Africa's Most Valuable $tartup Ecosystem
Wondering where to go for the best jollof rice and fried plantains...
Lagos, Nigeria. And according to a new report by Startup Genome, Lagos is also the place to be if you're a tech entrepreneur looking for ca$h money aka seed funding. With a population of over 20 million people, Lagos' startup ecosystem is worth US$2 billion, making it the most valuable ecosystem on the continent. It's no Wonder Yaba (a tech hub in Lagos) has been dubbed the "Silicon Valley of Africa."
You know you're doing something right when...
Mark Zuckerburg takes you out for lunch. Sometime last year, the Facebook founder visited Lagos for the first time. His mission? To meet with local developers and entrepreneurs, and to learn about the startup ecosystem in Nigeria. His first stop was the Co-creation Hub Nigeria (an incubation space in Yaba), where he talked to kids at a summer coding camp and met with dynamic entrepreneurs looking to launch their apps.
What this means for African techies...
If you're innovative and hungry, it pays to be in Naija. Lagos-based startups raise more money in early stage funding than entrepreneurs elsewhere in Africa. In fact, they raise an average of $77,800 per startup, compared to $10,400 for startups in Johannesburg. Like it or not, the entrepreneurial energy of Lagos (with its 400-700 startups) has turned this city into a hot spot for investment dollars. Take me there, I wanna go there.
Sources: QUARTZ/ TECHCRUNCH