The GhanaianStartupEcosystemBy Martin GreenbergCo-Founder Upload Apps

Published September 16, 2014

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Table of Contents

19 Startup Metrics

17 Coworking Spaces & Tech Hubs

15 Talent

11 Investment Community

8 Big Tech Players

4 Macroeconomic Overview

3 Introduction

26 Conclusion

23 Featured Startups

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IntroductionTechnology ecosystems have sprung up across the globe, proving that the Internet is democratizing the way we do business. As Africa continues its breakneck economic pace, Ghana has been a frontrunner in the technology race.

The purpose of this report is to provide an overview of the technology ecosystem in Ghana, highlighting the startups, accelerators and organizations involved. This will include a macroeconomic view of the country, the major technology players, the investment community, the role of government and the startups in the space.

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Sub-Saharan Africa’s economic growth has increased rapidly since the turn of the 21st century. GDP growth in the region is expected to rise over 5% between 2013 and 20151. This growth is largely driven by an increasing population, a commodity-price boom, rapid urbanization and rise in use of information and communications technologies (ICTs).

Within Sub-Saharan Africa, Ghana’s economy has expanded due to political stability, relatively liberal economic policies and a growing middle class.

Ghana’s GDP growth reached 7% to $49 billion in 2013 driven by the services and industrial sectors. GDP growth has performed well hovering between 4% and 7% over WKH�SDVW�ĆYH�\HDUV�DQG�SHDNLQJ�LQ������DW�����GXH�WR�increased oil production. The rising middle class in Ghana KDV�EHQHĆWHG�IURP�D�JURZLQJ�*'3�SHU�FDSLWD�ZKLFK�LQFUHDVHG����WR��������LQ������DQG�RYHU�WKH�SDVW�ĆYH�years has grown 70%.2

The mid and longer-term perspective of the Ghanaian government is to transition from trade to investment within the country. Although there has been solid growth so far this may be challenging for a few reasons. FDI accounted for 8% of Ghana’s GDP in 2013 but declined 18% from the prior year. The government has also been VXSSRUWLQJ�D�EXGJHW�GHĆFLW�DORQJ�ZLWK�D�FXUUHQF\�WKDW�has declined around 30% against the dollar since the beginning of 2013.

Despite these obstacles, Ghana’s growth remains optimistic with a target 2014 GDP of 7% growth. The FRXQWU\�ZLOO�QHHG�WR�UHVWRUH�VWDELOLW\�LQ�ĆVFDO�VSHQGLQJ�and manage its macroeconomic policies in order to continue as a leader in the African continent.

Macroeconomic Overview

1, 2. World Bank Database

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Business Environment

The World Bank ranked Ghana at 67th out of the 185 countries that were surveyed for their Ease of Doing Business Index. Higher rankings on the index tend to indicate more conducive regulations for businesses and stronger protections of property rights. Ghana scored higher than Kenya at 129th and Nigeria at 147th and only below South Africa which scored 41st. Compared to its neighbors, Ghana has positioned itself as a good place to do business.3

Demographics

Ghana’s growth can be characterized by a youthful population and increasing urbanization. The latest report from the World Bank shows a continuing trend of rural-urban migration: 53% of Ghana’s 25 million population, live in urban areas. Comparatively, only 37% of the population in Sub-Saharan Africa as a whole, live in urban areas.

In addition, Ghana has a relatively young population, with those under the age of 14 comprising about 40% of the country.4 This bodes well for the expansion and rapid user adoption that technology companies need, as younger generations tend to be early adopters of new technologies.

Political Landscape

Transparency Org publishes a Corruption Perception Index where a high score implies a favorable political landscape. Ghana ranked 63rd in the world with a score of 77%. Comparatively, 90% of the other Sub-Saharan countries scored below 50%.5 Political stability has been key for Ghana. The smooth transition of power following the death of former President John Atta Mills was viewed as a nod toward stability and fair governance. In addition the elections in 2012 were the ninth in a row that took place peacefully. For many, this stands as further proof of Ghana’s maturity and dedication to democratic processes.

