02.10.2024 Views

Scale Diagnostics: High growth firm performance dynamics in Kenya, Ethiopia, and Rwanda

This report delves into the dynamics of scale-up firms across Kenya, Ethiopia, and Rwanda, with a particular emphasis on the organisational factors that contribute to their growth trajectories.

This report delves into the dynamics of scale-up firms across Kenya, Ethiopia, and Rwanda, with a particular emphasis on the organisational factors that contribute to their growth trajectories.

SHOW MORE
SHOW LESS

Transform your PDFs into Flipbooks and boost your revenue!

Leverage SEO-optimized Flipbooks, powerful backlinks, and multimedia content to professionally showcase your products and significantly increase your reach.

<strong>Scale</strong> <strong>Diagnostics</strong>:<br />

<strong>High</strong> <strong>growth</strong> <strong>firm</strong> <strong>performance</strong> <strong>dynamics</strong><br />

<strong>in</strong> <strong>Kenya</strong>, <strong>Ethiopia</strong>, <strong>and</strong> Rw<strong>and</strong>a<br />

October 2024 - INSIGHT REPORT NO. 6<br />

The Research <strong>and</strong> Innovation Systems for Africa (RISA) Fund is a multi-country project, funded by the UK, through the FCDO


Contents<br />

Methodology<br />

Introduction<br />

Scal<strong>in</strong>g vs. Stall<strong>in</strong>g<br />

Def<strong>in</strong><strong>in</strong>g Key <strong>Scale</strong>Up Factors<br />

Dynamics of scal<strong>in</strong>g <strong>in</strong> <strong>Ethiopia</strong>, Rw<strong>and</strong>a <strong>and</strong> <strong>Kenya</strong><br />

Conclusions<br />

2<br />

3<br />

3<br />

4<br />

6<br />

14<br />

This report delves <strong>in</strong>to the <strong>dynamics</strong> of scale-up <strong>firm</strong>s across <strong>Kenya</strong>, <strong>Ethiopia</strong>, <strong>and</strong> Rw<strong>and</strong>a,<br />

with a particular emphasis on the organisational factors that contribute to their <strong>growth</strong><br />

trajectories. By conduct<strong>in</strong>g a comprehensive analysis of scale <strong>performance</strong> data, we aim<br />

to uncover critical <strong>in</strong>sights that can <strong>in</strong>form <strong>and</strong> bridge the exist<strong>in</strong>g gaps <strong>in</strong> address<strong>in</strong>g the<br />

dem<strong>and</strong>-based needs of these ventures. Our goal is to equip stakeholders with a deeper<br />

underst<strong>and</strong><strong>in</strong>g of the challenges <strong>and</strong> opportunities that scale-up <strong>firm</strong>s face, thereby enabl<strong>in</strong>g<br />

more targeted <strong>in</strong>terventions <strong>and</strong> strategies to support their susta<strong>in</strong>ed <strong>growth</strong> <strong>and</strong> success <strong>in</strong><br />

the future.<br />

This is the sixth <strong>in</strong>sight report <strong>in</strong> a series produced by GrowthAfrica <strong>and</strong> Systemic Innovation<br />

under a FCDO-funded Research <strong>and</strong> Innovation Systems for Africa (RISA) Fund project to<br />

formalise <strong>and</strong> implement data strategies to support <strong>growth</strong> impact ventures <strong>and</strong> <strong>in</strong>novation<br />

ecosystem enablers <strong>in</strong> <strong>Kenya</strong>, <strong>Ethiopia</strong>, <strong>and</strong> Rw<strong>and</strong>a. This report has been developed<br />

alongside our partners, <strong>Scale</strong>Up Nation, a global scal<strong>in</strong>g authority which is on a mission to<br />

significantly <strong>in</strong>crease the number of impact-oriented scale-ups, driv<strong>in</strong>g a mean<strong>in</strong>gful change<br />

<strong>in</strong> the world.


PAGE 3<br />

<strong>Scale</strong> <strong>Diagnostics</strong>:<br />

high <strong>growth</strong> <strong>firm</strong><br />

<strong>performance</strong> <strong>dynamics</strong><br />

<strong>in</strong> <strong>Kenya</strong>, <strong>Ethiopia</strong>,<br />

<strong>and</strong> Rw<strong>and</strong>a<br />

Methodology<br />

The Art of Scal<strong>in</strong>g is <strong>Scale</strong>Up Nation’s unique scal<strong>in</strong>g methodology. Based on research on<br />

thous<strong>and</strong>s of ventures, <strong>and</strong> con<strong>firm</strong>ed by work<strong>in</strong>g closely with over many scale-up teams,<br />

they have identified what differentiates those that scale from those that stall: the Scal<strong>in</strong>g<br />

Success Factors. In short, the difference between a scale-up <strong>and</strong> a “stall-up” comes down to<br />

about 20 success factors. The <strong>Scale</strong>up Scan is a diagnostic test of organisational health <strong>and</strong><br />

scale-read<strong>in</strong>ess assessment tool for startups transition<strong>in</strong>g to scaleups.<br />

Over the course of the past year we have reached out to several <strong>growth</strong> <strong>firm</strong>s which meet the<br />

follow<strong>in</strong>g criteria:<br />

- Team demographics (the majority of founders <strong>and</strong> leadership team must be local citizens<br />

from either <strong>Kenya</strong>, <strong>Ethiopia</strong>, or Rw<strong>and</strong>a)<br />

- Firms with a female founder/s prioritised <strong>in</strong> the selection process.<br />

- Stage (must be post-revenue i.e. earn<strong>in</strong>g <strong>in</strong>come from pay<strong>in</strong>g customers).<br />

- Geography (operational HQ <strong>in</strong> <strong>Kenya</strong>, Rw<strong>and</strong>a or <strong>Ethiopia</strong><br />

- Investment (raised at least $100,000 (whether seed, Series A etc. - this was a flexible<br />

condition not<strong>in</strong>g many <strong>firm</strong>s experience organic <strong>growth</strong>).<br />

- Employees (between 10/15 - 250 employees)<br />

Participat<strong>in</strong>g <strong>firm</strong>s complete the CEO survey, name key competitors (to help analysis), <strong>and</strong><br />

have their teams fill <strong>in</strong> the organisational survey. The output is an <strong>in</strong>dividual report that<br />

