Everything to Learn from the 2024 Innovation Playbook
... we came, we learned and we move! šŖ
Happy holidays, Innovator! š
As 2024 draws to a close, itās important to state this for the people at the back: The African tech ecosystem is at a crucial turning point.
Weāre no longer here for āshere-shereā āā
This year was a testing ground for a lot of tech solution providers, what with severe economic challenges and even more severe regulatory hindrances. But some of you stood your ground, and some even came out super victorious. Watching it all unfold has been š beautiful!
If thereās one thing we can collectively take into 2025, itās this: Growth isnāt just about ambition; itās about learning from what worked, what didnāt, and why.
Afterall an African proverb says: The one who does not remember where they come from will never reach their destination.
Soooo, hereās your time machine through the last 12 months to understand where you š«µ have come from
*** Follow the hand ššš ***
1. Scaling isnāt linearāitās strategic
Scaling was a hot topic this year, but the success stories came from solution providers that scaled with single-minded purpose.
Take Moniepoint, for instance. Their relentless focus on solving payment bottlenecks for SMEs enabled them to grow massively, earning them a rightful position as a household name and a lifeline for thousands of small businesses across Africa.
On the flip side, some solution providers tried to scale without addressing product-market fit or operational inefficiencies. Unsurprisingly, many folded or stagnated.
The takeaway? Scaling is about building systems that grow with your business.
2. Collaboration is a catalyst
2024 reaffirmed what weāve always known: Partnerships are a growth multiplier. Wasokoās expansion across multiple African countries is a prime example of this.
If your tech solution has been struggling all year to break into new markets, itās time to think about partnerships to sweeten the deal š
If you canāt do it alone, it wonāt hurt to partner with a couple of your builder buddies who also have struggling tech solutions.
3. Talent is still the bottleneck
The ecosystem continued to grapple with a shortage of skilled talent in BIG 2024!
Luckily, companies like AltSchool Africa and Decagon stood their ground in training thousands of young Africans in software development, data science, blockchain and more.
As you plan for 2025, ask yourself: Is your talent strategy robust enough? Are you investing in upskilling your team?
Remember, the ecosystem doesnāt just need tech solutions; it needs people who can build, maintain, and scale them.
4. There is power in culture-led innovation
Authenticity mattered more than ever in 2024. With examples too numerous to mention in just one post, letās focus on this:
In the e-commerce space, AfriCraft combined tech with traditional artistry, with a focus on supporting local artisans and promoting African craftsmanship globally.
It operates by connecting local artisans and craftsmen with intāl markets to sell their handmade products (jewelry, clothing, home dĆ©cor, and more) their success with it so far is a reminder that innovation isnāt just about new technologyāitās about leveraging what makes us unique.
5. Trends shaped the ecosystem
A few dominant trends emerged this year, offering a glimpse into the future:
E-sports and gaming: Platforms like Gamr Africa turned gaming into a viable industry, hosting tournaments and building communities that monetise creativity.
Green tech and solar-tech solutions.
And everybodyās favourite, AI
These arenāt passing fadsātheyāre transformative shifts. Itāll serve you well to create room for at least one of āem in your vision for 2025.
As you plan for 2025, kindly consider these guiding principles:
Focus on solving real problems with scalable solutions.
Build partnerships that add value to your journey.
Your people are your biggest asset.
Stay authentic
Anticipate trends like your life depends on it, but donāt lose sight of your core mission.
Dear Innovator, the next wave of global innovation is ours to shape and 2025 can be yours for the taking. The question is: are you ready??? š¤š¤