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Student founders from 91��ɫ Business School’s MSc Innovation, Entrepreneurship & Management programme showcased their ventures to investors, innovators and industry leaders at one of the UK's leading technology events.

91��ɫ's London Tech Week stand at Olympia London

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Alumni profile: Melvin Poh widening access to business knowledge in Asia

Francesca Hoare — Tue, 04 Mar 2025 09:31:29 +0000

Alumni profile: Melvin Poh widening access to business knowledge in Asia

Francesca Hoare Tue, 04/03/2025 - 09:31

9 July 2026 Alumni

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1 June 2026 Alumni

Lessons, insights and early career advice from 91��ɫ Business School Master’s alumni

We recently caught up with some of our Master’s alumni, who reflected on their early careers after graduating from 91��ɫ Business School. In this blog, they draw on their own experience to offer advice to those who are about to enter the job market.

29 May 2026 Alumni

Real career advice from 91��ɫ MBA alumni

We recently caught up with alumni from 91��ɫ Business School’s Full-Time MBA, Weekend MBA and Global Online MBA programmes, who shared insights and advice into succeeding in your career post-MBA studies. Read what they have to say in this blog.

13 May 2019

Alumni

Entrepreneur and alumnus Melvin Poh (MSc Innovation, Entrepreneurship & Management 2015) not only has a thriving startup under his belt, but a prestigious business title too. Recently recognised in the Forbes ‘30 Under 30’ list for Asia in Media, Marketing and Advertising, Melvin spoke to us about the vision for his startup and why access to business knowledge is so empowering.

What gave you the idea for your business?

The idea for The Asian Entrepreneur arose from the uniquely challenging nature of economic and entrepreneurial development in Asia, where business processes are fundamentally different. Asia presents immense economic potential and widespread opportunities for market impact. However there is a knowledge gap surrounding the unique challenge of entrepreneurship and business in the region.

The Asian Entrepreneur was conceived to provide access to business knowledge. The accessible media platform allows entrepreneurs to share practical insights and valuable experiences.

How did it feel when your business launched?

Taking the first step to launch the venture was an incredibly difficult decision. The ambitious task seemed very daunting – we were targeting an entire region rather than a single country! I therefore sat on the idea for a long time before actually taking the first step to initiate it. Much time was spent on planning the business model and potential development. I shall never forget the initial mixed feelings of fear, excitement as well as the great sense of purpose and commitment when the business was finally launched.

What was the greatest challenge you faced in starting out?

The greatest challenge has been scaling our organisation and making it sustainable to realise our unique mission. It is quite challenging because the underlying ethos is to create greater accessibility to knowledge. Therefore we made access to our content entirely free. We also tweaked our business model to ensure the integrity of our content. This means that we cannot rely on traditional methods of generating revenue. For example, our platform does not possess a paywall, users can access everything with absolutely no barriers. We have also largely forgone traditional advertising to create the cleanest user experience possible. These decisions are spurred by the social nature of our organisation. We’ve had to be incredibly creative and tenacious about how to scale in spite of the extra challenges with the business structure.

What have been the key lessons learned from the whole process?

There are three major lessons that I’ve learnt:

Entrepreneurship is an inherently organic and uncertain process. We should accept and embrace this. It is not possible to plan for every scenario with certainty and control every aspect of a business and its development. No amount of planning or risk management can prevent unpredictable external influences. As entrepreneurs, we must be ready to adapt and improvise. Being a successful entrepreneur is an iterative process.
Entrepreneurship is inevitably a group effort. Ambitious ventures cannot be realised alone and is often dependent on the team you create, the way you interact with and work with them as well as other people in the business community. It is very much about building and managing alliances.
Entrepreneurship is perhaps one of the most tiring career paths. There is this idea that being an entrepreneur is a great escape from the 9 to 5 grind. Ironically that is true, but in the most unexpected and perhaps undesired way. This is because you end up adopting a 24/7 schedule instead, where work is the only constant on the back of your mind. Being an entrepreneur and business owner means that you must oversee every aspect of the business. It took me a long time to get accustomed to this. It is also important to consider the psychological side of running your own business – you don’t want to burn out before you have achieved your goals.

What has been the highlight so far?

