Luanda, Angola, May 24, 2023 – Angola's startup ecosystem has the potential to grow rapidly if it improves access to financing, markets, and training opportunities, according to an in-depth assessment co-funded by the European Union and published today by IFC.
IFC's Assessment of the Angolan Startup Ecosystem outlines how Angola's startups can scale their operations by building stronger linkages with public and private companies. The assessment also explores how Angola can support startups by developing a pipeline of accelerators and by promoting entrepreneurship and the uptake of digital technology and simplifying licensing and regulations.
By supporting startups and promoting innovation and entrepreneurship, Angola can further diversify its oil-dependent economy and create more jobs, especially among young people and women.
"The assessment of the startup ecosystem in Angola is an empowering tool for emerging entrepreneurs. It engenders a closer look at the national context as well as, the challenges and opportunities that are within our reach," said Dr. João Nsoki, Chairman of the Board of Directors of Instituto de apoio às Micro Pequenas e Médias Empresas - INAPEM, the government's focal point for promoting entrepreneurship in Angola.
"Building on international best practice, IFC's assessment emphasizes ways to strengthen coordination between policy makers, founders and investors, which will promote an ecosystem in which startups can grow and thrive," said Carlos Katsuya, Senior Country Manager for Angola.
Consulting firm Startup Genome conducted the assessment which includes inputs from public and private incubators, entrepreneurship associations, and education labs. The assessment is part of IFC's Angola Startup Program, which is helping incubators and accelerators expand their reach and impact, including by working with the Government of Angola to address legal and regulatory obstacles that hinder startups and entrepreneurs.
About IFC
IFC—a member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2022, IFC committed a record $32.8 billion to private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity as economies grapple with the impacts of global compounding crises. For more information, visit www.ifc.org.
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About INAPEM
INAPEM is the indirect administration body of the Angolan State, created under Law No. 251/18 of November 12, as a public law entity, with legal personality, administrative and financial autonomy, whose purpose is to advocate entrepreneurship, as well as to monitor the development of the national business community. Within the scope of its attributions, INAPEM, by vocational definition, is the entity in charge of stimulating entrepreneurial initiatives that cement the country's economic activity through small producers, providing them with legal, material, and financial tools to guarantee their functionality and, consequently, generate jobs and wealth. Among other actions, INAPEM's operationalization focuses on the following services: Consulting and Technical Assistance, Company Certification in the light of Law No. 30/11, Access to Financing, Formalization of Economic Activity, Promotion, Business Promotion and Capacity Building and Service Made in Angola.
