Empowering local change-makers and driving innovation
The SA Innovation Summit 2024 kicked off on 19 September with a focus on empowering local change-makers and driving transformative innovation across various sectors. Powered by the Technology Innovation Agency (TIA) and hosted by the City of Cape Town, the summit – themed “Catalysing Capital” – brought together a dynamic network of investors, innovators and thought leaders, all driven by the shared goal of turning groundbreaking ideas into scalable businesses.
Attracting over 1 500 footfalls across its three days, the summit set the stage as one of Africa’s premier platforms for both thought leadership and deal-making. With 150 influential speakers and almost 100 startups showcasing, the event delivered on 510 investor meetings and eight side events to become a fertile ground for partnerships, investments and industry-shaping deals.
This year’s summit has seen a significant focus on quality interactions, with high-stakes meetings aimed at fostering strategic partnerships, particularly in sectors like fintech, cleantech and artificial intelligence (AI).
The event demonstrated Africa’s readiness for innovation and how concrete steps have been taken to empower change-makers at every level. With sessions focusing on clean tech, fintech, AI and grassroots innovation, the summit has set the stage for a future of inclusive growth, technological advancement and sustainable development.
In his opening remarks, acting CEO of TIA Patrick Krappie reflected on how the partnership between TIA and the SA Innovation Summit and other stakeholders has had an impact in the startup economy: “The importance of a platform such as SAIS [SA Innovation Summit] goes beyond just the event but creates opportunities for startups to gain traction in the market. The government, through entities like TIA, provides funding and initiatives for innovators to develop technology solutions. A potential area of growth is government procurement of locally developed technologies to enhance service delivery. To tap into this market, startup enterprises need to focus on developing technologies geared toward key government priorities.”
Central to the summit’s mission is its exclusive investor programme, a cornerstone of the event designed to connect global capital with Africa’s burgeoning innovation ecosystem. Run in partnership with Anza Capital, Grindstone Ventures supported by Von Seidels and the United States Agency for International Development, the programme immerses leading investors in the South African startup landscape.
A delegation of 12 prominent investors from across the US participated in a curated tour of Cape Town’s thriving startup scene to leverage opportunities in the region. The tour provided invaluable insights into the local market’s potential.
As the global investment landscape shifts, African fund managers and limited partners (LPs) face new challenges. In this panel discussion, industry leaders addressed how sectoral focuses and geographical priorities are evolving. The conversation centred on how specialist funds attract LP interest and what African managers must do to retain international capital. Key insights were shared on how fund managers can navigate this dynamic landscape by aligning with global LP priorities and leveraging strategic relationships.
“The global cybersecurity market is projected to reach $376.32 billion by 2029, driven by the increasing frequency and sophistication of cyber threats,” noted Larry Yon II, co-founder of CyberAlliance. “As businesses and governments worldwide prioritise securing digital infrastructures, cybersecurity presents a robust investment target with vast opportunities for growth and innovation.”
The much-anticipated ABB South Africa–Switzerland CleanTech Innovation Challenge saw five South African and five Swiss startups compete in a high-stakes pitch competition. The challenge wasn’t merely a competition; it served as a platform for these startups to showcase their potential, tour local and Swiss ecosystems, and actively seek prominent cleantech investors actively seeking the next generation of sustainable solutions.
“It shouldn’t be just a tick-box exercise, but we need more enterprise supply development and entrepreneurs in that space to grow the South African economy,” said Versha Rowjee, BBBEE and transformation manager at ABB South Africa.
