In
our always evolving world, with technological innovations changing the
reality on a daily basis, the field of innovation has become the “holy
grail” of governments all over the world. I have written before why I
believe that the African continent must transform into an
innovation-based economy, as
I strongly believe that Africa faces a
unique opportunity to become a global leader of the sector.
Indeed, in recent years,
various governments across Africa have begun to invest resources in
developing local ecosystems of innovation and entrepreneurship, aiming
to encourage researchers and entrepreneurs to “jump in” and lead the
revolution. But creating an entire ecosystem requires much more than
resource allocation: it takes strenuous and well-planned work processes
to support those entrepreneurs and researchers including the creation of
a mentorship array to accompany them, the injection of smart capital to
first-stage ventures, the establishment of tools and methodological
training, and much more.
One of the most significant
factors is the development of a global network of relationships and
connections. Local networks simply won’t cut it. In order to break
through and innovate in the reality we live in, an international network
is not “nice to have” - it is a must. And just as a young startup
depends heavily on its network to succeed and thrive, so does an entire
ecosystem, which must have strong relationships with other innovation
hubs in order to grow and prosper.
The ultimate bridge
For African governments that
are working to build an ecosystem, the importance of international
bridges is even greater. But while in many parts of the world
(especially in the United States, Europe, and East Asia), leading
innovation hubs are already well established and solid, the United Arab
Emirates (UAE) is now presenting a unique and intriguing opportunity.
In recent years, various
Emirate governments (especially Dubai and Abu Dhabi) have come to
realize the tremendous importance of innovation and entrepreneurship for
their local economy. To that end, in February 2018 the UAE announced
the National Strategy for Advanced Innovation, along with widespread
financial investment, and investment in high-quality human capital (in
both investment and technology fields). Nowadays, they are looking for
cross-border collaborations, with the aim of expanding the impact and
continuing to establish their status as a global hub of innovation.
African countries can
benefit greatly from this situation. The continent’s economy presents
huge potential for innovation and entrepreneurship; the substantial
needs and challenges, combined with the high level of innovation and
quality human capital, are creating huge potential for entrepreneurs and
investors alike.
12,000 African companies are registered in Dubai
In the past few years, the
UAE has established its status as the second-largest investor in Africa,
second only to China. The collaboration potential is bigger than just
capital: More than 140 Fortune 500 companies established headquarters in
Dubai, creating massive, global opportunities for businesses. This
growing bridge between the regions brought over 12,000 African companies
to register in Dubai, and the numbers are increasing on a daily basis.
Last week, Dubai hosted the
Global Business Forum conference, which was all about building bridges
and collaborations, fostering business relationships between regions
even more. The conference attendees witnessed collaborations created in
real-time: entrepreneurs and investors, tech-savvies and mentors,
Africans and UAE residents, all blending together harmoniously and
engagingly. The African heads of state that attended the conference
(from Uganda, Liberia, Mozambique, Zimbabwe and more) also testified to
the importance of this potential.
During the past year, I have
spent most of my time between Dubai and Africa. During that time, I was
amazed by the interwoven collaborations between the regions and the
enormous potential of those relationships. Building a solid and viable
bridge between Africa and the UAE can provide African governments with a
much-needed element in order to build innovation ecosystems, and lead
the entire continent to a more advanced future.
The writer is the founder of Ignite Power, a solar power firm in Rwanda
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