<strong>in</strong>cludes data analytics, <strong>in</strong>terpretation, <strong>in</strong>sights <strong>and</strong> synthesis <strong>and</strong> covers a range of bus<strong>in</strong>ess<br />

areas relevant to scal<strong>in</strong>g success, <strong>in</strong>clud<strong>in</strong>g strategy, operations, organisation, leadership,<br />

culture etc. These bespoke reports serve as valuable learn<strong>in</strong>g tools. Firms that have used<br />

(actioned) these <strong>in</strong>sights are proven to <strong>in</strong>crease their chances of scal<strong>in</strong>g <strong>and</strong> also raise<br />

external <strong>in</strong>vestor fund<strong>in</strong>g. After all, scalability is a key fund<strong>in</strong>g criteria.<br />

The offer<strong>in</strong>g was extended to 60 <strong>firm</strong>s, but all <strong>in</strong>itiated the process, a few did not complete<br />

it, <strong>and</strong> others are f<strong>in</strong>alis<strong>in</strong>g their scans. We also excluded some data due to confidentiality<br />

reasons. Consequently, the f<strong>in</strong>al analysis presented here is based on data from 42 <strong>firm</strong>s.<br />

Although this represents a relatively small sample size, <strong>and</strong> thus may not be statistically<br />

significant, the f<strong>in</strong>d<strong>in</strong>gs still offer important <strong>in</strong>sights. Notably, many of the participat<strong>in</strong>g <strong>firm</strong>s<br />

were from <strong>Kenya</strong> <strong>and</strong> <strong>Ethiopia</strong>, with a smaller representation from Rw<strong>and</strong>a. The limited<br />

participation from Rw<strong>and</strong>an <strong>firm</strong>s may suggest an oversaturation of ecosystem support <strong>in</strong> the<br />

region, possibly <strong>in</strong>dicat<strong>in</strong>g that current offer<strong>in</strong>gs are not sufficiently differentiated to attract<br />

broader engagement.<br />

Insight report<br />

No. 6


PAGE 4<br />

<strong>Scale</strong> <strong>Diagnostics</strong>:<br />

high <strong>growth</strong> <strong>firm</strong><br />

<strong>performance</strong> <strong>dynamics</strong><br />

<strong>in</strong> <strong>Kenya</strong>, <strong>Ethiopia</strong>,<br />

<strong>and</strong> Rw<strong>and</strong>a<br />

Introduction<br />

The enterprises that truly drive impact, create new employment opportunities, <strong>and</strong><br />

generate substantial value are those that manage to scale. Unlike startups, scale-ups face<br />

dist<strong>in</strong>ct objectives <strong>and</strong> challenges. They require different strategies, bus<strong>in</strong>ess models, <strong>and</strong><br />

organisational structures. The leadership dem<strong>and</strong>s are also unique, mak<strong>in</strong>g it essential to<br />

view scale-ups as a separate category.<br />

Over recent years, <strong>Scale</strong>Up Nation has conducted extensive research on scale-ups <strong>and</strong> has<br />

supported numerous ventures through their development programs. <strong>Scale</strong>-ups possess what<br />

is often termed “<strong>Scale</strong>-up DNA”—the <strong>in</strong>tr<strong>in</strong>sic qualities that give them the potential to grow.<br />

They also employ “<strong>Scale</strong>-up Lift Practices”—strategies that enable young enterprises to<br />

accelerate their <strong>growth</strong>, build momentum, <strong>and</strong> make significant progress.<br />

<strong>Scale</strong>-ups are led by ambidextrous leaders: teams characterised by ambition, confidence,<br />

competitiveness, deep entrepreneurial experience, <strong>and</strong> the necessary management skills<br />

(strategic plann<strong>in</strong>g, operational execution, organisational development).<br />

A <strong>Scale</strong>Up Formula?<br />

The question arises: Is there a formula for scal<strong>in</strong>g that guarantees success? The short answer<br />

is no, for several reasons. <strong>Scale</strong>-ups operate <strong>in</strong> a volatile, uncerta<strong>in</strong>, complex, <strong>and</strong> ambiguous<br />

environment, which necessitates risk-tak<strong>in</strong>g, mak<strong>in</strong>g success partially cont<strong>in</strong>gent on luck.<br />

Moreover, each scale-up’s journey is unique, shaped by its background, sequence of events,<br />

<strong>and</strong> specific context. Just as history doesn’t repeat itself, neither does scale-up success.<br />

Scal<strong>in</strong>g is also deeply <strong>in</strong>tertw<strong>in</strong>ed with the <strong>in</strong>dividual characteristics of the founders. F<strong>in</strong>ally,<br />

scal<strong>in</strong>g is an organic, <strong>in</strong>terconnected, <strong>and</strong> symbiotic process. Like life, it cannot be dissected<br />

without los<strong>in</strong>g its essence. Therefore, any formula for scal<strong>in</strong>g seems overly simplistic,<br />

mechanistic, <strong>and</strong> devoid of life. Instead, scal<strong>in</strong>g should be seen as an art, ak<strong>in</strong> to lead<strong>in</strong>g a<br />

community, rais<strong>in</strong>g a family, or liv<strong>in</strong>g a fulfilled life.<br />

Scal<strong>in</strong>g vs. Stall<strong>in</strong>g<br />

We differentiate between scale-ups <strong>and</strong> stall-ups. Both types of ventures have moved<br />

beyond the startup phase—they have launched a product, generated <strong>in</strong>itial revenues, <strong>and</strong><br />

built an organisation. At this stage, some ventures (the scale-ups) manage to grow their<br />

revenues <strong>and</strong> organisations significantly, while others (the stall-ups) either stabilise or grow at<br />

a much slower pace. <strong>Scale</strong>Up Nation acknowledges that “scale-up” <strong>and</strong> “stall-up” are loaded<br />

terms. These archetypes help us underst<strong>and</strong> the drivers of scale-up success. No company can<br />

be def<strong>in</strong>itively classified as a scale-up or stall-up <strong>in</strong> its early years. A company that exhibits<br />

many scale-up characteristics still faces numerous risks <strong>and</strong> critical decisions. Conversely,<br />

a company that shows fewer scale-up traits should not lose hope; both its DNA <strong>and</strong> Lift<br />

pr<strong>in</strong>ciples can be adapted. Ultimately, success h<strong>in</strong>ges on a comb<strong>in</strong>ation of good fortune, best<br />

practices, <strong>and</strong> a will<strong>in</strong>gness to experiment <strong>and</strong> improve.<br />

Scal<strong>in</strong>g <strong>in</strong> Africa: African <strong>Scale</strong>craft<br />

