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Africa's entrepreneurs on the rise

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Ismail Taxta/Reuters/File

(Read caption) A businesswoman fuels a car at a makeshift gas station along a street near the Bakara market in Mogadishu, Somalia. 'Africa is a continent of entrepreneurs,” says one business professor. 'You have no choice.'

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The start-up world is getting a lot bigger: Silicon Valley now has serious competition from places like Singapore, Sao Paulo, and Tel Aviv.

Will its rivals soon include Lagos, Cape Town, or any number of fast-growing African cities?

Yes, says Benson Honig, a professor in the DeGroote School of Business at McMaster University in Hamilton, Ontario. “There’s a demographic time bomb in the aging Western world,” Honig says. “Where are the young people? Africa.”

RELATED: Think you know Africa? Take our geography quiz.

Africans already have the right business instincts. “Africa is a continent of entrepreneurs,” he says. “You have no choice. If you need a part, you can’t order it from somewhere else. It might take six months or a year to come. So you make it yourself.”

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