3., 4. World Bank Database 5. Corruption Perception Index 2013

Ghana Sub-Saharan Africa

20%

30%

50%

40%

60% % of city dwellers

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Mobile Growth

Favorable trends in the marketplace, in addition to government initiatives to improve infrastructure, have had transformative implications for ICT in Ghana. 26 million of Africa’s 93 million mobile phone subscribers come from Ghana. In 2013, mobile phone penetration in Ghana was the highest in all of Africa at 112% (with some consumers owning multiple phones), compared with 11% for the continent as a whole.6

Given this high penetration rate in Ghana, mobile service providers have begun to shift focus to providing more valuable content to increase data consumption. The trend observed is that many of these providers are looking for mobile application startups and enterprises to partner or collaborate with.

The Ghanaian government is also taking steps to expand communications infrastructure in the country in anticipation of greater ICT growth. A 2012 study by the Net Index ranked Ghana as

the country with the fastest internet speed in all of Africa, with an average download speed of 4.78 Mbps.7 Last year, the country increased cable capacity by an additional

Ghana was ranked as the country with the fastest Internet speed in all of Africa

Mobile phone

penetration in Ghana was the highest in all of Africa.

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12.36 Tbps, when the undersea cable system, Africa Coast to Europe (ACE) was linked to Accra. These advances give Ghanaian Internet startups a unique competitive advantage.

Government backing for projects such as the Ghana Payment Platform (GEPP) - a platform that allows consumers to use their ATM cards to make purchases online - are also a highly promising sign. With more consumers connected online through their mobile phones, mobile e-commerce is primed for growth. Startups that target this space are positioning themselves well for the upcoming wave of payments moving to the Internet.

6. ITU Report 7. IT News Africa Internet Speed Report

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Big Tech PlayersThe factors that are favorable to big technology

companies in Ghana include the stable

government, increasing urbanization and the

rise of mobile computing. Mobile growth creates

steady demand for technology projects by banks

(mobile banking) and telecom as consumers are

XVLQJ�PRUH�GDWD�DQG�PRUH��QDQFLDO�WUDQVDFWLRQV�are taking place through a mobile device.

Technology companies are continuing to feed the

ecosystem by investing in the infrastructure and

skills necessary for success.

Google

In early 2012, Google announced it the launch of its Gmail SMS service, which allows feature phone users to access their e-mail via SMS. Google chose Ghana, Nigeria and .HQ\D�DV�WKH�SURGXFWèV�LQLWLDO�WHVW�FRXQWULHV��7KLV�UHć�HFWV�the investment by Google in the larger mobile trend in Africa.

After four years of development, Google launched its voice-guided maps app in Ghana, in April 2013. The app SODFHV�*RRJOH�LQ�D�XQLTXH�SRVLWLRQ�ZLWK�DOO�WKH�EHQH�WV�RI��UVW�PRYHU�DGYDQWDJH�DQG�WKH�OLNHOLKRRG�RI�HVWDEOLVKLQJ�itself as a dominant player in the mapping business in Ghana.

Google is also working with Sub-Saharan universities to improve Internet access, strengthen campus infrastructure, and adopt Google Apps for Education through a combination of grants, technical consulting and training.

9

Microsoft

Microsoft, in collaboration with Rlg Communications, a Ghanaian electronics maker, inked a deal to provide Windows 8 on Rlg’s Uhuru tablets. Through this deal, Microsoft is able to gain a foothold in the mobile computing market by leveraging the Ghanaian tablet maker to spread its software.

,Q�ODWH�������0LFURVRIW�ODXQFKHG�LWV�2IĆ�FH�����SURGXFW�LQ�*KDQD��7KH�SURGXFW�LQFOXGHG�VSHFLDO�IHDWXUHV�VSHFLĆ�FDOO\�designed for African countries that will need to access WKH�VHUYLFH�ERWK�RQ�DQG�RIć� LQH��7KH�FRPSDQ\�LV�SUHSDULQJ�for more Ghanaian employees being connected and using laptops, tablets and mobile phones to do work.Microsoft has also continued to keep a pulse on the ICT talent in Ghana.

In May 2013, Microsoft announced that it had programs in place to discover promising ICT professionals and expose them to various Microsoft technologies that would enable them to build better applications and solutions. So far, the program targets top universities for the purpose of sourcing top talent and training them with the company’s technologies.

Microsoft, as a player in the Ghana ecosystem, is investing in products for the Ghanaian market as well as in the skills of the local ICT talent.