One of the greatest highlights has been an email I received from someone in Mongolia. He explained that he was aspiring entrepreneur who always had dreams of pursuing business in Asia. However, he had no idea where or how to start. He never studied business and the resources in his country were extremely limited. But through the discovery of The Asian Entrepreneur, he was finally able to get personal insights on entrepreneurship in Asia. Today, the individual has migrated to Singapore where he has co-founded a financial technology startup. He emailed me to express his gratitude for our work which has aided him in his career. To know we have positively impacted the lives of others is always a highlight for me. It’s a reminder that knowledge has the ability to empower people. That is why our mission is so important and why I am so passionate about my work.

Any advice to budding entrepreneurs?

In our work, we have spoken to thousands of budding entrepreneurs. Many of them often ask how they can avoid failure. The most important advice I’ve discovered is: do not be afraid to fail because failure is inevitable. The truth is failure is an inevitable part of life and a fundamental component of business. Unexpected results will often arise. There are many examples of how genius entrepreneurs have failed, but gone on to achieve great success. The importance lies in discovering the reasons for failure, rectifying it and adapting one’s approach. Thus, the biggest takeaway is to be prepared of failure and changing your mindset on failure; learn to embrace it.

Entrepreneurship is an inherently organic and uncertain process. We should accept and embrace this. It is not possible to plan for every scenario with certainty and control every aspect of a business and its development. No amount of planning or risk management can prevent unpredictable external influences. As entrepreneurs, we must be ready to adapt and improvise.

How did your time at the Business School help you?

My time at 91��ɫ has contributed substantially and positively to my entrepreneurial journey. I was previously a barrister specialising in corporate finance, and so 91��ɫ has equipped me with valuable business knowledge and the foundation to tackle starting my own business. It has certainly assisted me in shaping my business ideas and made me much more analytical.

The cross-pollination of multiple disciplines and faculties is also a defining characteristic of 91��ɫ. It was inspiring to study with such diverse people of different nationalities and backgrounds. Interacting with them has endowed me with a global perspective and an alumni network spanning globe. Many of the professors have also been great mentors, teaching important lessons that have shaped many parts of my business today. The Business School has been a great stepping stone towards even greater moments in my life and studying at 91��ɫ stands one of the best decisions I have taken.

I believe business education is a weapon for progress that can be used to progressively change the world of tomorrow and empower. This is why I believe that accessibility to business knowledge should be a right and not a privilege.

Entrepreneurship

MSc Innovation, Entrepreneurship & Management

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The hidden cost of startup buzz: how founders and investors can avoid a culture of hubris

Christian Hampel — Wed, 15 Jan 2025 12:14:02 +0000

The hidden cost of startup buzz: how founders and investors can avoid a culture of hubris

Christian Hampel Wed, 15/01/2025 - 12:14

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It’s the dream of many startups: grow aggressively to chase the hype and become a unicorn. However, trying to pull this off all too often turns into a nightmare for founders, employees and their stakeholders alike. Our recent study found that growth-chasing startups risk ingraining a damaging “hubristic culture” – characterised by the sense of being entitled to break rules without caring about consequences.

A hubristic culture often looks exciting to employees but actually damages the company. It leads employees to believe they can do no wrong in the pursuit of growth. This is a recipe for disaster. A report by debtors of failed crypto exchange FTX Trading, for example, blamed its collapse on “hubris, incompetence and greed” (the company’s founder, Sam Bankman-Fried, is appealing his conviction).

Together with Elena Dalpiaz, I have studied hubristic culture in a tech startup that initially achieved hypergrowth for a few years. However, this culture led the startup to adopt harmful behaviours that hurt stakeholders and threatened its very survival until the company embarked on a major reform process. While this turnaround was a success at the time of our study’s conclusion, the company, like many others in the sector, later exited the market due to new regulatory changes. This has helped make the case for broader volatility of the industry rather than undermining the impact of cultural reform.

Red flags in startup culture

We found that one major red flag for a hubristic culture is when startups pursue growth at all costs. This is problematic because employees believe it does not matter how their growth-chasing actions affect stakeholders. Consequences of this can include: regularly letting customers down during the hypergrowth; getting ever more regulatory fines; and receiving increasingly hostile coverage on key (social) media channels.

