As part of the Nairobi Innovation Week, the Innovation & Entrepreneurship pillar hosted a two-day Industry-Academia Workshop. This event fostered a collaborative environment for experiential learning, bringing together researchers, industry leaders, and startup funders.
The workshop included representatives from Afretec partner universities i.e. The University of Rwanda, University of Lagos, Wits University, Carnegie Mellon University Africa, and The American University in Cairo. Additionally, universities like the University of Zambia, Egerton University, and the Technical University of Mombasa were present. Industry participation was robust, with organizations like IBM Research Lab Africa, Timbuktoo, UK Kenya Tech Hub, IFC, and Villgro Africa joining the conversation.
The first day set the stage for exploring the potential of deep tech in Africa’s transformation. Prof. Yehea Ismail, from CMU Africa delivered a keynote address highlighting the “opportunity gap” in deep tech for the continent. He explored how the Afretec Network can play a crucial role in fostering deep tech development by highlighting opportunities such as existence of top experts from the network partners and infrastructure such as labs in the partner universities. “Through the network, we can coollaborate with governments through PPPs to provide crucial resources to tech startups and ventures. A united front within the Afretec Network also strengthens the credibility and marketability of African deep tech initiatives.”
Dr. Lana Graf of the IFC provided insights into the challenges and possibilities that lie ahead in the realm of deep tech. Her address emphasized the need for strategic investments and navigating the complex landscape of deep tech development.
The conversation then shifted towards funding with Dr. Eleni Gabre-Madhin of Timbuktoo Africa. Dr. Gabre-Madhin’s presentation explored funding avenues for big tech initiatives in Africa. She highlighted the potential role of International Non-Profit Organizations in providing crucial financial backing to fuel innovation and entrepreneurship across the continent.
“Instead of relying on foreign capital, the question we should be asking is how can we build more domestic capital?” “We can do this by building domestic angel networks, providing education & policy incentives for example, Britain has tax incentives for high risk startups for angel investors, creating space for domestic currency funds, leverage the existing liquidity in domestic funds by utilizing venture debt instruments, engage the African diaspora to contribute their financial resources and expertise in this area.”
