Lagos Startup ecosystem valued at US$2 billion

Startup Genome in its 2017 Global Startup Ecosystem Report (the “Report”) stated that the Lagos startup ecosystem is valued at US$2 billion ahead of Johannesburg and Capetown’s startup ecosystem  valued at US$1.36 billion and US$172 million respectively. The report thus means that Lagos has the most valuable startup ecosystem in Africa.

The Report as it relates to Lagos has been summarised below:

  1. The active startups in the Lagos ecosystem is estimated to be between 400 – 700 with the global average being 1,762;
  2. The Report  showed that Johannesburg  has 25% of female startup founders while Lagos has 14% female startup founders;
  3. The Lagos ecosystem at 59% is ranked 9th amongst the highest rate of founders with undergraduate degrees. While 93% of the founders with undergraduate degrees have a technical background ranking it 3rd in the world;
  4. The average amount raised early-stage by Lagos startups is estimated at US$77,000  while the global average is US$252,000;
  5. 77% of the Software Engineers in the Lagos ecosystem are Experienced while the global average is 72%;
  6. The average salary of Software Engineers in the Lagos ecosystem is estimated at US$14.1k while the global average is US$49,000;
  7. The Lagos ecosystem at 6% has one of the lowest rates of foreign customers.

 

To read the full report visit www.startupgenome.com 

 

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