Another major red flag for a hubristic culture is a specific type of excitement shared among the startup’s employees: what we call “antagonistic excitement”. This is the enthusiasm to operate in opposition to outside norms. For example, an employee of the tech company we studied was thrilled when masses protested the company’s rule-breaking: “we were getting attacked […] You live off that adrenaline”.

Getting excited about breaking rules and about receiving external criticism is dangerous because employees risk losing moral awareness, i.e. the ability to care about (not harming) the outside world.

How to build a sustainable startup culture

How do startups avoid the trap of a hubristic culture? First, by focusing the team on pursuing growth that can be sustained over the long-term, rather than seeking growth at all costs. This forces employees to pursue growth that fits with society because only this is sustainable over time.

Second, it’s important to banish antagonistic excitement. Whereas excitement about the startup’s mission and about any constructive plans can be very positive, what stores up trouble is fostering excitement about breaking rules and getting criticised. It’s important for startups to emphasise that, amid all the excitement, the pursuit of growth should not endanger the well-being of others.

Hubristic cultures in startups are initially intoxicating for employees but they are ultimately toxic for everyone. When startups collapse, founders, investors, employees and stakeholders are all harmed. It’s important that hyped companies fix a hubristic culture before it’s too late. This gives them the chance to build a company that will last, rather than becoming a cautionary tale for the next excitable startup.

This article draws on findings from the Journal of Business Venturing article “When Hype Collides with Morality: How Entrepreneurial Framing Affects the Behavior and Legitimacy of Hyped Ventures” by Christian E. Hampel (91��ɫ) and Elena Dalpiaz (USI Lugano).

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Grounded in new research, this article reveals the warning signs of “hubristic culture” and offers practical strategies to foster sustainable growth

Main image: Nuthawut Somsuk / iStock via Getty Images Plus

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Business School MSc graduate Alvia Dibby Shadqah speaks to the Financial Times about life as a female entrepreneur

Evie Burrows-Taylor — Mon, 09 Sep 2024 11:28:25 +0000

Business School MSc graduate Alvia Dibby Shadqah speaks to the Financial Times about life as a female entrepreneur Evie Burrows-Taylor Mon, 09/09/2024 - 11:28

4 September 2024

"Lessons from the last three years in venture capital": MBA alumnus Kjartan Rist writes in Forbes

Evie Burrows-Taylor — Mon, 26 Feb 2024 09:56:42 +0000

"Lessons from the last three years in venture capital": MBA alumnus Kjartan Rist writes in Forbes Evie Burrows-Taylor Mon, 26/02/2024 - 09:56

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How to survive as an entrepreneur: insights from Steve Blank

Evie Burrows-Taylor — Tue, 13 Feb 2024 11:47:09 +0000

How to survive as an entrepreneur: insights from Steve Blank

Evie Burrows-Taylor Tue, 13/02/2024 - 11:47

15 July 2026

We sat down with world-renowned entrepreneur Steve Blank to talk about the significance of the lean startup movement, how generative AI will revolutionise the business landscape and what leaders need to do to survive the changes ahead

Famed for his founding role in the lean startup movement, Steve Blank, now an adjunct professor of entrepreneurship at Stanford, has also co-created the 91��ɫ Wicked Module at 91��ɫ Business School. The class teaches students to use lean startup tools to address “wicked” problems that have multiple moving parts and no obvious solution, such as insurgencies, disinformation and climate change.

We spoke to Steve about the significance of his work and the biggest challenges and opportunities facing today’s entrepreneurs.

Why was the lean startup movement such a widespread sensation?

Lean’s biggest insight was observing that startups are not smaller versions of large companies and, while large companies execute business models, startups search for them. For the business world, it was like discovering an entirely new continent.

We had built tools for executing an existing business model, but we had absolutely nothing when it came to searching for them, including the understanding that it needed to be done.

My work, along with that of Eric Ries and Alexander Osterwalder, formed the beginnings of the Lean Movement. I remember going to some of the best business schools in the world and people saying: “How hard can [running a company made up of] six people in a garage be?” But I deeply understood just how hard the startup setup was.

How will generative AI impact entrepreneurship?

The impact on entrepreneurs will be enormous: they’ll be able to use data to look at what people in certain demographics want and use generative AI to come up with product ideas, websites and even pivots.

