After helping to design fellowship programs which support entrepreneurs for three years, from time to time, I serve as an evaluator for said programs such as Echoing Green, and the Mandela Washington Fellowship. These spaces cultivated my optimistic can do attitude, and are why I continue
to give back to them.
Origin Story
It's quite simple. I been a founder before, and I know what types of spaces and resources help nascent companies scale. Working with plenty of founders across Africa, and in the diaspora, it's clear that a resource that helps with bridging links between the two communities, will only help further with unlocking synergies that benefit Africa and her global community. The capital allocation dilemma in the region and its' sixth region as per the African Development Bank - the diaspora - is deep, too few dollars go behind founders who can make an impact in the communities they're from. (This is <1% in the United States). This database is a resource to highlight resources that help founders grow known to be diasporan friendly.
Why this database is needed:
Timing matters. I've founded or led several nascent initiatives (SadieCollective.org, FasoSanu.org, the Yale Black Venture Summit, The Yale Africa Start Up Review, etc) and one aspect that's made them successful, was the timing. As I write this in 2024: innovation in the Africa tech ecosystem is taking off at a pace that is characteristic of a new emerging, rapidly evolving space. Between the growing recognition of the role of diasporan capital in Africa, to how we've seen technology improve lives on the continent, like I often emphasize to the many communities I am a part of - there is no time like now.. for the diaspora to engage in instituion building in Africa through tech-enabled SMEs and large-scale companies. A part from timing here are some key reasons why a resource like this is necessary:
1. Lack of Access to Friends and Family Round: Many entrepreneurs rely on their personal networks for initial funding, often referred to as a "friends and family round." However, African diasporan founders frequently face barriers here due to the phenomenon of Black tax, where they are financially responsible for supporting extended family members, both locally and abroad. This financial obligation limits their ability to accumulate or access the savings needed to fund a business. As a result, they miss out on early-stage capital that many of their counterparts in other communities can leverage, putting them at a significant disadvantage.
2. Navigating Diverse Ecosystems: The African diaspora is spread across different continents, with members living in vastly different entrepreneurial ecosystems. A centralized database of start-up events and resources would help diasporan founders tap into a wide range of opportunities, regardless of their location. This would be particularly valuable for connecting with investors, mentors, and partners who understand their unique experiences and the markets and begin to create an understanding of the nuances of various ecosystems to the benefit of the broader diaspora.
3. Bridging Cultural and Knowledge Gaps: African diasporan entrepreneurs often straddle two worlds: their countries of residence and their countries of heritage. This dual identity can be both an asset and a challenge. A database of events and resources provides access to culturally relevant information, mentorship, and networks that understand the complexities of launching and scaling businesses in both African and global contexts.
4. Supporting Underrepresented Entrepreneurs: African diasporan entrepreneurs are underrepresented in many mainstream start-up ecosystems. A specialized database would elevate their visibility, helping them connect with others facing similar challenges and providing access to tailored support. This can be especially important for finding alternative sources of capital, technical assistance, and strategic partnerships.
5. Encouraging Cross-Border Collaboration: Africa’s startup ecosystem is growing rapidly, and many members of the diaspora are eager to contribute. A database that links resources, events, and opportunities can facilitate collaboration between entrepreneurs in Africa and those in the diaspora. It would serve as a bridge, encouraging investment, skills transfer, and innovation across borders.
If you find this database useful, please share with a diasporan founder or Africa-based venture founder who otherwise may not know of the resources shared.