In 2022, Systemic Innovation published a comprehensive <strong>and</strong> critical exam<strong>in</strong>ation of scal<strong>in</strong>g<br />

commercial ventures <strong>in</strong> Sub-Saharan Africa, focus<strong>in</strong>g on the unique contexts, barriers,<br />

enablers, <strong>and</strong> future pathways. The result<strong>in</strong>g African <strong>Scale</strong>craft resource offers a wealth of<br />

<strong>in</strong>sights <strong>and</strong> puts forth key recommendations, <strong>in</strong>clud<strong>in</strong>g the need to enhance data collection<br />

<strong>and</strong> analysis. This <strong>in</strong>itiative ultimately gave rise to the RISA Fund project, which is dedicated<br />

to foster<strong>in</strong>g data collaboration <strong>and</strong> bolster<strong>in</strong>g the research evidence base. Together, these<br />

efforts are designed to support more <strong>in</strong>formed decision-mak<strong>in</strong>g with<strong>in</strong> <strong>and</strong> across Africa’s<br />

entrepreneurial ecosystems, ensur<strong>in</strong>g that scal<strong>in</strong>g <strong>in</strong>itiatives are grounded <strong>in</strong> robust <strong>and</strong><br />

reliable data.<br />

Insight report<br />

No. 6


PAGE 5<br />

<strong>Scale</strong> <strong>Diagnostics</strong>:<br />

high <strong>growth</strong> <strong>firm</strong><br />

<strong>performance</strong> <strong>dynamics</strong><br />

<strong>in</strong> <strong>Kenya</strong>, <strong>Ethiopia</strong>,<br />

<strong>and</strong> Rw<strong>and</strong>a<br />

Def<strong>in</strong><strong>in</strong>g Key <strong>Scale</strong>Up Factors<br />

This report draws on The Art of Scal<strong>in</strong>g - a sem<strong>in</strong>al report from <strong>Scale</strong>Up Nation, <strong>in</strong>form<strong>in</strong>g<br />

their <strong>Scale</strong>Up Scan process, <strong>and</strong> provid<strong>in</strong>g structure to the often non-l<strong>in</strong>ear journey undergone<br />

by a m<strong>in</strong>ority of companies who transition from early stages of <strong>growth</strong>, to scalable,<br />

repeatable <strong>growth</strong>. This section discusses the challenges faced by ventures transition<strong>in</strong>g from<br />

the startup phase to becom<strong>in</strong>g full-fledged scaleups. We prescribe to the perspective offered<br />

by The Art of Scal<strong>in</strong>g that scal<strong>in</strong>g is not formulaic but rather an art, requir<strong>in</strong>g ventures to<br />

exhibit certa<strong>in</strong> <strong>in</strong>tr<strong>in</strong>sic qualities, referred to as “<strong>Scale</strong>up DNA,” <strong>and</strong> employ “Lift Practices” to<br />

ensure susta<strong>in</strong>able <strong>growth</strong>. Those factors are explored below:<br />

Key scal<strong>in</strong>g factors:<br />

1 Utilis<strong>in</strong>g a heuristics<br />

approach, the African <strong>Scale</strong>craft<br />

thesis tested whether the (early)<br />

success factors might need<br />

to be differentiated for the<br />

African context, due to various<br />

underly<strong>in</strong>g conditions. More<br />

<strong>in</strong>formation can be read here:<br />

https://www.africanscalecraft.<br />

com/scal<strong>in</strong>gdna<br />

1. <strong>Scale</strong>up DNA 1<br />

At the core of successful ventures is a set of traits critical to their ability to scale:<br />

· Compell<strong>in</strong>g vision: A clear mission to solve a large, press<strong>in</strong>g problem with an<br />

<strong>in</strong>novative approach.<br />

· Great market: Ventures must target large, profitable, <strong>and</strong> grow<strong>in</strong>g<br />

<strong>in</strong>ternational markets.<br />

· Scalable bus<strong>in</strong>ess model: Models that can become more profitable as they grow,<br />

leverag<strong>in</strong>g efficiencies of scale.<br />

· Competitive edge: Ventures must develop a unique, defensible position <strong>in</strong> the<br />

market, mak<strong>in</strong>g it difficult for others to replicate.<br />

· Customer delight: Ventures need to deliver products that not only meet market<br />

needs but surprise <strong>and</strong> engage customers, foster<strong>in</strong>g loyalty.<br />

2. Lift practices<br />

These are operational strategies <strong>and</strong> structures that enhance the venture’s ability to scale:<br />

· Ambidextrous leadership: Teams must balance exploration (<strong>in</strong>novation) with<br />

exploitation (efficient execution). Founders often need to evolve <strong>in</strong>to leaders who<br />

enable others rather than solve every problem themselves.<br />

· Strategic leaps: Ventures must seize <strong>growth</strong> opportunities, whether through<br />

geographic expansion, product <strong>in</strong>novation, or leverag<strong>in</strong>g market trends (“rid<strong>in</strong>g<br />

waves”). This often <strong>in</strong>volves go<strong>in</strong>g <strong>in</strong>ternational or embrac<strong>in</strong>g new markets.<br />

· Bus<strong>in</strong>ess flywheel: The idea of a bus<strong>in</strong>ess flywheel <strong>in</strong>volves creat<strong>in</strong>g a cycle of<br />

momentum that drives cont<strong>in</strong>uous <strong>growth</strong>. Elements of this <strong>in</strong>clude lean operations,<br />

relentless customer focus, <strong>and</strong> a cont<strong>in</strong>uous cycle of experimentation <strong>and</strong> learn<strong>in</strong>g.<br />

3. Access to f<strong>in</strong>ance<br />

Ventures that scale successfully typically have better access to f<strong>in</strong>ance. For African<br />

ventures, this means blend<strong>in</strong>g traditional venture capital with local f<strong>in</strong>anc<strong>in</strong>g solutions or<br />

grants. Positive work<strong>in</strong>g capital is crucial for ma<strong>in</strong>ta<strong>in</strong><strong>in</strong>g healthy cash flow dur<strong>in</strong>g <strong>growth</strong>.<br />

Context of African ventures (<strong>Ethiopia</strong>, Rw<strong>and</strong>a, <strong>and</strong> <strong>Kenya</strong>): When evaluat<strong>in</strong>g scale-up<br />

potential <strong>in</strong> Africa, particularly <strong>in</strong> <strong>Ethiopia</strong>, Rw<strong>and</strong>a, <strong>and</strong> <strong>Kenya</strong>, these factors must be<br />

considered aga<strong>in</strong>st the backdrop of unique regional challenges <strong>and</strong> opportunities.<br />

