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CAPE TOWN – A report commissioned by the Cape Innovation & Technology Initiative (CiTi), Wesgro, and the Allan Gray Orbis Foundation – with the support of the Western Cape Government – has confirmed that the Greater Cape Town area, including Stellenbosch, is Africa's tech capital.
Launched today, the report by Endeavor Insight entitled "Evaluation & Network Analysis of the Cape Town-Stellenbosch Tech Sector" was launched today at the Bandwidth Barn in Woodstock. Endeavor Insight is the research division of Endeavor, a global non-profit organization that supports high-growth entrepreneurs and ecosystems, and has completed research on entrepreneurial ecosystems across the world.
"With South Africa's current unemployment challenge, the Allan Gray Orbis The Foundation of Finance and Operations, Allan Gray Orbis Foundation Karen Gabriels, head of Finance and Operations
The report aims to discover the current state of the Cape tech entrepreneur community and identify where the opportunities for growth lie. (19659003) The report reveals that the Cape Breton entrepreneurial tech sector is significantly more productive than other African countries. Lagos and Nairobi combined, with 450-550 entrepreneurial companies employing between 40,000 to 50,000 people. In comparison, the Lagos and Nairobi tech sector employs 9000 and 7000 people respectively, while a promising 3% of local companies have reached scale (100+ employees), comparable to Nairobi's 1% and 2% in Lagos.
With the potential for greater job creation in the digital economy, a key recommendation from the report was an increased focus on investment into talent development. "As an integral catalyst for the ecosystem is growing, we are hearing a similar challenge. The report was very much validated that the CapaCiTi Tech Skills and Job-readiness programs are completely marketed to badist entrepreneurs, corporates and governments to understand and improve their talent constraints to growth, "commented Ian Merrington, CEO of Africa's oldest tech incubator. , the Cape Innovation and Technology Initiative (CiTi).
Findings revealed that more than 500 entrepreneurial companies in the tech sector, 20% are working in e-commerce and SaaS sectors, with 15% working in fintech. Putting Cape Town on the map is Naspers, the world's highest-valued tech company. Further to this Clickatell, BrandsEye and GetSmarter are Cape Town-based tech companies with a strong global presence.
"The dynamism, productivity and high-impact companies of Cape Town's tech sector make it stand out as one of the most successful models in Sub-Saharan Africa. It has generated the continent's most highly valued technology companies, having grown to become major businesses, "commented Rhett Morris, Director of Endeavor Insight, who have similarly conducted research in tech hubs globally as part of the Global Entrepreneurship Research Network's initiative to map entrepreneurial communities.
The research highlights the vibrancy of the Cape's tech entrepreneur community and an interactive network map to mentorship, investment, employment and inspiration. Cape founders of scaled tech companies (100+ employees) continues to engage with the ecosystem, with 30% of founder-to-founder, compared to only 12% in Lagos and 4% in Nairobi.
The Cape Town, United States:
Cape Town is a technical hub
Vibrant local tech business community for start-up support
A globally competitive lifestyle that promotes innovation; and
Strong universities and major companies that bring talent to the city
Alan Winde, The Western Cape Minister of Economic Opportunities, said, "Cape Town has made a name for itself. its tech entrepreneurs, and investments by major international tech firms. It is because of this, and the enabling environment created in the Western Cape, which is responsible for supporting 40 to 50,000 jobs. Nurturing this sector and developing a wide range of skills to sustain the growth of the market. "
While the Cape Tech sector has shown significant growth, dynamism and innovation over the last There were challenges noted by companies interviewed. Chief among these are access to talent – a problem encountered in Johannesburg and other African cities. This is the second time that has been made in Nairobi and Lagos in this regard.
Wesgro CEO, Tim Harris, commented: "This report shows that the Cape is the tech capital of Africa – a place of innovation and the future. It also shows us that we can do more to unlock its full potential and become one of the top tech destinations in the world. The tech sector will be a key driver of economic growth and job creation over the next 10 years and we look forward to watching this ecosystem flourish. R1 trillion in investment in the caption tech sector over the last five years. We look forward to growing this investment total even more. "
The Cape Endeavor Insight Report is available for download on the homepage, and an interactive network map will be published by Endeavor Insight on 12 August.
Key (19459008)
-BUSINESS REPORT
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