Africapitalism & Entrepreneurship
Entrepreneurs are essential to Africa’s development – many of them are already running homegrown businesses based on deep insights into local consumer demand. They also spot unique gaps in the market for specific products and services, tap into strong local networks, and often create innovative and disruptive solutions to complex challenges.
The Africapitalist approach also drives entrepreneur-led development in the following ways:
- Bottom-up. Traditional development models are often top-down. Entrepreneurship is a bottom-up approach to economic growth and development, focusing on empowering the individual not just institutions.
- Homegrown solutions. At the micro-level, entrepreneurship empowers individuals to decide how best to improve their own economic circumstances. At the macro-level, it is the expression of African solutions to African economic problems.
- Self-reliance. Africa’s large and growing population of young people means millions of new jobs need to be created each year. This demographic explosion can spell an economic boom or doom for the continent. Governments and big corporates alone cannot provide employment for the millions of young Africans entering the job market every year.
- Competitiveness. Supporting entrepreneurship means creating policies that improve the enabling environment for millions of potential job creators to succeed rather than for a small number of government or private entities.
- Empowerment. Entrepreneurship means Africans no longer have to find a job or be trained to be employees. Instead, it will enable our young people to create their own jobs, become employers, and take charge of their futures, instead of letting the future happen to them.
The model of Africapitalist entrepreneurialism is one that empowers individual Africans, and harnesses the power of innovation, personal initiative, hard work, and market-driven ingenuity to address previously intractable problems and change our continent forever.