A newly launched report identifies six African, and two South African, companies as market creating innovators.
The African Innovation Report by the Harambe Entrepreneur Alliance is designed to stimulate conversations about entrepreneurial innovation in Africa and understand the challenges start-up ecosystems face.
The report, by the Harambe Entrepreneur Alliance, The African Innovation Report, launched at the first for Africa Harambeans Global Summit in Franschhoek, unpacks the current African entrepreneurship ecosystem and explores how entrepreneurs and innovations can contribute to unlocking the continent’s potential.
Harambeans are African innovators admitted to the Harambe Entrepreneur Alliance, who have pledged to work together to unlock the potential of Africa.
Since 2008, more than 300 Harambeans have developed high impact ventures in Africa with lasting social and economic impact, explains Harambe Entrepreneur Alliance chair Okendo Lewis-Gayle.
In the report, 54 African countries were analysed to build a different understanding of the African continent and its innovation potential. The countries which possessed the type of innovation ecosystem to build a different understanding of the African continent and its potential have been highlighted in the report.
The innovation landscape is measured according to strength of the local economy and the innovation environment.
The Alliance identified six market creating innovators, namely BRCK (Kenya); Lifebank (Nigeria); Max.ng (Nigeria); Spark Schools (South Africa); Twiga Foods (Kenya); Yoco (South Africa).
The report also unpacks some of the innovation that is a catalyst for change on the continent, and the Harambeans behind these enterprises.
In addition, the report shortlists ventures operating in Africa across several sectors which most reflect market-creating innovation.
"Africa faces significant and evolving challenges, from digital transformation to building human capital. These challenges will be solved by leaders who creatively engineer solutions, and in so doing transform obstacles into opportunities," says Lewis-Gayle.