IFC Disruptive Tech, VC & Funds’ Post

Had very impactful conversations last week at the #SuperReturn Africa 2024. I joined a fantastic line-up of creative economy leaders on the panel “Creating Impact through Creatives,” where we discussed the vast potential of creative industries to catalyze economic growth and support jobs in Africa, especially for youth and women. Our discussions re-echoed why investment in the creative sectors requires a more tailored strategy for maximum impact. For a nascent industry still grappling with an infrastructure gap, limited financing, and policy constraints, meeting the industry where it is at is critical. I emphasized that investments must primarily focus on addressing three pressing challenges that impede the growth of the sector: First, infrastructure is key. Africa requires between $130 billion and $170 billion annually to address its infrastructure needs. Strategic investments in key areas such as technology, production studios, and creative hubs can help lay the foundation for key sectors to thrive. Secondly, we must plug the financing gap. Broadening the funding net can open up new opportunities to those who need them the most. In 2023, only 3% of investments in African start-ups went to the entertainment sector. Customized funding models can reverse this imbalance and decades of inadequate funding in the sectors. Thirdly, policy matters. A smart policy environment fuels innovation. Creative sectors thrive in economies that incentivize creativity and prioritize intellectual property. This includes such deliberate efforts as fostering trade and investments, ensuring lower import tariffs on production equipment, and expanding tax incentives and rebates on production. Creative industries require several actors to succeed – financiers, specialized incubators, venture funds, and development institutions. We need all hands on deck to shape a prosperous Africa! #SRAfrica #CreativeIndustries Yacine Simporé, Kerawa Partners; Carisa Graf-Suleman, The Continent Venture Partners ⟨TCVP⟩; Helena Haba, 2X Global; Mabinty A. Koroma-Moore, Legacy Impact Venture Enterprises Africa (LIVE Africa)