The announcement came during the recent Global Symposium for Regulators (GSR-24) hosted by the International Telecommunication Union (ITU) in Kampala, Uganda.

This initiative, funded by the European Commission, will focus on developing broadband mapping systems across participating countries.

This will help identify critical gaps in internet access, including coverage, quality, and affordability. The project targets Benin, Botswana, Burundi, Côte d’Ivoire, Ethiopia, Kenya, Malawi, Nigeria, Uganda, Zambia, and Zimbabwe.

The ITU says the collected data will be instrumental in “enabling data-driven decision-making for investments in digital infrastructure,” ultimately fostering Africa’s digital transformation.

Alongside the broadband mapping project announcement, African regulators endorsed a new set of guidelines designed to maximize the benefits of transformative information and communication technologies (ICTs).

These “GSR-24 Best Practice Guidelines” address the need to balance innovation with effective regulation.

The guidelines take into account emerging technologies like artificial intelligence (AI) and aim to create a positive impact on societies and economies.

ITU Secretary-General Doreen Bogdan-Martin emphasized the importance of innovation, trust, and inclusivity in policymaking.

The Global Symposium for Regulators, organized by the ITU, brought together over 600 participants, including government ministers, regulatory leaders, industry executives, and academics, to discuss pressing issues in the field of digital regulation.

This program aims to bridge the gap between African startups and Japanese investors.

The fund aims to support up to 20 early-stage startups in its first year, focusing on ventures that use technology to tackle critical challenges like insecurity, unemployment, and poverty.

This launch comes amidst a complex funding landscape for African startups.

While total equity funding reached $2 billion in 2023, a 43% decline from the previous year, recent months have shown signs of recovery. As of May 2024, African startups raised $187 million, a 149% increase from April’s figures.

Innovate Africa Fund seeks to address the specific needs of early-stage founders by providing strategic capital to help startups navigate the crucial stages from ideation to market fit and secure further funding.

“Our goal is to empower founders to accelerate their growth trajectory,” said a spokesperson for Innovate Africa Fund. “We go beyond just financing; we offer comprehensive support across finance, governance, public relations, and strategy.”

The venture fund will offer an average investment of $50,000 per startup alongside tailored support in areas like product development, market fit achievement through the Product Leadership Accelerator program, and connections to skilled professionals through their partner network.

Co-founded by Kristin Wilson and Christian Idiodi, Innovate Africa Fund positions itself as a “founder-centric” catalyst fund within a broader ecosystem.

Through the Innovate Africa ecosystem, portfolio companies will gain access to experienced advisors and operators, both locally in Africa and internationally, to ensure they have the resources needed to thrive.

This ambitious plan will see the creation of a network of technology hubs and a $1 billion investment fund specifically dedicated to supporting young African startups.

The first of ten tech hubs will be unveiled in just a few days at the UNDP’s innovation center in Lagos, Nigeria.

This launch marks a significant milestone in the program, which is poised to become the world’s largest initiative supporting Africa’s burgeoning tech startup scene.

Following the Lagos hub, additional locations with specialized focuses are planned throughout 2024. These include hubs dedicated to agritech in Accra, Ghana, healthtech in Kigali, Rwanda, and minetech in Lusaka, Zambia.

The initiative extends beyond physical hubs, with the UNDP establishing University Innovation Pods in 13 African cities.

These pods will serve as centers for research and development, providing young innovators with the resources and guidance needed to turn their ideas into successful businesses.

“This initiative represents a major leap forward in our mission to ignite a startup revolution across Africa,” stated Ahunna Eziakonwa, Assistant Secretary-General and Director of the UNDP Africa Bureau, in a press release.

With a focus on empowering Africa’s young population, the program will leverage the $1 billion fund (raised through public-private partnerships) to support over 10,000 youth-led startups across various sectors.

This investment comes at a critical time. Africa boasts the world’s fastest-growing youth population, creating a fertile ground for innovation in finance, agriculture, and healthcare.

The continent has already seen the emergence of several “unicorn” companies – startups valued at over $1 billion – such as Interswitch, Flutterwave, and Jumia.

The $1 billion fund is expected to provide a much-needed boost to African tech startups, particularly given the recent decline in venture capital inflows.

Traditionally, a large portion (around 83%) of venture capital in Africa comes from outside the continent, concentrated in just a few countries like Nigeria, Kenya, South Africa, and Egypt.