Working Paper 364 - ‘Catch Me if You Can’ On Drivers of Venture Capital Investment in Africa

Fadel Jaoui (), Omolola Amoussou () and Francis H. Kemeze ()
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Fadel Jaoui: African Development Bank, https://www.afdb.org/en
Omolola Amoussou: African Development Bank, https://www.afdb.org/en
Francis H. Kemeze: African Development Bank, https://www.afdb.org/en

Working Paper Series from African Development Bank

Abstract: This paper investigates the determinants of venture capital investments across 25 African countries over the period 2014-2019. In particular, it considers the significance of innovation and digitalization in Africa’s venture capital activity. The results show that digital infrastructure, high-technology exports, internet coverage, market size, minority investor protection, and government effectiveness are the main drivers of venture capital deals in Africa over the period examined. More generally, these findings highlight that digital infrastructure and connectivity, innovation and institutional frameworks all play an important role in shaping a favorable environment to attract venture capital funding.

Keywords: Venture capital; Digitalization; Innovation; Africa JEL classification: G18; G24; O33 (search for similar items in EconPapers)
Date: 2022-07-08
New Economics Papers: this item is included in nep-cfn, nep-ent and nep-fdg
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Citations: View citations in EconPapers (3)

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Persistent link: https://EconPapers.repec.org/RePEc:adb:adbwps:2490

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