Twenty young African entrepreneurs in the technology sector have embarked on an unprecedented tour to the Republic of Korea to explore investment opportunities and draw inspiration from the country’s innovative ecosystem. These entrepreneurs, from various technology startups and business support organizations in Africa, were selected by the Innovation and Entrepreneurship Lab of the African Development Bank (AfDB), after participating in Africa Tech Startup Forum in November 2024.
A program supported by the African Development Bank
Under the project titled “Leveraging the entrepreneurial and innovation success of Korea to strengthen African enterprise support”, this tour aims to strengthen the African entrepreneurial ecosystem by leveraging Korea’s success in innovation and entrepreneurship. Among the 133 companies that participated in the forum, the selected entrepreneurs presented the best business models during a week-long market access and acceleration program. This program enabled African technology startups to connect with international growth opportunities.
Diverse African entrepreneurs
The 20 young entrepreneurs come from eight African countries, including South Africa, Egypt, Ghana, Kenya, Morocco, Nigeria, Uganda and Rwanda. These entrepreneurs are involved in varied technology sectors, such as agritechnology and health technology. Their Korea program includes visits to renowned institutions such as the Global Startup Center, LG Science Park, Korea Software Technology Association, as well as unicorn companies with valuations exceeding $1 billion, and the Global Digital Innovation Network, a foundation supporting the expansion of South Korean technology startups.
Testimonials from enthusiastic entrepreneurs
Uche Ezadinachi, founder of Zuri Health, a Kenyan health technology company, spoke enthusiastically about the opportunity. “I am delighted with this tour in Korea. This country has made remarkable progress in technology and has an innovation-driven society. This visit is an opportunity for us to see how to bring these solutions to Africa,” she said. She added that “we will share our experiences with our Korean counterparts; it is an exchange of ideas beneficial to both parties. »
More than a third of the participating entrepreneurs are women and the entire delegation is made up of young entrepreneurs aged 18 to 35. They will participate in several major events, such as the K Startup Grand Challenge, an accelerator program supported by the South Korean government, the Africa Innovation Networking Gala, and COMEUP Korea, an event connecting Korean startups with investors , businesses and global media.
Opportunities for collaboration and growth
David Chen, co-founder of Kapsule, a Rwandan health data company, highlighted the importance of the tour in building professional relationships. “This trip provides us with the opportunity to build direct relationships and connect with other health technology companies in Asia. This type of international collaboration is essential for the growth of our companies. »
Strategic support for young African entrepreneurs
The program receives financial support from the Korea-Africa Economic Cooperation Trust Fund, managed by the African Development Bank. The initiative is part of the Bank’s broader strategy for youth employment in Africa. Martha Phiri, Director of Human Capital, Youth and Skills Development at the Bank, emphasized the importance of this program. “This project plays a crucial role in improving the skills of young entrepreneurs, which will help them grow their businesses and create sustainable jobs. »
For his part, Ndeye Absa Gningue, head of the innovation platform within the Bank’s Innovation and Entrepreneurship Laboratory, affirmed that “initiatives like the Africa Tech Startup Forum offer young entrepreneurs a platform to develop their potential. We will continue to support them in their growth. »
Moctar FICUU / VivAfrik
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