Last month, Flourish Ventures launched the first-of-its-kind “African Founder Well-being Survey”. This was launched in partnership with local partners and research partner Startup Snapshot. Flourish plans to survey VC-backed startups in Kenya, Nigeria and Egypt. It seeks to uncover some of the unique challenges tech founders in the continent face. Through this, they can raise awareness and supports for their needs.
VC-backed founders in Egypt, Kenya and Nigeria can participate by completing this brief survey. All survey respondents will remain anonymous. Sharing experiences can shed light on the critical challenges founders face and pave the way for positive change.
“They’re going after the impossible. Almost all venture-backed African tech founders are dealing with high stress levels and the potential for burnout, especially given the dramatic economic downturns taking place,” said Efayomi Carr, Flourish investment principal. “It’s time to gather primary research on what’s impacting founders most so that investors and ecosystem partners can provide better support and more resources during entrepreneurial journeys.”
We wanted to understand more about this initiative and had a chat with Efayomi Carr, Principal, Flourish Ventures.
TechArena: What was the inspiration for Flourish Ventures to start the Africa Founder Well-being Survey?
Efayomi Carr: At Flourish, we take founder well-being seriously. Our Africa Founder Well-being survey will help us better understand the unique challenges faced by African tech founders – those passionate entrepreneurs who often operate under tremendous pressure as they seek ambitious goals while at the same time, managing a challenging economic landscape. With founder stress levels rising and burnout risks increasing, we believe now is the time to gather reliable data and valuable insights and share the information with fellow investors and ecosystem partners to provide founders more effective support and resources. Like other global regions, Africa is at the forefront of discussing founder well-being and understanding the connection between founder well-being and business success.
TA: Was it inspired by any trends that you may have seen in your portfolio companies or the startup ecosystem in general?
EC: Having invested in Africa for several years, we know that the topic of well-being is one of great importance and little discussion. Founder wellbeing is a conversation we have more globally, and we felt now was the time to elevate this conversation in Africa.
The April 2023 report by Startup Snapshot, “The Untold Toll: The Impact of Stress on the Well-being of Startup Founders and CEOs” (April 2023), revealed a concerning statistic: 72% of founders in the US, EU, and Israel experience adverse effects to their well-being during their entrepreneurial journey. We don’t find this data surprising based on our experience with founders. We believe these negative effects may even be exacerbated in the African ecosystem, where entrepreneurs face unique challenges like political instability, currency fluctuations, and power outages. Research by Dr. Michael Freeman, CEO of Econa, also shows how these environmental factors can heighten vulnerability to well-being concerns. With our Africa Founder Well-being Survey, we hope to come up with bespoke solutions and support resources that address the unique needs of founders across the continent.
TA: Would you be willing to share the local partners you are working with in the survey?
EC: We are working with Endeavor, Launch Africa, and Madica, as well as research partners Startup Snapshot and Econa
TA: Why does the survey focus on Egypt, Kenya and Nigeria. Do you have plans expand to more countries?
EC: Our inaugural Africa Founder Well-being Survey focuses on Egypt, Kenya, and Nigeria. These diverse economies, cultures, and entrepreneurial landscapes offer a valuable cross-section of the continent’s startup ecosystem, providing a comprehensive baseline understanding of founder well-being. We chose this first set of countries not only based on their diverse characteristics but also because of our well-established networks in these markets that can ensure detailed and meaningful data collection. The aim is to capture Pan-African entrepreneur sentiments but recognize that experiences vary significantly across demographics and geos. We also seek to draw out specific insights across other segments, e.g., by age, gender, and startup stage.
TA: Are there specific metrics of founder well-being that the survey aims to explore?
EC: The Africa Founder Well-being Survey delves into several key metrics to construct a comprehensive picture of entrepreneur wellness. These include:
- Geographical Scope and Business Operations: By investigating the countries of operation, the survey illuminates the geographical spread of ventures and the unique challenges and opportunities faced in diverse markets.
- Financial Landscape: Examining the funds raised unveils insights into the financial health of startups and their trajectory in terms of fundraising and investment, offering a crucial indicator of stability and potential.
- Stress Symptoms: The survey meticulously assesses physical, emotional, and mental stress indicators experienced by entrepreneurs, providing a vital understanding of the impact stress exerts on their well-being.
- Broader Emotions and Feelings: Exploring the spectrum of emotions experienced by entrepreneurs offers crucial insights into their overall mental and emotional state, serving as valuable indicators of well-being and resilience.
- Situational Resilience: Through questions like “I usually overcome difficulties with ease,” the survey gauges how entrepreneurs perceive and handle challenging situations, revealing their coping mechanisms and resilience levels.
By comprehensively examining these metrics, the survey aims to provide a nuanced and multifaceted understanding of founder well-being. This knowledge will help the development of targeted interventions and support measures, ultimately contributing to the overall well-being of African entrepreneurs.
TA: How does Flourish Ventures expect the survey help better local support systems for tech founders in Africa?
EC: The resulting data will help foster better investor-founder relations and support by generating valuable insights into what’s needed to support founder well-being. The findings will also help drive better local support systems tailored to the unique challenges faced by African tech founders, such as well-being resources, peer support networks, training programmes, and investor best practices. Accessing this support will help lead to improved outcomes for African entrepreneurs. By addressing the specific challenges and needs of African tech founders, the survey can contribute to the overall well-being and success of these entrepreneurs. This can lead to increased innovation, investment, and growth, ultimately benefiting the tech ecosystem.
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