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Disruption is real! African Tech Start-up secure more funding.

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If you are anxious about emerging technology and the impact it will have on your business landscape, then you are not alone. Disruption is real! And if you are present firm not keeping up with the speed, then be certain that you will die a normal death, Urbanization is the new term in town, it means changing the way things operate in a simpler and swift way.

To make you get a clear picture, Microsoft was once the be it all in computing but failed to be innovative and newer players came in to feel the consumer space i.e. Apple, Google  have taken Microsoft to the cleaners and now Microsoft is playing catch up. What happened to Kodak when it failed to innovate into digital cameras? Locally, we have examples such as M-PESA which in some way it has disrupted the banking industry.

It’s difficult but possible to endure disruption, with disruption, it’s of no need to argument, its keeping CEOs on the edge, giving them sleepless nights with the fear of being packed down. A report released by Disrupt Africa, Disrupt African Tech Start-up Funding Report, showed that 146 startups from across the African continent raised $129,133,200 in funding over the course of 2016. This shows a 16.8% rise from 2015 in the number of African tech startups who secured funding.

The report analysed nine sectors with the fintech sector receiving the most backing in 2016 with 24% of the total, raising a combined $31.4 million. This highlighted the massive emphasis placed on technological advancements in the finance sector in Africa.

The three most popular investment destinations are South Africa, Kenya and Nigeria; between the three nations 80.3% of funds were secured. The fourth most popular country is Egypt who saw their growth rise an impressive 100%.

According to this reports, companies should create new Digital business models which will eventually cannibalise their traditional business, rather than give in to to new disruptive Digital start-ups.

Digital transformation cannot be ignored without becoming irrelevant, and an adaptive Digital strategy is vital.  The Digital workforce will be largely millennial, and significantly different from today in terms of culture, leadership style and skills.

Artificial Intelligence, and Digital algorithms will automate many professions, but jobs requiring uniquely human characteristics or are critical to the development of Digital solutions – will be in great demand.

A universal Digital transformation strategy, which considers the Digital workforce along with the business model, process and customer channel dimensions, will be imperative for organisations wishing to remain relevant in the next 10 years

 

 

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