South Africa is a global innovation hotspot in need of aid; this week, we’ll look at how specific companies are boosting their commitment to innovation, as well as how innovation is assisting them in dealing with economic insecurity.
What does the future of economic growth based on innovation look like?
This is a vital question for the development of businesses that may help address some of the most pressing issues on a continent.
According to the Boston Consulting Group’s 2023 Most Innovative Companies study, 83% of African executives consider innovation to be a top-three priority this year, a 21% increase from last year.
Companies are investing more in AI than in any other technology because AI is quickly extending the opportunities for innovation – and companies’ investment priorities reflect this.
This year, 66% of African organisations are investing in AI and machine learning, compared to 61% internationally.
African businesses have comparable levels of innovation readiness as the rest of the world, and here are a few that are leading the way, in no particular order.
In2IT Technologies, a worldwide technology corporation founded in South Africa, has long been at the forefront of technological developments and solutions aimed at fostering digital transformation and inclusive growth.
In2IT Technologies chairman Tshepo Mokoena stated: “Our commitment to driving digital transformation and youth employment in South Africa has guided us.”
He said the organisation seeks to be the first choice for the world’s greatest talents, with over 80 global customers.
MTN purchased 144 virtual property plots totalling 12x12m in size. MTN’s 144 real estate properties across Africa allow it to expand its metaverse presence.
In2IT Technologies, a Web3 consulting firm, also launched its own metaverse studio in Sandton.
Another notable player making tech inroads is Zoho, a global technology company that increased its sales in South Africa by 73% last year and is now spreading its wings across the continent to build a foothold, is another company fighting hard for South Africa.
In addition, Zoho is cooperating with public and commercial organisations in numerous African nations to assist local enterprises in gaining access to enterprise-grade solutions, digitally transforming, and gaining a competitive advantage.
The company just passed the milestone of having over 100 million users, making it the first bootstrapped SaaS company to do so.
Africa is one of Zoho’s fastest-growing regions, and the business says it hosts user conferences (called Zoholics) in several locations to give a forum for customers to meet with product experts and senior leaders.
Bayobab Group is yet another business driving innovation on the continent through digital infrastructure; the company is laying the groundwork for cross-border fibre capacity transit.
The MTN Group-owned company has been granted permission to enable long-distance traffic, allowing it to contribute to Africa’s connectivity aspirations.
This historic development, according to Bayobab, not only strengthens the company’s ability to connect individuals and businesses all over the world, but also stimulates creativity, collaboration, and economic advancement.
Next up is the systems integrator BCX of Telkom Group will open Alibaba’s first African public cloud data centre next month.
This follows a deal signed in September last year between the two companies under which South Africa’s BCX will host China’s Alibaba’s cloud computing products, including databases, networking, security, analytics, and big data.
Analysts believe this will be a significant milestone for both Alibaba and BCX since it will allow them to compete successfully with other hyperscalers that have local cloud data centres, such as AWS and Microsoft.
The organisation, which has an Africa Innovation Centre in Sunninghill, South Africa, focuses on Social Media, Mobility, Analytics, and Cloud, as well as Remote Infrastructure Management.
The metaverse is expanding, and investments in the field are increasing in South Africa since the technology is expected to open up new prospects for technological companies.
In the last 24 months alone, a considerable number of businesses ranging from telcos to Web3 consulting firms have entered the metaverse economy in South Africa.
MTN and M&C Saatchi Abel, an advertising and marketing company, were the first local firms to purchase virtual real estate in Africa’s first metaverse, Africarare.