Now, if I’m in healthcare and the NHS decides they want to make money, I could take all the health data I have about everybody in the UK and start figuring out how to do it using AI models. If I was an entrepreneur today, I would be working on a piece of enterprise software to create an end-to-end platform for using AI in building startups.

What innovation challenges are unique to today’s businesses?

Large organisations are designed for repeatable and scalable processes. This works well when your business environment is relatively stable, or your competitors have the same resources as you.

These days, you’re competing with smaller companies designed to move rapidly and take risks, and that’s hard to sustain. Companies adopting startup methods often end up with innovation “theatre”, rather than innovation delivered. Carving out an innovative path requires committed leadership, culture and process change.

What is the most common mistake you see startups making?

Entrepreneurs have the passion to come up with an idea, execute it and then expect to stand back and see all the orders rolling in. That almost never happens.

The phrase I keep repeating after two decades: there are no facts inside the building, so get the heck out. When I taught the 91��ɫ Wicked Module at 91��ɫ, I told students how important it is to talk to customers and listen to the data.

How do you think large corporations can overcome challenges with agility?

It really starts with the leadership team agreeing that execution pays your salary, but innovation pays your pension. Then deciding whether they're willing to make the changes necessary to provide a parallel pathway for innovation.

However, the worst thing you could do is make the entire company about innovation and put the core business at risk. My first mantra to CEOs is: whatever you do, protect the core.

How can leaders ensure they stay relevant?

If I was a CEO, I'd ensure I was thoroughly educating myself about the changes in my sector. If you don’t understand the relevant technology, supply chain, manufacturing et al and its implications, it would be like a CEO at the turn of the century not understanding manufacturing in China.

Lifelong learning plays a large role in figuring out how to keep CEOs continually engaged in new methods, tech, challenges, as well as global opportunities and threats.

Steve Blank returns to 91��ɫ Business School as a featured speaker at the 6th International Wicked Symposium in July 2026.

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Wicked Problems, System Dynamics & Entrepreneurial Innovation: 11 June – 12 July, 2024

The 91��ɫ Wicked Module is a one-month programme for 91��ɫ Business School students, where we will introduce participants to a unique set of frameworks, approaches, and tools curated to address 'wicked problems".

Experimentation in business: 3 ways to avoid the hidden risks

Experimentation is key to platforms improving their services – but this is often carried out in secret and can have disastrous unintended consequences.

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"Better than the real thing?": The European publishes article by Dr Jan-Michael Ross on imitation

Evie Burrows-Taylor — Mon, 18 Sep 2023 15:16:22 +0000

"Better than the real thing?": The European publishes article by Dr Jan-Michael Ross on imitation Evie Burrows-Taylor Mon, 18/09/2023 - 15:16

30 July 2023

Imitation: the new key to business success

Jan-Michael Ross — Thu, 16 Mar 2023 11:56:39 +0000

Imitation: the new key to business success

Jan-Michael Ross Thu, 16/03/2023 - 11:56

20 March 2023

In the business world, as elsewhere in life, copying is frowned upon. Yet, in some cases, it has been responsible for inspiring business leaders, creating new markets and, most surprisingly, driving innovation

"Copycat" is a term loaded with judgement and businesses tend to look down on any kind of imitation as a weak and limiting strategy. According to received wisdom, an imitator can only be as good as, never better than, the real thing – just as a tribute band is bound to peddle the same old material without the original spark.

Our research attempts to set the record straight on this blinkered and outdated view. Imitation is rife throughout commerce – and has been applied widely – from floor mops through to consumer technology and services. Used deftly, imitation can speed up the pace of change, spark innovation and leverage creativity.

Back in 1966, Harvard economist Professor Theodore Levitt pointed out that we “often mistake innovation for what is really imitation”. More than 40 years later, the equally revered Stanford Professor James G. March observed “imitation probably represents the majority of what is normally called innovation”.

Big companies stay ahead by imitating smaller rivals; startups fast track their experience by looking at competitors’ strategies, sometimes sharing insights and successes. Investors prefer startups that borrow from tried and tested technology and experience rather than putting their cash into riskier novel ventures.

But imitation as a business strategy doesn’t inspire; LinkedIn isn't awash with entrepreneurs declaring themselves to be leading imitators in their field. We idolise what is new and creative without acknowledging the debt owed to existing business. But if leaders can recognise the importance of imitation, they can limit blind spots and get the upper hand.

