安哥拉公司生態(tài)系統(tǒng)評(píng)估報(bào)告（英文）

?2023

AngolaStartup

EcosystemAssessment

StephanKuester,HeadofEcosystemStrategy

EthanWebster,Manager,EcosystemResearchandStrategy

ForrestWright,ResearchAssessmentLead

Agenda

ExecutiveSummary

1

2StartupAssessment

3OrganizationAnalysis

4PolicyReview

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3

ThefullStartupGenomereportdeep-divesintothecurrentstate

ofLuanda’sstartupecosystem

IncludedintheFullReport

.UniqueMetrics:Measuredandbenchmarked80+metrics

.SuccessFactors:Assessperformanceacrossstartupsuccessfactors

.PolicyReview:Legalreviewofpolicyareasthatareparamounttothedevelopmentofastrongstartupecosystem

ThefullLuandaAssessmentisavailableforreview

?2023

Welookforwardtodiscussingmethodology,speci?csandanyotherquestionsyoumayhaveaboutourapproachandtheworkthathasgoneintothisproject

ExecutiveSummary

Ourholisticassessmentisdrivenbytwofacetsandbasedonresearchwithhundredsofstartupecosystemsglobally

1StartupEcosystemLifecylePhaseIdenti?cation

Researchof100+startupecosystemshighlightsthattheyevolveacrosspredictabletrajectoriesandexhibitspeci?ccharacteristicsalongtheway

Identifycharacteristicsandpeersetforcomparison

2StartupEcosystemAssessmentanchoredonSuccessFactors

Factorscriticaltothesuccessofstartup

ecosystemsareanalyzedecosystemsinsimilar

phasestounderstandstrengthsandgaps

Quantifykeystrengthsandbarrierstostartupsuccess

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4

ExecutiveSummary

Founder

SurveysandDataAnalysis

Interviewswith

20Key

Stakeholders

Luan

da

ObjectivelookatportfolioofSupportOrgs

In-depthPolicyReview

100-kilometerradius

5

Weperformedanobjectiveandin-depthassessmentof

Angola’sstartupecosystem

AssessmentActivities

GeographicScope

CreatedmissingSuccessFactordatawith36validstartupsurveysfrom

Luanda-basedfoundersanddatafrommajordatabases

Including:Founders,SSOPLeaders,

Angels,VCs,Universitysta?,Corporateexperts

TargetedanalysisofSSOPsto

benchmarktheservicestheyo?ertointernationalbeststandards

Legalreviewofpolicyareasthatareparamounttothedevelopmentofastrongstartupecosystem

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MapofAngolaisnottoscale,forrepresentativepurposesonly

ExecutiveSummary

High-LevelExecutiveSummaryofRecommendations

StartupAssessment

.Talent:Focusontraininginitiatives,bothinnational/publiceducationandafter,toincreasenumberofindividualslocallywithskillsetsneededbystartups(software

engineering,codingskills,growth

marketing)

.Founder:Promotecultureof

entrepreneurshiptobeconsideredasa?rstchoiceandnotjustafailsafe,enactpoliciestoupskillfoundersandsupportthemindedicatingthemselvestotheirstartupsfull-time

.Funding:Decisiveactiontoincrease

formalfundingopportunitiesatthe

earlieststages,namelyviaincubation(andlateraccelerators)aswellasangelgroupactivation

OrganizationAnalysis

.Sub-SectorSpecialization:Move

towardsaportfolioofsupport

organizationswithfocusesonkeyverticals(i.e.,Fintech,Logistics)toincreasequalityandexpertiseratherthanspreading

resourcesthinviasector-agnostic

programs

.GlobalConnectedness:IntroducesupportintoprogramstoallowfounderstobetterconnectwithAfricanpeersandtoinstilla“Go-Global”mindsetasbeingcoretostartups’businessmodels

.Mentorship:Sourceadditional

startup-experiencedmentorstolead,supportandgetinvolvedwithAngolanstartups

PolicyReview

.AngolanStartupAct:PrioritizationandenactionofaStartupActtoaddressandimprovethepolicyenvironmentforstartupsacrossawidearrayofareas

followinginthefootstepsofotherAfricancountries

.IncreaseEarly-StageFunding:

