Why is everyone talking about African Tech Market?

By Nelson Ikechukwu Nworie

As technology advances exponentially, it quickly becomes a significant economic player globally with new technological concepts and inventions.

Consequently, it’s safe to say that technological innovations are quickly eclipsing the other industries. And with this in mind, this article will explore factors you should consider when starting a tech company in Africa.

So, without further ado, let’s get started!

A major reason for Africa’s standing out from the other continents is its rich cultural heritage and diversity. It is the world’s second largest continent in terms of population and gross land area. Let’s go through some of the reasons why it’s a perfect region to start a tech company.

The internet penetration rate in Africa is increasing rapidly. The percentage of Africans with access to the internet increased from 20% in 2010 to 34% in 2021. Because of the high internet penetration rate and rising smartphone ownership, there is a vast and growing market for internet and mobile services.

All of these factors create Africa an excellent environment for tech entrepreneurs and startups to thrive!

Here are some things to think about before starting a business in Africa:

The most significant factors are the number of technology-savvy individuals within the country and its growth potential. Africa’s technology industry is snowballing, and you might be able to gain a great deal of fortune by starting a business in the sector.

Access to high-speed internet is a necessity. Without a good connection, a business will have difficulty streaming or sharing videos or pictures on social media or engaging in effective business networking.

Also, a sufficient supply of electricity is needed. Without a steady supply of electricity, some businesses may have some difficulty getting up and running. In some cases, a company may find a way to operate despite some of these obstacles, but as a general rule, a business will be more successful with a good supply of technology

How do you get started?

The first thing you need to set up a successful technology company in Africa is a product. It doesn’t matter how great this product is, if nobody knows about it, it won’t get far!

Make sure you get enough people to try out your product early on, so you can get their feedback. You’ll need to make sure your product is something people actually want, so make sure to do plenty of research. Then you can get started on marketing your product. Make sure to get the word out there about your business!

Use your local network to its maximum potential

A tech company in Africa can be up and running in a short time using your network. Tech is currently exploding in Africa with solar-powered tech and tech-centered around the African economy.

Take a look at example tech companies such as ACON and Paystack systems that help other tech companies get off the ground and grow.

Thus, if you are going to start a business in Africa, be sure to leverage your local network and find other successful technology companies there that you can collaborate with.

TECHx sees the African continent as a region with immense promise for the company’s objective of ‘Evangelizing Technology.’ As one of the fastest growing technology media platforms in the continent, TECHx is well on its way to creating a significant footprint in the African market.

Keep an eye on www.techxmedia.com for regular updates on what’s going on in the Middle East and African technology sector.