Report Says African Startups Raised $1M Every Two Hours In 2021

Despite Africa’s gleaming promise, Dunn noted that there should be provisions in place to maintain its current momentum. More talent will need to enter the marketplace, as many startups are facing difficulties due to the need for technical skills exceeding human availability.

“With demand for technical skills currently exceeding supply, many early-stage startups cannot afford to hire the people they need, or team leads are quickly poached by multinationals and well-funded scale-ups,” Dunn wrote. “To avoid stunting growth, public and private sector actors must focus on building a robust talent pipeline, and platforms are needed to make cross-country hiring more feasible.”

She concluded: “Investors must develop the networks and capabilities to support portfolio talent acquisition and retention, and help founders nurture junior talent into senior leadership. Without this, momentum will slow, and wealth will continue to exit the continent to global experts and development houses.”

And, she left one last piece of advice for founders:

“As long as founders remain focused on solving real problems and creating real value, they will continue to push the boundaries of what is possible for startup investment and scale in Africa. Onwards.”

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