With Africa on the rise, consumer opportunities have typically been looked at through socioeconomic metrics. With the challenges the continent faces, opportunities can be developed by turning challenges into concepts and turning those concepts into opportunities. We have identified eight approaches that see innovation and solution provision going hand in hand. This will foster economic empowerment, enabling Africa to continue its story as a continent on the rise.
Across all consumer industries, innovation on the continent is seeing new products and services being offered, many addressing the challenges the continent faces and finding ways to work around them.
Local means not just tapping into the resources potentially available on the continent, but on the skills and ideas of its people, from local ingredients and fabrics to cultural tastes.
In many ways, developing nations have the advantage of “starting from scratch” providing the continent the flexibility to try out new ideas, and forging more dramatically on those technologies and concepts related to the environment.
With high mobile phones usage on the continent, companies are creating efficiencies, sharing knowledge and expanding into new markets and product categories. This allows residents, even in remote areas, to gain a foothold in business.
One success story in Africa is the small business, with an entrepreneurial spirit gripping many young people, who are already tech savvy, with some bringing back ideas they have gleaned from travelling abroad. Small businesses also have the ability to respond more readily to local needs.
Those on low incomes, typically viewed as bottom-of-the-pyramid (BOP), offer tremendous opportunity if one is willing to meet the challenges in servicing them.
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