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trendwatching.com’s SEED FUN

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  1. 1. trendwatching.com march 2014 AFRICA Trend Bulletin seed fun Fostering Africa’s entrepreneurial ecosystem.
  2. 2. Definition: SEED FUN: Driven by ability, curiosity or necessity, and facilitated by new digital platforms, schemes and initiatives, Africans are busy creating, hacking, competing, combining, inventing and reinventing almost everything. Organizations that fuel this endless rush towards - and participate in - SEED FUN will attract love and attention from all consumers, not just the individuals and startups they help. www.trendwatching.com/africa/trends/seedfun SEED FUN 2
  3. 3. DRIVING THIS TREND: 1. RAGE AGAINST THE MACHINE New solutions to large-scale, lingering problems. 2. Start up revolution Shunning the rat race. 3. THE RACE FOR AFRICA’S SILICON VALLEY The rise of tech cities, hubs, accelerators, incubators, initiatives and more… 4. GREY MARKET REMIXED The extension, upgrading and formalization of the informal economy. www.trendwatching.com/africa/trends/seedfun SEED FUN 3
  4. 4. 1 RAGE AGAINST THE MACHINE New solutions to large-scale, lingering problems. www.trendwatching.com/africa/trends/seedfun SEED FUN 4
  5. 5. RAGE AGAINST THE MACHINE Heightened awareness of government corruption, corporate scandals, ineffective infrastructure and public services, mean that more daring Africans are determined to leverage their own problem solving powers by transforming everyday pain points into new business opportunities. www.trendwatching.com/africa/trends/seedfun SEED FUN 5
  6. 6. Africans today are even more empowered with accessible technologies and tools to create, connect, share and bring their ideas to market. www.trendwatching.com/africa/trends/seedfun SEED FUN 6
  7. 7. 2 Start up Revolution Shunning the rat race. www.trendwatching.com/africa/trends/seedfun SEED FUN 7
  8. 8. start up revolution Self-Employed Beats Unemployed Outward looking, business-minded, tenacious and rebellious young adults are increasingly opting for entrepreneurial opportunities that allow them to shape own career paths, rather than wait for an uncertain one dictated by others. The African Dream A new generation of enterprise-minded Africans are eschewing the corporate ladder for startups, and trading the traditional status attached to a corporate job for a new version that comes with staking everything on a big idea or new venture. www.trendwatching.com/africa/trends/seedfun SEED FUN 8
  9. 9. Only 14% of African entrepreneurs believe that schools devote enough time to teaching entrepreneurship. - Omidyar Network, April 2013 www.trendwatching.com/africa/trends/seedfun SEED FUN 9
  10. 10. In December 2013, Ugandan businessman Ashish Thakkar was named the world’s best young entrepreneur. - The World Entrepreneurship Forum, December 2013 www.trendwatching.com/africa/trends/seedfun SEED FUN 10
  11. 11. Bye bye Bill Gates… Entrepreneurial success stories are homegrown now. The 2013 Forbes list of world billionaires named Nigerian cement tycoon Aliko Dangote, worth an estimated USD 16.1 billion, the richest black man on the planet. - Forbes, March 2013 www.trendwatching.com/africa/trends/seedfun SEED FUN 11
  12. 12. 3 THE RACE FOR AFRICA’S SILICON VALLEY The rise of tech cities, hubs, accelerators, incubators, initiatives and more… www.trendwatching.com/africa/trends/seedfun SEED FUN 12
  13. 13. THE RACE FOR AFRICA’S SILICON VALLEY Ghana’s Hope City, Nigeria’s Eko Atlantic, Kenya’s Konza Techno City, the list goes on… African governments and large-scale developers are increasingly obsessed with creating environments that are conducive to facilitating local, groundbreaking innovations. This is not only about mega tech cities but also about all other facets of the entrepreneurial ecosystem: venture capital firms, innovation incubators, collaborative workshops, angel investors, crowdfunding platforms, startup competitions, support, mentorship and initiatives. www.trendwatching.com/africa/trends/seedfun SEED FUN 13
  14. 14. “African hubs are springing up at the rate of nearly one every two weeks…” - Africa Renewal, May 2013 www.trendwatching.com/africa/trends/seedfun SEED FUN 14
  15. 15. In Sub-Sahara Africa, the perception that individuals have the skills necessary to start and successfully run a business averages at 76%. This figure is substantially higher than all other regions around the globe. - Global Entrepreneurship Monitor, November 2012 www.trendwatching.com/africa/trends/seedfun SEED FUN 15
  16. 16. 4 GREY MARKET REMIXED Extending, upgrading and formalizing the informal economy. www.trendwatching.com/africa/trends/seedfun SEED FUN 16
