Boat loads of cash chase African innovators

In Innovation

Boat loads of cash in prize awards and seed capital are now chasing African innovators in a way that has never been seen before with many local and foreign institutions setting aside million dollar budgets to organize innovation fetes in a rare rush of confidence in Africa youth.

Both African and foreign institutions and individuals are setting aside multi-billion dollar pots to finance innovations contests and seed capital firing up young innovators to unleash their ideas.

Among these funds include the local University of Nairobi Innovation week, The Tony Elumelu foundation by the Nigerian billionaire which is targeting 1000 start-ups with seed capital, Hiil innovation for justice awards, Barclays accelerator and a host of others.

The wind is blowing confidence amongst young Africans as their work finally sees the possibility of commercialization after years of state neglect.

The atmosphere also got a boost shot in the arm by the Global Entrepreneurship Summit during the visit of the audacity of hope with showed the importance of entrepreneurship and innovation as major drivers of economic growth.

READ: Nigerian billionaire to fund 1000 start-ups

Nairobi innovation week

Kenya which is seen by many as the epicenter of innovation in the region has spawned an army of innovators from all fields including ICT, manufacturing, nutrition and many others.

The University of Nairobi is preparing for its largest ever innovation week in the first quarter of next year in a move that shows increased focus on youth.

There has also been an increase mergers and acquisitions in the region with Kenya leading in the number of foreign organizations acquiring local start-ups.

This has been supported of by the mushrooming of incubation centres across the city of Nairobi and the neighbouring countries with Makerere University in conjuction with Resilient Africa Network playing a significant role in producing new innovation projects.

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