Andile Masuku
The narrative around African tech entrepreneurship has become rather problematic. We've imported "founder as hero" mythology wholesale from overseas markets, layering it atop our complex continental realities without proper consideration for how this shapes young Africans' career aspirations and economic futures.
Genius founder myths
"Founders are not the heroes," Victor Mapunga, the founder of FlexID and Shona Prince Technologies, declared during a recent African Tech Roundup podcast conversation.
As an entrepreneur who's navigated Zimbabwe's challenging tech landscape, first with the blockchain-based digital identity platform FlexID that’s achieved international traction, and now with Shona Prince Technologies—where he aims to democratise internet access as a Starlink distributor while building innovative hardware and software solutions for WiFi monetisation—Mapunga's assertion carries the weight of lived experience.
"What we merely do is organise factors which already exist—whether that's technology, talent we bring into the company, investors who bring capital, or policymakers who make things possible."
This perspective offers a refreshing counter-narrative to the oversimplified stories of genius founders building billion-dollar companies from their garages. The reality, as Mapunga puts it, is "much more boring and mundane."
Success beyond unicorns
Nicola Galombik, an executive director at Yellowwoods Group — whose portfolio includes continent-spanning brands like Hollard Insurance and global businesses like Nando’s—reinforces this view.
Drawing from her extensive work fostering economic inclusion through initiatives like the Harambee Youth Employment Accelerator, which has facilitated job placements for thousands of young South Africans, she highlights how our narrow definition of entrepreneurial success potentially limits opportunities.
"We must broaden the funnel of young people who feel they can start businesses," she argues. "It's a success if a business makes a profit, can sustain itself, and grow incrementally to become bigger and employ more people."
This isn't just about tempering expectations—it's about expanding possibilities.
Meïssa Gueye, who orchestrates venture capital investments across emerging markets at the International Finance Corporation (a member of the World Bank Group), points out that only 17% of African seed-stage startups make it to Series A within two years, compared to 60% in the US.
Drawing from his experience in curating investments from Series A onwards across Africa, Asia and the Middle East, he suggests this stark difference isn't necessarily about a lack of capital, but rather indicates we need to "teach our founders to develop a philosophy of survival rather than money-raising".
The challenge is particularly acute for young Africans from families without intergenerational wealth or social security safety nets. Starting a business becomes exponentially more difficult without these buffers.
As Galombik notes, "One of the biggest indicators for likelihood of success in starting a business is that you've worked before." This often-overlooked truth highlights how work experience provides not just skills, but crucial networks and resources.
Real solutions for real markets
Mapunga's journey offers instructive insights. Before achieving success with FlexID, he experienced the particular challenges of building in African markets first hand. When basic infrastructure like reliable internet connectivity is lacking, entrepreneurs often find themselves having to "strip away the beauty and sophistication of the solution" to match market realities.
His latest venture, Shona Prince Technologies, emerged from recognising this fundamental challenge and seeking to address it systematically.
The path forward requires rethinking how we support young entrepreneurs. While Gueye's suggestion to explore alternative funding instruments like venture debt and convertible notes offers promising flexibility compared to traditional equity financing, these tools come with their own complexities in the African context.
Venture debt, though preserving founder ownership, has faced headwinds due to limited credit data and high default risks, as evidenced by notable cases like Kenya's Sendy and Copia. Meanwhile, convertible notes, while allowing startups to defer valuation discussions, can lead to unexpected dilution and complex terms that may catch inexperienced founders off guard.
Beyond funding mechanisms, the ecosystem needs to address more fundamental challenges by creating robust opportunities for young people to gain work experience and build networks before launching their ventures.
The long game
Perhaps most importantly, it requires shifting the narrative from one of instant success to one of patient building. As Mapunga reflected, "You're going to need more than a week for this... This is not going to be a three-year, four-year, five-year project. This is going to take 10 to 15 years."
For young Africans contemplating entrepreneurship, this more nuanced understanding doesn't diminish the opportunity—it enriches it. Success might look less like becoming the next unicorn founder and more like building a sustainable business that creates value for their community while providing a fulfilling livelihood.
The question isn't whether young Africans should pursue entrepreneurship, but rather how we can better prepare them for the reality of building businesses in African markets. This means acknowledging the challenges even as we expand our definition of success beyond the narrow confines of the tech startup narrative.
Andile Masuku is Co-founder and Executive Producer at African Tech Roundup. Connect and engage with Andile on X (@MasukuAndile) and via LinkedIn.
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