Grace Ashiru
A recent report from Flourish Ventures reveals that while African founders deeply enjoy their work, many acknowledge its negative impact on their mental well-being.
Although these entrepreneurs are passionate about their journeys, external pressures such as fundraising difficulties and Africa’s unpredictable macroeconomic landscape are taking a heavy toll on their mental health.
The report, which surveyed over 160 founders across 13 African countries, found that more than 80% of respondents face mental well-being challenges. Among them, 60% reported experiencing anxiety, 58% high stress, 52% exhaustion, and 20% depression. Even founders leading startups classified as “thriving” are not spared, with over 70% of them admitting to struggling with mental health issues.
“Prioritising founder wellbeing not only enhances the quality of their lives but also contributes significantly to the long-term success of their businesses,” said Ameya Upadhyay, a venture partner at Flourish Ventures. “By sharing these early insights, we hope to spark a broader conversation about supporting founders, both in Africa and around the world.”
Despite facing numerous challenges, 81% of African founders remain deeply passionate about their entrepreneurial journeys. However, they identified several critical stressors impacting their mental health, with fundraising (59%), inflation (44%), and navigating economic instability (40%) emerging as the most significant.
Nearly half of the founders surveyed urged investors to curb unrealistic demands and called for greater recognition of their individuality, beyond being seen solely as contributors to financial returns.
External stressors—factors largely beyond one’s control—are significant contributors to stress and burnout among entrepreneurs. “As an investor, I try to help my founders focus on what they can control and let go of what they cannot,” said Iyin Aboyeji, founding partner at Future Africa.
To manage these pressures, many founders turn to coping mechanisms such as exercise (59%), relationships (49%), sleep (45%), and healthy eating (42%). According to the report, founders with strong personal support networks reported a 13% higher level of well-being compared to those with weaker networks.
Despite the clear benefits of open communication, only 14% of founders feel comfortable sharing their struggles with mental well-being. This reluctance is largely driven by fears of judgment and a perceived lack of empathy from investors.
“Founder stress and burnout are widespread, yet founders display remarkable resilience,” remarked Efayomi Carr. Speaking on a call with TechCabal, he underscored the need to redefine investor-founder relationships, advocating for greater transparency, realistic expectations, and a more human-centred approach.
Carr highlighted that prioritising founder wellbeing is not only an ethical imperative but also a critical factor in driving business success, as a founder’s mental resilience directly influences their company’s growth and sustainability.
“Data is powerful, but it’s only the starting point for a conversation,” Carr noted. “We hope this research ignites a meaningful dialogue between founders and funders, fostering a stronger ecosystem that supports success for everyone involved.”
