What African Fintech Startups Can Teach Silicon Valley About Longevity

One of the most conventional strategies for small-business longevity is the acquisition of financial resources. Although this approach has gained popularity in the West, especially among technology startups in Silicon Valley, it has not ameliorated the startup-survival problem. In fact, it seems to have exacerbated the situation. Statistics show that U.S.-based companies raise the most capital and experience the lowest longevity, whereas Africa-based companies raise the least capital and experience the highest longevity. In studying more than 200 senior-level executives in one of Africa’s fastest-growing industries — fintech — the authors found that Western entrepreneurs display three misplaced priorities that have a negative impact on their change-readiness and longevity.