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African Startups Need More Than Money, Industry Leaders Say @ABAN Congress
Investors and industry leaders at the African Business Angel Network (ABAN) Congress emphasised that African startups need more than just funding to succeed, with speakers calling for comprehensive support systems that address operational and regulatory challenges.
L-R: Joanna Mustapha, Senior Business Correspondent, News Central TV; Oti Ilentamhen, CPA, Investment Principal, Alitheia Capital; Cecilia Akintomide, Chairperson, Ring Capital; Omotayo Ojutalayo, General Manager of Enterprise Business Development at MTN Nigeria and Fadilah Tchoumbah, CEO, Africa Business Angel Network (ABAN), after the panel discussion on Growth & Scale – Market Expansion & Co-Investment during the ABAN Conference held at the J. Randle Centre, Onikan, Lagos Island, Lagos, Nigeria on October 17, 2025.
The two-day congress, held at the J. Randle Centre in Lagos, brought together over 6,000 investors from 37 countries to discuss strategies for increasing local capital participation in Africa’s innovation economy.
Omotayo Ojutalayo, General Manager of Enterprise Business Development at MTN Nigeria, highlighted a critical challenge facing the continent’s startup ecosystem during a panel on co-investment strategies. “I think when one of the speakers was presenting the lifecycle of the startups, we see that a number of them just drop off, and we don’t know what’s happening to them,” she said. “So it’s important that those soft skills are also invested into them.”
Ojutalayo explained that MTN’s recently launched Cloud Accelerator Program selected 20 startups from over 8,000 applicants for a 12-week program connecting them with experts in financial management, human resources, risk and compliance, and regulatory affairs. “So it’s not just about putting in the capital, which everybody just thinks about, but it’s about the other softer skills that startups need to have,” she added.
Ms. Akintomide warned entrepreneurs about the complexity of scaling across African markets, despite technological advances. “Technology has dissolved borders,” she noted, but cautioned that “some of the best business ideas have been sacrificed on the altar of regulation.” Her advice to startups was direct: “Don’t go in blindly, and don’t go in alone,” emphasising the importance of partnering with local players who understand market dynamics and regulatory landscapes.
Ojutalayo echoed concerns about startups limiting their ambition to single markets, stating: “You need to think across borders. There’s a market for it, so there’s a lot of market research and insights you need to get, so that we don’t become a local champion.”
The panel also explored collaborative investment models, with Mr. Oti Ileta-Mehi, CPA Investment Principal at Aletia, describing co-investment as a key de-risking strategy when entering unfamiliar markets. Speaking to Oti’s conversation Ojutalayo stressed the need for clear roles in investor partnerships: “When investors are coming together, you need to understand who has the expertise in these areas, and then we can collaborate together.”
With Africa’s venture funding reaching $4.5 billion in 2024 but only a small fraction originating from local investors, ABAN’s 10th anniversary congress underscored the urgent need for greater domestic capital participation and more strategic support systems for the continent’s growing startup ecosystem.
Spacecoin, US-based, has announced the signing of recent agreements with local authorities and operators to launch satellite connectivity pilot projects in Africa.
The initiatives, focused on Kenya and Nigeria, aim to serve areas where terrestrial networks remain limited or unavailable.
n Kenya, Spacecoin has obtained a transmission license from the Communications Authority, allowing it to test satellite-based solutions for connectivity and Internet of Things (IoT) monitoring, particularly in rural and peri-urban areas with limited internet access.
According to the Kenyan regulator, internet penetration remains below 50% of the population, despite mobile penetration exceeding 130%.
In parallel, the company is continuing operations in Nigeria under an existing license issued by the Nigerian Communications Commission (NCC).
This authorization supports initiatives aimed at delivering affordable broadband connectivity to isolated and underserved communities.
Spacecoin’s approach is based on a decentralized satellite network using nanosatellites in low Earth orbit (LEO).
Combined with blockchain-based protocols, this architecture is intended to offer more flexible and cost-effective connectivity services than traditional networks, while also enabling the integration of IoT solutions for a range of uses, from smart agriculture to infrastructure monitoring.
These projects are part of a broader strategy to help narrow Africa’s digital divide, where a significant share of the population still lacks access to reliable internet services.
Satellite technology is increasingly viewed as a complement to terrestrial infrastructure, particularly in hard-to-reach areas where deployment costs and geographic constraints remain high.
Beyond Africa, Spacecoin is also running pilot projects in Asia, working with local partners to test the viability of its model across different regulatory and geographic environments.
According to the company’s management, growing interest from regulators reflects a shift toward solutions capable of reaching populations that have long been excluded from internet access.
AVEVA, a global leader in industrial software, driving digital transformation and sustainability, today announces the appointment of Khaled Salah, 37 years old, as Vice President of Africa.
Khaled Salah
In this new role, he will be responsible for about 30 employees to ensure the successful implementation of AVEVA’s growth strategy. Khaled Salah will report directly to Jesus Hernandez, SVP of the EMEA region.
A 15-years + career across different industries and domains
With a MBA in management from the Warwick business school, UK, and a master’s degree in engineering from Ain Shams university in Egypt, Khaled Salah is an active advocate for driving sustainable progress in the industrial sector. With Sustainability in mind, Khaled is keen on making a positive business impact, while fostering progress for people and the planet.
He started his career at Schneider Electric, in 2013 in the global supply chain and evolved through various roles such as Europe procurement and supply chain strategy Manager, and Global Commercial strategy Director for the industrial automation business. Khaled Salah has developed a strategic understanding of all those fields.
After 12 years in Schneider Electric, Khaled joined AVEVA in 2022 to lead AVEVA and Schneider Electric global strategic partnership, across all industries managing a team of 30 people.
He has led the introduction of new AVEVA software solutions to initiate and develop significant growth areas across all Schneider Electric verticals.
Ambitious plans for AVEVA in Africa
In addition to his current role as AVEVA and Schneider Electric partnership Vice-President, Khaled now takes over the management of AVEVA’s activities in Africa.
Jesus Hernandez, SVP of the EMEA region says: “Africa is a strategic region for AVEVA. In this major industrial market, customers, world leaders in the fields of Energy, Metal & Mining, Chemicals, and Water, are looking for AVEVA’s expertise to accelerate and drive their digital transformation and sustainability strategies, as well as their energy transition projects.
“Khaled Salah’s qualities of leadership in a global environment will benefit his team spread across 12 countries including Algeria, Morocco, Egypt, Kenya, Nigeria, and South Africa.”
Motivated by the prospect of capitalizing on the talent of his team to strengthen AVEVA’s presence in Africa in the years to come, Khaled Salah says: “Helping my team realize their professional potential is close to my heart.
“We will work together to support and accelerate the digital transformation of industries in Africa, in particular through CONNECT, our industrial intelligence platform, with the support of our ecosystem of partners. »
A Google-Ipsos report reveals Nigerians topping global AI usage at 88%, surpassing the 62% worldwide average, with sharp rises in education and business applications.
“Our Life with AI: Helpfulness in the hands of more people” shows 93% of Nigerians using AI for learning complex topics versus 74% globally, 91% for work assistance, and 80% for new ventures—nearly double the 42% global rate.
Taiwo Kola-Ogunlade, Google’s West Africa Communications Manager, stated: “Nigerians are creatively using AI to unlock opportunities for learning, growth, and economic empowerment, shaping their future with technology.”
Key findings highlight 91% viewing AI positively for learning access, 95% expecting benefits for students and educators, and strong optimism—80% excited versus 20% concerned, compared to global 53%-46% split. Frequent users show 90% excitement
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