An urgent appeal on behalf of francophone entrepreneurs

Francophone Africa is full of talented young people with big dreams. Many want to start businesses, create jobs, and make their communities better. But it's really hard for them. They don't always have the money, tools, or support they need. At a time when many organizations are expanding to the region, as an Entrepreneur, I'm making a plea on behalf of the rest of us who identify in this situation. Most of you are coming from a far journey throughout East, south, and even Anglophone West Africa and hold certain beliefs that may not align with the on-ground reality. My plea consists of drawing your attention to some of these discrepancies which even though minor, are key to fostering effective partnerships and driving sustainable impact.

Misconception 1: Lack of Entrepreneurial Spirit

• Belief: Francophone Africa lacks the entrepreneurial drive seen in other regions.
• Reality: The region is overflowing with ambitious and innovative individuals eager to create solutions and build businesses. However, systemic barriers and limited resources often hinder their progress. According to a 2019 report by the World Bank, C?te d'Ivoire saw a significant increase in new business registrations, reaching over 30,000 in 2018. A 2021 article in Jeune Afrique highlighted the growth of startups in Senegal, with over 500 new tech startups registered in the past few years. Estimates suggest that over 400,000 active companies are in the Cameroonian informal sector, with 99% being SMEs. This demonstrates the vast entrepreneurial activity in Cameroon, even outside the formal registration system. These are just to let you know that the drive is there, the dream burns like wildfire but adequate support is missing

Misconception 2: Financial Self-Sufficiency

• Belief: Entrepreneurs have the financial means to support themselves while dedicating their time and energy to growing their businesses until the business start yielding returns on investments.
• Reality: Many entrepreneurs in Francophone Africa lack alternative income sources and rely on their businesses for subsistence, even during the early, often unprofitable, stages. This creates a precarious balance between personal needs and business growth. It is popularly agreed that a business needs at least 3 years to become profitable. There's a prevailing notion that entrepreneurs, driven by passion and ambition, can readily sustain themselves while pouring their efforts into their ventures. The image of a self-sufficient innovator, laser-focused on growth, is appealing. However, this picture masks the reality. I can't name the number of Entrepreneurs who go hungry and even put their health in danger in an effort to build their businesses and not disappoint the different stakeholders involved in their business. I won't name the long list of those who used their life savings or the family's only property to venture into entrepreneurship and ended up committing suicide. While we are investing in the venture, subsistence funds should be c$allocated to sustain the entrepreneur until his business can become profitable.

Misconception 3: A "One-Size-Fits-All" Approach

• Belief: Funding and support programs designed for other regions can be directly replicated in Francophone Africa.
• Reality: Francophone Africa has unique cultural, linguistic, and economic contexts that require tailored approaches. Understanding the local landscape is vital for effective support. If we're investing billions and really want to see the impact, it is important to do our assignment, understanding the people. Remember, you can't understand the people without the people. yes, it means what it means but thorough market research needs to be done, and nuances need to be acknowledged. Treating the region as one is also a great mistake. For example, Cameroon shares boundaries with Nigeria and has a lot of historical, economic, and political history together. However, a program that works in Nigeria is no guarantee it will work in Cameroon. Even states within the sub-regional groups like the CEMAC, have particularities that must be considered to efficiently support its Entrepreneurs.

Misconception 4: Limited Need for Capital

• Belief: Entrepreneurs in Francophone Africa primarily need capacity building.
• Reality: Many entrepreneurs lack essential business skills and knowledge. Providing training and mentorship is crucial for long-term success. However, multiple training programs without the capital that goes with it won't have any impact. Believe me, studying is not a problem. Understanding the concepts, memorizing them, and figuring out ways to implement these skills and competencies is not a problem for the youths of this region. They are smart. Access to Capital still remains the most crucial problem within the region. According to Partech Africa's 2023 report, Francophone Africa received only about 4% of the total venture capital funding in Africa, despite representing around 30% of the continent's population. Women entrepreneurs face even greater challenges in accessing capital, with studies suggesting they receive a significantly smaller share of funding compared to their male counterparts. As of August 2024, there is only one unicorn (a privately held startup valued at over $1 billion) in Francophone Africa: Wave, a Senegalese mobile money provider. This highlights the scarcity of large-scale success stories and the difficulty of scaling ventures in the region due to funding constraints.

Misconception 5: Short-Term Impact

• Belief: Success can be measured solely by short-term financial returns and rapid growth.
• Reality: Building sustainable businesses in Francophone Africa often takes time. Donors should adopt a long-term perspective and support entrepreneurs through various stages of development. Launch 10-year programs that support different levels of Entrepreneurial ventures. The entrepreneurial ecosystems in developed economies like Silicon Valley or emerging markets like India weren't built overnight. They evolved over decades, with sustained investment, supportive policies, and a culture that nurtured innovation and risk-taking. India's tech industry boomed in the past two decades, fueled by government support, a growing pool of skilled talent, and increasing access to capital. However, this growth was built on years of infrastructure development and policy reforms. It took over 50 years for Silicon Valley to become the tech hub it is today. Early investments in research and development, coupled with a culture of collaboration and risk-taking, laid the foundation for its success. As of August 2024, there are currently seven recognized unicorns in Africa, showcasing the continent's growing tech ecosystem and potential for innovation. However, this success is unevenly distributed. Nigeria boasts 3 Unicorns, 2 for South Africa, while Egypt and Senegal both have 1 each.

Misconception 6: Sole Focus on Tech Startups

• Belief: The primary focus should be on tech-driven startups, mirroring trends in other regions.
• Reality: While tech is important, Francophone Africa's diverse economy requires support for a broader range of sectors, including agriculture, manufacturing, Education, and renewable energy. There is an opportunity in every sector. When you think of health, it is the region with a very high number of child mortality or maternal health challenges. When you look at the political landscape, about every country in the region has a history of a crisis or disruption. Climate change, infrastructure shortage, education in-access, and democratizing access to decent employment or careers are opportunities within the region. Tech could be used as a stepping stone and not a trend that must gain all the focus. I remember during COVID-19 that led to school closures, while we were talking of AI, Augmented reality for education, and all, what finally worked in various rural regions, was education through the radio. According to a World Bank data in 2021, The rural population in Sub-Saharan Africa, which includes most Francophone countries, was estimated to be around 61% of the total population. Niger has one of the highest rates in the region with over 80%.

I would invite all stakeholders to consider this urgent appeal, moving beyond charity and embracing a genuine partnership with these visionary individuals. By investing in their dreams, providing tailored support, and dismantling systemic barriers, we can unleash a wave of innovation and prosperity across Africa. The time for action is now. Let's empower Francophone entrepreneurs to transform their visions into reality, building a brighter and more equitable future for all.

Disclaimer: The insights and perspectives shared in this article are based on my personal observations and experiences accumulated over nine years as an entrepreneur and social innovator dedicated to creating a more equitable future for all. The views expressed herein are solely my own and do not represent the opinions or positions of any organization or institution with which I may be affiliated.