· Market size <strong>and</strong> <strong>growth</strong>: While many African countries exhibit smaller market<br />

sizes, the overall cont<strong>in</strong>ent is marked by high <strong>growth</strong> potential, especially <strong>in</strong> sectors<br />

like f<strong>in</strong>tech, agritech, <strong>and</strong> mobile technology. Ventures <strong>in</strong> these countries must<br />

focus on market expansion beyond national borders, target<strong>in</strong>g the East African<br />

Community (EAC) <strong>and</strong> other pan-African markets.<br />

· F<strong>in</strong>anc<strong>in</strong>g: Access to f<strong>in</strong>ance rema<strong>in</strong>s a challenge, with many African ventures<br />

rely<strong>in</strong>g heavily on grants <strong>and</strong> impact <strong>in</strong>vestment. However, the <strong>in</strong>creas<strong>in</strong>g <strong>in</strong>terest<br />

from <strong>in</strong>ternational venture capitalists <strong>and</strong> the rise of local funds, such as those <strong>in</strong><br />

<strong>Kenya</strong>, are beg<strong>in</strong>n<strong>in</strong>g to close the f<strong>in</strong>anc<strong>in</strong>g gap.<br />

Insight report<br />

No. 6


PAGE 6<br />

<strong>Scale</strong> <strong>Diagnostics</strong>:<br />

high <strong>growth</strong> <strong>firm</strong><br />

<strong>performance</strong> <strong>dynamics</strong><br />

<strong>in</strong> <strong>Kenya</strong>, <strong>Ethiopia</strong>,<br />

<strong>and</strong> Rw<strong>and</strong>a<br />

· Leadership <strong>and</strong> talent: In Africa, ambidextrous leadership is critical. Leaders<br />

<strong>in</strong> <strong>Ethiopia</strong>, Rw<strong>and</strong>a, <strong>and</strong> <strong>Kenya</strong> must balance local market knowledge with<br />

global expertise, particularly when exp<strong>and</strong><strong>in</strong>g <strong>in</strong>ternationally. Leadership tra<strong>in</strong><strong>in</strong>g,<br />

mentorship, <strong>and</strong> the ability to attract top talent are essential for navigat<strong>in</strong>g these<br />

complex environments.<br />

· Technology <strong>and</strong> <strong>in</strong>novation: African ventures must leverage technology to<br />

scale efficiently. This <strong>in</strong>cludes develop<strong>in</strong>g scalable tech-enabled bus<strong>in</strong>ess models,<br />

such as leverag<strong>in</strong>g mobile platforms <strong>in</strong> <strong>Kenya</strong>’s f<strong>in</strong>tech sector or adopt<strong>in</strong>g digital<br />

agriculture tools <strong>in</strong> <strong>Ethiopia</strong>.<br />

· Customer delight <strong>and</strong> adaptation: Local context matters immensely <strong>in</strong> Africa.<br />

Ventures must deeply underst<strong>and</strong> customer needs, which often vary widely across<br />

rural <strong>and</strong> urban areas. The ability to localise products while ma<strong>in</strong>ta<strong>in</strong><strong>in</strong>g a broader<br />

global vision is crucial for success.<br />

Dynamics of scal<strong>in</strong>g <strong>in</strong><br />

<strong>Ethiopia</strong>, Rw<strong>and</strong>a <strong>and</strong> <strong>Kenya</strong><br />

The follow<strong>in</strong>g analysis draws on <strong>Scale</strong>Up Scan data from <strong>Scale</strong>Up Nation, conducted<br />

with 42 ventures operat<strong>in</strong>g <strong>in</strong> <strong>Ethiopia</strong>, Rw<strong>and</strong>a, <strong>and</strong> <strong>Kenya</strong>.<br />

These companies represent a wide range of <strong>in</strong>dustries, <strong>in</strong>clud<strong>in</strong>g communications, f<strong>in</strong>ance,<br />

education, <strong>and</strong> agriculture. This diversity reflects the <strong>growth</strong> potential of African markets,<br />

which are marked by <strong>in</strong>creas<strong>in</strong>g dem<strong>and</strong> for technology-driven solutions <strong>and</strong> services that<br />

address local needs. Sectors like f<strong>in</strong>tech, mobile communications, <strong>and</strong> agriculture technology<br />

are particularly ripe for disruption, given the rapid adoption of digital solutions across Africa.<br />

However, despite the promise, the ventures assessed are relatively small, with most hav<strong>in</strong>g<br />

fewer than 20 employees. This highlights that these bus<strong>in</strong>esses are <strong>in</strong> the early stages of<br />

scal<strong>in</strong>g <strong>and</strong> face the <strong>in</strong>itial hurdles of organisational <strong>growth</strong>.<br />

Figure 1: Sectors <strong>and</strong> HQ countries of companies who conducted the <strong>Scale</strong>UpScan<br />

Source: <strong>Scale</strong>Up Nation,<br />

Systemic Innovation, 2024<br />

2<br />

Communications<br />

2 Internet<br />

2 Bus<strong>in</strong>ess /<br />

Professional<br />

Services<br />

8<br />

4 Computers<br />

(Hardware,<br />

Desktop<br />

Software)<br />

2<br />

2 2<br />

2<br />

4<br />

5<br />

5<br />

5<br />

5<br />

4<br />

4 F<strong>in</strong>ance /<br />

Bank<strong>in</strong>g /<br />

Insurance<br />

5 Education<br />

5 Manufactur<strong>in</strong>g<br />

5 Transportation /<br />

Distribution<br />

21<br />

18<br />

2 Rw<strong>and</strong>a<br />

18 <strong>Ethiopia</strong><br />

21 <strong>Kenya</strong><br />

5 Agriculture /<br />

Forestry /<br />

Fish<strong>in</strong>g<br />

Insight report<br />

No. 6<br />

8 Healthcare /<br />

Medical /<br />

Pharmaceutical /<br />

Chemical


PAGE 7<br />

<strong>Scale</strong> <strong>Diagnostics</strong>:<br />

high <strong>growth</strong> <strong>firm</strong><br />

<strong>performance</strong> <strong>dynamics</strong><br />

<strong>in</strong> <strong>Kenya</strong>, <strong>Ethiopia</strong>,<br />

<strong>and</strong> Rw<strong>and</strong>a<br />

The ventures participat<strong>in</strong>g <strong>in</strong> the Africa Scan typically have 10-20 employees, which<br />

suggests that they are <strong>in</strong> the early stages of scal<strong>in</strong>g.<br />

