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South African tech startups seem to have emerged as the tip of the African spear when it comes to the worldwide tech revolution.

Despite all our challenges, local tech companies are beginning to become ever more reliable revenue generators for the local economy, and with industry-leading services in mobile software, electronic banking and security software, local tech accounts for 17% of all startup funding raised in Africa.

The much talked about fourth industrial revolution (4IR) has been slow to get going in Africa, especially compared to the wealthier nations, but there’s no denying the impressive growth we’ve seen in the last decade. Consider for a moment that 72.3% of South Africans are reported to have access to the internet in 2023, and you’ll realise just how big the playing field has become. It’s the greatest shopping mall in existence, and there’s no shortage of floor space.

Thanks to our classic against-all-odds ability to overcome obstacles, the country’s tech sector is also getting noticed by international investors like IBM and Microsoft, and there are even some crazy innovations in the biotech field, with the 2023 BIO Africa Convention in Durban during September featuring a dedicated Start-up Stadium where locals could shoot for the moon in front of global investors.

Just like the Springboks are doing in France at the moment, local companies are also flexing their muscles globally with companies like SnapScan, Toco, and even Luno with cryptocurrencies. According to CNBC and Statista report, three of South Africa’s fintech companies rank among the world’s top 200. And there is A LOT of competition.

Once we can get a grip on load shedding, and the government manages to put together a coherent plan to embrace the Fourth Industrial Revolution, the growth in tech will rival tourism in South Africa.

It’s a feature to look forward to, and as a younger generation grows up with technology, local entrepreneurs will hopefully boost our wavering South African pride. It is important for us not to just ‘buy local’, but also to support local startups and their ambitions. Our own experiences with 123 Consulting have taught us that with the right support from the get-go, growth is easier.

123 Consulting specialises in helping entrepreneurial startups manage the statutory and financial weight that often drags new businesses down. Their experience with both local and multinational companies is invaluable when your business is competing globally.

We’ve got both the brains and the attitude to make the 4IR work for us all, we just need to have the right support where it’s needed.

[source:mg]