You are an entrepreneur and you are facing difficulties in finding the capital you need to develop your business? This series of articles is for YOU! Watch out for this weekly series as it will give you insider information on what investors are looking for when getting involved in the next big thing.
During the last few years, the economic boom in many African countries has resulted in the rise of many flourishing economic hotspots around the continent. Not to be left behind, countries in the Indian Ocean such as Mauritius, Reunion and Madagascar, have also experienced immense economic growth. In fact, according to the World Bank’s Doing Business Report 2018, Mauritius is ranked as the top African country for doing business.
One of the benefits of this economic growth has been the rise of innovative start-ups in the region. From tech to social enterprises, young people in the Indian Ocean region have taken up entrepreneurship as a way of capitalizing on the economic growth of their nations. However, while the current environment may seem encouraging, many start-ups have faced roadblocks when finding capital to take their businesses to the next level.
Niraj Tajmal, co-founder of Nurabytes, a Mauritian tech start-up, is one of the many entrepreneurs in the region who has faced this problem. After founding his start-up with a couple of friends, Niraj realized that if they wanted a sustainable business, they would need to get more investment. They had the chance to get the necessary investment from their network. However, only a handful of start-ups have such an easy access to these opportunities.
Most entrepreneurs in the region have the feeling that there is a lack of information to get to know where to find the money to expand their business. Beyond the assistance and information provided by the Mauritian government, many startups argue that those facilities are not enough for them to sustain their businesses. Though they have great business ideas, their biggest hindrance is the fact that they cannot easily access funds to scale their businesses. Consequently, we ask ourselves who are the investors in Mauritius and where do we find them?
To answer this, five students from the African Leadership College, a pan-African college located on the island of Mauritius and which is best known for its innovative and entrepreneurship-centred model, have partnered with ICT.IO to launch a series of articles on investment opportunities in the Indian Ocean. Through these different articles, we will uncover some of the reasons that have been preventing startups from effectively succeeding.
We will also be interviewing four investors in Mauritius who come from diverse backgrounds that include both the public and private sector. Through these testimonials, we will provide deep insights on the investment opportunities in the region and tips on how startups can access these investments. Stay tuned…