As Africa experiences rapid economic change, entrepreneurship and innovation are critical to driving sustainable growth. During the African Union Heads of State Summit, Amadou Hott, former Minister of Economy, Planning, and Cooperation of Senegal and candidate for the African Development Bank (AfDB) presidency, met with Ethiopia’s leading entrepreneurs. Innovators who are redefining industries, creating jobs, and contributing to inclusive development.
In 2024, global venture capital (VC) funding experienced significant shifts across various regions. North America remained dominant, accounting for 61% of global funding with US$ 41 billion invested in 2024. Asia secured US$13 billion, while Europe reached nearly US$16 billion. In stark contrast, Africa’s VC funding remains the smallest among all regions and has faced a sharp decline. The continent’s total VC funding dropped to just US$2 billion in 2024, a 25% decrease from 2023 and a 53% drop from its peak in 2022.
Ethiopia’s venture capital landscape is however gradually developing with several initiatives aimed at fostering growth in its startup ecosystem. In 2024, Ethiopia launched weVenture, its first VC-backed incubator, focused on scaling early-stage startups in sectors like fintech, health, and agriculture. Additionally, the country introduced the $100 million Enterprise Financing Facility (EFF), which seeks to improve access to capital for small and medium-sized enterprises (SMEs). Ethiopia is emerging as an important player in Africa’s entrepreneurial landscape. Local startups are using technology and innovative solutions to address the continent’s challenges.
In his discussions with the entrepreneurs in Ethiopia, Hott met with influential entrepreneurs such as Abrhame Endrias CEO of Lersha App, a digital platform transforming the agricultural sector by providing smallholder farmers with access to mechanized farming services, quality inputs, and advisory support, Vince Mountaga Diop, CEO of BelCash Technology Solutions PLC, a fintech company driving financial inclusion through digital banking solutions, enabling individuals and businesses to seamlessly access mobile banking and payment services, Amadou አማዱ Daffe CEO of Gebeya Inc., a talent marketplace and EdTech platform that connects African tech professionals with global job opportunities, helping to bridge the skills gap in the digital economy and Samrawit Fikru CEO of RIDE Ethiopia, a pioneering ride-hailing service that provides safe, reliable, and affordable transportation while creating economic opportunities for drivers. These innovators are building successful businesses and reshaping Africa’s economic landscape through digital solutions that enhance financial access, transportation, agriculture, and commerce.
A strong advocate for youth entrepreneurship stressed the need for better policies, tools, and support systems to unlock Africa’s entrepreneurial potential. “The time for action is now,” he said. “Africa’s future will be shaped by those who dare to innovate and build.” His visit underscored the importance of public-private collaboration in creating an environment where African entrepreneurs can thrive, scale, and attract investment.
As Hott’s candidacy for the AfDB presidency progresses, his mission remains clear: to promote infrastructure development, financial inclusion, and regional economic integration. His discussions with Ethiopian entrepreneurs reflect a shared vision for Africa; self-sufficient, globally competitive, and powered by its innovators. Focusing on digital transformation, strategic partnerships, and youth empowerment, Hott aims to nurture the next generation of African entrepreneurs, driving sustainable growth from within.
