How Africa is building a better ecosystem for entrepreneurs
The Future Studio incubator in Cotonou has developed a successful coaching programme, propelling four startups to success. The Beninese innovation center is now expanding, while business support organizations across West Africa are increasing their collaboration.
The NTF V FastTrackTech project has nurtured these developments. The ITC project brought together major players from Benin, Niger and Mali to share their experiences and build together a stronger, more inclusive entrepreneurial ecosystem.
Future Studio: a catalyst for innovation and entrepreneurship in Benin
Since opening a year ago in Cotonou, the Future Studio innovation center has aimed to propel Beninese innovation and digital entrepreneurship. As a partner of the Epitech school and a member of the African Education&Innovation Group, the innovation center fosters the growth of young, innovative companies, providing structured support and networking. With the support of the NTF V FastTrackTech project, the Future Studio has set up a support programme tailored to Benin's digital ecosystem.
'We can't claim to support entrepreneurs without being supported and empowered ourselves. Thanks to the recommendations of the NTF V FastTrackTech project expert, we have gained in vision and methodology,' said Future Studio project manager Yoann Agbo. 'This is what enabled our Start program to take shape and achieve its first successes. We're very proud today to see ideas become solid projects as teams grow.'
After six months in the incubation program, four startups have made significant progress: they have perfected their pitch, established commercial collaborations, and intensified their discussions with potential investors. One gained international visibility by taking part in Gitex Africa.
'Our intention is to provide ongoing support for the startups we have supported, and we are actively engaged in preparing a second cohort of entrepreneurs. At the same time, we plan to develop a targeted offering for more mature companies seeking accelerated growth or diversification of their offerings,' said Yoann.
This expertise recently earned Future Studio a contract with telecom operator MTN Benin to take charge of the operational side of a new incubation program. 'Since supporting the NTF V FastTrackTech project, Future Studio has shown what it can do. This new partnership testifies to the trust placed in our activities,' he added.
Better support for African entrepreneurs
Like the Future Studio, business support organizations walk with entrepreneurs at every stage of their journey, contributing to job creation and more sustainable, inclusive economic development. NTF V FastTrack Tech believes the creation of synergies makes African organizations more efficient by optimizing their resources.
The project initiated an exchange session on 30 April between the Bussiness Support Structures Network of Niger (Réseau des Structures d'Appui du Niger – RESAEN), the Federation of Innovative Business Support Organizations in Benin (Fédération des Structures d'Appui à l'Entrepreneuriat Innovant – FedSAEI) and the National Council of Incubators of Mali (Conseil National des Incubateurs du Mali – CNSIM).
Rabia Moussa is vice-president of RESAEN and co-founded the Développe-les organization in Niger.
'Regular exchanges and lasting cooperation create a network of mutual support between BSOs, strengthening the entrepreneurial ecosystem as a whole. Financing issues are often at the heart of concerns,' she said. 'In this respect, RESAEN shared its experience and roadmap.'
The session concluded with the formalization of several ideas and recommendations, including the need to set up a working group dedicated to the question of financing, the monitoring of new opportunities and the prospecting of new partners. Rabia also stressed the need for BSOs to clarify the roles and commiments of their governance members, so that tasks are properly assigned.
'I can only encourage the holding of an annual general meeting with the publication of an activity report.
By also adopting transparent and participative governance practices, support structures can consolidate their internal functioning and increase their impact in the service of a flourishing entrepreneurial ecosystem,' she said.
The nascent collaboration between Benin, Niger and Mali is just the first step towards continental synergy.
'Tomorrow, the dialogue could even be extended to Burkina Faso. It is this growing synergy that will enable African talent to flourish and contribute fully to the continent's economic development,' she added.
About the project
The Netherlands Trust Fund V (NTF) program (July 2021 – June 2025) is based on a partnership between the Netherlands Ministry of Foreign Affairs and the International Trade Centre. NTF V supports SMEs in the digital technology and agribusiness sectors in Benin, Ivory Coast, Ethiopia, Ghana, Mali, Senegal and Uganda. Its ambition is to contribute to an inclusive and sustainable transformation of agri-food systems partly through digital solutions, to improve the international competitiveness of local tech start-ups and to support the implementation of the export strategy of IT&BPO companies.
Distributed by APO Group on behalf of International Trade Centre.
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