Directgovernmentinvolvementinthe

creationof,investmentandmaintenanceoffundingmechanismsforearly-stage

startups

.Talent:Implementationof

entrepreneurship,digitalskillsandcodingcurriculaintothenationaleducation

system,increasepresenceoftrainingschools(TVETs)foryoungAngolanstoprovidealargertalentpoolforlocalstartups

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6

Startup

Assessment

Angola

EcosystemLifecycleModel:theAngolanStartupEcosystemisattheveryearlieststagesofdevelopment

Overview

?AngolaisattheearlieststagesoftheActivationStage,characterizedbyalownumberofstartupsandresourceconstraints

?TheAngolanecosystemhasabout125

tech-based/enabled

startups

?Angolahasyettoseeastartupsuccessfullyhaveanexitevent

Phaseindicatorsincludeecosystemsize,exitsandscaleupcreation,andSuccessFactorgaps

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ECONOMICIMPACT

Startup

Assessment

PERFORMANCE

RESOURCES

TEAM

ECOSYSTEM

RESOURCERECYCLINGEXITS

RESOURCEATTRACTION

GLOBAL

MARKETREACH

Global

STARTUPEXPERIENCE

System

FUNDING

TALENT

STARTUP

OUTPUT

Local

System

FOUNDER

ORGANIZATIONS

SimilartoPhaseAverage

BelowPhaseAverage

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SuccessFactorSummary:AngolanFoundersare

well-connectedbutkeylocalsystemgapsremain

NETWORKS

(Knowledge?ow)

SCALEUPS&EXITS

GLOBAL

CONNECTEDNESS

LOCAL

CONNECTEDNESS

AbovePhaseAverage

TheColor-CodedSummaryscoresarebasedonthedatacollectedfromthesurveyandbrokendowntore?ecttheperformanceofAngolaacrosseachSuccessFactor.Asperformanceis

comparativetopeerecosystemsintheActivationPhase,redisbehindthephaseaverage,yellowisinlinewiththephaseaveragewhilegreenisaheadofthephaseaverage

SenseofCommunityQualityRelationships

FounderHelpingFounder

EachOtherRelationships

InvestorsandExpertHelp

Investor

Relationships

Expert

Relationships

Startup

Assessment

thoughFoundershave

peers

9

LocalConnectednessishighoverall,fewerqualityrelationshipsthantheir

LocalConnectedness

AbovePhaseAverage

EqualtoPhaseAverage

BelowPhaseAverage

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InterviewFindings

.FoundersSupportFounders:AngolanFoundersare

well-connectedamongsttheirpeersandarewillingtogivetheirtimeandperspectivetooneanother,demonstratingaclear

strongfoundationofabene?cialecosystem

.CenterofGravityGap:Thereareveryfewstartupsin

Angola(Luandamainly),yetthereisnosingleorganizationorphysicalspacethatcanconvenetheecosystemandallrelevantplayers.Thelackofcentralizationrisksthestagnationofa

multi-polarecosystemwhentheoverallsizeisalreadyquitesmall

.CandongueiroConnectivity:AuniqueissuetocoalescetheecosysteminLuandaisduetoalackoftransportation

optionsandthelowlevelsof?nancialresourcesfrommany

founders.GettingaroundLuandatovariouscommunityeventsrepresentsasigni?canttimeandmonetaryexpensemany

Founderscannota?ord

.ExpertslackingfromtheEcosystem:ThereareveryfewindividualsinAngolawhohavesuccessfullybuiltstartups,haveinvestmentexperienceorhaveworkedwithstartupsinleadingecosystems.ThismissingexperiencedgrouplimitstheabilityoflocalFounderstotapintoexpertisethatwouldaidthemon

theirstartupjourneyinaneasilyaccessibleway

TheColor-CodedSummaryscoresarebasedonAngola’sperformanceinthisSuccessFactorfromsurveydataaswellassecondarydata.FindingshavebeensourcedfromValidationInterviews.

