Building resilient startups in Africa: Integrating regulatory compliance and business innovation
1 Obat Oil and Petroleum Limit, Lagos Nigeria.
2 Newcross Exploration and Production Limited, Nigeria.
Review Article
Magna Scientia Advanced Research and Reviews, 2022, 04(02), 033–040
Article DOI: 10.30574/msarr.2022.4.2.0032
Publication history:
Received on 08 February 2022; revised on 12 April 2022; accepted on 15 April 2022
Abstract:
The African startup ecosystem has emerged as a dynamic driver of innovation and economic growth, addressing local challenges and contributing to global markets. However, African startups face unique hurdles, including funding constraints, infrastructural deficiencies, and complex regulatory landscapes. This paper explores strategies to build resilience among African startups by harmonizing regulatory compliance with business innovation. It highlights the importance of financial, operational, and cultural adaptability as key factors for sustainability, emphasizing the role of partnerships, technology, and supportive policy frameworks in fostering growth. Recommendations for policymakers include simplifying regulatory frameworks, promoting digital transformation, facilitating funding access, and fostering regional integration. By adopting a balanced approach to compliance and innovation, African startups can strengthen their capacity to navigate challenges and leverage opportunities, ultimately driving inclusive and sustainable development across the continent.
Keywords:
African startups; Business resilience; Regulatory compliance; Innovation strategies; Policy frameworks; Sustainable development
Full text article in PDF:
Copyright information:
Copyright © 2022 Author(s) retain the copyright of this article. This article is published under the terms of the Creative Commons Attribution Liscense 4.0