There are currently 1 200 unicorns (startups with a valuation of $1 billion or more) in the world. Seven of them are in Africa.
Known for its innovation, Africa is making headway in becoming a launchpad for novel new high-tech companies. According to BCG, between 2015 and 2020, there was a 46% growth in companies attracting and securing funding. The problem, however, is nurturing an environment conducive to sustainable growth and scaling past the startup phase. The solution lies in enterprises turning their existing partnership approach on its head.
We know that partnering with nimble, innovative fintechs can make all the difference to enterprises hoping to deliver exciting new products and services. Enterprises should be looking to invest in tech startups where the startup’s sphere of influence will have a large impact on the enterprise’s revenue in key business focus areas.
In addition, Barbosa says the momentum of success in a high-impact area will almost certainly guarantee long-term sustainability for the tech startup, helping it reach maturity faster and boosting its sustainability.How enterprises choose to partner with startups has a significant impact on their chance of success. Barbosa says setting up a robust product and market feedback loop, as well as ensuring a great talent acquisition strategy, can make all the difference.
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