While one might think that the majority of tech innovations still originate from the west, actually the reality is quite the opposite. In recent years we’ve seen the potential of Africa and the tech industry has been developing rapidly in some countries across the continent. South Africa, Nigeria, and Kenya are the three leaders when it comes to technology and all of these countries are working towards creating unique and most importantly useful technology to make their day to day lives better. Nowadays Africa is making up for almost half of the tech ecosystem in the world.
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What caused this trend
Some countries have more resources than others but that doesn’t always mean that they will deliver better results. Primarily because of the lack of access to technology and innovations South Africa approaches the tech field with extra attention. The need for better services has made the determination of local tech experts much stronger and has pushed them to deliver impressive results quickly. While the west is slowly catching up with the cardless payment methods, South Africa has been offering these services to its citizens for years now.
Since there is a lack of traditional banking services the local entrepreneurs and developers have to look for other solutions which is what granted South Africa the status of tech innovator. While the internet is still not universally accessible, for those that do have access to the internet there are a lot of options for the online entertainment strong from new South African casino games, to different local content providers. The need for tech development was strong enough to urge the country to use up all of its talent, resources, and determination to start on its journey of technological advancement.
So far this approach has proven to be extremely successful for the country both economically and technology-wise. There is a reason why so many U.S big tech companies are setting up clouds and offices in South Africa because along with being cheaper they also offer a lot of services that you might not find in the state. These companies are encouraging tech adoption in South Africa, hiring locally and embracing the talent of yet undiscovered tech-savvy young people, while also giving them the opportunity to grow professionally by providing teaching courses for free. The technological development has brought a lot of different gains to the south African community that will help the country to develop faster and with more ease.
Attracting funding
It has become a very common thing to direct funds towards South African startups. Thede new companies are attracting billions of dollars worth of investment from world-famous funds and companies because they are offering the much-needed services that are in tune with the demand of the contemporary technologically advanced customers. While some industries are very much lacking in South Africa, tech is definitely not one of them.
The African startup culture, in general, is probably the most advanced and has a surprising amount of unicorn startups, meaning the companies that are worth more than $1 billion. This is something that countries all across the world want to achieve in their own territory but so far no one has come close enough to match Africa’s speed. The many resources that keep pouring in into the African startup market are helping the local entrepreneurs to develop even more exciting projects and to attract more investors. This has become a very important part of the South African economy and it shows no signs of slowing down.
As of now, the African share in the global ecosystem is up to 40%, a surprising number for anyone who isn’t actively keeping up with the tech news. A lot of it is made up of venture funds, development finance but mostly the African system thrives because of the community that is willing to work in this direction in order to make the day to day living easier and more tech-savvy.
Tech Startup scene in SA
South Africa has one of the most lively tech and startup scenes mostly made up of young local entrepreneurs. The benefits of promoting this industry across the country have been very impressive and probably South Africa will soon become an even bigger part of the global tech community. South Africa stands out by the amount of successful fintech that is becoming more and more popular worldwide. Since Africa has been dealing with fintech for years it will definitely have an upper hand and probably will become the providers for a lot of popular financial services in the future.
A helping hand for the struggling economy
This type of development is crucial for the South African economy, which has been struggling for the last two years. While the regulations and the governing bodies can’t seem to take control of the situation and the country’s financial needs, it is up to the communities to make up for all the lost effort and to create an environment where tech advances can be possible and can bring money. South Africa has even developed its own 5G technology on its own because it wants to become self-reliant in this regard and to provide for its own citizens with modern services. This attitude is impressive and encouraging and because of their determination, they have managed to get this far in the tech field.
The success of South Africa has become an example for a lot of countries wishing to advance their tech scenes and it is setting a new standard for others to follow. While the tech scene alone can’t save SA’s economy it is definitely an improvement from the previous years.
