INFRASTRUCTURE SUPPORT. - Angel Investors. - Micro-Finance Institutions. (MFIs). - Development Finance. Institutions (DF
ACC RA
ENTREPRENEURIAL ECOSYSTEM SNAPSHOT
Accra
WITH SUPPORT FROM
We s t Af r ic a
ACCRA
ENTREPRENEURIAL ECOSYSTEM SNAPSHOT
Aspen Network of Development Entrepreneurs (ANDE) is a global membership network of more than 260 organizations that propel entrepreneurship in emerging markets. ANDE members provide critical financial, educational, and business-support services to small and growing businesses (SGBs) based on the conviction that SGBs will create jobs, stimulate long-term economic growth, and produce environmental and social benefits. WITH SUPPORT FROM
We s t Af r ic a
Accra
FACTS
Accra is the capital of Ghana, located on the Atlantic Coast of West Africa. Accra is the most populous city in Ghana, and it is regarded as the economic hub of Ghana.
ASPEN NETWORK OF DEVELOPMENT ENTREPRENEURS (ANDE) WEST AFRICA REGIONAL CHAPTER
[email protected] www.andeglobal.org @ANDEWestAfrica
[email protected]
SUMMARY
METHODOLOGY Review of Existing Literature
Surveys and Interviews
74
Stakeholder Meetings
33
NON - FINANCIAL SUPPORT PROVIDERS
FINANCIAL SUPPORT PROVIDERS
47 OTHER ECOSYSTEM SUPPORT PLAYERS
TOP TYPES OF NON-FINANCIAL SUPPORT
76%
OF SURVEY RESPONDENTS PROVIDE ACCESS TO NETWORKS
LEAST COMMON NON-FINANCIAL SUPPORT
11%
OF SURVEY RESPONDENTS PROVIDE LEGAL SUPPORT
TOP FINANCIAL INSTRUMENT EQUITY
TOP SECTORS OF FOCUS AGRICULTURE AND FOOD CULTURE
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TYPES OF SUPPORT AVAILABLE TO SMALL AND GROWING BUSINESSES
FINANCIAL SUPPORT BUSINESS DEVELOPMENT SUPPORT
- Angel Investors - Micro-Finance Institutions (MFIs) - Development Finance Institutions (DFIs) - Commercial Banks - Venture Capital
- Incubation and Acceleration - Capacity Development
INFRASTRUCTURE SUPPORT POLICY SUPPORT
- Co-working Spaces
- Government Agencies
PROFESSIONAL SERVICES
NETWORKS
- Legal Support - Accounting Support - Branding - Communication - Consulting
- Associations
SUPPORT AVAILABLE AT DIFFERENT STAGES IN THE ENTREPRENEURIAL ECOSYSTEM
81% 74% 38% 38%
KEY HIGHLIGHTS
36%
support to start-ups
81% of the organizations provide START-UP
13%
EARLY GROWTH LATER IDEA MATURE
N=47
74% of
the organizations provide support to early-stage businesses
36% of the organizations provide support to businesses at idea stage
13% provide support to businesses at mature stage
3 West Afr ica
NON-FINANCIAL SUPPORT PROVIDERS
*Organizations are mapped based on the primary service and therefore were not repeated for other services provided
CAPACITY DEVELOPMENT PROVIDERS A Ban Against Neglect (ABAN) ACDI/VOCA African Aurora Business Network (AABN) African Management Services Company (AMSCO) Ako Foundation Ashesi University College Ashoka Canadian Chamber of Commerce (Ghana) Catholic Institute of Business and Technology Catholic Relief Services (CRS) Cherie Blair Foundation Christian Aid CREATE Ghana Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) Djondo Fellowship Enablis Engineers Without Borders Canada Ghana Centre for Entrepreneurship, Employment and Innovations (GCEEI) Ghana Climate Innovation Centre Global Alliance for Clean Cookstoves Global Alliance for Youth Leaders (GAYL) Grameen Foundation Growing Business Foundation Growth Mosaic
Heifer International Impact Hub Accra InnoHub Intelligent Capital iSpace MBC Africa MDF Training and Consultancy Meltwater Entrepreneurial School of Technology (MEST) Methodist University OSIWA Oxfam Partners in Food Solutions Reach for Change Africa Seedstars World ServLed Africa Stanford SEED TechnoServe University of Ghana Business School Water and Sanitation for the Urban Poor (WSUP) West Africa Trade and Investment Hub World Vision YALI Regional Leadership Center
