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Rabat – UM6P’s Voice of Africa event has emphasized the need for resilient African entrepreneurs who have a thorough understanding of the market and a strong sense of purpose to successfully navigate the challenges of entrepreneurship.
Morocco’s Mohammed VI Polytechnic University is organizing the event on its Benguerir campus between October 10 and 14 in parallel to the Annual Meetings of the World Bank and the International Monetary Fund (IMF) in Marrakech.
The third day of the event brought together experts who discussed critical issues, shared insights, and proposed solutions related to entrepreneurship, innovation, and economic growth within the African startup ecosystem.
The speakers, representing a diverse range of experiences and expertise, highlighted resilience as a fundamental attribute for overcoming the challenges faced by startups in Africa. They stressed the importance of a resilient mindset and the ability to adapt to changing circumstances.
Speaking to Morocco World News, Director of Entrepreneurship and Venturing at UM6P, Yassine Laghzioui, emphasized the significance of resilience in tackling challenges, saying: “Today we’re obliged to address these challenges urgently to develop the startup ecosystem in Africa, in the continent.”
Director of Entrepreneurship and Venturing at UM6P Yassine Laghzioui speaking at the conference
Laghzioui underscored the urgent need to overcome market fragmentation and regulatory hurdles, enabling startups to flourish and scale successfully.
Speaking about the challenges faced by venture capital in Africa, he highlighted the need to bridge the gap between risk appetite, market perception, and actual investment opportunities.
Read also: UM6P Launches “Voice of Africa” Event to Amplify Africa’s Voice
Irene Boghdadi, Head of Entrepreneurship and MSMEs at Chemonics Egypt, echoed the sentiment, stressing the need for resilience in addressing market fragmentation and regulatory barriers.
“The lack of access to market information and data is a big hindrance for the growth of SMEs and startups in our region,” she said, emphasizing resilience and adaptability as vital qualities to navigate the identified challenges successfully.
Head of Entrepreneurship and MSMEs at Chemonics Egypt Irene speaking at the event
In addition, she underlined the need for improved collaboration between market enablers to enhance the ecosystem for SME growth and entrepreneurship.
Boghdadi highlighted key challenges such as regulatory barriers, lack of exit strategies, and the necessity to balance profitability with environmental and social factors.
For his part, Chief Executive Officer of Yola Fresh Youssef Mamou told MWN that “the difference between a successful entrepreneur and successful startup and another one is just the resilience and then launching it, implementing it, and then making sure that it’s working.”
Yola Fresh’s chief executive officer Youssef Mamou speaking at the event
Mamou focused on the intricate nature of African markets and emphasized the importance of understanding cultural differences and local expertise when expanding services across various countries.
He also addressed the critical aspect of exit strategies for startups, advising entrepreneurs to choose problems that deeply resonate with the market and encourage investor interest.
During the event, expert Lahcen Haddad, serving as the moderator of the conference on entrepreneurship, concluded with a compelling statement highlighting crucial elements for fostering a thriving entrepreneurial ecosystem in Africa.
Haddad emphasized the essential need for data, robust legal frameworks, accessible funding mechanisms, and well-defined exit strategies. In addition, he stressed the importance of collaboration and unity and the active involvement and support from stakeholders to implement these recommendations effectively.
Entrepreneurship expert Lahcen Haddad at the event
He also emphasized the need for all Africans to work together to achieve the shared goal of a thriving entrepreneurial landscape, concluding: “We need all Africans to work as Africans and find African solutions.”
