Africa is experiencing a youth boom, with over 60% of its population under 25. This shift brings a mix of challenges and immense potential. On one hand, many young people are battling unemployment. On the other, the entrepreneurial spirit is flourishing, with youth across the continent driving innovation, starting side hustles, and turning them into full-fledged businesses. Here’s how they’re doing it and what it takes to build a thriving business in Africa today.
The Side Hustle Revolution
For many African youth, the side hustle is more than a trend; it’s a necessity. With limited job opportunities, many are leveraging their talents to generate extra income and explore new career paths. Take Ayobami Akindipe as an example: starting with photography, filmmaking, and graphic design, Ayobami found his niche in real estate. His journey underscores three core principles of early entrepreneurship: resilience, determination, and the value of diverse skills.
Spotting Gaps and Seizing Opportunities
Successful entrepreneurs find and fill gaps in the market. Yuma Sasaki did exactly that in Ethiopia with his electric motorcycle company, Dodai. Seeing a need for sustainable transportation, he tapped into an untapped market, navigating the challenges of operating in a developing economy to become a first-mover in electric transport.
Technology and Digital Platforms: Game-Changers
Technology is leveling the playing field for young African entrepreneurs. Social media, in particular, has become an essential tool for growth. Platforms like Kenya’s Wowzi are revolutionizing marketing by connecting brands with nano- and micro-influencers. Recognizing the power of influencer marketing among Gen Z, Wowzi is opening up new revenue streams for young creators while offering businesses a cost-effective way to reach their audience.
Challenges: Funding the Dream
Despite their drive, young African entrepreneurs face tough challenges, particularly in securing funds. The finance gap for African SMEs stands at a staggering $331 billion. Venture capital firms like Equator Africa, which focuses on climate tech, and Google’s AI accelerator program are stepping in, offering not just funding, but the mentorship and support young startups need to thrive.
Building for a Sustainable Future
African youth are not just focused on profit—they’re also driven by sustainability and social impact. Entrepreneurs like Ayobami Akindipe are embedding green practices into their ventures, while organizations like Shield Africa are empowering youth in agriculture, aiming to solve food security issues with sustainable farming.
The Road Ahead
To turn a side hustle into a business empire in Africa requires perseverance, adaptability, and a deep understanding of market needs. While funding remains a hurdle, Africa’s youthful population, increasing adoption of technology, and growing entrepreneurial ecosystem offer promising ground for innovation. By seizing opportunities, leveraging digital tools, and prioritizing sustainability, African youth are shaping a future of prosperity and equity for the continent.
