“The evidence is indisputable: high-growth scaling ventures are game changers. Scale-ups are the ventures that:
- Create the vast majority of new jobs in an economy;
- Generate the most value in the form of financial, economic and social returns;
- Drive innovation and shape ecosystems;
- Incubate and develop talent pipelines; and
- Spawn the next generation of thriving scale-ups and the experienced entrepreneurs that create them.
Africa needs more startups that transition to scale. Many more.
But scaling is rare. And difficult. All the more so in sub-Saharan Africa, where large populations do not equate to large addressable markets, necessitating very early (and risky) expansion into new markets in search of the critical mass of customers needed to raise funding and scale a business.
Whilst there are some universal scaling principles that can and should be applied, there isn’t a formula for scaling. Because it isn’t pure science. On the contrary, scaling is predominantly an art: a unique blend of inputs, decisions and actions that is different for each scaling business.”