Kevin Dillon's Ambitions for Creating a Flourishing Tech Community in Africa
Africa's tech startups are experiencing a surge, driven by a demographic dividend, lower costs, and the new wave of AI-based technologies. However, record venture inflows in 2024 have not been sufficient for tech startups in Africa at seed and Series A stages.
This is where the Africa Bridge Fund steps in. Co-founded by industry veteran Kevin Dillon, the fund has invested in 110 deep technology companies, with a focus on critical pillars for tech startups to thrive. Dillon, who has a career spanning over four decades in some of the world's fastest-growing tech markets, identifies three categories for African tech ventures: Regional Solutions, Adaptations, and Global Champions.
Regional Solutions address local challenges such as off-grid energy or water purification systems. Adaptations involve customizing proven innovations from the US, Europe, or Asia for local markets. Global Champions build breakthrough technologies in Africa that can compete on the world stage.
The future of tech in Africa is transformative, not just promising. Africa's universities and coding academies produce world-class engineers, but programs must align more closely with industry needs. Syndicates of local and international funds pool expertise and de-risk investments, broadening the support network for founders. Access to markets in Europe and North America allows founders to benchmark against global peers, form strategic partnerships, and scale.
African domestic participation in venture capital deals has risen from 19% to 31% of total inflows over the past decade. This growth is a testament to the increasing interest and investment in Africa's tech ecosystem. Atlantic Bridge, a growth-equity firm co-founded by Dillon, has achieved 38 successful exits, including seven unicorns.
Kevin Dillon and Managing Partner Frank McCosker emphasize four key pillars for the growth of Africa's tech ecosystem:
- Talent Development – Focusing on education, skills training, and capacity building to nurture local tech talent.
- Access to Capital – Ensuring startups and innovators have ample funding opportunities from investors and financial institutions.
- Infrastructure – Improving digital and physical infrastructure like reliable internet connectivity and power supply to support tech activities.
- Policy and Regulation – Creating a supportive regulatory environment that encourages innovation, protects intellectual property, and facilitates business operations.
These pillars collectively aim to create a sustainable and thriving technology ecosystem across the continent. McCosker believes investing in both the venture and technology ecosystems together will enable African entrepreneurs to thrive on the world stage.
The success of African tech will be measured by financial returns and social impact, including improved healthcare access, climate resilience, and expanded digital inclusion. The global shift toward digitalization and sustainability positions African startups to deliver both profit and purpose.
Kevin Dillon played a key role in helping Microsoft establish its presence in Europe. Today, his focus is on empowering African entrepreneurs to help solve global challenges and compete on the world stage. The future of Africa's tech ecosystem looks bright, with a growing number of Global Champions ready to make their mark on the world.
- The Africa Bridge Fund, co-founded by industry veteran Kevin Dillon, invests in deep technology companies, focusing on regions, adaptations, and global champions to help tech startups thrive.
- Regional Solutions in Africa address local challenges, such as off-grid energy or water purification systems, while Adaptations customize proven innovations for local markets.
- Global Champions, on the other hand, build breakthrough technologies in Africa that can compete on the world stage.
- The future of tech in Africa is transformative, demanding alignment of university and coding academy programs with industry needs, as well as the formation of syndicates to pool expertise and de-risk investments.
- Access to markets in Europe and North America allows founders to benchmark against global peers, form strategic partnerships, and scale their ventures.
- The growth of African participation in venture capital deals, rising from 19% to 31% over the past decade, indicates increased interest and investment in Africa's tech ecosystem.
- Kevin Dillon and Managing Partner Frank McCosker emphasize four key pillars for the growth of Africa's tech ecosystem: talent development, access to capital, infrastructure improvement, and a supportive regulatory environment that encourages innovation and protects intellectual property.
