The India-Africa Entrepreneurship & Investment Summit will return for its fourth edition on 18th and 19th July 2024 in Mauritius at the InterContinental Mauritius Resort Balaclava Fort, Mauritius.
The event, jointly organised with the support of the Economic Development Board of Mauritius, Indian Angels Network, Africa Business Angels Network and AfriLabs, has established itself as the go-to platform for entrepreneurs on both sides of the Indian Ocean.
Exploring challenges in financing technology and innovation
Although the world economy grew at a steady rate of 3% over the year 2023, the venture ecosystem has faced a cut down in spending. This was partly because many companies were overvalued and had to be marked down.
For instance, the number of startups in India increased from 57,000 to 99,000 despite a decrease in valuation from $450bn to $340bn. In terms of new funding, a total of $7bn was raised in 2023 against a figure of $25bn for 2022 (representing a 72% decline).
This is a clear indication that entrepreneurs are continuing to create and innovate undeterred by these constraints – a hallmark of Indian entrepreneurship.
A similar trend is also visible across Africa, where, according to TechCrunch, the amount invested in startups in 2023 decreased from roughly $5b in 2022 to $3b in 2023 – a total drop of $2b.
It cannot be emphasised enough that Africa remains a continent of huge potential with a young population and fast expanding consumer market. A growing need for basic services such as education, healthcare, food and energy can be met with innovative products and services.
Rapid developments in Artificial Intelligence and Robotics have made available cost-effective solutions, that offer to ‘leapfrog’ Africa into a new future. The Event is programmed to provide insights into these areas with a view to encourage co-creation, co-development and co-investment amongst participating individuals and institution.
Connecting entrepreneurial ecosystem players between India and Africa
The Fourth India Africa Entrepreneurship Summit, therefore, intends to focus on four areas:
- Provide an opportunity for established Indian corporates to acquire/make strategic investments into African ventures for market access and expansion. This could lead to strategic capital infusion for promising African startups.
- Connect African entrepreneurs with their Indian counterparts to create AfricaFirst startups leveraging on their experience working in emerging markets.
- Making a case for African DFIs to invest in Africa drawing upon the experience of Indian DFIs such as SIDBI and others.
- Connect entrepreneurial ecosystem players between India and Africa for knowledge sharing and capacity building.
Why attend the fourth IAEF Summit?
Africa’s fifty-four states produced a combined GDP in excess of US$3.2 trillion – almost the same as India. The economic growth of the continent, estimated to be 3.2 percent in 2024 also houses six of the world’s fastest-growing economies. India and Africa can collaborate at various levels to co-create opportunities for the benefit of each other. The event will facilitate such an exercise.
Building on the remarkable success of its three previous editions, the organisers are inviting pre-eminent Entrepreneurs, Thought Leaders, Policy Makers and Investors from both Africa and India to interact with each other and participate in relevant Workshops & Panels. It is a forum for networking, learning and transacting business.
