Solar Energy News
AFRICA NEWS
African space tech? Don't rule it out, says Nigeria's startup king
African space tech? Don't rule it out, says Nigeria's startup king
By Joseph BOYLE
Paris (AFP) June 8, 2023

Iyinoluwa Aboyeji might not have the personal wealth of Elon Musk or Mark Zuckerberg, but his level of success as an African entrepreneur bears comparison with any Silicon Valley tech titan.

While still in his twenties, the Nigerian co-founded two "unicorns", an industry term for companies that achieve a valuation of more than $1 billion.

By most counts, Africa has produced only seven unicorns compared with more than 700 in the United States.

Aboyeji, who has many of the trappings of a global tech boss -- he is often known simply as "E" and he wants to build a city devoted to tech -- says African entrepreneurs should have big ambitions.

But they cannot simply copy-paste from the playbooks of Zuckerberg or Musk.

"We admire these guys, they're inspirations," he told AFP over the phone from an investor conference in the United States.

"But when we're looking for a path we don't look to them because they've got a completely different reality from ours. You've got to find your own way."

Now 32, Aboyeji now spends much of his time funding startups, having left his posts in both of his unicorns -- fintech firm Flutterwave and training platform Andela, which counted Zuckerberg as an investor.

"Now I'm the coach, I take a backseat," he said with a laugh. "I had my time in the spotlight, I played well."

His Future Africa firm, one of the continent's biggest startup funds, is preparing to launch a new round of investing.

But it comes as tech firms across the wold have slashed workers, and venture capitalists have tightened their purse strings.

- An African Delaware -

The global downturn has seriously hampered African tech startups.

They attracted more than $2 billion in funding during the first quarter last year but this year's figure is less than half that amount, according to specialist publication The Big Deal.

The gloomy figures do not dim Aboyeji's confidence.

"It feels like the recession really unlocked people's ability to build all of a sudden," he said.

His firm Future Africa has invested more than $10 million in dozens of projects, many of them fintech startups trying to improve access to loans and banking services.

Future Africa helps them launch their ideas and get further funding.

But Aboyeji still has an eye for a grand scheme -- he is helming a project to build a city devoted to tech talent.

"Think Delaware, but for Lagos," he said, referencing the tiny US state with low taxes that hosts many international companies.

The project, called Itana, aims to house thousands of tech workers and give firms tax breaks and other incentives -- with a likely budget of $500 million.

Silicon Valley libertarian ideologue Peter Thiel is among the backers.

Like similar attempts to create such "charter cities", critics have said Itana will be a tax haven or an opt-out from state control.

Aboyeji and his partners have repeatedly denied that, insisting Itana is located within an established free trade zone and will respect Nigerian law.

- Youth 'are not bums' -

Aboyeji is the son of a pastor and often talks about his religious convictions, describing himself as a "faith-driven investor".

"I invest in companies that have redemptive qualities. They save people, they improve people's lives," he said.

"They transform communities just like my faith does."

Aboyeji, who spent time at university in Canada and praises the United States as "the capital of capital", has a talent for teachable stories and has been a regular on the TED talk circuit for years.

He said the insight that led him to launch his investing career came a decade ago when he saw thousands of young Nigerians gathered in a football stadium trying to get permission to emigrate and get jobs.

"You're not dealing with bums, you're dealing with people who are desperate for opportunity," he said.

He agonised over how investors could help to raise incomes in a country where more than half the population are under 18.

"It can't be with agriculture, and it can't be manufacturing. It is the internet," he said, adding that the possibilities were limitless.

For example, African entrepreneurs can legitimately think about space travel, he said, especially if their ideas can help communications in the way that Musk's StarLink mini-satellites have.

"Never say never," he said. "But we're not going to do space exploration or space tourism.

"I don't think we're there yet. I'll leave that for my kids to contemplate."

Related Links
Africa News - Resources, Health, Food

Subscribe Free To Our Daily Newsletters
Tweet

RELATED CONTENT
The following news reports may link to other Space Media Network websites.
AFRICA NEWS
Rwanda's Kagame orders major military purge
Kigali (AFP) June 7, 2023
Rwandan President Paul Kagame has embarked on a major shakeup of the country's military, with a round of dismissals announced Wednesday after the appointment of a new defence minister, army chief and head of internal security. Army spokesman Ronald Rvivanga told local media that two long-serving generals, Major General Aloys Muganga and Brigadier General Francis Mutiganda, had been sacked for "indiscipline". "According to the law, this means that they have to hand over military equipment and lea ... read more

AFRICA NEWS
Carbon mitigation payments can make bioenergy crops more appealing for farmers

EU probes alleged fraudulent biofuel from China

E-fuels - DLR selects Leuna as location for its PtL technology platform

WVU researcher searching for 'holy grail' of sustainable bioenergy

AFRICA NEWS
Singapore to put more police robots on the streets

Four-legged robot traverses tricky terrains thanks to improved 3D vision

Should robots be given a human conscience?

Can you trust your ears? AI voice scams rattle US

AFRICA NEWS
Brazil faces dilemma: endangered macaw vs. wind farm

Spire to provide TrueOcean with weather forecasts for offshore wind farm development

Sweden greenlights two offshore windpower farms

European leaders vow to boost North Sea wind energy production

AFRICA NEWS
European leaders host Musk, chase Tesla investment

GM reaches deal for access to Tesla's North American chargers

Musk, China industry minister hold talks on 'new energy vehicles': ministry

Tesla's Musk hails China's 'vitality' on Beijing visit

AFRICA NEWS
Lithium boom comes to Brazil's 'misery valley'

Railways could be a key 'utility player' for backup power

A novel, completely solid, rechargeable air battery

Turning up the heat

AFRICA NEWS
UN visit to Ukraine nuclear plant delayed: Russia

IAEA chief visits Ukraine to see flood impact on plant

UN nuclear chief says situation 'serious' at Ukraine plant

France says nuclear power is 'non-negotiable'

AFRICA NEWS
'Heating hammer': Germany huffs and puffs over climate law

Controversial German green heating law to go to parliament

Vietnam's power crisis hits local firms, foreign investors

Climate: Corporate 'net zero' pledges lack credibility

AFRICA NEWS
With bows and spears, Indigenous 'warriors' defend the Amazon

Brazilian Amazon deforestation falls 31% under Lula

Lula leads tributes on anniversary of Amazon double murder

In Ecuador biosphere, battle lines form over mining plans

Subscribe Free To Our Daily Newsletters




The content herein, unless otherwise known to be public domain, are Copyright 1995-2024 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. General Data Protection Regulation (GDPR) Statement Our advertisers use various cookies and the like to deliver the best ad banner available at one time. All network advertising suppliers have GDPR policies (Legitimate Interest) that conform with EU regulations for data collection. By using our websites you consent to cookie based advertising. If you do not agree with this then you must stop using the websites from May 25, 2018. Privacy Statement. Additional information can be found here at About Us.