Beyond funding announcements - Why telling the full story of African innovation matters
Funding announcements have been a key pillar of Africa’s emerging innovation narrative. Over the last few years, news of technology entrepreneurs raising eye-catching amounts to deliver much-needed solutions across the continent has placed the spotlight on Africa in a new and exciting way. At various stages of the funding cycle, African entrepreneurs are now regularly announcing new funding from an increasingly diverse range of investors on the biggest news platforms. And long may that continue.
In 2021 alone, African tech startups raised more than $4.5 billion (the equivalent of more than $1 million every two hours) - and that is big news but it is not the end of our innovation story. There is a lot of growth and development happening on the ground and it is essential that these stories are spotlighted and celebrated with as much excitement as the big funding stories.
It is easy to see why funding stories have become the centre of attention. Especially when you consider how rare and limited venture capital was in the African startup ecosystem only a few years ago. In 2015, total equity funding raised by African tech startups was just $277 million. So in some ways, it is right that we make some noise about how things have improved. But as we highlight the success of our entrepreneurs and the new ground they have broken, we should also celebrate other milestones that can be just as effective for measuring success and impact.
From SMEs that are seeing their businesses grow as a direct result of tech-enabled access to financial services to hospitals that can attend to more patients because they have digitised their processes, there are so many stories we can tell about how technology is impacting lives and livelihoods across the continent. We are also seeing essential sectors like agriculture and education being transformed by innovation. There is therefore an imperative on us, especially those of us that help to communicate developments in the ecosystem, to make sure that these stories don’t get lost in slides that only investors get to see.
Here are some other reasons why African tech companies should be pushing more than just their funding stories.
Differentiation
In a world where there are funding stories every day, telling a broader innovation story can be a useful way to differentiate yourself from the competition. Instead of being one of many businesses that raised money, you can use your unique innovation stories to make yourself ‘one of one’ and stand out to potential investors, partners and employees.
You have more options to work with
The opportunities are truly endless when it comes to the stories you can tell as a business beyond funding stories. From partnership announcements and expansion stories to case studies and strategic narratives, there are so many ways you can cut your story to support your business goals.
Fostering deeper connections with your target audience
Funding stories are excellent for introducing yourself and your company but exploring the work you are doing and the impact your solutions are having on your customers can be useful for building more meaningful relationships with the people you want to connect with.
To inspire the next generation
Innovation stories are not just about how everything went well. They can also be about the challenges you had navigated and how you turned them to opportunities. They can be a way of chronicling your journey and development in a way that inspires the next generation of entrepreneurs.
The people are the real story
The reality is that without the people who are being impacted by the solutions we talk about, there is really no story to tell. It is only fair and right to put some of the spotlight on them. Building stories around the people also makes it easier for others to connect with your brand and solutions as they can see themselves in the people you are delivering solutions for.
There are so many ways to draw attention to the work our entrepreneurs are doing and the real-world difference their solutions are making. Funding announcements will continue to play a key role but we need to start thinking more strategically about how we can showcase more of the narrative and get closer to telling the full story of the innovation that is changing our continent.
If you’d like to hear more about how Talking Drum Communications can help you to identify and take your most exciting innovation stories to the world, do get in touch - hello@talkingdrumcomms.com.
