Innovation and economic growth in Africa can be achieved if technology and media are committed to solving local problems in the continent said experts who spoke at the Verdant Zeal Innovention Series 2017 which held recently in Lagos.
The Innovention Series 2017, with the theme ‘How Technology is Driving Africa’s New Narrative’ was organised by advertising and communications agency, Verdant Zeal.
In his welcome address, Tunji Olugbodi, executive vice chairman, Verdant Zeal Group noted that Africa was gradually moving from a resource-based economy to knowledge-based, innovation-driven economy. The result of the gradual shift, he said, is youths who posses more than average knowledge of the internet are able to share their ideas, content and access commercial opportunities seamlessly across the globe.
“Amidst these giant strides in technology, there still remains a large demography of young people, mostly women, who remain in rural and semi-urban areas, below the poverty line and seem unable to tap into this new economy,” Olugbodi said.
Joel Chimhanda, founder of JC Capital Limited said Africa-centric solutions are necessary to resolving many challenges that face the continent. For this to be possible, technology must be locally based and supported and the media in Africa can change the African narrative by informing the world more about the successes taking place in the continent.
“Media informs. When you are informed, you make informed decisions. When you are misinformed, you make misinformed decisions. 90% of Africans make misinformed decisions,” Chimhanda said.
He further noted that intra-African trade must be strengthened to drive innovation while the private sector and authorities must be collaborators in the development of the continent.
“When we talk technology we are talking of solving problems. There is no innovation that will fix Africa. Innovation that will shape Africa is in our hands. We need to take control,” he said.
Olalekan Olude, senior vice president of Jobberman, highlighted two major challenges facing start-ups – getting validation from local investors and infrastructure to push the products out.
“Partnerships are vital; when you are small, you need a big partner to put a stamp of approval on you,” Olude said.
He recounted Jobberman’s experience when it was getting ready for the market. According to him, he and other founders decided to focus on things that made Jobberman attractive to investors and distribution. Despite their efforts, local investors were taking a long time to be convinced. An investor from United States’ commercial capital New York, however, came to the rescue with a $1 million investment in the company.
Afua Osei, founder of She Leads Africa, pointed out the need for collaboration between entrepreneurs in the continent. It is hard to identify problems for government and ultimately find a solution when there is no unity among business owners, she said.
Osei also said that technology has to make it easier to do business across borders, particularly make it easier for more women to get involved.
FRANK ELEANYA
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