I recently sat down with two entrepreneurs from opposite ends of Africa — Anthony Munyi in Kenya and Akwete “AK” Bortei-Doku in Ghana — both navigating the harsh realities of building startups in markets that lack meaningful exit strategies. In our conversation, we unpacked how the absence of functioning capital markets erodes valuations, why traditional venture models often fail in emerging economies, and how founders are crafting creative paths forward. What begins as an African problem quickly reveals itself as a global reckoning for the startup world.
The Missing Exit Path: African startups lack functioning capital markets, making it difficult to establish valuations and attract investors.
Founder Perspectives: Anthony is testing his model in Kenya before scaling globally; AK is advocating for organic growth models backed by international investors.
A Global Phenomenon: Startup ecosystems everywhere — not just in Africa — are grappling with similar exit dilemmas.
Banks and Capital Gaps: Local financial institutions remain on the sidelines, extracting margins but offering little support for innovation.
Conclusion:
Africa’s startup scene reflects a larger shift in global entrepreneurship — one where traditional pathways to growth and valuation are breaking down, and founders must now invent their own rules to thrive.