  17. 17. GREY MARKET REMIXED Thanks to the informal economy – embodied for many by traditional outdoor markets, street hawkers, and non-franchised resellers – many African consumers are already equipped with an enterprising spirit and an ability to handle a fluid economic environment. That means a smooth transition into a (often digital-fueled) entrepreneurial ecosystem that is all about enterprise and connection, and in which startups are judged by their ability to solve tangible problems and improve lives. www.trendwatching.com/africa/trends/seedfun SEED FUN 17
  18. 18. 60% of sub-Saharan Africans agree that to successfully launch a new venture, it is acceptable to begin by operating in the informal sector. - Omidyar Network, April 2013 www.trendwatching.com/africa/trends/seedfun SEED FUN 18
  19. 19. Kenyan household incomes increase between 5 and 30% for those who adopt M-PESA. - The Economist, May 2013 www.trendwatching.com/africa/trends/seedfun SEED FUN 19
  20. 20. examples... Just a few of the brands and businesses already having SEED FUN. www.trendwatching.com/africa/trends/seedfun SEED FUN 20
  21. 21. Anzisha Prize Prize showcases the best of Africa’s young entrepreneurs. Anzisha Prize acknowledges young entrepreneurs across Africa who have conceived new innovations and started impactful businesses in their communities. In April 2014, selected finalists will be treated to an all-expenses paid, week-long entrepreneurial workshop in South Africa, as well as funding and other resources. www.trendwatching.com/africa/trends/seedfun SEED FUN 21
  22. 22. TechCabal Startup competition launched during Social Media Week Lagos. In February 2014, Nigerian online entrepreneurial publication TechCabal hosted its first edition of TechCabal Battlefield. The competition, which ran during Social Media Week Lagos, challenged early stage startups to present their ventures to an audience of users, geeks and investors. Prizes included funding, contributed by major brands such as Stanbic IBTC Bank, Etisalat and Konga.com. www.trendwatching.com/africa/trends/seedfun SEED FUN 22
  23. 23. Hubs in Africa Zambian website maps every technology hub and innovation center in Africa. Hubs in Africa, powered by a Lusakabased technology hub, BongoHive, is an online platform that digitally maps all of Africa’s other innovation and hacker spaces. Hubs in Africa also curates content such as news on the startup ecosystem. www.trendwatching.com/africa/trends/seedfun SEED FUN 23
  24. 24. Three years after launching, with over 10,000 members and 152 companies spawned from the community, Kenya’s iHub became the first African technology hub to make FastCompany’s ‘Most Innovative Companies 2014’ list. - Fast Company, February 2014 www.trendwatching.com/africa/trends/seedfun SEED FUN 24
  25. 25. Hypercube Zimbabwe opens its first technology hub. November 2013 saw the launch of Zimbabwe’s first technology hub, Hypercube. The hub aims to encourage innovative solutions ‘with meaning’ by focusing on these four dimensions of technology: community, co-learning, co-working, and co-innovation. www.trendwatching.com/africa/trends/seedfun SEED FUN 25
  26. 26. IBM: Project Lucy Multinational tech firm launches Pan-African project to boost business opportunities. February 2014 saw IBM announce Project Lucy – a USD 100 million investment initiative for developing business opportunities in Africa in conjunction with local universities, development agencies, startups and clients. With the intention of solving key issues through commerciallyviable ventures, IBM will exploit ‘Watson’, their pre-established cognitive system, via multiple research laboratories across the continent. www.trendwatching.com/africa/trends/seedfun SEED FUN 26
  27. 27. HacKIDemia: Afrimakers Global maker workshops encourage young Africans to solve local problems. In January 2014, mobile invention hub HacKIDemia won funding to implement Afrimakers – an initiative aimed at empowering ‘African makers to develop sustainable projects and use making to solve local challenges.’ Maker workshops for over 1000 children in 10 countries such as Rwanda, Botswana and South Africa have been implemented. www.trendwatching.com/africa/trends/seedfun SEED FUN 27
  28. 28. Spark Nigerian Serial Entrepreneurs initiate USD 1 million investment into Lagos-based startups. In May 2013, Spark, a “company builder” organization founded by Jason Njoku, Bastian Gotter and Mary Remmy-Njoku of IROKOtv fame, initiated a USD 1 million investment into Lagos-based tech startups. In February 2014, one of Spark’s initial investments – bus ticketing service, bus.com.ng, became Nigeria’s largest bus travel website. www.trendwatching.com/africa/trends/seedfun SEED FUN 28
