an impressive fundraising total surpassing $916 million, with the fintech sector securing the highest funding at $487 million. However, despite these remarkable achievements, specific instances still highlight gaps in sector-specific knowledge.
In the past years, Africa’s entrepreneurship sphere has been inundated with reports highlighting ethical lapses in workplaces, scandals involving founders, leadership deficiencies among top executives, instances of mismanagement of investors’ funds, and a lack of funds to scale up operations. Some experts attribute these issues to a dearth of necessary training for founders and startup leaders, while others point to a lack of entrepreneurship skills. Despite these challenges, new businesses have continued to emerge, seed rounds are successfully raised, and fresh frontiers are explored. Against this backdrop, as the continent experiences a surge in entrepreneurial zeal and technological progress, the Beyond Limits Fellowship has decided to play a pivotal role in shaping the trajectory of Africa’s dynamic technological landscape.
Background of Beyond Limits Fellowship
Over the years, numerous fellowships, incubators, and accelerator programmes have emerged in the technology and entrepreneurship sectors in Africa. Many of these initiatives were established with the genuine intention of supporting founders, and some have successfully fulfilled this mission. Nevertheless, a significant knowledge gap persists, and, as is often the case with such gaps, it has had an impact on the entrepreneurial landscape of the African continent. An article from the ‘Rest of the World’ highlights the challenges faced by Africa’s B2B e-commerce startups, once favoured by investors, which are now grappling with survival issues, including employee layoffs and operational cutbacks. Instances like these echo the problems that the Beyond Limits Fellowship is aimed to address.
The Beyond Limits Fellowship for Founders Programme is an immersive six-week learning experience designed to assist start-up founders with skill development across several critical domains: leadership, product and marketing, people and culture, funding and finance, operations, and excellence. The inception of this fellowship marks a significant chapter in the narrative of fostering innovation and leadership within the ever-expanding landscape of technology and business. Rooted in a vision to transcend traditional boundaries and redefine the limits of what aspiring entrepreneurs can achieve, this fellowship, according to the stakeholders of the programme, is more than just a programme, “it’s a transformative force.”
They stated that the fellowship’s background is characterised by a commitment and dedication to address the gaps in leadership, skills, and resources.
“It endeavours to provide a platform that does not only educate, but also inspire and connect like-minded individuals striving to make a significant impact. With a focus on innovation and sustainable growth, Beyond Limits Fellowship sets out to nurture a community of trailblazers, equipping them with the tools and knowledge needed to push the boundaries of what’s achievable in the realms of technology and entrepreneurship,” the Chief Executive Officer of Emergency Response Africa, Folakemi Owodunni, said in a statement.
Significance of Beyond Limits Fellowship
The African tech industry, according to experts and stakeholders in the industry, is rapidly evolving, and this means, staying ahead of the competition is now more crucial than ever. Daily, the continent witnesses a new startup trying to solve a problem, partnerships among existing startups, and funding. With these advancements occurring at a fast pace and innovations constantly emerging, professionals must keep up with the latest trends and developments. The technological landscape in Africa is undergoing swift transformations, emphasising the heightened importance of staying ahead in a fiercely competitive environment. Each day brings news of fresh startups tackling diverse challenges, collaborations among existing ventures, and notable funding developments. In this fast-paced evolution, where innovations continually surface, it becomes imperative for professionals to actively pursue and embrace the latest trends and advancements to remain relevant and competitive. For the Beyond Limits Fellowship, there is an opportunity to help these professionals and founders embrace these latest advancements.
Fellowship Success Stories
Owodunni said: “We appreciate the connection and the opportunity to be face-to-face with industry heavyweights and hear how they have been able to make an impact while also sharing what we are looking to achieve with healthcare in Africa.” She noted that a visit to the fellowship’s page would provide an avenue to discover similar testimonials and more.
According to the Chief Executive Officer of Emergency Response Africa, “In Africa, the endeavour to create a significant impact and provide support to founders has evolved, but substantiating these initiatives with tangible evidence remains a significant issue.
“Beyond this challenge, the rarity of assembling leading professionals in the tech sector who are not only willing to aid others in their success but also support winners with grants is noteworthy.”
Also, the Director of Innovation and Tech at Beyond Limits, Fikun Aluko, stated that the primary reason for these grants was to support sectors that are often overlooked due to extended ROI but are essential for the economy and the African continent.
He stated that with a faculty comprising seasoned industry leaders such as Founder of Beyond Limits and former Director at Google West Africa, Dr. Juliet Ehimuan; Co-Founder of Future Africa/Flutterwave, Iyin Aboyeji; the CEO of Aspire Coronation Trust Foundation, Osayi Alile; as well as Uche Pedro, who is the founder and CEO of BellaNaija, “the fellowship offers early-stage founders a chance to embark on a transformative entrepreneurial journey. This transformative experience encompasses mentorship opportunities, substantial funding and grants, a tailored curriculum, a resource hub, and valuable networking prospects.”
Aluko disclosed that in the recently concluded 2023 edition, a cohort of 26 startups spanning six countries and 12 sectors across Africa, including fintech, agricultural tech, sports, arts, edutech and accounting tech played major roles. He added that it is significant that these selected startups are now being well-placed to bring forth fresh perspectives and innovations to enrich the entrepreneurship landscape across the continent.
Fellowship’s Role in Shaping Africa’s Future
The 2023 African Economic Outlook published by the African Development Bank Group recently disclosed that multiple shocks, including disruptions to global supply chains and a tightening of global financing conditions, have reduced the continent’s real GDP from 4.8 percent in 2021 to 3.8 percent in 2022.
Despite these shocks, the African region is projected to grow at the second-fastest rate in the world in 2023 to 2024. For this to happen, however, a mix of short-term and medium-to-long-term policies is needed to accelerate and sustain the growth momentum.
One of such efforts is the introduction of leadership and other training opportunities by the Beyond Limits Fellowship for early-stage founders. An article on Technext recently decried the reduced growth rate of the continent but also mulled its ability to return to the growth rates.
It said: “But if it is to do so while also shielding itself from further global economic shocks, it has to look beyond the factors that drove its first wave of growth. One way to do that is to ensure that the region’s startups have the support and conditions they need to help fuel the continent’s next wave of growth.
“One thing is evident: the dynamics of Africa’s macroeconomic fundamentals remain mixed, and considerable challenges persist.”
At the same time, much of the world is getting older. A New York Times report, ‘How a Vast Demographic Shift Will Reshape the World’, has revealed that: “By 2050, people aged 65 and older will make up nearly 40 percent of the population in some parts of East Asia and Europe.”