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IBM

IBM is also making big strides in its investment strategy IRU�$IULFD��,Q������LW�HVWDEOLVKHG�LWV��UVW�5'�ODE�LQ�Nairobi, Kenya and has since opened up two more innovation centers. In early 2014, IBM announced an investment of $100 million over the course of ten years WR�H[SDQG�LWV�DUWL�FLDO�LQWHOOLJHQFH�SURGXFW��:DWVRQ��throughout Africa. IBM is intending to leverage this WHFKQRORJ\�WR�VLIW�WKURXJK�YDVW�DPRXQWV�RI�GDWD�DQG��QG�KLGGHQ�WUHQGV�VSHFL�F�WR�WKH�FRQWLQHQW�

IBM achieved big wins in Ghana in 2013, landing contracts to build cloud infrastructure for broadband provider 6XUć� LQH�&RPPXQLFDWLRQV�DQG�VWUHDPOLQLQJ�Ć�QDQFLDO�GDWD�delivery for Fidelity Bank. In April 2013, they announced another partnership with Airtel (Bharti Airtel Ltd.) to launch two projects aimed at driving mobile innovation in *KDQD��7KH�Ć�UVW�LV�D�FHQWHU�RI�H[FHOOHQFH�WKDW�ZRXOG�JLYH�students access to cutting-edge mobile technologies to support their learning. The second is an ongoing contest for university-level students to develop new mobile applications and solutions to drive start-up investment in the country.

These moves highlight IBM’s tendency to enter countries at a time when their infrastructure is being strained by increasing urbanization and population growth. This is because, as infrastructure is strained, the governments, banks and telecom companies, which IBM specializes in selling to, are all looking for technology solutions to help them achieve scale.

IBM in the banking and telecommunications

sectors

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While FDI in Ghana has declined it still accounted for 8% of the total GDP at $3.95B.8 There are a handful of public and private institutions that have been heavily involved in the Ghanaian investment community and have been making key investments in the infrastructure as well as in the markets where it is needed the most.

Public Investment

Venture Capital Trust Fund and the Ghana Angel Investment Network

The Venture Capital Trust Fund (VCTF) was set up in 2004 by the Ghanaian government for the purpose of providing ORZ�FRVW�Ć�QDQFLQJ�WR�VPDOO�DQG�PHGLXP�HQWHUSULVH�businesses (SMEs). VCTF’s vision is to create a vibrant and well-structured venture capital industry. So far their activity has led to job and wealth creation with collateral growth in government revenues (through taxes).

SMEs constitute over 90% of the economy of Ghana and play a critical role. Since its inception, the VCTF has Ć�QDQFHG����60(V�IRU�RYHU�����PLOOLRQ��LQ�DGGLWLRQ�WR�offering assistance to investors and entrepreneurs. These LQYHVWPHQWV�KDYH�ć�RZHG�LQWR�VHFWRUV�VXFK�DV�KHDOWKFDUH��education and agro-processing. The investment has created an estimated 2,500 direct jobs and an additional 4,500 indirect jobs.

In 2011, the VCTF established the Ghana Angel Investment Network (GAIN). The network provides a formalized way to attract investors to invest in early stage businesses. Initial members included senior business leaders from industries such as banking and media. The GAIN team is responsible for helping identify, evaluate and develop investment opportunities and coordinate on behalf of the angel investors. Overall, GAIN’s goal is to make the investment process as smooth as possible

Investment Community

8. World Bank Database

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between entrepreneurs and angel investors.

The VCTF was also instrumental in launching the Ghana Alternative Market in May 2013. The exchange is part of the VCTF strategy aimed at providing an alternative exit route for venture capital investors. It would also enable the SMEs to raise capital through the exchange to support growth and expansion. The new exchange allows for companies with a minimum stated capital of $132,000,

at least 20 shareholders, and one year of published accounting records to qualify to list their corporations. The VCTF is also working with the exchange to establish a SME Listing Revolving fund to help SMEs with the cost of listing on the exchange.

The VCTF and GAIN are helping enable small EXVLQHVVHV�E\�SURYLGLQJ�VNLOOV�DQG��QDQFLQJ��This lays the groundwork for future investors looking to get involved in Ghana.

Private Investment

SEED

SEED aims to leverage innovation and entrepreneurship in developing countries to stimulate growth.