  29. 29. kLab Rwandan tech hub partners with university. Founded in Kigali, Rwanda’s first tech innovation hub, kLab, announced plans in September 2013 to collaborate with universities in order to reach a broader demographic. The kLab Campus Program aims to provide mentorship, training and a location students or graduates can benefit from. kLab currently boasts 80 members and 11 startups. www.trendwatching.com/africa/trends/seedfun SEED FUN 29
  30. 30. Nigerian Ministry of Communication Technology Nigerian government launches open data development initiative. January 2014 saw the Nigerian federal government launch the Open Data Development Initiative in an attempt to drive innovation, investment and economic growth by enabling access to government data. The Initiative aims to make available high value public sector datasets to Nigerian citizens, entrepreneurs and businesses, for free. www.trendwatching.com/africa/trends/seedfun SEED FUN 30
  31. 31. Soko E-commerce platform connects Kenyan Artisans with global customers. In October 2013, Africa’s first mobile marketplace, Soko unveiled its Kenya Collection, connecting global shoppers with Kenyan jewelry artisans. The e-commerce platform not only empowers skilled craftspeople based in developing communities traditionally disconnected from the digital economy, but also ensures that all materials used are natural and upcycled. www.trendwatching.com/africa/trends/seedfun SEED FUN 31
  32. 32. Empire Communications Zimbabwean communications brand supports young entrepreneurs. In January 2014, Tawanda Chitiyo – founder of PR agency: Empire Communications, revealed plans to provide PR and media support to Zimbabwe’s tech startups. Young entrepreneurs will be targeted in the country’s rural areas, farms and marginalized areas. Empire Communications intends to introduce mobile web advertising, interactive text messaging, and other more engaging communications strategies for these entrepreneurs. www.trendwatching.com/africa/trends/seedfun SEED FUN 32
  33. 33. FirstBank Bank partners with e-commerce platform for Nigerian entrepreneurs. In Q4 2013, FirstBank Nigeria collaborated with social commerce platform 3AL. 3AL is an online self-service platform that enables entrepreneurs to create an online store and interact with customers. FirstBank securely processes payments through their own FirstEConnect gateway and purchased items are delivered directly to customers. www.trendwatching.com/africa/trends/seedfun SEED FUN 33
  34. 34. Jumpstart Africa  First crowdfunding platform to support African entrepreneurs launched. Launching in March 2014, Jumpstart Africa is an Africa-specific crowdfunding platform that will allow foreign investors to financially support innovative projects and ventures developed by African entrepreneurs. Jumpstart Africa will contribute 10% of total profits to a curated selection of charities focused on developing Africa. www.trendwatching.com/africa/trends/seedfun SEED FUN 34
  35. 35. Micro Enterprise Development Organisation (MEDO) Entrepreneurial development organization sends South Africans to the UK for best practice program. In February 2014, South African entrepreneurial development group MEDO welcomed back 12 new businesses from the International Trade Programme in the UK, after sending over 14 South African entrepreneurs in 2013 for the program. Beyond exposing the selected entrepreneurs to global entrepreneurial best practice and resources, the initiative also aims to trigger partnerships between UK and South African businesses. www.trendwatching.com/africa/trends/seedfun SEED FUN 35
  36. 36. AfricaHackTrip European project documents Africa’s startup scene. Between September and November 2013, a group of developers and designers from Europe traveled to Africa for AfricaHackTrip, a project documenting the African startup scene. In an effort to bridge the gap between entrepreneurial communities globally, the project participants met 10 key hackers from the region and showcased African hacking culture on the site. www.trendwatching.com/africa/trends/seedfun SEED FUN 36
  37. 37. StartupBus Africa African entrepreneurs launch startups on a roadtrip. In November 2013, StartupBus began a road trip for the first time across the southern region of Africa. The goal for the 15 African and 15 international participants (known as ‘buspreneurs’) was to conceive, build, and launch their startup. www.trendwatching.com/africa/trends/seedfun SEED FUN 37
  38. 38. Globevestor Online platform connects global investors with African startups. Globevestor connects international investors with emerging market startups. The online platform boasts a diversified portfolio and pre-screens startups to ensure high-impact investments. Globevestor is free to join and receives payment upon completion of successful investments. www.trendwatching.com/africa/trends/seedfun SEED FUN 38
