Growth and Success: In the Context of Startups in Sub-Saharan Africa

Abstract: Sub-Saharan Africa is currently witnessing a proliferation of innovative startups, brimming with immense potential, yet grappling with formidable adversities that hinder the realisation of their latent capabilities to tangible economic benefits and substantial developmental progress for the region. Employing a qualitative research approach, this study investigates the internal and external factors that shape the growth and success trajectories of startups. Through startup strategic leadersand founders' lenses, the inquiry explores the tools employed to monitor progress and an examination of their understanding of sustainability as perceived from the vantage point of startup leadership. Drawing from a rich tapestry of conceptual frameworks and first-hand survey and interview findings, the analysis traverses’ diverse terrains. It encompasses an exploration of the transformative shift from resource-based to knowledge economies, discussing the phenomenon of leapfrogging and the profound impact of digital technology adoption on entrepreneurial endeavours in the region. The study also examines startup, growth and success definitions and their life cycles within the distinctive landscape of Sub-Saharan Africa, while concurrently delving into the pivotal role played by institutions in facilitating or impeding the trajectory of these nascent ventures. Ultimately, the paper ascertains that while internal factors undoubtedly exert influence on the rise of startups, external factors such as institutional policies, coupled with other constraints, continue to exert a significant influence on the potential progression of these enterprises as compared to internal factors. However, the study underscores that it is imperative for startups to remain cognizant, adequately prepared, and adept at managing both internal and external factors that shape their growth and success. It also calls for further research aimed at formulating effective strategies to support startups to navigate both internal and external challenges, particularly for startups operating within the confines of constrained budgets.