Which way then for African economies ? Entrepreneurship must now be seen as the most viable and sustainable way of creating jobs in Africa . Several experts opine that entrepreneurship largely driven by technology is what will drive the African continent in its next phase of development . According to Brookings “ the Fourth Industrial Revolution ( 4IR ) presents significant opportunities as well as challenges for Africa .” Below are three strategies that African leaders should prioritize to position the continent for the 4IR and inculcate entrepreneurship :
Fixing the labor-skills mismatch
Since creating jobs for the burgeoning youth population is a priority in most African countries , many governments are reluctant to support technologies that threaten existing jobs . Some of the current technologies tend to replace low-skilled workers - of which Africa has an abundance - with higher-skilled workers , constraining participation in the 4IR to economies with relevant skills . African governments must invest in education and reskilling programmes to ensure that technology supplements , instead of replacing , labor .
Enhancing agile governance for secure , effective management of the 4IR and integration into global value chains
As innovation is at the heart of the 4IR and entrepreneurship , reinforcing state and institutional capacity to drive and support innovation and create an enabling business environment is essential for success .
Developing physical and digital infrastructure
Access to advanced technology in Africa is constrained by infrastructure parameters such as lack of electricity and low teledensity , internet density , and broadband penetration . As a result , mobile phone and Internet use remains low , thus undermining innovation .
Thankfully , there are already several African entrepreneurship programmes in place seeking to tap into and harness the abundant entrepreneurial , creative , and
innovative spirit - especially of African youth - to engender gainful opportunities , good jobs , burgeoning businesses , and imaginative ways of service delivery across the continent .
The road ahead for African entrepreneurship will require an inordinate focus on strengthening startups and existing Micro Small and Medium Enterprises ( MSMEs ). Ultimately , the goal would be to ensure the growth and diversification of these outfits to meet and overcome emerging social , economic , and cultural challenges .
Further , encouraging innovation , technology development and adoption , mentoring , networking , and market linkages among entrepreneurs in the 54 states will be critical . African Governments have an important role to play in ensuing they provide policy frameworks that promote access to affordable credit , working capital , guarantees , and other financial services suitable for startups and small businesses . State and non-state actors will be required to cultivate progressive and dynamic partnerships to improve the policy and business environments for the development of local ventures .
With just a little effort , patience , and fortitude , mainstreaming entrepreneurship across the continent should yield unparalleled benefits for millions of young people and uplift our communities .
Walter Nyabundi is a Social Researcher . You can commune with him on this or related matters via email at : Nyabundiw @ gmail . com .