Although Africa is a continent replete with opportunities and ideas, many businesses fail due to the lack of a support system that helps them become self-sufficient and stable enough to stand on their own.
This is, however, gradually changing due to the increasing appeal of the African continent to foreign investors. Africa now has the fastest economic growth rates and the highest return on investment (R0I) in the world.
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Moreover, the continuous enhancement of political reform, macroeconomic stability, and social development have further established the continent on the right track.
It is factors such as these that have informed the decision of foreign investors to invest in the continent over the years. Through incubator and accelerator programs, these investors help African businesses get the funding they need to reach their full potentials. And the results have been outstanding.
It is in this vein that Forbes hosted its first Nigerian summit on June 25, 2020. The Forbes Nigeria Summit, which held online, culminated in Forbes’ first Nigeria Accelerator Program for entrepreneurs and startups.
The summit features over 10 eminent mentors/speakers, 100 global partners, and over 50,000 digital entrepreneurs and influencers from across Nigeria and its diaspora.
It was conceived by Forbes in partnership with the Global Startup Ecosystem to provide a strong support system for businesses in Africa during the COVID-19 pandemic. It is open to all entrepreneurs, investors, and influencers interested in promoting a sustainable future for Nigeria.
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To provide entrepreneurs with the tools for success in the business landscape, the program centres around a range of key topics including funding, marketing, branding, growth-hacking, etc. More than 5,000 business owners applied of which 200 cohorts were selected to participate (double what was originally expected).
An article about the program published by Forbes reads:
“These are impressive business owners who’ve made it through a rigorous process to be selected. Our partners at Global Startup Ecosystem, who’ve conducted hundreds of live and virtual accelerator programs to date, chose this cohort based on financial success, community impact, and business viability.
It’s bittersweet to come to the end of this program. The cohorts have become close, sharing ideas, vulnerabilities, and opportunities. The willingness to improve – take concepts and ideas and make them their own is impressive. And while we’re winding down our time together, we are selecting 10 companies to participate in a demo day.”
This event is, yet again, proof that Africa is fast becoming a key player in the global business landscape. Every day, enterprising individuals emerge, amidst serious impediments, to provide solutions to problems in their communities. A program of this scale is a clear indication of how successful these entrepreneurs have been at putting the continent on the map.
Although the live event has ended, visit the Forbes website for more information about the taped event.
Featured Image Source: Forbes
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