Twenty (20) promising youth entrepreneurs from Africa have embarked on a two-week study tour of the Republic of Korea, seeking investment and insights from the country’s innovative tech ecosystem. The entrepreneurs selected by the Africa Development Bank Group’s Innovation and Entrepreneurship Lab from 133 ventures participated in the Africa Tech Startup Forum.
Held under the auspices of the lab’s leveraging the entrepreneurial and innovation success of Korea to strengthen African enterprise support projects, the Africa Tech Startup Forum selected entrepreneurs who pitched the best business models during the weeklong virtual market access and acceleration program preparing, training, and connecting technology ventures with opportunities.
The twenty (20) entrepreneurs come from eight nations, Egypt, Ghana, Kenya, Morocco, Nigeria, Rwanda, South Africa, and Uganda.
Uche Ezadinachi, the founder of Kenya-based health technology venture Zuri Health, expressed enthusiasm about the opportunity. “I am excited to go to Korea because the country has made serious technological developments,” she said. “Korea is a technology-driven society, and this tour is an opportunity for me to see how we can bring such technology to Africa.”
“We will share experiences with our Korean counterparts; they will learn from us as much as we learn from them,” she added.
The delegation from these eight (8) countries, entirely composed of entrepreneurs aged 18 to 35 and more than one-third of women, will participate in several high-profile events, including the K Startup Grand Challenge, an accelerator program supported by the South Korean government, the Africa Innovation Networking Gala, and COMEUP Korea, an event connecting Korean startups with global investors, corporations, and media.
See also: YSAU startups take part in COMEUP 2024 global startup festival in South Korea
Financially supported by the Korea-Africa Economic Cooperation Trust Fund, the Africa Tech Startup Forum is part of the African Development Bank’s (ADB) broader Jobs for Youth in Africa Strategy.
ADB’s Director of Human Capital, Youth, and Skills Development, Martha Phiri underscored the program’s significance. “This is a pivotal initiative that plays a crucial role in enhancing the skills of young entrepreneurs. These skills will empower them to expand their ventures, which leads to significant employment creation,” she stated.
Ndeye Absa Gningue, Innovation Platform Officer, managing the Bank’s Innovation and Entrepreneurship Lab, said: “Platforms like the Africa Tech Startup Forum provide young people with the opportunity to nurture their potential. We will continue to work with them so they can blossom.”
Meanwhile, the tour’s ambitious itinerary includes visits to prestigious institutions such as the Global Startup Centre, LG Science Park, the Korea Software Technology Association, unicorn companies with valuations exceeding USD$1 billion, and the Global Digital Innovation Network, a foundation supporting the expansion of South Korea’s tech startups.
