Million-dollar dreams: AfricaIgnite sparks start-up gold rush

AfricaIgnite, the flagship event of Africa Tech Festival, has been selected as the host for the African leg of the prestigious Start-Up World Cup 2023. Ten promising start-ups will have the opportunity to pitch for a spot at the grand finale to be held in San Francisco on 1 December.

With a staggering $1 million investment up for grabs, the AfricaIgnite start-up pitch showcase is set to take place at the Africa Tech Festival in November, in Cape Town, South Africa.

To be eligible, early-stage start-ups and scale-ups from Africa with seed funding of up to $15 million are invited to apply by 15 October, through the official website. The finalists, to be unveiled on 30 October, will then pitch their innovative ideas in front of hundreds of investors and tech leaders on 16 November.

The winner of the Africa Tech Festival’s pitch competition will secure a spot in the grand finale of the Start-Up World Cup, where they will compete for the impressive $1 million investment. The grand finale will witness the presence of industry luminaries such as Barbara Corcoran from Shark Tank, Sundeep Jain, chief product officer at Uber, and Daniel Sturman, CTO at Roblox.

Since its inception in 2016, Africa Tech Festival’s start-up platform has been dedicated to nurturing Africa’s budding entrepreneurs and innovators. Over the years, the festival has garnered significant interest, leading to the evolution of AfricaIgnite as a hub for entrepreneurial talent.

James Williams, director of events at Informa Tech, expressed excitement about the partnership, emphasising the importance of providing African innovators with a global stage to showcase their businesses. He stated, “Africa’s bright and forward-thinking minds need a platform to network, get inspired, and co-build a stronger tech start-up investment ecosystem, which is exactly what AfricaIgnite offers.”

In 2022, Africa stood out as the only region where start-up investment grew, with approximately $4.8 billion invested in around 1 000 businesses. Despite this growth, African start-ups accounted for only 1.2% of the global start-up funding. However, experts predict rapid changes in the coming years as Africa’s entrepreneurial ecosystem embraces digital revolution and connectivity, creating solutions to local and global challenges.

The funding landscape has seen a shift, with innovations addressing Africa’s energy and waste challenges gaining prominence, challenging the dominance of the FinTech sector. Other sectors gaining traction include telecommunications, media, entertainment, logistics, transport, retail, agriculture, food, and deep tech.

Anis Uzzaman, founder and CEO of Pegasus Tech Ventures, the organisation behind the Start-Up World Cup competition, expressed enthusiasm for the partnership and hoped it would create valuable opportunities for African start-ups.

Apart from the pitch showcase, AfricaIgnite 2023 promises an array of exciting and informative events. The AfricaIgnite space at the AfricaTech Hall will serve as a bustling hub, offering networking opportunities, a start-up marketplace and demo area, workshops, and masterclasses by industry professionals.

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