,Q�-XQH�������6(('�ODXQFKHG�LWV��UVW�UHJLRQDO�:HVW�$IULFD�Center in Accra, Ghana earmarking Ghana as a hub for private partnership investment. The facility offers access to its global network of investors and mentors, as well as year-round training and coaching to local entrepreneurs and business owners. In July 2013, SEED selected 29 companies from countries such as Sierra Leone, Nigeria and Ghana to enter its customized program. The program begins with a weeklong immersion workshop led by top business leaders, and followed by sustained business coaching from permanent SEED staff.

The organization adds expertise to the Ghana startup and SME ecosystem, providing consulting from its world-recognized business school alumni base to guide EXVLQHVVHV�WKURXJK�GLI�FXOW�GHFLVLRQ�PDNLQJ�SURFHVVHV�

The Ghana Alternative Exchange provides a new avenue for small businesses

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Acumen Fund

7KH�$FXPHQ�)XQG�LV�D�QRQ�SUR�W�JOREDO�YHQWXUH�IXQG�WKDW�uses entrepreneurial approaches to solve the problems of poverty. One of the ways it does this is by investing equity and providing loans to private companies that can make a large impact.

In February 2012, the Acumen Fund set up its West $IULFD�RI�FH�LQ�$FFUD��*KDQD��7KH�IXQG�IRFXVHV�RQ�VL[�main sectors including healthcare, education, clean energy, housing, agricultural goods and safe water and affordable sanitation to the poor. Acumen commitments typically range from $300K to $2M in equity or debt with a payback or exit in roughly seven to ten years.

Since entering Ghana, Acumen has invested a $1M loan to Medeem Ghana, which aims to strengthen property rights, and a $1.5M equity investment in GADCO Coöperatief U.A, an integrated agri-food company. The fund is looking to continue investing in companies in *KDQD�WKDW�FDQ�EH�LPSDFWIXO�IURP�D�VRFLDO�DQG�Ć�QDQFLDO�standpoint.

Incubators

Savannah Fund The Savannah Fund is a seed capital fund specializing in USD $25K-$500K investments in early-stage, high-growth technology (web and mobile) startups in sub-Saharan Africa. A key piece of the fund’s overall strategy is to address the skills and experience gap of entrepreneurs in the region through its Accelerator Program.

The Acumen fund has invested over $2.5M in loans and equity into Ghanaian businesses

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The program deploys USD $25K to each company in exchange for a 15% equity stake. The fund has accepted a few Ghanaian startups including Ahonya (e-commerce/electronics) and Zished (e-commerce/gift giving) into its recent accelerator programs. The startups that enter the accelerator are given access to mentorship and are plugged into investment networks for future funding rounds.

Meltwater Entrepreneurial School ofTechnology (MEST)

MEST offers Africans sourced from top West African universities a two-year, fully sponsored training program to teach them the skills needed to successfully launch a software business. The skills taught include software GHYHORSPHQW��SURGXFW�PDQDJHPHQW���QDQFH��PDUNHWLQJ��sales and leadership. Once the entrepreneurs graduate from the program, they pitch a concept for a software business, at which point the teams selected are given seed money to pursue building the business.

Founded in 2008, MEST has grown to 45 employees on the ground in Accra, with leadership team members in Silicon Valley and London. The incubator is home to 15 startups seed-funded by MEST, hosting 75 co-founders and employees working at the space in Accra. Some of their key partners include Microsoft, Vodafone and Amazon.

Of the startups that MEST has invested in, two have been acquired and others have received follow-on funding from world-renowned startup incubators, including 500 Startups in Silicon Valley.

MEST has been named “one of the largest private investments in Ghanaian economic development” – by Department For International Development (DFID). MEST is currently expanding across West Africa into Nigeria powered by a partnership with Interswitch, Nigeria’s largest payment processor.

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Talent

Education

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9., 10. World Bank

“Ashesi students are some of the most im-pressive candidates I’ve ever interviewed.”

IBM Ghana General Manager, Joe Mensah

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“There is a growing trend of returnee diaspora who come back to invest in the Ghanaian economy.”

Percy AmpomahManaging Director

Venture Capital Trust Fund

17

Coworking Spaces & Tech Hubs

iSpace

Founding Date: 2013

Employees: 3

Startups in co-working space: 13

Key Partners: Google, Indigo Trust, ATTI

Events Hosted: Tech Needs Girls, Python African Tour,

Services: Coworking Space + Meeting Room

Future Plans: Incubator

Description:

iSpace provides a location for tech enthusiasts in Ghana

to meet, collaborate and network. It hosts events and

training that aim to improve the capabilities and skills of

the local tech community. Finally, it aims to increase

gender equality in the tech industry.