Imitation is more than simply copying: it might mean emulating products and processes, a firm’s technologies and resources, or even structures and strategies.

Used deftly, imitation can speed up the pace of change, spark innovation and leverage creativity.

Take the fashion chain Zara, which pioneered the extremely successful business model of swiftly copying designer brands for a fraction of the price, and putting clothes on sale at carefully selected locations. Enter challenger Shein, which has stolen the rug from under brands like Zara by producing on-trend clothes available online in under a week at rock bottom prices. This has resulted both in meteoric growth and flurries of copyright complaints. But, in turn, new challengers from China are poised to oust Shein with superior offers. Whatever your view of fast fashion, in this case imitation has created a new market.

There are at least three main misconceptions about imitation that are worth challenging:

1. Imitation is weak

Mightier firms often compete with, and draw upon, the experiences of smaller players. They’re often successful because their superior muscle power allows them to exploit innovations. Take P&G’s "breakthrough" quick mop, the "Swiffer", which was an instant hit when it launched in 1999, and has since generated millions of dollars. A similar product was already sold in Japan, which P&G says it tweaked and improved.

There are other instances of corporate giants introducing products or features bearing a resemblance to competitors’ earlier efforts: at its launch in 2001, the Apple iPod bore a close physical resemblance to the Diamond Rio, the world’s first digital audio player launched four years earlier. More recently, Meta launched Facebook products resembling Snapchat and TikTok features.

In the right climate, imitation benefits even the heftiest players. Imitation can be an effective defensive strategy for a leader, as illustrated by our analogies with competitive sailing in earlier research.

2. There’s only one way to imitate

We tend to assume that imitation is a binary choice, a simple "yes or no" decision, but choosing when, how, what and who to imitate requires skill and judgement. Sometimes it pays to integrate disparate elements to create something new – and then imitation becomes creative. Timing can be critical too: is it better to wait until a new product or service has bedded in or move swiftly? Speed can influence how competitors respond and creates its own market dynamic.

3. Imitation is easy

Business leaders fall into the trap of believing that imitation is a simple cut and paste option, which doesn’t do justice to its complexity. Technologies and services might be opaque or secretive and, as a result, difficult to copy. To imitate well, a company might require superior resources such as supply and distribution networks. Or, it may not be obvious which element gives a brand its competitive edge.

For example, consumers might be choosing a beer for its flavour over its packaging, but if rival firms don’t understand what’s driving consumer preferences, they might imitate the wrong thing. And then there are occasions when it suits businesses to encourage imitation by others – it might boost customer numbers, help establish and legitimise goods or services, or even help firms keep an eye on the opposition and limit risk.

While these assumptions may be true in some instances, they don’t do justice to the more complicated reality. To underestimate the power of imitation is a business opportunity missed and, as a business tool and tactic, imitation risks being overlooked. With a deeper understanding of how imitation helps businesses and sectors evolve – as seen in fast fashion, personal computing and more – it can become a source of inspiration, as well as nudge companies to push boundaries and speed up the pace of innovation.

This article draws on findings from "Reconceptualizing Imitation: Implications for Dynamic Capabilities, Innovation and Competitive Advantage" by Hart E. Posen (University of Wisconsin-Madison), Jan-Michael Ross (91��ɫ London), Brian Wu (University of Michigan), Stefano Benigni (91��ɫ London) and Zhi Cao (University of Nevada, Las Vegas).

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How to adapt your business in a crisis

In times of crisis, companies tend to respond by downsizing their operations. But instead, they should be taking stock and considering opportunities for innovation, so they can emerge stronger during the recovery.

MSc Innovation, Entrepreneurship & Management

MSc Innovation, Entrepreneurship & Management is designed to equip graduates with the skills to become entrepreneurs or lead innovation from within companies. Apply today!

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How to scale up in an emerging market

Tim Weiss — Mon, 04 Jul 2022 09:30:11 +0000

How to scale up in an emerging market

Tim Weiss Mon, 04/07/2022 - 09:30

4 July 2022

Growing a business is always difficult but scaling up in an emerging market is even harder – luckily, a new form of entrepreneurial support is here to help

Launching a business is certainly a challenge, but sustaining it and scaling up – especially in the aftermath of a global pandemic – is something else entirely. And doing so in an emerging market, without much of the support that entrepreneurs elsewhere enjoy, adds another layer of complexity.

