summary
Conference Name
African Economy from Okinawa – Startup Market Potential 2023
date(s) (e.g. for exhibition)
July 12
organizing
Japan International Cooperation Agency, Cosponsored by JETRO Okinawa / Organization for Small & Medium Enterprises and Regional Innovation, Okinawa Office
Location
JICA Okinawa
Main Participants
lecture
Mr. Ahmad Batule, National Digital Innovation Agency of Nigeria
Naoto Yamamoto (Rinnovation/President)
panelist
Kunihiro Shimoji (Organization for Small & Medium Enterprises and Regional Innovation, EF Polymer Co.)
Riki Yamauchi, Founder, Riviera Partners
Naonobu Fuwa, Advisor for Entrepreneurship Support and Innovation Promotion, Japan International Cooperation Agency, Nigeria
chairmanship
Shinji Kotari (Organization for Small & Medium Enterprises and Regional Innovation, Japan)
Background and Objectives
Africa, the last growing continent. With a current population of 1.4 billion and projected to grow to 2.5 billion by 2050, one in four of the world’s population will be in Africa. Many startups are being created, mainly by young people who aim to solve local social issues by utilizing technology, and investment from the world, especially from Europe and the United States, is expanding. We invited government officials and experts from Nigeria, which boasts the largest economy, population, and startup investment in Africa, and held a seminar to explain the current African tech market and to share the experiences of Okinawan business owners who are considering expanding into Africa. The seminar was held to explain the current African tech market and to share the experiences of Okinawan business owners considering expansion into Africa.
Contents
Lectures
Mr. Batule explained the current state of the startup ecosystem in Nigeria, which is currently active with about 3,000 companies, with growth in the number and value of investments and a large number of startups in the fintech and e-commerce sectors. He also emphasized the progress in infrastructure development, the growth potential of the market with a population of 200 million, and the implementation of policies to support startups, all of which are promising.
Mr. Yamamoto introduced a business model in which bagasse, the residue left over after sugarcane is pressed, is upcycled as a raw material to develop unique materials, and denim products are produced and sold.
- Panel Discussion
Mr. Fuwa introduced specific examples of startups in Africa, noting that Okinawa’s business model seems to be a good fit for Africa. He also explained that when expanding into Africa, it is effective to work with local partners and approach their customer base and networks. Mr. Yamauchi explained that the amount of investment in startups in Africa is about the same as in Japan, and that the major sectors and characteristics differ by country. He also pointed out that although Africa has growth potential, it lacks in providing manufacturing solutions, and that Japan and Africa, with its manufacturing technology, are a good match.
Mr. Shimoji mentioned that EF Polymer Co., Ltd. which was born out of the startup accelerator program at the Okinawa Institute of Science and Technology Graduate University, is developing environmentally friendly organic polymers by upcycling the inedible residues of vegetables and fruits. The company is developing environmentally friendly organic polymers by upcycling inedible residues of vegetables and fruits.
The seminar provided an insight into the affinity between geographically distant Okinawa and Africa and the potential for future collaboration. We look forward to the future development of both regions, and JICA will continue its efforts to strengthen the startup ecosystem.
© Source JICA
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