Innovation and entrepreneurship: The funding gap is slowing down Startups
The development of startups suffers from a lack of funding and a lack of trust from donors. These are the constraints identified by young African authors of innovation and entrepreneurial initiatives at the 11th edition of the Fuckup Nigth organized by the Friedrich Naumann Foundation.
Africa is living a race towards the creation of startups. Graduates are becoming more and more tempted by entrepreneurship. But few of them manage to find a place in the sun. The constraints of their flight were discussed during a Fuckup Night organized by the Friedrich Naumann Foundation. The common problem with these thumbs is funding. In reality, few donors or partners trust “adventurers”.
This is what drives project developers to inject part of their salary or income into the implementation of their project with all the risks. “When you start, you have to expect to face the financial difficulties. It’s hard to win bids. We have to go looking for markets. Nothing is obvious, “warns Dr. Mariane Ouattara, founder of the brand Farafina.
His opinion is shared by the logistician, Mor Lamotte who sacrificed at one time his family to found his company. He keeps painful memories. Both examples show that success in entrepreneurship is not systematic sometimes, it is after several failures that one realizes his ambitions. “You must not be afraid of failure. Success is often after several failures. To hold, it takes patience and courage, “advises Nicolas Etoyi, founder of Akademy. But for him during these difficult times, one must arm oneself with faith to transcend “physical and abstract” barriers. “In life, the battles we are fighting are not necessarily intellectual.
They are sometimes spiritual, “says Nicolas Etoyi. This sharing of experiences on the “entrepreneurial odyssey” will be further supported by the Friedrich Naumann Foundation. At least assurances were given by the new director of the West Africa Foundation, Jo Holden. “Fuckup Night is recording more and more participants. So, it’s a requirement for us to continue and offer young people a platform for exchanging experiences, “said Holden. Today studies in European countries and Asia have confirmed that the universe of startups is a niche job. In Senegal, the authorities are banking on the sector to create 35,000 direct jobs in the field of new technologies by 2025.