Startup

Assessment

InterviewFindings

Global

Connectedness

.AngolanFounders,AngolanFocus:Angolan

FoundersarealmostallexclusivelytargetingtheAngolanmarket.Therelativelysmalllocalmarketsizelimitsthe

abilityofAngolanstartupstoscaletothelevelwhich

attractsprivatecapitalorresultsinlargeleapsin

developmentofthelocalecosystemintermsofsuccess,capabilitiesandjobcreation

.ConnectivityBlockedbyBarriers:Thereareveryfewdirect?ightsfromAngolatoneighboringAfrican

countriesorTopEcosystems(London,NYC),limitingtheabilityofAngolanFounderstoeasilymakemeaningfulconnectionswiththeirpeers

.LanguageBarriers:Angolans,forthemostpart,arePortuguese-speaking,whereastheinternationalstandardbusinesslanguageforinvestorsandstartupsisEnglish.NotonlydoesthisdisadvantagelocalFounderswith

limitedEnglishskills,butalsolimitsvisibilityfor

internationalactorsintotheAngolanecosystem,asmuchisstilldoneinPortuguese

Potential

FounderStrategy

ImmigrantFounders

Networking

Local

Meetings

AbovePhaseAverage

BelowPhaseAverage

GlobalConnectedness:Angolahasroomtogrowtoadopt

aninternationalapproach,allowinglocalstartupstoscale

Global

MarketReach

FounderAmbition

GloballyLeadingProduct

InternationalTravel

EqualtoPhaseAverage

TheColor-CodedSummaryscoresarebasedonAngola’sperformanceinthisSuccessFactorfromsurveydataaswellassecondarydata.

FindingshavebeensourcedfromValidationInterviews

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Startup

Assessment

.AFunding-StarvedEcosystem:Averysmallamountofveri?ableformalfundingroundshaveeverbeenclosedby

Angolanstartups.TherehasneverbeenaSeriesAroundorasuccessfulexitfromanAngola-basedstartup,demonstratingthenascentnatureoftheecosystemandlocalFounder's

abilitytoraisefunding

.NoLocalCultureofInvesting:IntervieweesuniversallystatedthatAngolanHNI’s,prospectiveangelsorfunding

groupsareextremelylackinginknowledgeonhowtoinvestintostartupsandinsteadrequeststartupstomeetan

extremelyhighbarandoftenseektoacquireamajoritystakeinthestartup.

.Donor-HeavyEnvironment:Inalmostallearly-stage

ecosystem,Donororganizationsarethemainsourceof

investment,inanyform,intotheecosystem.However,

intervieweesseemtofeelthatIOandpublicinvestmentintotheAngolanecosystemdoesnotmakeitswaydirectlyto

Founders,butrathergoestowardsSSOPs,someofwhicharetemporaryinnature.

.SeverelyLimitedDealFlow:Fromariskcapital

perspective,theverysmallAngolanecosystemsizecombinedwithalackofinternationally-focusedstartupsandalimited

numberofsub-sectorswithcriticalmass,itisdi?culttojustifyexpendinge?ortfocusingonAngolafordeal?ow.

SimilartoPhaseAverage

BelowPhaseAverage

Early-StageFunding:Angolahasaminimalamountof

veri?ablefundingroundsinitshistory

InterviewFindings

SeedSeriesA

MedianSize

&

#ofFTEsFunded

Best%$1M+%of$10Mrounds

%Seed-Funded

Startups

ManyRounds

LargeRounds

SurvivalRate

MedianSize

Median

AbovePhaseAverage

TheColor-CodedSummaryscoresarebasedonthirdpartydataofleadingdatabasesonFundingandExitsofcon?rmedfundingdealsandexitsconcludedbystartupsinAngola

?2023

*ESFstandsforEarly-StageFundingandincludesallSeedandSeriesAfundingrounds

11

Startup

Assessment

StartupAssessment:High-LevelSummary

LocalSystem

.LocalConnectedness:Luanda-basedfoundershavecomparativelystrongnetworksandcanreceivesupportfromtheirpeersandexpertsintheir?eld

.Founders:AngolanFoundersarenottargetinglargeinternationalmarketsandtendtohavelessexperienceand?nancialsupportwhencreatingtheirstartups

.Talent:Foundershavelessaccesstolocalexperiencedsoftwaredevelopersandgrowthtalentthanpeersin

othercomparableecosystems

.Funding:Thereisacleargapinavailablelocalsourcesofformalcapitalfromtheearliestlevels,andno