18

Description:

Hub Accra’s mission is to promote entrepreneurship by

engineering an environment for innovation in order to

accelerate the African startup ecosystem.

HubAccra

Founding Date: 2012Employees: 10

Startups in co-working space: 20 Key Partners:

Open University of West Africa, World Economic Forum Global Shapers, Apps4AfricaEvents Hosted:

Unreasonable at Sea, Acumen - Impact Investment, Next Wave Pitch Competition for Female Entrepreneurs, Startup Cup Pitch Competition, Accra Green Market Services:

24-hour co-working space, meeting rooms, pitch training, inspirational speakers, mentorship, business plan assistance, incubationFuture Plans:

Accelerator program, innovation lab, prototyping, makerspace and hackathons

19

The following startup metrics are based on a

survey of 28 startups in Ghana. The results are

compared to equivalent metrics in Silicon Valley

startups.11

Startup Metrics

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The majority of startups are web-based in both Ghana and Silicon Valley.Ghana, however, has a much higher percentage of mobile startups whencompared to Silicon Valley. This dynamic is not surprising due to the riseof mobile computing in Ghana and its high penetration rate so far.

Sector Focus

11. The Startup Genome Report

20

Programming languages used by Ghanaian startups mirror those used in Silicon Valley. In Ghana, 46% of the startups used PHP followed closely by 38% using Java. Silicon Valley has a much higher percentage of startups (28%) using Ruby, a language that ordinarily allows for much faster and VLPSOHU�DSSOLFDWLRQ�GHYHORSPHQW�DQG�ZRXOG�EH�EHQH�FLDO�IRU�*KDQDLDQ�entrepreneurs to consider during the product design phase.

Ghanaian startups have a much stronger focus on SMEs and consumers,compared to Silicon Valley startups. This is explained by the fact that themajority of businesses in Ghana are small and medium enterprises.

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SMEs30%

Consumers34% Consumers

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Enterprises19%

Enterprises36%

Customer Segment

Programming Languages

Ghana Silicon Valley

21

When compared to Silicon Valley there are substantially less subscription based revenue models in the Ghana startups. Subscription based models are increasing in importance as more software is hosted on the cloud. As *KDQD�LV�D�PRELOH�ĆUVW�FRXQWU\�ZH�FDQ�H[SHFW�WKDW�VXEVFULSWLRQ�DQG� advertising based offerings will accelerate as data usage continues to rise.

The funding lifecycle is key to the success of any startup ecosystem. Ghana’s startup ecosystem is not as mature as that of Silicon Valley, as evidenced by lower Angel and Venture funding vis-a-vis Accelerators and Individuals (Self and Family). As previously mentioned, government initiatives such as the Venture Capital Trust Fund and Ghana Angel Investment Network continue to push funding into these investment vehicles.

������ �������������Ghana Sillicon Valley

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Licensing16%

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Subscription33%

Subscription48%

Transactional39%

Transactional17%

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Funding Lifecycle

22

Similar to Silicon Valley, founders also tend to be younger, a fact that is not very surprising considering the country’s young and computer literate population. The average age of founders in Ghana is likely to increase in line with the number of seasoned entrepreneurs in the startup ecosystem.

Average Age

)RXQGHU�3UR� OHEngaged in Consulting on the Side

50%Yes

29 34

46%Yes

Ghana Sillicon Valley

23

Featured Startups

Leti Arts

Founded: 2009

Industry: Media, Gaming

Revenue Model: Subscription, Transactional, Licensing

Primary Customers: Consumers, SMEs, Enterprises

Incubators/Accelerators: MEST

Programming Languages: Java, PHP, .NET

Channel: Mobile, Web

Description: $Q�LQWHUDFWLYH�PHGLD�VWXGLR�ZLWK�RI�FHV�LQ�*KDQD�DQGKenya that develops cross-platform interactive mediaproducts based on African history and folklore. Thisincludes digital comics and mobile games. The companyalso develops mobile apps and games for third-partyclients, including UNICEF across severalmobile platforms (Android, Windows Phone, Nokia,J2ME) in partnerships with Microsoft, Nokia and Intel.'XULQJ�WKH��UVW�HYHU�8�6���$IULFD�/HDGHUV�6XPPLW�LQ�Washington, D.C. in August 2014, President Barack Obama invited the leaders of nearly 50 African nations and key African business leaders. Among the representatives there: MEST startup co-founder and CEO RI�/HWL�$UWV��(\UDP�7DZLD��UHSUHVHQWLQJ�*KDQD�

