Startups in Africa
Organized by the Private Sector Development Research Network
Hosted by the International Growth Center (IGC)
Moderated by Rahul Shukla, Research Coordinator at IGC (Firms)
Friday, 16 May 2025 from 9-10am EDT / 2-3pm London Time
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ABOUT THE SEMINAR
This seminar will explore the recent surge of venture capital in Africa’s startup ecosystem. This research introduces new data infrastructure to analyze this emerging landscape, revealing key characteristics of African startups and their founders. The study highlights a unique aspect: the significant role of foreign influence in Africa’s startup scene. The presenters will discuss investment patterns, including the prevalence of internationally connected entrepreneurs and foreign investors. The seminar will also cover results from a large-scale field experiment in collaboration with the International Finance Corporation (IFC), investigating African startups’ capital preferences. Findings reveal entrepreneurs’ desire for investors with local experience while maintaining company control. The presentation will address the implications of a “missing” local equity financing market and its impact on foreign influence in Africa’s entrepreneurial future.
ABOUT THE SPEAKER
Emanuele Colonnelli
Professor of Finance and Entrepreneurship, The University of Chicago Booth School of Business
Dr. Colonnelli is Professor of Finance and Entrepreneurship at The University of Chicago Booth School of Business. He is affiliated with NBER, CEPR, BREAD, and J-PAL, and leads the Finance and Entrepreneurship Theme at PEDL. In 2023, he received the Carlo Alberto Medal for best Italian economist under 40.
Dr. Colonnelli’s research examines the intersection of finance, development, and political economy, focusing on government-firm-investor interactions. His work spans venture capital in emerging markets, corporate governance, ESG investing, and public procurement. He has conducted research in numerous developing countries across Asia, Africa, and Latin America. His publications appear in top journals like the American Economic Review and Journal of Finance. At Booth, Dr. Colonnelli pioneered an MBA course on venture capital in emerging markets. He previously held positions at Booth as an Assistant Professor and Associate Professor and was a Visiting Associate Professor at Harvard Business School.
Dr. Colonnelli holds a PhD in Economics from Stanford University, degrees from Bocconi and Siena, and studied at Oxford University.
Details of Dr. Colonnelli ‘s work can be found here.