This archive report was first published on 13 August 2019.
Why Africa is an Entrepreneur's Paradise ¶
As I reflect on my decision to return to Africa after completing my MBA at Stanford University, I am reminded of the numerous opportunities that exist on the continent. In a recent talk at Stanford, my friend Strive Masiyiwa, a renowned entrepreneur, posed a question that many Africans studying abroad often ask: should they stay abroad or return home?
My decision to come back to Africa was influenced by three key considerations.
Reason #1: Africa is an entrepreneur's paradise
Africa is at the beginning of its growth trajectory, similar to China 30 years ago. This presents a unique opportunity for entrepreneurs to solve problems and create innovative solutions. With a growing population and increasing demand for infrastructure, healthcare, and education, the continent offers a vast array of entrepreneurial possibilities.
For instance, Africa still needs to develop its infrastructure, including transportation systems and housing. Why not be the one to build Elon Musk's 'hyperloop' and enable fast transportation across Africa? Or why not create low-cost housing for the 800 million people who will be moving into African cities over the next 40 years?
Reason #2: You can climb the corporate ladder faster in Africa
Businesses in Africa need talented teams to execute their ideas. However, finding well-trained talent with the skills to execute is a major challenge. If you've studied abroad and acquired those skills, you'll be a hot commodity on the continent.
As I experienced firsthand when I moved to Johannesburg after my first degree and started working with McKinsey, I was given far greater responsibilities than my colleagues who were working for the same company in New York. As a result, my career took off much faster than my peers who stayed in the USA.
Reason #3: The priceless value of respect and dignity
There is one thing I value far more than money or a successful career – dignity and respect. In the USA, no matter how successful you get, you may be seen as a 'foreigner', an outsider, and (especially as the world becomes increasingly racist), even worse things.
For example, before Uber came along, I had so many experiences of taxi drivers in New York driving right past me – a successful black man wearing a suit – to pick up the white passenger standing just 10 feet away. The ability to live in your own continent and not have to suffer such disrespect is something that I can't begin to put a value on.
We all have a role to play
Of course, while returning home was the right choice for me and many others, it may not be right for everyone. If I haven't convinced you about the phenomenal opportunities that exist on the continent, all is not lost. You can still play a role: last year, Africans abroad sent $33 billion to Africa, which typically compares to or even exceeds foreign aid sent to Africa.