Such early-stage ventures often grapple with capacity constra<strong>in</strong>ts, as small teams tend to<br />

lack the specialisation needed to efficiently manage rapid scal<strong>in</strong>g. Research on early-stage<br />

African bus<strong>in</strong>esses often po<strong>in</strong>ts to the challenge of limited access to experienced talent,<br />

particularly <strong>in</strong> technical <strong>and</strong> managerial roles. The ability to access <strong>and</strong> reta<strong>in</strong> skilled labour is<br />

critical for these ventures to unlock their potential <strong>and</strong> beg<strong>in</strong> mov<strong>in</strong>g towards higher levels of<br />

<strong>growth</strong>. Countries like <strong>Kenya</strong>, which are position<strong>in</strong>g themselves specifically as a technology<br />

hub (as opposed to all countries, who have recently prioritised support for startups <strong>in</strong> a<br />

sector agnostic manner), may have an advantage here, as the talent pool <strong>in</strong> these regions is<br />

gradually improv<strong>in</strong>g due to <strong>in</strong>vestment <strong>in</strong> education <strong>and</strong> workforce development.<br />

Figure 2: Number of employees at <strong>Scale</strong>UpScan companies<br />

Source: <strong>Scale</strong>Up Nation,<br />

Systemic Innovation, 2024<br />

9<br />

11<br />

5<br />

6<br />

6<br />

1<br />

2<br />

1<br />

0<br />

1<br />

1-10<br />

11-20<br />

21-30<br />

31-40<br />

41-50<br />

51-60<br />

61-70<br />

71-80<br />

81-90<br />

>90<br />

# of FTEs at the start of the program<br />

Entrepreneurial experience <strong>and</strong> leadership<br />

Although all ventures have management teams <strong>in</strong> place, a substantial gap exists <strong>in</strong><br />

entrepreneurial experience as seen <strong>in</strong> Figure 3. The majority of ventures are led by teams<br />

with limited prior experience <strong>in</strong> grow<strong>in</strong>g bus<strong>in</strong>esses, a factor that can significantly impede<br />

scal<strong>in</strong>g efforts. Studies on high-<strong>growth</strong> startups globally suggest that experienced leadership,<br />

particularly <strong>in</strong>dividuals who have previously scaled ventures, is a key determ<strong>in</strong>ant of success.<br />

Without this experience, many ventures struggle with strategic decision-mak<strong>in</strong>g <strong>and</strong><br />

operational execution, particularly when faced with scal<strong>in</strong>g challenges like resource allocation,<br />

market entry strategies, <strong>and</strong> manag<strong>in</strong>g grow<strong>in</strong>g teams.<br />

In the African context, this challenge is exacerbated by the fact that entrepreneurial<br />

ecosystems are still matur<strong>in</strong>g. Support systems such as mentorship, <strong>in</strong>cubators, <strong>and</strong><br />

accelerators—although grow<strong>in</strong>g—are not as well-developed as <strong>in</strong> more established<br />

ecosystems like Silicon Valley. This lack of accessible support networks means that many firsttime<br />

entrepreneurs <strong>in</strong> Africa face a steep learn<strong>in</strong>g curve without the benefit of experienced<br />

mentorship, peer support, networks, or specific scal<strong>in</strong>g support. Additionally, leadership<br />

development programmes <strong>in</strong> regions such as <strong>Kenya</strong> <strong>and</strong> <strong>Ethiopia</strong> are still <strong>in</strong> their relative<br />

<strong>in</strong>fancy, further widen<strong>in</strong>g the gap <strong>in</strong> experienced management needed to drive <strong>growth</strong>.<br />

Figure 3: Management team presence <strong>and</strong> entrepreneurial experience of companies<br />

Source: <strong>Scale</strong>Up Nation,<br />

Systemic Innovation, 2024<br />

0%<br />

0% MT <strong>in</strong> place<br />

24%<br />

24% Entrepreneurial<br />

experience<br />

100%<br />

100% No MT <strong>in</strong> place<br />

76%<br />

76% No entrepreneurial<br />

experience<br />

Insight report<br />

No. 6


PAGE 8<br />

<strong>Scale</strong> <strong>Diagnostics</strong>:<br />

high <strong>growth</strong> <strong>firm</strong><br />

<strong>performance</strong> <strong>dynamics</strong><br />

<strong>in</strong> <strong>Kenya</strong>, <strong>Ethiopia</strong>,<br />

<strong>and</strong> Rw<strong>and</strong>a<br />

Revenue <strong>growth</strong> <strong>and</strong> <strong>performance</strong> variability<br />

When exam<strong>in</strong><strong>in</strong>g the revenue <strong>growth</strong> of African ventures, there is a clear divide between<br />

those experienc<strong>in</strong>g rapid <strong>growth</strong> <strong>and</strong> those that are stagnat<strong>in</strong>g. Approximately half of the<br />

ventures show significant revenue <strong>growth</strong>, but many others struggle with m<strong>in</strong>imal or no<br />

<strong>in</strong>crease. This divergence can be attributed to several factors, <strong>in</strong>clud<strong>in</strong>g market read<strong>in</strong>ess, the<br />

scalability of bus<strong>in</strong>ess models, <strong>and</strong> access to capital. Ventures that are able to achieve rapid<br />

<strong>growth</strong> often benefit from strong market dem<strong>and</strong>, scalable technology-driven solutions, <strong>and</strong><br />

external fund<strong>in</strong>g, particularly from <strong>in</strong>ternational <strong>in</strong>vestors.<br />

However, ventures that show slower <strong>growth</strong> often face challenges <strong>in</strong> access<strong>in</strong>g f<strong>in</strong>ance,<br />

penetrat<strong>in</strong>g new markets, or manag<strong>in</strong>g operational <strong>in</strong>efficiencies. Research <strong>in</strong>dicates that<br />

African ventures, particularly those <strong>in</strong> the early scal<strong>in</strong>g phases, frequently struggle to secure<br />

the necessary fund<strong>in</strong>g to fuel <strong>growth</strong>. While impact <strong>in</strong>vestors <strong>and</strong> venture capital are<br />

<strong>in</strong>creas<strong>in</strong>gly <strong>in</strong>terested <strong>in</strong> African markets, many ventures still f<strong>in</strong>d it difficult to access larger<br />

rounds of fund<strong>in</strong>g, especially beyond <strong>in</strong>itial seed <strong>in</strong>vestments. The issue of undercapitalisation<br />

is particularly acute <strong>in</strong> <strong>Ethiopia</strong>, where f<strong>in</strong>ancial <strong>in</strong>frastructure is still develop<strong>in</strong>g, <strong>and</strong> access to<br />

both local <strong>and</strong> <strong>in</strong>ternational capital rema<strong>in</strong>s limited.<br />

