African Youth Entrepreneurs Embark on Pioneering Innovation Tour in South Korea

Summary:

• A group of 20 young African entrepreneurs from various tech sectors has embarked on a two-week study tour in South Korea to gain insights and explore investment opportunities in the country’s tech ecosystem. The tour, organized by the African Development Bank’s Innovation and Entrepreneurship Lab, includes visits to key institutions and events like the K Startup Grand Challenge and COMEUP Korea.

A group of 20 promising young entrepreneurs from African technology startups and support organizations has embarked on a two-week study tour to South Korea, aiming to gain insights into the country’s thriving tech ecosystem and attract potential investments. The participants were selected by the African Development Bank’s (AfDB) Innovation and Entrepreneurship Lab from a pool of 133 ventures that showcased their businesses during the recent Africa Tech Startup Forum.

The tour is part of the Lab’s project, “Leveraging the Entrepreneurial and Innovation Success of Korea to Strengthen African Enterprise Support.” It focuses on helping African entrepreneurs gain exposure to advanced technological developments and connect with opportunities in a global marketplace. The participants were chosen based on the quality of their business models, which they pitched during a virtual accelerator program that preceded the forum.

Hailing from eight African nations—Egypt, Ghana, Kenya, Morocco, Nigeria, Rwanda, South Africa, and Uganda—the entrepreneurs represent various sectors, including agritech and health. Their itinerary includes visits to leading institutions like the Global Startup Centre, LG Science Park, and the Korea Software Technology Association. They will also meet with unicorn companies valued at over $1 billion and explore the Global Digital Innovation Network, a platform dedicated to expanding South Korea’s tech startups.

Uche Ezadinachi, founder of Kenya-based health tech startup Zuri Health, expressed her excitement about the tour. “Korea has made incredible advancements in technology, and this is a chance for us to explore how we can apply some of that innovation in Africa,” she said. She also noted the value of sharing experiences, emphasizing the mutual learning opportunities the visit presents.

The delegation, which includes over a third of women and all entrepreneurs between the ages of 18 and 35, will attend several key events. These include the K Startup Grand Challenge, an accelerator backed by the South Korean government; the Africa Innovation Networking Gala; and COMEUP Korea, an event aimed at connecting Korean startups with global investors, corporations, and media.

David Chen, co-founder of Kapsule, a health data startup from Rwanda, highlighted the tour’s potential to foster important relationships. “This is an opportunity to meet face-to-face with other health tech companies in Asia, which will help us expand our network and strengthen our partnerships,” he said.

Funded by the Korea-Africa Economic Cooperation Trust Fund, this initiative aligns with the African Development Bank’s broader Jobs for Youth in Africa Strategy. Martha Phiri, the Bank’s Director of Human Capital, Youth, and Skills Development, emphasized the program’s role in enhancing the skills of young entrepreneurs, leading to business growth and job creation.

Ndeye Absa Gningue, Innovation Platform Officer at the AfDB, stressed the importance of such platforms. “The Africa Tech Startup Forum gives young entrepreneurs the chance to realize their potential and create lasting impact. We are committed to supporting them as they grow their businesses,” she said.