Revamping support for African innovators

Africa has been a hotbed for innovation and creativity, but young entrepreneurs often face challenges in turning their innovative ideas into successful businesses. In a bid to bridge this gap, Anna Ekeledo, the Executive Director at AfriLabs, emphasizes the importance of establishing more innovation and technology hubs across Africa's key sectors. Speaking to CNBC Africa at the Africa Social Impact Summit, Ekeledo highlights the need for robust policy frameworks that leverage private sector resources to drive Africa's growth prospects. One of the key aspects of AfriLabs' work is supporting startups through various stages of development, from idea validation to accessing markets. Ekeledo emphasizes the crucial role of investments in the success of startups, referring to it as the 'lifeblood' of a startup. AfriLabs works with a range of stakeholders, including angel investors and development organizations, to drive investments into African startups. By matching investments with a fund granted by various entities, AfriLabs aims to increase the capital and funding available to startups while providing ongoing support through innovation hubs. The partnership between the public and private sectors is essential for creating an enabling environment for startups to thrive. AfriLabs has been at the forefront of advocating for policy reforms that support innovation and entrepreneurship. The organization launched the AfriLabs policy pathways, outlining key priority areas for governments to focus on, such as digital scaling, infrastructure, and startup policies. Through community mobilization and engagement with governments, AfriLabs aims to ensure that startups have the necessary support to succeed. In addition to policy advocacy, AfriLabs encourages investment and impact financing by governments into startups. Initiatives like the Rwandan Innovation Fund and the Nigerian IDICE program demonstrate the commitment of governments to support tech startups and creatives. By providing technical assistance and capacity building to startups, AfriLabs facilitates dialogue between governments and entrepreneurs, fostering a conducive ecosystem for innovation. AfriLabs' model involves working with startups through innovation hubs, where entrepreneurs receive support tailored to their needs and stages of development. While incubators and accelerators can help refine business models and proposals, Ekeledo emphasizes the importance of entrepreneurs' willingness and commitment. Success in entrepreneurship requires drive and dedication, and innovation hubs can provide the necessary support and resources. As Africa continues to witness a surge in innovation and technology, the role of organizations like AfriLabs becomes increasingly crucial. By advocating for policy reforms, facilitating investments, and providing support to startups, AfriLabs is paving the way for a thriving ecosystem of African innovators across the continent.