Description: An e-commerce site that is aimed at helping Africans inthe diaspora connect with loved ones back home through gifting. The organization was accepted into the Savannah Fund, which provided it with mentorship, seed funding and investor relationships. Most recently, Zished was accepted into Startup Chile, another accelerator funded by the Chilean government to spur innovation and create a hotbed of entrepreneurship in Chile.

Zished

Founded: 2013

Industry: E-Commerce

Revenue Model: Transactional

Primary Customers: Consumers, SMEs

Incubators/Accelerators: Savannah Fund, Startup Chile

Programming Languages: Ruby, PHP

Channel: Mobile, Web

24

Farmerline

Founded: 2012

Industry: Agriculture, Mobile

Revenue Model: Subscription, Licensing

Primary Customers: Consumers, SMEs

Incubators/Accelerators: Apps4Africa

Programming Languages: PHP

Channel: Mobile, Web

Description: A mobile and web-based system that provides farmers and investors with the relevant agricultural information WR�KHOS�LQFUHDVH�RYHUDOO�HI�FLHQF\��7KLV�VWDUWXS�VSXQ�out of Mobile Web Ghana, a mobile entrepreneurship DQG�WUDLQLQJ�KXE��,W�ODWHU�UHFHLYHG�WKH�WRS�SODFH�DW�WKH�Apps4Africa challenge, an initiative sponsored by the US 'HSDUWPHQW�RI�6WDWH�

Ahonya

Founded: 2013

Industry: E-Commerce

Revenue Model: Transactional

Primary Customers: Consumers

Incubators/Accelerators: Savannah Fund

Programming Languages: Python

Channel: Web

Description: An e-commerce site aiming to position itself as the $PD]RQ�RI�*KDQD��,Q�LWV�Ć�UVW�\HDU�RI�RSHUDWLRQV��$KRQ\D�IXOĆ� OOHG�RYHU�������RUGHUV�ZLWK�RYHU����������LQ�UHYHQXH��Due to its recent success, the startup was accepted into WKH�6DYDQQDK�)XQG�DFFHOHUDWRU��$PRQJ�WKH�FKDOOHQJHV�WKH�company faces is the growing pains of a new e-commerce LQGXVWU\��$FFRUGLQJ�WR�$KRQ\D�IRXQGHU�DQG�&(2�*HUDUG�Yitamkey, the company’s “main challenges are getting people who are new to the internet to trust and buy from XV�ë

(TXLQR[�,QWHUFRP�/WG�

Founded: 2006

Industry: EduTech

Revenue Model: Subscription, Transactional, Advertising

Primary Customers: Consumers, SME’s, Enterprises

Incubators/Accelerators: GMIC

(Ghana Multimedia Incubation Center)

Programming Languages: PHP

Channel: Mobile, Web

Description: A company focused on providing application services for e-learning, e-healthcare, e-business and smart homes IRU�WKH�*KDQDLDQ�PDUNHW�ZLWK�SODQV�RQ�H[SDQGLQJ�ZLWKLQ�:HVW�$IULFD�LQ�WKH�VKRUW�WHUP�DQG�$IULFD�LQ�WKH�ORQJ�WHUP��0\(FDPSXV��LWV�ć�DJVKLS�SURGXFW��SURYLGHV�IUHH�DFFHVV�to academic content in formats such as podcasts, videos, JDPHV��H%RRNV�DQG�JXLGHG�OHDUQLQJ��0\(FDPSXV�KDV�EHHQ�DYHUDJLQJ��������KLWV�SHU�GD\�DQG�LV�D�OHDGHU�LQ�WKH�(GX7HFK�Ć�HOG�LQ�*KDQD��,Q�������(TXLQR[�,QWHUFRP�ZDV�UDQNHG�WKH�ê1XPEHU�RQH�PRVW�SURPLVLQJ�(QWUHSUHQHXULDO�9HQWXUH�LQ�$IULFDë�E\�9HQWXUH�&DSLWDO�IRU�$IULFD�

