The ongoing digital revolution has encouraged a growing number of young Africans to venture into the path of entrepreneurship and innovation, giving the continent a glimmer of hope. However, their endeavors are sometimes slowed by the lack of financing. 

The Baobab Network, a startup accelerator providing technical and financial support to entrepreneurs in Africa, announced on Thursday, October 5 its intention to invest in a thousand African technology companies over the next decade.

"We have the platform to dramatically scale the number of investments we review and execute across Africa. Our goal is to empower 1000 start-ups, catalyzing innovation and driving economic growth across the continent," said Baobab co-founder Toby Hanington. 

Around 60% of Africa's population is under the age of 25, making the continent the world's youngest. This translates into a large youth population, and highlights the immense potential for youth-led innovation, entrepreneurship, and economic growth.

Like The Baobab Network, multinationals like Microsoft believe in the potential of this enterprising youth and are investing accordingly. In 2022, the American computer software company announced its plan to support the growth of around 10,000 African startups over the next five years.

According to its executives, Microsoft intends to become "one of the cornerstones of the continent's digital economy and provide relevant solutions to Africa's societal challenges". For the company, this means working towards an explosion of local innovations that will contribute positively, not only to Africa's digital economy, but also to global society.

Since its launch in 2019, Baobab has invested in 45 startups in 15 African countries. Thanks to the establishment of its new co-investment vehicle, future cohorts will benefit from an investment of $100,000 each, up from $50,000 previously. The new cohort includes Brandrive, PocketFood, and Bunce (Nigeria), as well as Kawu (Uganda) and Alal (Senegal).

Samira Njoya