Figure 4: Company <strong>performance</strong> by revenue <strong>growth</strong><br />

Source: <strong>Scale</strong>Up Nation,<br />

Systemic Innovation, 2024<br />

22<br />

16<br />

1<br />

3<br />

0<br />

20 %<br />

Revenue <strong>growth</strong><br />

Employee Growth <strong>and</strong> scal<strong>in</strong>g challenges<br />

Employee <strong>growth</strong> trends <strong>in</strong>dicate a slow-down <strong>in</strong> scal<strong>in</strong>g efforts, with a notable <strong>in</strong>crease <strong>in</strong><br />

ventures experienc<strong>in</strong>g low <strong>growth</strong> rates. This suggests that many ventures face challenges<br />

<strong>in</strong> manag<strong>in</strong>g the operational complexities that accompany rapid expansion. Grow<strong>in</strong>g an<br />

organisation quickly requires robust processes, <strong>in</strong>frastructure, <strong>and</strong> leadership that can h<strong>and</strong>le<br />

the dem<strong>and</strong>s of <strong>in</strong>creased scale. Without these <strong>in</strong> place, ventures often stagnate, unable to<br />

susta<strong>in</strong> the <strong>growth</strong> momentum needed to compete effectively.<br />

Figure 5: Annual employee <strong>growth</strong> by year<br />

Source: <strong>Scale</strong>Up Nation,<br />

Systemic Innovation, 2024<br />

Distribution of annual<br />

employee <strong>growth</strong><br />

38 %<br />

5 %<br />

36 %<br />

12 %<br />

5 >50 % pa<br />

5 20-50 % pa<br />

5


PAGE 9<br />

<strong>Scale</strong> <strong>Diagnostics</strong>:<br />

high <strong>growth</strong> <strong>firm</strong><br />

<strong>performance</strong> <strong>dynamics</strong><br />

<strong>in</strong> <strong>Kenya</strong>, <strong>Ethiopia</strong>,<br />

<strong>and</strong> Rw<strong>and</strong>a<br />

Employee <strong>growth</strong> is often tied to the ability of ventures to attract <strong>in</strong>vestment, scale operations,<br />

<strong>and</strong> enter new markets. However, <strong>in</strong> the African context, the complexity of scal<strong>in</strong>g is<br />

compounded by <strong>in</strong>frastructure limitations <strong>and</strong> market volatility. The logistical challenges<br />

of exp<strong>and</strong><strong>in</strong>g operations across multiple regions, coupled with regulatory complexities<br />

<strong>and</strong> <strong>in</strong>frastructure gaps, can slow down employee <strong>growth</strong>. Furthermore, competition for<br />

experienced talent rema<strong>in</strong>s fierce, particularly <strong>in</strong> emergent sectors such as f<strong>in</strong>tech, where a<br />

small talent pool is <strong>in</strong> high dem<strong>and</strong>.<br />

Success factors<br />

<strong>Scale</strong>Up Scan data illustrates that many ventures who responded are miss<strong>in</strong>g several of<br />

the key success factors necessary for scal<strong>in</strong>g, such as a scalable bus<strong>in</strong>ess model, strong<br />

leadership, <strong>and</strong> efficient operational processes. Only a small fraction of ventures demonstrate<br />

the presence of critical factors like “Customer Delight” or “Ambidextrous Leadership.” This gap<br />

highlights the broader issue of underdeveloped <strong>in</strong>ternal capabilities, which prevents ventures<br />

from effectively scal<strong>in</strong>g their operations.<br />

Figure 6: Number of success factors per company<br />

Source: <strong>Scale</strong>Up Nation,<br />

Systemic Innovation, 2024<br />

13<br />

9<br />

8<br />

5<br />

2<br />

3<br />

2<br />

0<br />

1<br />

2<br />

3<br />

4<br />

5<br />

6 7 8 9 10<br />

# ventures, total = 42 ventures<br />

Ventures need a comb<strong>in</strong>ation of visionary leadership, market-fit products, <strong>and</strong> streaml<strong>in</strong>ed<br />

processes to scale successfully. For African ventures, achiev<strong>in</strong>g this is particularly challeng<strong>in</strong>g<br />

due to the fragmented nature of many markets <strong>and</strong> the regulatory hurdles that come with<br />

cross-border expansion. Additionally, the lack of scalable models—where <strong>in</strong>creased revenue<br />

does not proportionally <strong>in</strong>crease costs—hampers <strong>growth</strong>. Ventures <strong>in</strong> the region often rely on<br />

resource-<strong>in</strong>tensive models, which may not scale efficiently without significant <strong>in</strong>vestment <strong>in</strong><br />

technology <strong>and</strong> process improvements.<br />

Costs <strong>and</strong> complexity usually <strong>in</strong>crease, not decrease, with scale. Given the relatively small<br />

local markets, <strong>in</strong>ternationalisation (namely exp<strong>and</strong><strong>in</strong>g across borders, though not necessarily<br />

outside the cont<strong>in</strong>ent) is generally a prerequisite to scal<strong>in</strong>g a venture <strong>in</strong> Africa. This (premature<br />

but necessary) strategy massively <strong>in</strong>creases the costs <strong>and</strong> complexity of the bus<strong>in</strong>ess at a<br />

vulnerable po<strong>in</strong>t <strong>in</strong> its development cycle. Each country has its own set of macro <strong>and</strong> market<br />

challenges, <strong>in</strong>clud<strong>in</strong>g complex <strong>and</strong> costly regulatory compliance challenges <strong>and</strong> last mile<br />

delivery obstacles.<br />

Insight report<br />

No. 6<br />

African scal<strong>in</strong>g digital bus<strong>in</strong>esses are compet<strong>in</strong>g with better resourced <strong>in</strong>ternational<br />

competitors. These <strong>in</strong>ternational competitors offer technologically more advanced<br />

products <strong>and</strong> services which unbalances the play<strong>in</strong>g field. Competitive capital or technical<br />

moats (defences that allow a company to ma<strong>in</strong>ta<strong>in</strong> a competitive advantage) are <strong>in</strong> play,<br />

nonetheless this area is vastly under researched <strong>in</strong> Africa. Generally it is recognised that<br />

‘frontier <strong>in</strong>novators’ often endure more organisational complexity upfront than Silicon Valley<br />

<strong>firm</strong>s, yield<strong>in</strong>g better position for them to endure <strong>and</strong> succeed over the long-term. Incumbents<br />

also enjoy unfair advantages. Large <strong>in</strong>cumbents (sometimes state-backed monopolies) have<br />

long enjoyed privileged market positions, especially <strong>in</strong> key B2C sectors like f<strong>in</strong>ancial services,<br />

retail <strong>and</strong> energy, which are notoriously hard to disrupt. They use their connections <strong>and</strong><br />

market power to make barriers to entry for startups far more burdensome.