Saya Mobile

Founded: 2011

Industry: Social, Mobile

Revenue Model: Transactional, Advertising

Primary Customers: Consumers

Incubators/Accelerators: MEST

(acquired by Kirusa, August 2014)

Programming Languages: Erlang

Channel: Mobile

Description: A mobile messaging application that cuts the cost of PHVVDJLQJ�RYHU�������WLPHV��6D\D�WRSSHG�WKH�0DVKDEOH�OLVW�RI�WRS����$IULFDQ�VWDUWXSV�WR�ZDWFK��:KLOH�DW�7HFK&UXQFK�'LVUXSW��IRXQGHU�5REHUW�/DPSWH\�UHODWHG�WKDW�WKHUH�DUH�����ELOOLRQ�QRQ�VPDUW�SKRQHV�ZLWK�SHRSOH�SD\LQJ�RQ�DYHUDJH����RI�WKHLU�PRQWKO\�SD\�RQ�606��8VHG�LQ�RYHU����FRXQWULHV�ZRUOGZLGH��6D\D�LV�EDVHG�RQ�a highly scalable backend architecture that includes social network integration, location-based and group FKDW�DFURVV�PXOWLSOH�SKRQH�SODWIRUPV�LQFOXGLQJ�-�0(��$QGURLG�DQG�L26��ê6WUHHW�&KDWë�PHVVDJLQJ�DSSOLFDWLRQ��which groups people in the same location into a chat room via their feature phones, was used during the 6\ULDQ�DQG�(J\SWLDQ�XSULVLQJ�IRU�FRPPXQLFDWLRQ��

25

'URSL�

Founded: 2011

Industry: Saas, Customer Service Help Desk

Revenue Model: Subscription

Primary Customers: SMEs

Incubators/Accelerators: MEST, 500 Startups

Programming Languages: Java, PHP

Channel: Mobile, Mobile Web

Description:

'URSL� �KHOSV�EXVLQHVVHV�WR�EHWWHU�FRQQHFW�ZLWK�customers, understand their needs and boost their

VDOHV��8VLQJ�'URSLĆ� èV�VPDUW�ZLGJHW��EXVLQHVVHV�FDQ�VHH�incoming message data, the demographic and social

SUR� OHV�RI�WKH�VHQGHUV�DQG�DQDO\]H�WKH�UHDO�HPRWLRQV�EHKLQG�WKH�PHVVDJHV�WKH\�UHFHLYH��'URSL� �ZDV�WKH�ZLQQHU�RI�WKH������*OREDO�6WDUWXS�2SHQ�FRPSHWLWLRQ�DKHDG�RI�����RWKHU�VWDUWXSV�DQG�IXUWKHU�EHFDPH�WKH��UVW�$IULFDQ�VWDUWXS�WR�EH�DFFHSWHG�LQWR�WKH�����6WDUWXSV�$FFHOHUDWRU�LQ�6LOLFRQ�9DOOH\��,W�FXUUHQWO\�VHUYHV�RYHU��������EXVLQHVVHV�DFURVV����FRXQWULHV�LQ�1RUWK�$PHULFD��$XVWUDOLD��(XURSH��$IULFD�DQG�$VLD��

Kudobuzz

Founded: 2013

Industry: Social, eCommerce

Revenue Model: Freemium

Primary Customers: SMEs

Incubators/Accelerators: MEST

Programming Languages: PHP, Java, Python

Channel: Web

Description:

Kudobuzz helps eCommerce store owners boost their

sales through a suite of social product marketing tools,

which includes:

After Purchase Mail: Prompts customers to add social

SURRI�WR�WKHLU�SURGXFW�SDJHV�LQ�WKH�IRUP�RI�YHUL�HG�reviews

Social: Discover and re-publish positive comments on

social media sites about the owner’s store or products by

using our automated natural-language processing tools to

identify the postings

Reviews: Assists stores to rank higher on the leading

VHDUFK�HQJLQHV��5LFK�VQLSSHW�RSWLPL]HV�VLWH�UHYLHZV�DQG�GULYHV�WDUJHWHG�WUDI�F�VWUDLJKW�WR�VHOOHU�SURGXFW�SDJHVSocial Product Marketing: Helps stores to completely

manage their social media campaigns and product

marketing to increase sales

Users of Kudobuzz have reported an average sales

LPSURYHPHQW�RI�RYHU������

26

ConclusionGrowth in Africa is being driven by the ability of countries

to attain stability, leverage domestic and international

ĆQDQFLQJ�DQG�LQYHVW�LQ�WHFKQRORJ\�HFRV\VWHPV��

Ghana’s technology ecosystem has a positive outlook

due to continued public and private investment as well as

involvement from multiple players within the ecosystem.