Angola-basedstartuphasraisedaSeriesAroundsofar

.Organizations:StartupSupportOrganizationsandPrograms(SSOPs)inAngolaarealmostallfocusedontheearlieststagesandlargelylackcapacitytosupportstartupsenterthemarketandtoscale

GlobalSystem

.StartupOutput:TheoverallecosystemsizeinLuandaisquitesmall,belowtheaverageforearly-stageecosystems.Larger

ecosystemscreatemoreopportunitiesforsuccess,warrantmoreresourcesandattractmoreattention

.GlobalConnectedness:FoundersinLuandahavefew

connectionswithpeersandexpertsinTopGlobalEcosystemsandhaveasmallproportionofinternationalclients

.GlobalMarketReach:FoundersinAngoladonotclaimtobecreatingglobally-leadingproductsbutratherareoften

implementing“me-too”solutionsforthelocalcontext

.StartupExperience:Positively,mostLuanda-basedFoundersreportedhavingadvisorswithequityaspartoftheirstartupsasasourceofexpertiseandmentorship

.Scaleups&Exits:Angolahasyettoseeits?rstexitevent,andeventhemostmaturelocalstartupshavenotyetscaledandachievedvaluationsof$100m+

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Startup

Assessment

.EducationalFocusonEntrepreneurship:Instillentrepreneurialvalues,skillsandacceptanceintostudentsinsecondaryandtertiaryeducationwithentrepreneurshipasacorepartofcurricula.

.WiderAccesstoTVETs:Increasetheamountandaccesstovocationaltrainingspeci?callydesignedtogiveindividualsskillsinhighdemandbystartupssuchassoftwaredevelopment

.FinancialSupportforEmployees:Manyindividualswouldratherworkforalargecompanyorgovernmentinstitutionthanastartupdueto?nancialincentives.Givingtaxbreaks,stipendsorotherschemestosupportindividualsintakingachancebyworkingforastartupwillde-risktheirentryintotheecosystem

.InternationalFounderMentorship:SupportorganizationsandprogramsinsourcingexperiencedecosystemstakeholdersfromleadingAfricanhubstomentorAngolanfounders,particularlyonhowtoscaleinternationally

.FounderSubsidies:ManyAngolanFoundersstruggletosupportthemselvesintheearlieststagesoftheirstartupjourney(beforepro?tability)andcannotdedicatethemselvesfull-timetotheirstartup.Creatingafundingschemeorcredittodirectlyfundindividualstryingtocreateastartupforthe?rstcoupleofyearswillallowforthemtofocusfullyonestablishingtheirbusinesses

.EntrepreneurshipCulture:Promotinglocalstartupsuccessesandtheideathatentrepreneurshipisindeedahighlyvaluableandworthwhilecareersuitviagovernmentmessaging,leadingjournalsandradioprogramscanbringaboutachangeofopinionfromAngolans,wheremoreindividualsmaybewillingtobecomeFoundersthemselves

.InvestmentReadinessTraining:ConnectFounderstoprogramsandotherFoundersinleadingAfricanecosystemswithaproventrackrecordof

raisingfundingroundsfromprivatesourcestoinstilllessonsonwhatstepsandskillsareneededtonegotiateandseekinvestmentfromprivateinvestors

.GovernmentinterventionatEarliestFundingStages:EstablishapublicfunddedicatedtotheactivationandsupportoflocalBusinessAngelstoensurethereisalocalcapitalsupplyattheveryearlieststagesforFounders

.InvestintoleadingSSOPs:AllowSSOPstoinvestdirectlyintoparticipatingstartupsbycreatingafundingmechanismtheycanaccesswiththeexpresspurposeofprovidingthehighest-qualityFounderswithfundingopportunitiesviatheSSOP,alsoresultinginanincentivestructurefortheorganizationtobeattachedtoandtoprioritizethesuccessoftheiralumni

High-LevelRecommendations:StartupAssessment

Summary

TALENT

FOUNDER

FUNDING

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GlobalContext:AngolanSSOPsarealmostexclusivelyfocusedontheearlieststagesofstartupsandecosystemdevelopment

EcosystemPhase

EcosystemCharacteristics

?Nascentecosystem

?VeryfewSSOPs(mostlydonororgovernmentfunded)

