Artificial intelligence is disrupting industries globally, and the GITEX team is ensuring that Africa doesn't take a back seat in the conversations.
For the second year running, it's gathering investors, startups, and government officials for three days in the Moroccan city of Marrakech. Last year, 30,000 people attended the event, but 50,000 are expected this year, while 800 startups will be exhibiting, up from 400 in 2023.
AI startups globally raised nearly $50 billion in 2023, with Africa only getting a fraction of that.
While that is understandable considering the continent attracts less than 2% of venture capital globally, Trixie LohMirmand, CEO of KAOUN International organisers of GITEX, argues that African startups can boost their chances of attracting investments by fostering connections with investors and other startups globally.
"AI has given a whole new paradigm to the tech industry, and this is a big focus for us this year. We know the potential impact of AI for Africa, but African startups are not getting the funding for AI investments. This platform is important for them to connect with global investors, to give them the opportunity to know what's going on with the rest of the world, and what is needed in the AI space," she told journalists.
With a network of events in Morocco, Dubai, Berlin, and Singapore, LohMirmand states that much of the work on collaboration needs to be driven by governments.
"The leadership needs to come from the governments. This is why you see a lot of digital governments here. There's no way for startups to operate and meet VCs without understanding whether your leadership advocacy is going to improve on the collaboration and accessibility to allow free trade. Investors need to be inspired; big companies need to be inspired by your plans as a country and as a city."
This year, the focus is on healthcare and finance with speakers including Babs Ogundeyi, CEO of Nigerian fintech Kuda; Katlego Maphai, CEO of South African fintech Yoco; and Dr. Ola Brown, General Partner at fintech and healthcare-focused investor HealthCap.
Some African governments are already taking a proactive approach to driving the growth of artificial intelligence startups with policies and roadmaps, but LohMirmand notes that there remains a huge infrastructural gap to be filled before significant progress is made, while institutional stability would also help to attract investors.
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