It’s important for Ghana to have continued focus on

investing in ICT infrastructure and building strong

ties with investors both at home and in the diaspora.

Additionally, managing the country’s macroeconomic

policies and maintaining its leadership in political stability

is crucial for success.

As new trends pick up in mobile and e-commerce it

provides opportunities for investors and technology

startups to create partnerships to harness future growth.

2YHUDOO��*KDQDèV�WHFKQRORJ\�HFRV\VWHP�FDQ�VLJQLĆFDQWO\�

impact their economy and create a hotbed for innovation

in Africa.

27

Author: Martin Greenberg (Martin.D.Greenberg@gmail.com) Designer: Sam Wolgemuth Director of Business Development, MEST: Katie Sarro (Katie@Meltwater.org)Special Thanks: Lottie Ntim, Sri Padmanabhan, Kyle Howard, Geert de Jong

28

Citations

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“Africa’s Top Ten Countries with Fastest Internet Speeds | IT News Africa- Africa’s TechnologyNews Leader.” N.p., n.d. Web. 17 Feb. 2014.

“Corruption Perceptions Index 2013.” Corruption Perceptions Index 2013. N.p., n.d. Web. 17Feb. 2014.

“Ghana.” Worldbank.org. N.p., n.d. Web. 17 Feb. 2014.

“Ghana Economic Outlook.” - African Development Bank. N.p., n.d. Web. 17 Feb. 2014.

“Ghana’s Fidelity Bank Turns to IBM to Power Next Phase of Growth.” IBM News Room. N.p.,n.d. Web. 17 Feb. 2014.

“:: Ghana Statistical Service ::.” :: Ghana Statistical Service ::. N.p., n.d. Web. 17 Feb. 2014.

“Google Launch SMS Version of Gmail in Africa.” BBC News. BBC, 19 July 2012. Web. 17 Feb.2014.

“IBM Partners with Airtel to Promote Mobile Innovation in Africa; Joe Mensah Comments.”ExecutiveBiz RSS. N.p., n.d. Web. 17 Feb. 2014.

ê0LFURVRIW�/DXQFKHV�2IĆFH�����LQ�*KDQD�ë�*1$�1HZV��1�S���Q�G��:HE�����)HE�������

“Microsoft To Invest In Ghanaian Young And Promising ICT Experts.” Microsoft To Invest InGhanaian Young And Promising ICT Experts. N.p., n.d. Web. 17 Feb. 2014.

“Mobile Penetration Cross 100% in Ghana.” Modernghana.com. N.p., n.d. Web. 17 Feb. 2014.

“Press Releases.” Cashless Pioneers Blog I MasterCard Social Media Newsroom. N.p., n.d. Web.17 Feb. 2014.

“Savannah Fund.” SavannahFund.vc. N.p., n.d. Web. 17 Feb. 2014.

“Stanford SEED.” Seed.Standord.edu. N.p., n.d. Web. 17 Feb. 2014.

“Startup Genome.” StartupGenome.co. N.p., n.d. Web. 24 Feb. 2014.

ê6XUćLQH�&RPPXQLFDWLRQV�6HOHFWV�,%0�&ORXG�WR�([SDQG�DFURVV�:HVW�$IULFD�ë�,%0�1HZV�5RRP�N.p., n.d. Web. 17 Feb. 2014.

“The Acumen Fund.” Acumen.org. N.p., n.d. Web. 17 Feb. 2014.

The Africa Report.” Ghana Gets Google Voice-guided Maps App. N.p., n.d. Web. 17 Feb. 2014.

“The World in 2013: ICT Facts and Figures.” ITU. N.p., n.d. Web. 14 Feb. 2014.

“Venture Capital Trust Fund.” VentureCapitalGhana.com.gh. N.p., n.d. Web. 17 Feb.