NON-FINANCIAL SUPPORT PROVIDERS
CO-WORKING SPACES Horizon OutPost Regus Accra Workshed Africa
GOVERNMENT AGENCIES Bank of Ghana Borderless Alliance Food Drug Authority (FDA) Ghana Environment Protection Agency Ghana Export and Import Authority Ghana Investment and Promotion Centre (GIPC) Ghana Revenue Authority Ghana Standard Authority National Board for Small Scale Industries (NBSSI) Registrar General Department (RGD) Youth Enterprise Support Program
*Some incubators and accelerators also provide
RESEARCH AND ADVISORY SERVICE PROVIDERS Asoko Insight Center for International Private Enterprise (CIPE) Dalberg Global Development Advisors Ernst & Young (EY) GFA Consulting GIMPA Centre for Impact Investing Inclusive Business Accelerator (IBA) JPCANN Associates Limited KPMG Kumasi Institute of Tropical Agriculture (KITA) PwC Startup Traction Winners Solutions
ANDE Members
co-working spaces for entrepreneurs
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OTHER ECOSYSTEM ACTORS
NETWORKS AND ASSOCIATIONS
CORPORATIONS Access Bank Airtel Ghana Barclays Bank Fidelity Bank Microsoft MTN Ghana Premium Bank Tigo Universal Merchant Bank UT Bank Vodafone
African Agribusiness Incubation Network (AAIN) African Business Angel Network (ABAN) African Private Equity and Venture Capital Association (AVCA) Africa’s Young Entrepreneurs AfriLabs Aspen Network of Development Entrepreneurs (ANDE) Association of Ghana Industries (AGI) Ghana's Young Entrepreneurs (GYE) Global Social Entrepreneurship Network (GSEN) Inclusive Business Action Network (IBAN) Social Enterprise Ghana Network The African Network of Entrepreneurs (TANOE) The SME Network VC4A
FOUNDATIONS & DONORS/DFIs
MEDIA
African Development Bank (AfDB) British Council Citi Foundation Department for International Development (DFID) Ford Foundation International Finance Corporation(IFC) Lundin Foundation Small Foundation The MasterCard Foundation The Rockefeller Foundation Tony Elumelu Foundation United States Agency for International Development (USAID)
All Africa Business and Financial Times Citi Business (FM) Disrupt Africa Ghana Business News Ghana Star Joy Business Report Modern Ghana News Ghana Ventures Africa
ANDE Members
NON-FINANCIAL SUPPORT IN THE ENTREPRENEURIAL ECOSYSTEM
ACCESS TO NETWORKS
76%
MARKET LINKAGE
44%
TRAINING AND SKILLS DEVELOPMENT
LEADERSHIP DEVELOPMENT
INVESTMENT READINESS SUPPORT
61%
50%
48%
FINANCE AND ACCOUNTING SUPPORT
IDEATION
24%
23%
15%
45%
LEGAL ADVICE
11% N=62
* Percentage of organization-type represented in the ecosystem
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CO-WORKING SPACES
BUSINESS-MODEL DEVELOPMENT
HOW ORGANIZATIONS PROVIDE NON-FINANCIAL SUPPORT
0%
10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
* Percentage of organization-type represented in the ecosystem
59%
Classroom/Seminar Training
53%
Mentoring
51%
Direct Consulting Services
31%
Peer to Peer / Network-based Support
25%
Fellowships
53% deliver mentoring
24%
Business Plan Competitions
16% offer talent placement
18%
Online/Mobile
14% take a seat on the board
16%
Talent Placement
14%
Seat on the Board
KEY HIGHLIGHTS
59% deliver seminars and trainings to SGBs
N=51
NON-FINANCIAL SUPPORT AND STAGES OF SUPPORT
CAPACITY DEVELOPMENT PROVIDERS
IDEA
STARTUP
EARLY
LATER
GROWTH
MATURE
A Ban Against Neglect (ABAN) ACDI/VOCA African Aurora Business Network (AABN) African Management Services Company (AMSCO) Ako Foundation Ashesi University College Ashoka Canadian Chamber of Commerce (Ghana) Catholic Institute of Business and Technology