There is no shortage of incubator and accelerator programmes, and funding opportunities for entrepreneurs, but once the short-term relationship is over and a startup is in the throes of growing its business, the support often ends, leaving a huge gap.

Cue "pacers": a new breed of entrepreneurial support organisation offering intensive, long-term, needs-driven support and a trust-based peer community. Pacers or pacemakers take over once the incubators and accelerators have done their job, supporting entrepreneurs and responding to whatever unexpected business crises occur. Like pacers who help world-class marathon runners win races, pacemaker organisations help entrepreneurs achieve their goals in the marathon of scaling up an enterprise.

There are some key components of the pacer model which offer unique benefits to entrepreneurs:

Continuous learning, providing a range of courses which address specific business challenges that entrepreneurs may require as they strive for growth and scale up their business.
Extended business networks, globally, locally or by industry. This type of membership network is a key asset in the long-term support provided by pacers.
Meaningful peer connections based on trust, openness and honesty. A successful pacer facilitates and maintains an in-depth and meaningful level of peer engagement.
Demand-driven support that meets the needs of the individual pacer community. This requires agility, and a range of programmes that evolve to match the community’s changing needs.

Effective pacers are already being modelled in many countries around the world. Stanford Seed is active in 29 countries in Africa and South Asia. It offers a combination of courses delivered by Stanford University faculty and offers access to mentors, consultants and interns. Elsewhere, organisations like the Harambe Entrepreneur Alliance – founded in 2008 and now with 327 members – offers African entrepreneurs the opportunity to become Harambeans, tapping into powerful knowledge, resources and networks to make a positive impact on the African continent.

The Entrepreneurs’ Organisation is active in 60 countries and has more than 211 active, local chapters. It has created small, intimate peer-to-peer groups that help entrepreneurs build deeply trusted and meaningful relationships locally and beyond borders. Endeavor operates in 40 emerging markets and offers intensive investment, business development, and market expansion support. In return, members commit to giving back, by supporting established and upcoming members. Other pacers leading the way include Unreasonable Group and the African Management Institute, and the list keeps growing.

Adopting and developing the pacer model

Pacemakers clearly help businesses in emerging markets to scale up through the inevitable rollercoaster of growing a business. But the pacer model is new and remains unformalised, having developed in a self-directed and organic way. How can we encourage the various market players – entrepreneurs, support organisations and investors – to adopt this model more widely, across more countries and markets?

Entrepreneurs need to choose the support programmes they apply to wisely and are well advised to tap into the opportunities for scale that pacers make available. However, as the Chairman of Entrepreneurs’ Organisation so eloquently puts it: pacers are a gym not a spa, meaning members get something out of it only if they are willing to put in the work.

Pacemaker organisations help entrepreneurs achieve their goals in the marathon of scaling up an enterprise

More traditional entrepreneurial support organisations should consider adopting some of the practices of pacers. This will require some changes: cultivating an engaged community of members rather than just an alumni programme, creating lifetime benefits, focusing on the evolving needs of their member community and finding cost-effective ways of continuous knowledge transfer.

Investors can play a key role in driving successful pacers to the next level, by teaming up with pacers to provide more effective investment vehicles and investing in their members. It will be exciting to see how the pacemaker model adapts and develops, and the role it plays in growing entrepreneurial businesses at scale, particularly in emerging markets.

This article draws on research explored in "Pacing Entrepreneurs to Success" by Sonali V. Rammohan (Stanford Graduate School of Business), Tim Weiss (91��ɫ London), Darius Teter (Stanford Graduate School of Business) and Jesper B. Sørensen (Stanford Graduate School of Business).

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What African tech startups can teach us about digital innovation

The African tech startup landscape is undergoing radical change, but what is helping certain businesses thrive in this new environment?

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What African tech startups can teach us about digital innovation

Tim Weiss — Fri, 13 May 2022 12:26:49 +0000

What African tech startups can teach us about digital innovation

Tim Weiss Fri, 13/05/2022 - 12:26

16 May 2022

The African tech startup landscape is undergoing radical change, but what is helping certain businesses thrive in this new environment?

