Entrepreneurship is an essential catalyst for economic and social transformation in Africa.
It promotes growth, provides employment, encourages innovation, empowers communities, attracts investment, and cultivates a resilient and creative culture that is critical to the continent’s future success. It identifies market gaps and delivers solutions to increase quality of life.
A country’s wealth is heavily determined by the human capital being invested in its overall economy.
For a country to become financially successful the ingenuity and savvy of its citizens must be harnessed to procure solutions for said region’s economic challenges.
As a result, commercial output is boosted, and industries are set up to materialize the ideas of individuals looking to scale financially both as a personal objective and as an economic benefactor.
In this regard, governments must also play their part by pandering to the strengths of the culturally influenced industrialism in its given region, which could spur economic growth within the parameters of the people’s skillset. But to truly be successful, the government must create an ecosystem that supports diversification.
Diversification in itself is more easily achieved via foreign influence. On this note, research has found that some regions are more keen on opening their borders to foreign businesses than others.
A report by US News and World Report showed the 85 best countries for entrepreneurship in the world.
This list was determined by taking the following metrices into consideration, connection to the rest of the world, educated population, entrepreneurship, innovation, easy access to capital, skilled labor force, technological expertise, transparent business practices, well-developed infrastructure, well-developed digital infrastructure, and a well-developed legal framework.
These parameters, when taken into account, not only determine how conducive it is for local entrepreneurs to thrive, but also how accessible a country is to foreign businesses.
As a result, some regions are just more naturally attuned to supporting entrepreneurship ventures than others. Below are 9 of said African countries that made the list.