The 4th edition of the India-Africa Entrepreneurship and Investment Summit kicked off on 18 July with a series of debates and activities hosted at the University of Mauritius, focusing on theme of developing the entrepreneurial mindset.
In his opening remarks, Professor Dr Mohammad Issack Santally, Pro-Vice-Chancellor (Academia) explained how the University of Mauritius had taken steps to set up an incubator, as well as a biotech platform, and underlined how it was seeking to inculcate an entrepreneurial mindset with the support of the industry. The recent launch of the UOM ‘Shark Tank’ by the student union was another initiative which would seek to improve the entrepreneurial mindset, considering that there were still challenges and barriers to overcome, in his view.
As the Convenor of the India-Africa Entrepreneurship Forum, which organised the Summit, Baljinder Sharma commented that he had had the privilege of being associated with the University of Mauritius over a number of years, and appreciated its efforts to become part of the larger entrepreneurial ecosystem.
The keynote address was delivered by Anirudh Damani, Managing Partner of the Artha Venture Fund, from India. He highlighted that the total populations of India and Africa amounted to around 50% of the world’s total population, and saw striking similarities between the two ecosystems, even if the African ecosystem was around 12 years behind the Indian one. He underlined that the top 5 Indian corporates were now participating in the start up ecosystem and interested in acquiring companies, with M&As “getting higher and better”. He explained that “entrepreneurship is now at the heart of the Indian ecosystem” and noted opportunities in areas such as B2B, spacetech and FinTech. Looking at the Indian-African paradigm, he recalled that “we have known each other for 600 to 700 years” and was convinced that “Africa is the start up ecosystem to build”.
The day’s panel discussions explored assessing the entrepreneurial ecosystem in Mauritius and Africa and internationalising the Mauritian start up ecosystem, where international experts shared their views. In the afternoon, a series of University of Mauritius students also pitched their projects to an experienced jury of members from the entrepreneurial ecosystems of Mauritius, Africa and India.
Unlocking early stage capital
A workshop was held on the topic of unlocking early stage capital, which offered a forum for members of the Indian and African ecosystems to delve into topics including leveraging non-dilutive funding through Catalytic Africa, cross-border investment mechanisms, exit strategies and options available under the Stock Exchange of Mauritius.
The session was led by Michel Cordani, Co-Founder of Mo Angels, and Kartik Sharma, Portfolio Manager of Launch Africa Ventures. Setting the scene, Michel Cordani commented that angels invest to de-risk, and that an incubator must translate projects into being investor-ready. He underlined that there was a need for sales and operations, and that “it was not enough just to have a powerpoint and good intentions”. He also stressed that investors need to be able to see exits, since “no exit, no investment”.
Anna Ekeledo, CEO of AfriLabs, outlined a programme called Catalytic Africa, which is a joint initiative by AfriLabs and African Business Angels Network (ABAN) which raises funds from institutional partners to create a co-investment pool which serves as a matching fund to encourage investment in viable AfriLabs-affiliated startups by verified angel investors. She explained that it connects start up hubs, innovators and investors, and that it pulls in money from different organisations to provide non-equity start ups the chance to de-risk the investments. She mentioned that they had already raised EUR 1.5 million from a French government agency for start ups. She highlighted that 20 co-investments were already in place across Africa, including two in Mauritius.
Vipin Mahabirsingh, Managing Director of the Central Depository & Settlement Co. Ltd of Mauritius, shared his perspective on the exit mechanisms available through the Stock Exchange of Mauritius, which had been operating since 1989. He mentioned that there was a Development & Enterprise Market (DEM) for new companies even if they had no track record but a solid business plan. He explained that Mauritius also offered the Venture Market which was very flexible with no listing requirements, offering possibilities to trade without paying any registration duty, and opportunities to exit for venture capital.
The workshop provided an occasion for entrepreneurs from India and Africa to share their own experiences in relation to the potential use of incubators and accelerators, use of exchanges, funds and fundraising schemes, as well as the potential for cross-border collaboration and development across ecosystems.