During the last decade, the African continent has pushed the frontiers of digital innovation, providing new choices for consumers and fresh landscapes for startups. More than 600 technology hubs now welcome mostly young entrepreneurs, with some startling successes. On top of which, the pandemic has accelerated digital takeup, allowing some ventures to leapfrog innovation cycles.

The latest figures show some $4 billion of investment was funnelled into African tech startups in 2021 and six unicorns have emerged on the continent. But what makes certain tech businesses flourish in these unique circumstances? To answer this, we need to consider several questions, such as:

Does it matter if founders’ expertise is homegrown or acquired away from the African continent?
Should business models answer local problems or replicate international templates?
Should services be built from scratch rather than outsourced?

We’ve encountered many businesses that have navigated national, regional and pan-African landscapes to scale with success, and explored what underpins their growth.

Accelerating growth

Our assessment reveals a plethora of different scaling models being used by tech startups on the African continent. Take Kenyan company OKHi, for instance, whose technology allows users who don't have a physical address the chance to create a "smart address". This tech solution also answers a problem for Nigerian banks. Nigerian digital payment unicorn Interswitch, for instance, had to verify the identity of new customers with a time-consuming visit in person. Now, OkHi’s technology promises to help Interswitch solve the “know your customer” problem digitally.

The African continent has pushed the frontiers of digital innovation

We also looked into whether the Silicon Valley model works in African economies, with some examples suggesting it does. Successful fintech startup Paystack, founded by two Nigerian entrepreneurs, was acquired by US fintech venture Stripe for $200 million. Founders of both companies were part of the same cohort at Silicon Valley-based accelerator Y Combinator, where they forged valuable relationships, with Stripe becoming an early investor in Paystack.

Founders from African countries have also used US entrepreneurial support organisations to accelerate their growth. For example, Nigerian health tech company 54gene, founded by 91��ɫ graduate Abasi Ene-Obong, is pursuing rapid expansion, drawing upon mature funding mechanisms and strong international networks.

Entrepreneurial success

But what mix of local and international entrepreneurs makes for a successful startup? Kenyan startup Twiga, created by both Kenyan and expat founders, has become one of Kenya’s most celebrated success stories. The business has leveraged digital technologies to build supply chains for retail distribution, allowing smallholder farmers to bypass fragmented food supply chains.

Kenyan founder Peter Njonjo, who previously worked for Coca-Cola, brought his expertise in local supply chains and logistics, while US founder Grant Brooke had a background in strategy and finance. This mix has boosted the company’s rapid growth since its foundation in 2014 – to date it has raised $157 million.

Some startups have created their own solutions in the absence of such services or options to contract out. There’s Kenya-based Mdundo – a Spotify-style music streaming provider – which got around the absence of copyright deals by signing each artist individually, and by upholding and defending legal infrastructure.

Adopting emerging technologies

We also considered whether where a company is first founded matters, looking specifically at two main models. Kenyan tech firm Cellulant, for example, has expanded from a ringtone provider to a digital finance business operating in 34 African nations. This is a home-grown venture, headquartered on the continent, and equipped with a deep understanding of how to navigate different national institutions.

By contrast, some global tech firms leverage mature investment environments in Western economies and operate largely on the African continent. The drone startup Zipline, for instance, is based in San Francisco and has raised more than $200 million, but mostly tests its model of drone-delivered medical supplies in Rwanda and Ghana.

Our study of scaleups on the African continent suggests change is on the horizon, with impending reforms and opportunities. For example, the ambitious African Continental Free Trade Agreement offers African nations a chance to cut out the red tape and could be transformative. Some countries are committing to adopting emerging technologies, with strategies to usher in artificial intelligence. And access to entrepreneurial finance is increasing, encouraged by maturing financial markets, such as the proposed joint stock market between Uganda, Tanzania and Rwanda. As a result, the next decade could spell opportunities for digital growth on a scale the continent has not yet seen.

This article draws on findings from "Scaling technology ventures in Africa: new opportunities for research" by Tim Weiss (91��ɫ London), Markus Perkmann (91��ɫ London) and Nelson Phillips (University of California).

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Profile: Markus Perkmann on how academia and businesses can successfully collaborate

91��ɫ Business School's Professor of Innovation & Entrepreneurship on the difficult relationship between scientific research and the industries that want to profit from it.

18 February 2020

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