The pledge to fund 5,000 African-founded startups by 2030 is a bold and daring promise that will grab attention.
But Femi Moito MBA’20 and Jacob Fohtung MBA’19, MSF’20 believe the ongoing gap between the burgeoning number of start-ups across the continent and deep-pocketed investors makes it necessary to embark on this ambitious mission.
“The biggest bridge we need to build is access,” Moyt argues. “We need to connect people with resources, especially for founders of color who often face barriers to funding.”
Their initiative, called Innovest Africa, will work with 10-12 pre-screened venture founders in a six- to eight-week accelerator program. Founders will learn how to pitch their products, refine their business models, and increase the likelihood of their startups growing quickly. The program will provide founders with mentorship and coaching opportunities, after which they will compete in a pitch competition called Demo Day. Winners can receive up to $20,000.
Though the partners plan to work with African companies around the world, their ties to Babson remain strong: Moyt and Fortun participated in a panel discussion at the first Babson Africa Conference last month. At the event, titled “Fostering Entrepreneurship in Africa and Beyond,” they networked with other founders and Babson Dean Stephen Spinelli Jr. (MBA'92, PhD).
“We wanted to show that Babson is still number one in entrepreneurship and bring that spirit to innovation in Africa,” Fotungu asserts.
Babson's Beginnings
The genesis of this ambitious project dates back to when Moyt and Fortung first met at Babson College. “I met Jacob at Babson. Everybody knew him. He was very passionate about Africa,” Moyt recalls.
Moito later moved to the US, bringing with him extensive experience in the telecommunications and fintech sectors. His career took him from working in Nigerian startups to working in venture capital at one point, which became part of the foundation of Innovest Afrika's vision.
“I was the only Black person in the company, and during that time we saw an increase of over 70% in applications from founders of color,” Moyt said. “The only reason we could think of was because they could relate to someone in the company.”
Despite the increase in applications, people of color appear to have received fewer funds.
“It wasn't our intention to exclude founders of color,” Moyt said. “A lot of times it's just a disconnect. It's like we don't speak the same language. We need more bridges to understand each other's perspectives.”
Enter Fortun, who Moito remembers as a passionate advocate of African innovation. The two men had common interests and complementary skills, making them natural partners.
“When Femi contacted me, I was in Bangkok, spending time in Vietnam, meeting Africans with big dreams,” Fotun recalls. “Femi's vision was compelling. It wasn't just about the continent, it was about Africans as a people, wherever they were in the world.”
Across Africa
The desire to connect isn't limited to skin color, Fortung said.
“This is a huge continent and we all have the same skin color, but that's it,” Moyt said. “We speak different languages, we eat different foods, we have different religions.”
That's why Innovest Africa is focused on building bridges between cultures, markets and ideas. “We need more bridges to understand each other's perspectives,” says Moyt.
Fortung echoes this sentiment, emphasizing the importance of partnerships to the strategy: “In West Africa, we are big on partnerships. They help us understand the local market and connect with the right people there.”
The Babson Advantage
Mojt and Fortung credit Babson College with providing the foundation for their entrepreneurial journey. “Babson gave us a primer on entrepreneurship and, most importantly, a foundation for how to think about entrepreneurship,” says Fortung.
The college’s global outlook and strong network have contributed greatly to their success. “We represent Babson College not just as an institution, but as a global organization,” Moyt adds. “What are the chances that two Babson College alumni from different countries could come together and create something this impactful?”
Future outlook
As Innovest Afrika moves forward, its founders remain committed to their vision of creating a strong ecosystem for African-founded startups.
“We are accelerating startups, but we are startups ourselves,” says Femi with a smile. “Everyone wears multiple hats. Fortungu is my sparring partner. We brainstorm, challenge each other and refine ideas together.”
“The biggest bridge we need to build is access — connecting people with resources, especially for founders of color who often face barriers to funding.”
Femi Moite MBA'20, co-founder of Innovest Afrika
The duo plans to host global accelerator cohorts in cities like Nairobi, Atlanta and Houston to connect African entrepreneurs with much-needed capital and support wherever they are in the world.
Their journey has only just begun, but they are already making a huge impact: From Lagos to Detroit, Innovest Afrika is shaping the future of entrepreneurship in Africa, one startup at a time.
Posted in Community, Entrepreneurial Leadership
More on Entrepreneurial Leadership »