  39. 39. Ryerson University Canadian university offers placements to South African students. Canadian Ryerson University announced in February 2014 that they would be accepting exceptional student entrepreneurs from South Africa. The initiative will provide these aspiring entrepreneurs with a three or four month placement at a Ryerson incubator zone in Canada, where they would have access to mentorship, office space, networking and collaboration opportunities with local startups. www.trendwatching.com/africa/trends/seedfun SEED FUN 39
  40. 40. OPPORTUNITIES Now is the time for all brands to join in the SEED FUN! Wondering how? www.trendwatching.com/africa/trends/seedfun SEED FUN 40
  41. 41. KNOCK DOWN THE BARRIERS TO ENTRY If you truly want to be the disruptive brand in 2014 that offers supports to the risk-taking early stage innovators: Identify any remaining barriers to entry for entrepreneurs within your sector, and knock them down… BE A CHEERLEADER Think creatively about how to encourage local startups. INVOLVE EVERYONE! Customers like and want to get involved with the SEED FUN but sometimes lack the resources or platforms to do so. How about rewarding consumers that support crowdfunding projects? www.trendwatching.com/africa/trends/seedfun SEED FUN 41
  42. 42. SPREAD THE WORD Promote African startups on your platforms, products or services. CONNECT THE DOTS Think about how you can help startups in disparate regions connect. Add value, and you’ll also be able to tap new ideas, energy, and talent. Offer platforms on which African consumers can aggregate what they know and bring online communities together offline to solve communal problems. ROOT FOR THE UNDERDOG The African startup community is still young and fragmented compared to its global counterparts, so the next Ashish Thakkar or Jason Njoku may be trickier to find than you anticipate. Cast your net wider by sponsoring entrepreneurial initiatives and competitions. www.trendwatching.com/africa/trends/seedfun SEED FUN 42
  43. 43. FOSTER AND GROW “Up to 84% of small and medium-sized enterprises (SMEs) in Africa are either un-served or underserved.” - International Finance Corporation, April 2013 Of course all startups are seeking investment, funding, mentorship and consultative support. Why not take a chance? If that’s too demanding, then experiment with an informal hackathon or workshop. LEVERAGE AND COLLABORATE Think joint ventures in which your industry expertise and economies of scale can leverage an entrepreneur’s brilliant innovation. This is bound to be mutually beneficial, especially for foreign brands where the right partnership could even help localize your offering.   www.trendwatching.com/africa/trends/seedfun SEED FUN 43
  44. 44. WHY INDULGE IN SEED FUN? Do not ignore this trend! Your next competitor could be an African startup who has succeeded, grown, and expanded to your doorstep! You only need to look at the plethora of SEED FUN success stories already sweeping across the continent. To apply this trend, start by unpacking it using our Consumer Trend Canvas tool: www.trendwatching.com/trends/consumertrendcanvas www.trendwatching.com/africa/trends/seedfun SEED FUN 44
  45. 45. CONSUMER TREND CANVAS TREND: 1 . ANAL YZE Basic Needs 2. A P PL Y Drivers of Change Which deep consumer needs & desires does this trend address? Innovation Potential Why is this trend emerging now? What’s changing? Shifts: Long-term, widespread macro changes How and where could you apply this trend to your business? Triggers: Recent, short-term changes or technologies Emerging Consumer Expectations Who What new consumer needs, wants and expectations are created by the changes identified above? Where and how does this trend satisfy them? Inspiration How are other businesses applying this trend? Which (new) customer groups could you apply this trend to? What would you have to change? Download a blank worksheet at trendwatchingpremium.com www.trendwatching.com/africa/trends/seedfun SEED FUN 45
  46. 46. now... MORE... Enjoyed this Trend Bulletin? Want more? 1. Our free Africa Bulletins 2. Our 2014 Premium Service Should you be one of our 1,200+ Premium clients? Subscribe to our Africa Bulletins here. SUBScrIBE mE » See how Premium will benefit you If you have any comments, suggestions or questions then please do let us know. Just email: PAUL BACKMAN Chief Client Officer paul@trendwatching.com About us Established in 2002, trendwatching.com is the world’s leading trend firm, scanning the globe for the most promising consumer trends, insights and related hands-on business ideas. Our Premium Service counts many of the world’s leading brands as clients, while our free monthly Trend Briefings go out to over 250,000 subscribers in 180 countries. More at www.trendwatching.com