PAGE 10<br />

Figure 7: Success factors for Africa scan companies <strong>and</strong> the broader <strong>Scale</strong>Up Nation database<br />

<strong>Scale</strong> <strong>Diagnostics</strong>:<br />

high <strong>growth</strong> <strong>firm</strong><br />

<strong>performance</strong> <strong>dynamics</strong><br />

<strong>in</strong> <strong>Kenya</strong>, <strong>Ethiopia</strong>,<br />

<strong>and</strong> Rw<strong>and</strong>a<br />

Great vision (self-rated)<br />

Great vision (AI-assisted)<br />

<strong>Scale</strong>-up Potential<br />

0%<br />

17% 20%<br />

24%<br />

49%<br />

76%<br />

Customer delight<br />

4%<br />

45%<br />

Strategic leaps<br />

8%<br />

20%<br />

5 Africa scan<br />

Ambidextrous leadership<br />

17%<br />

22%<br />

5 <strong>Scale</strong>UpNation<br />

database<br />

Commercial excellence<br />

35%<br />

32%<br />

Lean operations<br />

59%<br />

70%<br />

Learn<strong>in</strong>g velocity<br />

41%<br />

38%<br />

Dynamic structure<br />

27%<br />

50%<br />

Source: <strong>Scale</strong>Up Nation,<br />

Systemic Innovation, 2024<br />

African <strong>firm</strong>s appear to outperform European ventures on certa<strong>in</strong> scale factors<br />

African <strong>firm</strong>s are outperform<strong>in</strong>g their European counterparts across several key <strong>in</strong>dicators.<br />

From the limited data we collected it appears they exhibit exceptional vision, as reflected <strong>in</strong><br />

high self-assessments. Their lean operations—often a result of necessity <strong>and</strong> more restricted<br />

f<strong>in</strong>ancial capital available—enable them to optimise resources with remarkable efficiency.<br />

These <strong>firm</strong>s also benefit from dynamic organisational structures. Moreover, African companies<br />

have demonstrated exceptional resilience, consistently overcom<strong>in</strong>g challenges such as<br />

<strong>in</strong>frastructure gaps, political <strong>in</strong>stability, <strong>and</strong> volatile economic conditions. African <strong>firm</strong>s also<br />

frequently <strong>in</strong>novate out of necessity, leverag<strong>in</strong>g limited resources to create impactful solutions.<br />

Operat<strong>in</strong>g <strong>in</strong> volatile <strong>and</strong> rapidly chang<strong>in</strong>g environments compels African bus<strong>in</strong>esses to<br />

rema<strong>in</strong> agile, constantly adapt<strong>in</strong>g to shift<strong>in</strong>g market <strong>dynamics</strong>.<br />

Focus on leadership <strong>and</strong> organisational <strong>dynamics</strong><br />

Strong leadership is a critical component for scal<strong>in</strong>g, yet many African ventures lack<br />

ambidextrous leaders who can balance <strong>in</strong>novation with operational efficiency. Without<br />

leaders who are capable of driv<strong>in</strong>g both exploration <strong>and</strong> execution, ventures are likely to<br />

fall beh<strong>in</strong>d. The ability to <strong>in</strong>novate while ma<strong>in</strong>ta<strong>in</strong><strong>in</strong>g operational discipl<strong>in</strong>e is crucial for any<br />

venture hop<strong>in</strong>g to scale, particularly <strong>in</strong> high-<strong>growth</strong> sectors where competition is fierce.<br />

Many African ventures operate <strong>in</strong> highly dynamic environments where agility <strong>and</strong> strategic<br />

vision are essential. However, leadership teams often struggle with the complexity of<br />

scal<strong>in</strong>g across multiple geographies <strong>and</strong> markets. In countries like <strong>Ethiopia</strong>, the regulatory<br />

environment adds further complexity, requir<strong>in</strong>g leaders to be adept at navigat<strong>in</strong>g local<br />

challenges while ma<strong>in</strong>ta<strong>in</strong><strong>in</strong>g a global perspective.<br />

Insight report<br />

No. 6


PAGE 11<br />

Figure 8: Success factors <strong>in</strong> <strong>Kenya</strong> <strong>and</strong> <strong>Ethiopia</strong><br />

<strong>Scale</strong> <strong>Diagnostics</strong>:<br />

high <strong>growth</strong> <strong>firm</strong><br />

<strong>performance</strong> <strong>dynamics</strong><br />

<strong>in</strong> <strong>Kenya</strong>, <strong>Ethiopia</strong>,<br />

<strong>and</strong> Rw<strong>and</strong>a<br />

Great vision (self-rated)<br />

Great vision (AI-assisted)<br />

<strong>Scale</strong>-up Potential<br />

0%<br />

0%<br />

17%<br />

24%<br />

86%<br />

83%<br />

Customer delight<br />

0%<br />

10%<br />

Strategic leaps<br />

Ambidextrous leadership<br />

24%<br />

22%<br />

19%<br />

22%<br />

5 <strong>Kenya</strong><br />

5 <strong>Ethiopia</strong><br />

Commercial excellence<br />

33%<br />

48%<br />

Lean operations<br />

76% 78%<br />

Learn<strong>in</strong>g velocity<br />

Dynamic structure<br />

33%<br />

57%<br />

57% 61%<br />

Source: <strong>Scale</strong>Up Nation,<br />

Systemic Innovation, 2024<br />

Performance by country<br />

With a low number of responses, Rw<strong>and</strong>a is excluded from this analysis. When compar<strong>in</strong>g<br />

the ventures across countries, <strong>Kenya</strong> emerges as a leader <strong>in</strong> several areas, such as the<br />

development of visionary leadership (24% great vision, compared to 22% <strong>in</strong> <strong>Ethiopia</strong>) <strong>and</strong><br />

customer-centric models (10% <strong>in</strong> <strong>Kenya</strong>, compared to 0% <strong>in</strong> <strong>Ethiopia</strong>). This may reflect<br />

