The Struggle in Africa's Tech Sphere Lies in Its Narrative Construction

In the dynamic world of African tech, the importance of strategic storytelling cannot be overstated. Jubril Oguntade, a prominent figure in the industry, asserts that careful documentation of a fund's experiences drives attention from investors, highlighting the role narratives play in attracting capital.

However, the continent has largely fumbled the narrative, particularly during the post-COVID capital retraction. This is evident in the recent failures of companies like Okra, whose shutdown was significantly influenced by harsh local regulations, and Lidya, whose founder's messy exit raised concerns.

Ayobami Olajide, Partner at VC firm Escape's Velocity, attributes the trend of secretive stories in African startups to the secretive, low-trust economy that African startups operate in. This lack of transparency could be hampering the collective ability of African tech to attract capital flow from both local and global sources.

Eche Emole, CEO of Afropolitan, terms the strategic use of narratives as "narrative capital". He believes that stories are trust bridges that let people emotionally invest in a future they want to see. Nnamdi Oranye shares this sentiment, believing that compelling long-form content is the future of storytelling on the continent.

The narrative "Africa's Rising" was coined in 2011 and drew global belief in the continent's promise. Jumia became the poster child of the era, achieving unicorn status after a $400 million Series C raise in 2016. However, more needs to be done to maintain this positive narrative and attract continued investment.

Caleb Nnamani, the Chief Storyteller at Blacktrigger, is one individual working to change this. He, along with VCs, have a unique responsibility to present Africa's nuance to the world, but often operate in siloed empires and do not talk to each other, leading to a closed feedback ecosystem.

By effectively showcasing Africa's talents as investable while capturing mindshare among early-stage founders, VCs can create a powerful flywheel effect. With nearly one in four people on Earth expected to be African by 2050, the potential for growth in the tech sector is immense.

However, as of now, there is no specific information available about a person or organization that has focused particularly on creating and spreading stories related to the African techno scene or the outcomes of such a strategy. This presents an opportunity for a visionary to step forward and lead the charge in transforming the narrative of African tech.

On a positive note, events like Moonshot, returning to Lagos on October 15-16, are providing platforms for this transformation. These events offer a chance for the industry's leaders to come together, share ideas, and work towards a common goal: to tell the stories that will attract the investment needed to propel African tech forward.