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:
- The active startups in the Lagos ecosystem is estimated to be between 400 – 700 with the global average being 1,762;
- The Report showed that Johannesburg has 25% of female startup founders while Lagos has 14% female startup founders;
- 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;
- The average amount raised early-stage by Lagos startups is estimated at US$77,000 while the global average is US$252,000;
- 77% of the Software Engineers in the Lagos ecosystem are Experienced while the global average is 72%;
- The average salary of Software Engineers in the Lagos ecosystem is estimated at US$14.1k while the global average is US$49,000;
- The Lagos ecosystem at 6% has one of the lowest rates of foreign customers.
To read the full report visit www.startupgenome.com