Business
Africa’s 88mph startup accelerator eyes Nigerian expansion
“A South African startup that wants to go for foreign markets has to be registered as a non-South African company,” Buch says, bluntly. “If not, foreign investors who understand tech will not invest.” As a result, one big problem that South Africa faces, Buch says, is that many young entrepreneurs are moving overseas and not returning to invest financial and social capital, as they are in other African nations.
“Exchange controls and immigration rules are what is stopping Cape Town from becoming a natural tech hub,” he says. “It has all the other things: smart people, attractive climate, very low cost of living, important when you have no revenue, and great quality products from food to accommodation. He concluded, “It is easy to get talent to move to Cape Town and whole tech companies would move here if the rules were different.”
Source: ZDNet