6 West Afr ica
CAPACITY DEVELOPMENT PROVIDERS
IDEA
STARTUP
2EARLY
LATER
GROWTH
Catholic Relief Services (CRS) Cherie Blair Foundation Christian Aid CREATE Ghana Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) Djondo Fellowship Enablis Engineers Without Borders Canada Ghana Centre for Entrepreneurship, Employment and Innovations (GCEEI) Ghana Climate Innovation Centre Global Alliance for Clean Cookstoves Global Alliance for Youth Leaders (GAYL) Grameen Foundation Growing Business Foundation Growth Mosaic Heifer International Impact Hub Accra InnoHub Intelligent Capital iSpace MBC Africa
MDF Training and Consultancy Meltwater Entrepreneurial School of Technology (MEST) Methodist University OSIWA Oxfam
Partners in Food Solutions Reach for Change Africa Seedstars World ServLed Africa
7 West Afr ica
MATURE
CAPACITY DEVELOPMENT PROVIDERS
IDEA
STARTUP
2EARLY
LATER
GROWTH
MATURE
Stanford SEED TechnoServe University of Ghana Business School Water and Sanitation for the Urban Poor (WSUP) West Africa Trade and Investment Hub
RESEARCH AND ADVISORY SERVICE PROVIDERS
IDEA
STARTUP
EARLY
LATER
GROWTH
MATURE
Asoko Insight Center for International Private Enterprise (CIPE)
Dalberg Global Development Advisors Ernst & Young (EY) GFA Consulting GIMPA Centre for Impact Investing Inclusive Business Accelerator (IBA) JPCANN Associates Limited KPMG Kumasi Institute of Tropical Agriculture (KITA) PwC Startup Traction Winners Solutions
CO-WORKING SPACES
IDEA
STARTUP
EARLY
LATER
Horizon OutPost Regus Accra
Workshed Africa
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GROWTH
MATURE
FOUNDATIONS & DONORS/DFIs
IDEA
STARTUP
EARLY
LATER
GROWTH
MATURE
African Development Bank (AfDB) British Council Citi Foundation Department for International Development (DFID) Ford Foundation International Finance Corporation (IFC)
Lundin Foundation Small Foundation The MasterCard Foundation The Rockefeller Foundation
Tony Elumelu Foundation USAID World Vision YALI Regional Leadership Center
DIRECT FINANCIAL SUPPORT PROVIDERS
INVESTORS Accion Venture Lab Acumen Adenia Partners Africa Media Venture Fund African Capital Alliance (ACA) AgDevCo Agricultural Development Bank Agriculture Fast Track Fund AHL Venture Partners Busac Fund Crystal Capital and Investments DataBank AgriFund Manager EchoVC Partners Emerging Capital Partners Finance and Competence Ghana Angel Investors Network (GAIN)
Ghana Capital Partners Gold Venture Capital Limited GroFin Injaro Investments Investisseurs & Partenaires JCS Investments Oasis Capital Palladium Root Capital Sahel Capital SEM Capital Management Serengeti Capital Singularity Investment Synergy Capital Union Capital Venture Capital Trust Fund Vision Fund
ANDE Members
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FINANCIAL SUPPORT AND STAGES OF SUPPORT
KINDS OF SUPPORT
EQUITY
QUASI-EQUITY
DEBT
GRANT
INVESTORS
IDEA
STARTUP
EARLY
LATER
GROWTH
Accion Venture Lab Acumen Adenia Partners Africa Media Venture Fund African Capital Alliance (ACA) AgDevCo
Agricultural Development Bank
Agriculture Fast Track Fund
AHL Venture Partners
Busac Fund
Crystal Capital and Investments
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MATURE
INVESTORS
IDEA
STARTUP
EARLY
LATER
GROWTH
DataBank AgriFund Manager EchoVC Partners
Emerging Capital Partners Finance and Competence
Ghana Angel Investors Network (GAIN)
Ghana Capital Partners
Gold Venture Capital Limited GroFin
Injaro Investments
Investisseurs & Partenaires
JCS Investments
