The challenge facing Africa’s creative sector is not a shortage of talent but rather the persistent obstacles of inadequate infrastructure, scarce funding, and disjointed support networks that continue to stifle its expansion.
This perspective was emphasized by key figures at the Moonshot event hosted by TechCabal on Thursday. They highlighted the necessity of innovative investment models and the establishment of creative hubs as vital catalysts for unlocking the potential of Africa’s cultural and creative industries (CCIs). The panel featured Xavier Echassoriau, Regional Director at Proparco Nigeria; Adama Gaye, Head of Middle East and Africa at Orange Ventures; and Ann Marème-Atayi, Senior Manager for International Institutions at Euroquity, who explored both the hurdles and prospects within the continent’s creative economy.
Echassoriau pointed out that enhancing skills development and improving access to capital, supported by stronger investor trust, are essential for the sector’s advancement. He remarked that the creative economy is frequently viewed as a risky investment area.
“Across Nigeria and much of Africa, there is a significant gap in specialized training tailored to creative professions,” he explained. “Moreover, financing remains a major barrier for many players, compounded by insufficient infrastructure, low investor confidence, and weak governance frameworks that impede the growth of creative startups.”
Gaye emphasized that securing funding is both an immediate necessity and a strategic priority for scaling creative enterprises. He stressed the importance of startups refining their operational capabilities and business models to ensure steady revenue streams.
“Orange Ventures manages a €350 million corporate venture capital fund that spans multiple industries, including the creative sector,” he shared. “The challenge lies in effectively monetizing this segment.”
Additionally, Echassoriau highlighted emerging programs aimed at mitigating investment risks in the creative economy. He referenced the EU’s Clearify initiative, the first European Union-backed effort targeting CCIs through financial institutions, which offers a blend of risk mitigation tools and technical support for investors.
“For instance, if a venture capital fund invests in a creative company and faces default, we cover 67.5% of the outstanding amount,” he detailed. “Such frameworks help alleviate investor apprehension while promoting stronger governance and financial discipline among creative startups.”
Gaye noted that Orange Ventures leverages its footprint across 18 African nations to empower creative scale-ups.
“Our extensive network enables entrepreneurs to access scalability resources,” he said. “With a workforce exceeding 18,000 across the continent, including technology experts, we provide comprehensive support to creative innovators.”
Atayi stressed the critical role of structured interactions between startups and investors. Through Euroquity, she facilitates connections by organizing pitching and reverse pitching sessions that clarify expectations and improve alignment.
“We observed that startups often misalign with investor criteria,” she remarked. “Our role is to ensure transparent communication so founders can better tailor their business propositions.”
She also advised that startups should engage in incubation and acceleration programs prior to seeking investment, as these phases build essential credibility and market traction.
“Skipping incubation is a common mistake,” she warned. “Many entrepreneurs approach me with just concepts, but investors typically require evidence of traction. Demonstrating how your product performs is crucial before gaining their confidence.”
Atayi highlighted the success story of Mood Swings, a South African startup nurtured through an acceleration program supported by the French Institute across South Africa, Lesotho, and Malawi. “This remarkable company exemplifies France’s growing commitment to Africa’s creative industries and the development of solutions addressing current challenges,” she noted.
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