About 12 startups from around the world were selected as finalists in the Seedstars World competition, and pitched for up to US$1 million equity investment at the Seedstars Summit held on April 6.
The 12 finalists were selected from over 8,000 applications received from around the world during the course of the year-long touring competition.
The startup founded by a Bulawayo based technopreneur Gift Gana was among the finalists from Africa at the competition.
However, the African representatives were pipped to first prize by fintech startup Acudeen Technologies from the Philippines.
“I feel really good being part of the top six finalists. I think it’s a great accomplishment,” he told TechnoMag.
The visit to Switzerland afforded the Dr CadX founder the opportunity to clinch important connections.
“The summit was great. I made a lot of great connections to partner within various aspects of our business,” said Gana.
Dr CadX won the local leg of the Seedstars World Startup Pitch competition held in Harare last year.
The average monthly revenue globally among startups participating in startups came to US$5,994. For African startups, the average figure came to little over US$4,000. Meanwhile in Central and Eastern Europe (CEE), monthly average revenues almost hit US$10,000. The top average monthly revenues were measured in Prague, Czech Republic, at US$75,222.
The same held true in terms of fundraising. While the global average amount of funds raised by the startups to date came to US$6,000; African startups reported average raises of just over US$4,000 – the lowest figure of any region. Again, the CEE region showed the highest average raise amount – at almost US$10,000; however, the highest local average was found in Seoul, South Korea, where the average fundraising figure was US$406,345.
Similarly, startups in Africa performed worst in terms of job creation – joined by startups from the Middle East and North Africa (MENA) region. While on average, participating startups globally employ 4.9 people; in Africa and MENA the figure came to 4.2.
The highest regional average was reported in Asia, at 6 people; with Shanghai in China the strongest local market, where startups hire an average of 14 people.
All regions performed badly in terms of the presence of women co-founders, with the global average at 16.3 per cent. The best performing region was Latin America at