<strong>Kenya</strong>’s more developed entrepreneurial ecosystem, which has benefited from a longer<br />

l<strong>in</strong>eage of <strong>in</strong>stitutional support, more mature f<strong>in</strong>ancial markets, <strong>and</strong> greater <strong>in</strong>ternational<br />

<strong>in</strong>vestment. In contrast, ventures <strong>in</strong> <strong>Ethiopia</strong> face more significant barriers to scale, <strong>in</strong>clud<strong>in</strong>g<br />

less developed <strong>in</strong>frastructure, fewer f<strong>in</strong>anc<strong>in</strong>g options, <strong>and</strong> less exposure to <strong>in</strong>ternational<br />

markets.<br />

Insight report<br />

No. 6


PAGE 12<br />

<strong>Scale</strong> <strong>Diagnostics</strong>:<br />

high <strong>growth</strong> <strong>firm</strong><br />

<strong>performance</strong> <strong>dynamics</strong><br />

<strong>in</strong> <strong>Kenya</strong>, <strong>Ethiopia</strong>,<br />

<strong>and</strong> Rw<strong>and</strong>a<br />

Conclusions<br />

This report, leverag<strong>in</strong>g the learn<strong>in</strong>gs <strong>and</strong> practice of <strong>Scale</strong>Up Nation’s <strong>Scale</strong>Up Scan method,<br />

highlights the complexities of scal<strong>in</strong>g high-<strong>growth</strong> ventures <strong>in</strong> <strong>Kenya</strong>, <strong>Ethiopia</strong>, <strong>and</strong> Rw<strong>and</strong>a,<br />

showcas<strong>in</strong>g a mixture of potential <strong>and</strong> current challenges, which may st<strong>and</strong> <strong>in</strong> the way of<br />

scal<strong>in</strong>g <strong>growth</strong>. The ventures exam<strong>in</strong>ed demonstrate diverse sectoral participation, yet most<br />

rema<strong>in</strong> small <strong>and</strong> <strong>in</strong> the early stages of their scal<strong>in</strong>g journeys. While countries such as <strong>Kenya</strong><br />

show promis<strong>in</strong>g strides towards establish<strong>in</strong>g more mature entrepreneurial ecosystems, gaps<br />

<strong>in</strong> leadership experience, limited access to capital, <strong>and</strong> <strong>in</strong>frastructural constra<strong>in</strong>ts cont<strong>in</strong>ue to<br />

hamper the scal<strong>in</strong>g potential of many African bus<strong>in</strong>esses.<br />

The f<strong>in</strong>d<strong>in</strong>gs re<strong>in</strong>force the importance of visionary leadership, scalable bus<strong>in</strong>ess models,<br />

<strong>and</strong> a strong operational foundation as critical success factors for ventures aspir<strong>in</strong>g to scale.<br />

However, the lack of entrepreneurial experience, particularly among leadership teams, poses<br />

a substantial barrier, exacerbat<strong>in</strong>g difficulties <strong>in</strong> navigat<strong>in</strong>g the unpredictable <strong>and</strong> complex<br />

nature of African markets. Furthermore, access to f<strong>in</strong>ance rema<strong>in</strong>s a pervasive issue, with<br />

many ventures rely<strong>in</strong>g on grants <strong>and</strong> impact fund<strong>in</strong>g, rather than be<strong>in</strong>g able to tap <strong>in</strong>to more<br />

susta<strong>in</strong>able <strong>and</strong> <strong>growth</strong>-oriented sources of capital.<br />

It appears that specific knowledge <strong>and</strong> practical support gaps exist, particularly with respect<br />

to scale up potential. To address this, we are develop<strong>in</strong>g an open-source scal<strong>in</strong>g curriculum<br />

tailored for entrepreneurship support organisations (ESOs), enabl<strong>in</strong>g them to provide essential<br />

learn<strong>in</strong>g <strong>and</strong> guidance to bus<strong>in</strong>esses. Alongside this, the newly launched, FCDO-sponsored<br />

Market Expansion Toolkit will offer companies valuable <strong>in</strong>sights <strong>and</strong> resources to facilitate<br />

successful <strong>in</strong>ternational market entry.<br />

<strong>Kenya</strong>’s relatively stronger <strong>performance</strong>, particularly <strong>in</strong> leadership vision <strong>and</strong> customer-centric<br />

approaches, may reflect the country’s more advanced entrepreneurial ecosystem, bolstered<br />

by better access to both local <strong>and</strong> <strong>in</strong>ternational capital <strong>and</strong> talent. <strong>Ethiopia</strong> <strong>and</strong> Rw<strong>and</strong>a,<br />

while demonstrat<strong>in</strong>g potential, face additional barriers that <strong>in</strong>clude underdeveloped f<strong>in</strong>ancial<br />

systems, regulatory hurdles, <strong>and</strong> limited scal<strong>in</strong>g <strong>in</strong>frastructure.<br />

Ultimately, this report underscores the need for a tailored approach to support<strong>in</strong>g African<br />

ventures, one that goes beyond offer<strong>in</strong>g capital <strong>and</strong> mentorship <strong>and</strong> <strong>in</strong>stead fosters a broader<br />

ecosystem of support. This <strong>in</strong>cludes more robust leadership development programmes,<br />

improved access to markets, <strong>and</strong> cont<strong>in</strong>ued efforts to close the talent gap. Only with a<br />

comprehensive, multifaceted strategy can African ventures truly unlock their potential <strong>and</strong><br />

contribute mean<strong>in</strong>gfully to the region’s economic <strong>growth</strong> <strong>and</strong> job creation. As we look ahead,<br />

it is clear that scal<strong>in</strong>g <strong>in</strong> Africa rema<strong>in</strong>s an art, one that requires not only vision <strong>and</strong> ambition<br />

but also a deep underst<strong>and</strong><strong>in</strong>g of the unique challenges <strong>and</strong> opportunities that def<strong>in</strong>e the<br />

entrepreneurial ecosystems of <strong>Ethiopia</strong>, Rw<strong>and</strong>a <strong>and</strong> <strong>Kenya</strong>.<br />

For further <strong>in</strong>formation, please get <strong>in</strong> touch via: contact@systemic<strong>in</strong>novation.work<br />

To learn more about the RISA Fund visit www.risa-fund.org<br />

Insight report<br />

No. 6

Hooray! Your file is uploaded and ready to be published.

Saved successfully!

Ooh no, something went wrong!