Viva Technology and the International Finance Corporation (IFC) have announced a call for applications for the first edition of the AfricaTech Awards, a pan-African initiative developed to recognize and support the most innovative and impactful tech start-ups across the continent.
The AfricaTech Awards to spotlighting the next generation of African innovators. Applications are already opened to recognize cutting-edge solutions in the climate tech, health tech, and fintech sectors.
The AfricaTech Awards will recognize African start-ups that are driving innovation and development impact in three main sectors – climate tech, health tech, and fintech.
Each of the three category winners will benefit from increased visibility and access to the networks provided by Viva Technology and IFC, including select one-on-one meetings with leaders and top executives in the tech industry.
Entrepreneurship has been a key driver of economic growth in Africa, promoting competitiveness and fostering job creation, particularly among young people. According to reports from Briter Bridges*, investment in African tech start-ups reached $4.9 billion in 2021, marking a significant increase from the $2.4 billion invested in 2020. Despite growing interest from investors, this is still a fraction compared to the funding that start-ups received in other parts of the world – for instance, in 2021, over $100 billion was invested in European start-ups and about $330 billion in start-ups in North America**. Moreover, a lack of infrastructure and inadequate regulations often present additional challenges to the scale-up of start-ups across Africa
“Africa is buzzing with innovative tech solutions that can help address climate change, promote food security, and expand financial inclusion,” said Makhtar Diop, IFC’s Managing Director. “Yet over 80% of African start-ups report difficulties in accessing funding. Initiatives like the AfricaTech Awards, which bring together entrepreneurs, governments, and investors, are key to attracting the resources and support that tech start-ups need to scale their innovations across the continent and beyond.”
For Viva Technology Co-Presidents Maurice Lévy and Pierre Louette and Managing Director Julie Ranty: “We have been impressed by the quality of African innovations during our various on-site roadshows and in our meetings with the 1000+ African startups that have already taken part in VivaTech. With the AfricaTech Awards, our objective is to boost visibility for African innovation ecosystems and to create opportunities for African entrepreneurs within global markets.”
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