Hello 2024!

Dear African Hustler

The sun set on 2023! We at African Hustle want to take a moment to say a heartfelt thank you. Thank you for joining us on this incredible journey, and for being a part of a community that celebrates and fuels the entrepreneurial spirit on the African continent.

We witnessed it all in 2023, didn't we?

Startups burst onto the scene with solutions that redefine what's possible. Innovators tackled challenges head-on, their grit and brilliance lighting the way for a brighter future. Investors saw the immense potential of Africa's young minds, their belief fueling the dreams of countless entrepreneurs.

StartUp to Unicorn

We want more startups though! African potential is inexhaustible. So seeing more African entrepreneurs tackle global challenges will be a welcome development in 2024.

What more if those startups can grow to be unicorns? With tens of thousands of startups, there are disturbingly only 7 unicorns in Africa. Our unicorns are Jumia, Interswitch, Flutterware, Andela, Opay, Wave, and Swvl.

StartUp Mondays Recap

Through it all, you, our amazing subscriber, have been there. You've cheered on the "StartUp Mondays" heroes, devoured our business insights, and shared your entrepreneurial fire with the community. You've reminded us that the African entrepreneurial spirit is not just a trend, but a force of nature, ever-evolving, ever-inspiring.

As we write the first page of 2024 the landscape may shift, but one thing remains constant: the boundless potential of Africa's entrepreneurs. We see it in the agritech startups transforming barren fields into bountiful gardens, in the fintech solutions bridging the financial gap, and in the healthcare innovations saving lives and extending hope.

There will be challenges, of course. The global economic winds may swirl, but the African spirit soars in the face of adversity. We've seen it weather storms before, and we know, with unwavering certainty, that it will continue to do so.

What can we expect this year?

We see collaboration reaching new heights, with startups across borders joining forces to tackle pan-African challenges. We see technology democratizing access to resources and opportunities, leveling the playing field for all. We see a surge in impact investing, where profits and purpose walk hand-in-hand.

And most importantly, we see you, our incredible community, continuing to be the wind beneath the wings of African entrepreneurs. Sharing stories, offering support, and spreading the infectious optimism that fuels innovation.

African Economic Outlook for 2024

• The IMF predicts growth to rebound to 4% this 2024, making it one of the fastest-growing regions globally

• According to the Economist Intelligence Unit, Africa will be the second-fastest growing major region in 2024 driven by the services sector

• The African Development Bank highlights the following factors to be drivers for growth:

  • Robust domestic demand: Growing populations and rising incomes will continue to fuel demand for goods and services.

  • Developing services sector: The services sector, particularly in East Africa, is expected to be a major driver of growth.

  • Improving infrastructure: Investments in infrastructure will connect markets and facilitate trade, boosting economic activity.

Together, let's make 2024 the year African entrepreneurship truly takes flight. Let's be the wind in their sails, the fuel in their engines, the unwavering belief that whispers, "Yes, you can."

From the team at African Hustle, we wish you 2024 brimming with entrepreneurial spirit, boundless success, and shared African pride!

Onwards and upwards!

With gratitude and optimism,

Tawanda F. Dube
Founder @African Hustle