< Previous50 edge_ june 2023 Unleashing unicorns I n the savannah of innovation, where opportunities roam freely and ideas gallop with fervour, Africa’s start-up space is witnessing a magnificent dawn. The World Economic Forum has identified four “inspiring” things emerging in the African tech space and the first point is the ‘record-breaking raises, mega deals and new unicorns’. When the global VC funding fell by 35 percent, one of the very few, if not the only, VC markets with net growth financing in 2022 was the African tech industry. The African tech start-ups raised a total of $6.5 billion in 764 deals thanks to solid debt funding growth and resilient equity funding. One of the major reasons for an increase in the number of unicorns/start- ups in the region is the population. The continent has the world’s young population, with more than 60 percent of its people under the age of 25. By 2050, Africa’s population will double, according to projections, and make the continent home to one in three of the world’s youth (15-24 years) and one in four of the world’s young adults (25-34 years). This youthful energy fuels a spirit of innovation, pushing boundaries, and embracing technological advancements with open arms. This rising generation is expected to reshape the region. Africa also represents a vast, untapped market with diverse needs and demands. Start-ups are stepping in to bridge the gaps in various sectors, from fintech and e-commerce to health tech and agritech, seizing the opportunity to cater to the continent’s growing middle class and underserved populations. With an evolving interest in the region, cities are witnessing the emergence of vibrant tech hubs and incubators that provide a nurturing environment for start-ups to thrive. These innovation centres offer collaborative workspaces, mentorship programmes, access to funding, and networking opportunities, creating an ecosystem that fosters creativity, knowledge- sharing, and entrepreneurial growth. Currently, Lagos is called the ‘Silicon Valley of Nigeria’, with these projections in place, we can expect Africa to be named ‘the next Silicon Valley’. By Arya Devi Commercial Editor, edge backlog “This youthful energy fuels a spirit of innovation, pushing boundaries, and embracing technological advancements with open arms” Arya Devi breaks down some of the insights and trends from the tech industryTurn real-time data into insights, and those insights into action. So you can get it right, right now. That’s when everything Qliks for your business. Qlik.comNext >