Summary of Why Silicon Valley's Money Can't Solve Africa's Tech Problems

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Why Silicon Valley's Money Can't Solve Africa's Tech Problems summary
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Facebook CEO Mark Zuckerberg recently said that the future will be built in Africa, but if current trends persist, it will be built by foreign nationals with foreign investments; Africa’s budding venture capital (VC) scene is mostly made up of foreign men. This includes both the investors and the entrepreneurs, although local VCs might have more of a feel for the local economy. The challenge is how to convince Africa’s wealthy to invest and get funding into the right hands. getAbstract recommends Esha Chhabra’s article to readers with an interest in impact investing in Africa.

In this summary, you will learn

  • Why promising African entrepreneurs are still looking to North America and Europe for funding,

  • Why “parachute funding” isn’t meeting the needs of Africa’s entrepreneurs, and

  • Which approach works best when seeking funds from wealthy African investors.

 

About the Author

Eshra Chhabra writes about the business and its impact on social and environmental problems. She’s written for the San Francisco Chronicle, The New York Times, The Atlantic, The Economist and The Guardian

 

Summary

Vava Angwenyi wants to improve East Africa’s agricultural sector with the production and sale of Kenyan coffee. She headed to the US to seek funding because most of Africa’s limited funding gets directed to tech and Africa’s venture capital scene is largely an “old boy’s club.” Perhaps the bigger problem is that the investors and entrepreneurs in Africa are predominantly foreigners.

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