Innovation in Africa

Savant showcasing innovation

I went to Savant's demo day where they had 13 startups pitching their ideas. It was a fun evening which left me excited and optimistic. Part of this is simply the energy of young entrepreneurs pitching their ideas, full of hope and optimism. While I don't have the skills to invest in Venture Capital, it is energising.

Cutting edge technology

The second reason for optimism was the emphasis on technology. This is not a co-incidence as Savant's business model is focussed on science and engineering driven solutions. But it was eye-opening to see South African startups pushing into 3-D printing, drone components and alternative materials like mushroom-based leather, hemp-based composites, sawdust-based concrete and plant-based chemicals.

Maturing ecosystem

The third reason for optimism was the evidence of a developing eco-system to support venture capital and entrepreneurs. This is Savant's third cohort passing through their build program. The steady investment in Allan Gray fellows, the support of E-squared, the pipeline of graduates from UCT and Stellenbosch, the outsourced service providers all help nurture the system. And perhaps, most importantly the success of previous entrepreneurs.

African opportunity

Three of the startups were from Africa. A wave energy business from Morocco, fish farming from Nigeria and a green detergent business from Tunisia (which was probably the pick of the evening). Historically, there was a narrative of South Africa as the gateway to Africa due to its superior infrastructure, financial markets and industrial base. I think that is false - in many areas Africa is overtaking South Africa. Just look at Namibia taking market share in ports and mining. Seeing those 3 entrepreneurs pitching their ideas re-enforces my view that there is lots of opportunity in Africa.