EarlyActivation

Activation

?DevelopingEcosystemwithanimprovingtrackrecord

?IncreasingnumberofSSOPswithafeweliteentries

LateActivation

Globalization

Attraction

OrganizationAnalysis

PrivateSectorInvolvementinSSOPs

Privatesectorisreluctanttoenteratthisstageastheecosystemis

under-developedwithalmostnotrackrecordofstartupsuccess

Thus,SSOPsintheseecosystemsrequirepublicsector&donorinvolvement

Withafewstartupsuccessesinportfolio,SSOPsatthisstagearemoreattractivetoforeigninvestorsandprivateplayersandhence,don’trequirehugepublicsectorparticipation

Integration

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OrganizationAnalysis

StartupSupportOrganizationsandPrograms(SSOP)Assessment:SummaryandRecommendations

Summary

.NascentEcosystem:ThestartupecosysteminAngolaisataverynascentstageandlacks

sophisticated,qualityentrepreneurialsupportandprograms

.Less-StructuredPrograms:EventhoughLuandahasagrowingnumberofSSOPs,onlyahandfulofthem

havewell-functioningcurriculum-basedprograms

.LackofTechFocus:AngolanSSOPsarenotentirelyfocusedontechnology-basedstartupsandtendtofocusonthemostfundamentalskillsof

entrepreneurship

.NoTrackRecord:Asaresult,mostSSOPshaven’t

establishedatrackrecordincreatingscalablestartupsandremainhighlydependentondonorfundstoruntheiroperations

Recommendations

.Sub-SectorSpecialization:AmajorityoftheSSOPsinthe

regiondon’tprovidesector-di?erentiatedservices.WebelievethereispotentialformoreverticalfocusedSSOPsinthe

ecosysteminnovatingthetraditionalindustrystrengthsofAngola,namelyFinanceandLogistics

.GlobalConnectedness:Consideringthelocally-focused

natureoftheLuandastartupecosystem,startupscould

bene?tfromsupportinmakinginternationalconnections,

particularlywithotherAfricanecosystemstounderstandhowtodevelopmentcompetitivebusinessmodelsfocusedon

expansionandgrowth

.IntroduceMentorship:Focusonmanagerialsupportandattractingexperiencedmentorswithpractical

entrepreneurshipandbusinessexperience(especiallyfromtopAfricanecosystemssuchasLagosorCapeTown)for

Founders

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Policy

Review

KeyaStartupAct

GeneralProvisionsofaStartupAct:

De?nitions:Provisionofaclearde?nitionsseparatefromSMEsforwhatastartupis,whatitisnotwithparticularfocusonthetech-enabledaspectofthebusinessmodel

TaxBene?tsandIncentives:AStartupActcanbeusedtogivebene?cial?nancial

treatmenttostartupsintheformoftaxbene?ts,accesstobene?cialregimesaswellasbreaksintermsofemployeesocialinsurancecontributionsorevenaccesstopurpose-createdinvestmentschemes.

SSOPs:Thereisanopportunitytoformalizethefunctionandde?nitionofSSOPsthatsupportFoundersanddirectstatesupporttowardstheminamoreorganizedmanner

GovernmentStructure:StartupActshavebeenknowntocreateaspeci?cboardordepartmentwithinarelevantministrythatservesasthearbiterofpolicies,programsande?ortstobeenactedaspartoftheact,e?ectivelycreatingapublicactorthat

championstheecosystem

Funding:TheStartupActcancreateaninvestmentvehicleforthegovernmenttodirectlyfundstartupsintheecosystem,createincentivesandde-riskingforprivatecapitalandaddregulatorycertaintyaroundinvestmentingeneral

Inclusionsin

StartupAct–Initialconsiderations

Designedtomakeiteasierforstartupstooperate,StartupActstypicallyseektoaddressabroadrangeofindividualsegmentsofpolicyintendedtoincreasetheincentivesforyoungpeopletostartaventure,investorstoputtheirmoneyintopromisingconcepts,andotherecosystemactorstolendtheirsupportwhereit’sneeded

