Denis Opudo
Before the historical shift of presidency in Zimbabwe since its independence, the government had plans to empower tech entrepreneurs. The state had placed $25 million in a bid to empower tech startups and innovators in Zimbabwe. Despite the former government restricting the use of social media, the government had planned for the empowerment of tech hubs in Zimbabwe.
The application for ICT innovation fund was open to the public in May. Currently, many startups anticipate for the soon release of funds. However, the country feels the impact of liquidity and foreign currency. But many Africa’s startups face these challenges although Zimbabwe’s case seems extreme.
Many innovators see light at the end of the tunnel after new leadership stepped in. Although Zimbabwe’s startup sector remains small, many tech innovators hope that the new leadership will help eliminate past stagnation experienced.
In the past years, only few tech startups have secured funding. However, the entrepreneurs have always remained united and organize some events to empower them.
According to the founder of Wangu app, Farai Mundangepfupfu, Zimbabwe has the potential for many startups. He also said that investors may get different opportunities in case they decide for self-funding. Wangu app allows Zimbabweans to chat on the platform as a social media tool.
Speaking to Tawanda Kembo from Golix he said that his business flourished due to insufficient funding for other startups in Zimbabwe. Initially, he began as BitFinance and in 2018 he upgraded it as a digital currency exchange platform. Currently, Golix remains holding its footprints as one of the fastest African growing bitcoin exchange platform. Moreover, he said that rarely do tech companies receive funding in Zimbabwe. Therefore, he advocated that entrepreneurs should not put all their eggs in one basket as they wait for government funding.
However, the challenges facing Zimbabwe have not deterred hindered the operation of various businesses. Currently, over 30 innovators from Harare B2C incubator and over 100 Tech Hub Harare members continue to validate their dreams. Statistics also show that Zimbabwe’s market will flourish with the new leadership. Therefore, the consumer market will increase calling for the producing entrepreneurs’ increment.
