The reasons for a more collaborative innovation ecosystem in Africa Say no to plagiarism. Get a tailor-made essay on "Why Violent Video Games Shouldn't Be Banned"? Get an original essay Venture capitalism has proven to be a window into the innovation economy, without which companies like Apple or Google would not be the global heavyweights they are today. Silicon Valley, once considered the most fertile breeding ground for startups, emerged as an innovation powerhouse in the 1970s and seduced some of the world's brightest minds. The undisputed king of venture capital. But times are changing. Over the years, Europe and Asia have begun to replicate the magic of Silicon Valley with varying degrees of success. Today, this also applies to Africa. A massive funding gap has historically prevented African startups from growing their businesses beyond local and informal markets. Until recently. Take Jumia, a venture-backed technology company based in Nigeria, commonly known as the “African Amazon.” Earlier this year it became the first African startup to list on the New York Stock Exchange. A turning point for the African entrepreneurial ecosystem. Since then all eyes have been on the continent. African innovators are raring to go and investors are raring to be part of Africa's next success story. With a highly entrepreneurial culture, as many as 200 innovation centers and, in some cases, government commitment to improving ICT policies, the continent is a hotbed of investment, with several startups surpassing the billion-dollar mark in funding. So why hasn't venture capitalism taken off in Africa like it has in other countries? While these facts and figures are promising, reality paints a different picture. The market is far from reaching its full potential and young companies face a fundamental challenge when it comes to growing their big ideas. One of their biggest obstacles is cultural, deeply rooted, and lies not in the lack of a robust pipeline or opportunities, but in the way the pipeline works. The scarcity of funding has created a culture of fierce competition among players in the region's nascent innovation ecosystem, who refrain from collaborating or sharing knowledge in an attempt to grab a slice of the pie. The truth is, there is plenty for everyone. The definition of an ecosystem is, after all, a collective of interconnected and interactive people and organizations. Without support and collaboration, the very notion of an ecosystem ceases to exist. Silicon Valley, Bangalore and Singapore are just a few examples of powerful innovation ecosystems that have become magnets for global talent. The common thread? Openness and sharing among key stakeholders – incubators, startup accelerators, motivated entrepreneurs, venture capital firms, private investors, legal advisors and even research or academic institutes – and a culture that fosters entrepreneurship. For an innovation ecosystem to work, each of these actors has a role to play in perpetuating an environment of co-creation and cross-collaboration. In Africa, in particular, there is a desperate need for a fundamental improvement in the dynamics of relationships; a shift from a suspicious, secretive and competitive climate to a supportive environment where players leverage each other's resources and knowledge to create mutual value. It is necessary to create strong bonds of trust, transparency and cooperation between them, creating a multiplier effect in which hundreds of.