?ForTunisiaandSenegal—thetwo?rstmoversinthisarenaomtheAfricanContinent-thesepoliciesarepartofbroadergovernmentstrategiestopositiontheircountriesasinnovationhubsbyleveraginganemergingtechscenetoimproveeconomicdevelopment

?Withtheirspeci?cfocus-andimportantly-byrequiringdialogueandcollaborationacrossawiderangeofministriesandagencies,startupactsareane?ectivetooltoprovidethelegislativeandregulatoryframeworknecessaryforentrepreneurshipto?ourish

Thereareonly?veAfricancountriesthathavepassedaStartupAct;Congo(DRC),Nigeria,Tunisia,Kenya,andSenegal(Ethiopia’sStartupActhasyettoberati?ed).

AASEDhasbeenakeycontributorindrivingforwardtheprocessandprovidingecosysteminputandexpertise.Ourinterviewswith

FoundersandexpertsindicatedthatpolicyforstartupsinAngolahasbeenmovinginapositivedirectionforthelastfewyears,withmany

statingaspirationsformoreFounderfeedbacktobeincludedinfutureprocessesbyhavingaseatatthetable.

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Policy

Review

ThreeKeyLenses:FocusedActionsandPrograms

1.GROW

NUMBEROF

STARTUPS

a)DigitalInfrastructure

b)Starting/ClosingaBusiness

c)PromotingEntrepreneurship

d)ImprovingDigitalAcceptance

e)ActivatingUniversities&TVETs

f)DevelopingCommunity

g)SupportingSSOPs

h)MarketAccess

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2.INCREASE

STARTUP

QUALITY

a)EconomicDev.&Subsectors

b)UniversitiesandEcosystem

c)TraditionalCorporations

d)PublicProcurement

e)GlobalConnections

3.INCREASE

EARLY-STAGE

FUNDING

a)InvestmentReadiness

b)Financialization

c)Early-StageFundingSolutions

d)EngagingPrivateCapital

e)AttractingFDI

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Policy

Review

1.Grow

Number

of

Startups

2.StartupQuality

3.

Early-Stag

eFunding

PolicyReview:High-LevelRecommendations

Policy

?EnactionoftheAngolanStartupAct

?Simpli?cationoflicensingandlegalprocessestoallowstartupseasieraccesstokeymarkets(Fintech,Logistics)

Infrastructure:Improvementtointernetaccessandmobileadoptionparticularlyrelatedtoa?ordability,startinginLuanda

Culture:PromoteacultureofentrepreneurshipanddevelopDigitalAcceptancewithinbroadersociety,privateandwithinthebusinesssector

Talent

?PromotionofEntrepreneurshipinUniversitiesandsecondaryeducationintandemwithtangiblestartup-experiencedindividuals

?IncreasepresenceofTVETorganizationsinLuandatoaddresscriticalgapsinlocallyavailabletalent,namelysoftwaredevelopersandgrowthmarketers

Community

?CreationofaCenterofGravityinLuandatodriveLocalConnectednessandtoserveasaunitarymeetingplaceforkeystakeholdersandecosystemmembers

?Beginhostingmeetingstocoordinatepolicyprioritiesande?ortsmadebypresentinternationalanddonororganizationsintotheecosystem

SSOPs

?SupportexistingSSOPswithTechnicalAssistance,FundingwithinvestmentsintoprogramsinEducation,IncubationandMentorship

?EncouragetheimplementationofdirectinvestmentsbySSOPsintostartupsparticipatingintheirprogramstoincreaseaccessto?nance

SectorFocusandIndustryCollaboration

?Focusonprogrammaticinitiativesandpartnershipsrelatedtoselectprioritysectors,namelyAgtech,FintechandLogistics

?EngagetraditionalcorporationsandPublicSectorAgenciesinOpenInnovationchallengesandbyusingPublicProcurement

?SupportstartupsintheuptakeofdigitaltechnologywithTechImmersion-styletrainingandsupportforWorkingCapital

AccesstoFinance

.InnovationFund:Establishandextendthemandateofapublicly-controlledinnovationinvestmentfundandcapabilitytoprovidepre-seedstagegrants

.BusinessAngels:SupporttheestablishmentandtrainingBusinessAngelsandtheirnetworkswithMentorshipservicesfromleadingecosystemsandtaxincen