Welcome to the Collective. This week, we’re diving into the future of the tech economy of an entire continent: Africa. With world-leading population growth, the continent’s potential to impact the global tech landscape is unquestionable.

But there are challenges. With internet connectivity and mobile devices still not 100% available throughout the continent, the question becomes, which industry will onboard Africa into the next level of tech adoption? 

Perhaps the food and hospitality industry, for example. We discuss these topics in our podcast with Martins Udotai, releasing tomorrow on YouTube and all podcast platforms. Martins is the Co-Founder of DineSurf, a Nigeria-based online ordering and reservation platform for African restaurants that grew to over $500k in gross merchandise volume through only word-of-mouth. 

The African Tech Boom is coming, and we’d like to prepare you for it. Here we go!

— Antonio DiMeglio & Leon Li

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Africa is on the cusp of a technological revolution. While the continent has long been seen as a challenging frontier for innovation, a combination of rapid population growth, infrastructure development, and increasing internet access is setting the stage for what could be the next global tech hub. With some of the world’s fastest-growing cities and a young, dynamic population, Africa is poised to become a leader in the global startup landscape. However, these opportunities are tempered by significant hurdles, including underdeveloped infrastructure and a notable lack of venture capital (VC) funding.

In this essay, we will discuss:

• The current state of African tech infrastructure and connectivity;

• The African tech market’s current barriers to growth, including why VC capital deployment has not caught up with the market yet;

• How can staple industries such as banking and food onboard the populace into the broader use of technology?

We’ll also get into cryptocurrency, Africa’s energy future, and Akon City. We truly believe the African tech sector will play a massive part in driving the future of the global tech economy, and we’re excited to tell you about it today. Let’s get started.

Infrastructure and Connectivity

Africa's tech boom needs a strong foundation for success. That foundation is infrastructure: reliable electricity, widespread internet access, and sustainable solutions to power its rapid growth. 

Right now, Africa’s population is soaring, with the continent expected to house over a quarter of the world’s people by 2050. Cities like Lagos, Nairobi, and Johannesburg are swelling into global population centers, putting immense pressure on the need for better infrastructure.

Critical hurdles will need to be addressed for this massive opportunity for population growth to be achieved successfully.

One critical hurdle remains to be internet access. While internet onboarding is increasing, large parts of the continent still face connectivity issues. Solutions like StarLink, Elon Musk’s satellite internet service, offer hope of closing the digital divide, bringing remote regions online, and unlocking new tech markets. As the digital world expands, so does the potential for innovation and entrepreneurship, which are critical for Africa’s tech ecosystem to flourish.

Electricity onboarding is another pressing issue. Many regions still suffer from unreliable power grids, making it difficult for tech startups to thrive. However, Africa has an opportunity to bypass traditional methods of power generation and leap directly into sustainable energy sources. Solar, hydro, and wind power are seeing increased investment, allowing the continent to build a greener, more resilient energy infrastructure.

But who will fund this transformation?

Enter Akon City

For a creative example of funding opportunities, enter Akon City.