We are pleased to invite you to participate in this knowledge production exercise where members of the National African Student Association collaborating under the umbrella of OSAA’s Africa’s Youth Voices network will present abstracts of knowledge products related to the issues addressed during the Summit of the Future. They will then leverage these resources to develop several knowledge products to inform African policymaking. Young people will provide perspectives into their research approaches while seeking the audience’s contribution.

Abstract: Unlocking Africa’s Growth Potential: The Role of Venture Capital in Technological Advancement and Economic Development

Africa, despite being the world poorest continent or for that reason, is the one with the most growth potential. With the world’s largest free trade area and a 1.2-billion-person market, Africa by creating an entirely new development path, harnessing the potential of its resources and people proves every day that development is not a monolith. However, as it experiences this growth technology remains a challenging sector for economic growth in Africa. The lag in the technology sector imposes a limit on innovation, productivity, and competitiveness. Venture Capital (VC)—professionally managed capital invested in private ventures—has historically been a driving force for the growth of leading global companies because it provides the necessary funds for technological advancements and innovation. Between 1980 and 2020, 39 percent of Initial Public Offering were venture-backed, and major firms such as Apple, Microsoft, and Amazon benefited from VC support. While VC has played a pivotal role in fostering economic development in established economies such as the United States, its potential impact on African countries remains underexplored. This study explores the potential influence of venture capital on economic development in African countries – opportunities, challenges, and potential policy interventions required to maximize and foster sustainable growth and The findings offer valuable insights for policymakers, investors, and development practitioners seeking to leverage VC for sustainable development in Africa, contributing to the discourse on innovative financing mechanisms and fostering partnerships for inclusive and resilient development.

Adviser(s) – Juliet Elu, John Moore and Prof. Ethell Vereen

• Concept Note for the Webinars:
  • https://nationalafsa.org/wp-content/uploads/2024/09/CN-for-AYV-at-SoF-Webinars-16-Aug-2024.pdf
• African Youth Declaration on the Summit of the Future (Pan African Youth Union):
  • https://www.uneca.org/eca-events/sites/default/files/resources/documents/TCND/ARFSD2024/documents/final_version_english-african_youth_declaration_on_the_summit_of_the_future-1.pdf
• Pact of the Future:
  • https://www.un.org/en/summit-of-the-future/pact-for-the-future-revisions
• Launch Event of Africa’s Youth Voices:
  • https://www.youtube.com/watch?v=I1YJS-Y6r3E&t=780s