Small market size and low buying power are just two of the challenges facing innovators in Africa, with the market not big enough to consume innovations.
According to the Innovation in Africa research report by Convergence Partners, unlike in China and India where the population is large enough to support product releases, the African market is small and segmented.
“Indeed, much of the accelerated growth of countries such as China and India has been partly explained by the rise of innovators and entrepreneurs within the favourable institutional frameworks present in their respective countries,” reads the report.
The report challenges governments to create an enabling environment for doing business and provide infrastructure, noting even negative environments can spur innovation.
It details characteristics and qualities that can encourage innovation and entrepreneurship, with understanding the market, grabbing opportunities, local and global networks, passionate leadership and commitment to innovation among those listed.