Oasis Capital Palladium Root Capital Sahel Capital Serengeti Capital
Serengeti Capital Singularity Investment
Synergy Capital Union Capital Venture Capital Trust Fund Vision Fund
11 West Afr ica
MATURE
TYPE OF INVESTMENTS
76% 69% 45% 24% 3% EQUITY QUASI-EQUITY DEBT GRANT OTHERS
N = 29
KEY HIGHLIGHTS
76%
provide financial support through equity
69%
provide financial support through of quasi-equity
45%
provide financial support through debt
24%
provide financial support through grants
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SECTORS AND FOCUS AREAS
AGRICULTURE & FOOD
53%
CULTURE
53% 40%
ACCESS TO FINANCE
24%
EDUCATION TECHNICAL ASSISTANCE SERVICES
22%
ENERGY
22% 21%
MANUFACTURING HEALTH
19%
TALENT
19%
SUPPLY CHAIN SERVICES
19% 17%
ENVIRONMENT
16%
INFORMATION AND COMMUNICATION TECHNOLOGY
14%
INFRASTRUCTURE/ FACILITIES DEVELOPMENT
9%
MICROFINANCE MOBILE
5%
HOUSING/COMMUNITY FACILITIES
5% 3%
MICROINSURANCE
2%
ARTISAN
N=58
STAKEHOLDERS FOCUS
20
10
0
30
40
50
SCIENCE, ENGINEERING, INVENTION
53%
ADVOCACY
53% 37%
SOCIAL ENTERPRISE
35%
GENDER
32%
YOUTH
32%
BASE OF THE PYRAMID
30%
ACCESSIBILITY
25%
CITIZEN EMPOWERMENT
23%
RURAL COMMUNITIES
21%
URBAN COMMUNITIES
18%
RESILIENCY FRANCHISING
9% N=57
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60
POPULAR ENTREPRENEURSHIP EVENTS AND CONFERENCES YOUTH ENTERPRISE SUPPORT (YES)
GHANA SME SUMMIT
VODAFONE AFRICA SME SUMMIT
ENTERPRISE AFRICA SUMMIT
Government
Vodafone
British Council
MBC AFRICA COLLABORATIVE PLATFORM FOR SGBS
TIGO DIGITAL CHANGEMAKERS COMPETITION
THE MAKERSPACE
Government
AFRICA TECHNOLOGY SUMMIT Meltwater Entrepreneurial School of Technology (MEST)
MBC Africa
Impact Hub
Reach for Change Africa
ASHESI BUSINESS EXHIBITION
Ashesi University
ECOSYSTEM GAPS AND OPPORTUNITIES These gaps and opportunities were identified by key actors at the ANDE Entrepreneurial Ecosystem Snapshot stakeholders meeting.
Lack of collaboration among actors
Limited education about entrepreneurship
Increased demand for business accelerators to support businesses at the growth OPPORTUNITIES stage
Poor access to market
GAPS IN ACCRA ENTREPRENEURIAL ECOSYSTEM
IN ACCRA ENTREPRENEURIAL ECOSYSTEM
Increased demand for affordable co-working spaces
Limited access to finance for small and growing businesses
High cost of physical infrastructure (e.g. co-working spaces)
Opportunities for intermediaries to actively collaborate on ecosystem building projects
Unfavorable policies
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Strong governmental and private sector interest in financing agriculture
Growing angel investors and venture capitalists interest in the ecosystem
RECOMMENDATION FOR IMPROVING THE ECOSYSTEM
There is a need for actors to actively engage in supporting entrepreneurs beyond just promoting entrepreneurship
There is a need fo r inter m ed iar y o rganiz at io ns to have a pl at fo r m t hat enabl es effect ive co l l abo rat io n
Th e re i s a n e e d fo r a c tor s to i nte grate profe ssi on a l se rvi ce prov i de r s i nto SG Bs e co syste m
There is a need to s t and ard ize t raining and d evel o pm ent pro gram s fo r s m al l and grow ing bu s ines s es in t he eco sys tem
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ORGANIZATION INDEX
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For more information you can contact the regional staff of West Africa Chapter: Olatunji Ajani ANDE West Africa Coordinator
[email protected]
Joshua Adedeji Consultant, ANDE West Africa Chapter
[email protected]
http://www.andeglobal.org
http://www.twitter.com/andewestafrica
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