References & Sources

Our research activities have been extensive and wide in scope.

The original publication drew on over 500 documents - academic journals, industry reports, grey literature, expert articles, and monitoring and evaluation frameworks - spanning African and international sources. 

That reference base has been comprehensively updated to reflect four years of subsequent research, including the formal output of the FCDO RISA Fund-funded East African Data Collaborative programme and the broader Systemic Innovation publication catalogue, a significant portion of which was produced independently without external programme funding.

In the spirit of open collaboration and greater data sharing, all Systemic Innovation research is made fully available to others to learn from and build on. The complete publication archive is accessible at yumpu.com/user/systemicinnovation.

Systemic Innovation / EADC Publication Catalogue

All publications listed below are freely available.

Flagship and Synthesis Studies

Walker, S. & Windsor, G. (2023). Scale Diagnostics: High-Growth Firm Performance Dynamics in East Africa. Systemic Innovation & Growth Africa (RISA Fund).

Walker, S. & Windsor, G. (2024). Building a Path to Scale. Systemic Innovation & Growth Africa (RISA Fund).

Walker, S. & Windsor, G. (2023). New Innovation Pathways. A data collaborative model for East Africa Systemic Innovation & Growth Africa (RISA Fund).

Walker, S. & Windsor, G. (2023).  Understanding the (data) gaps to lay stronger foundations. Systemic Innovation & Growth Africa (RISA Fund).

Walker, S. & Windsor, G. (2023).  Ecosystem Voices: Unpacking data experts perspectives on growth firms. Systemic Innovation & Growth Africa (RISA Fund).

Ecosystem Analysis

Walker, S. & Windsor, G. (2026). When Multilaterals Compete: Role Collapse and Bundled Advantage in African Innovation Ecosystems. Systemic Innovation.

Walker, S. & Windsor, G. (2026). Offshoring African Startups: The Structural Conditions Driving Offshore Incorporation. Systemic Innovation & Sendemo

Walker, S. & Windsor, G. (2025). African Challenge Programmes: Systemic Innovation & i4Policy

Walker, S. & Windsor, G. (2026). Research-to-Commercialisation in Kenya: Systemic Innovation

Country-Level State of Startup Innovation Reports

Walker, S. & Windsor, G. (2024)  State of Startup Innovation: Kenya. Systemic Innovation & Growth Africa (RISA Fund).

Walker, S. & Windsor, G. (2024). State of Startup Innovation: Ethiopia. Systemic Innovation & Growth Africa (RISA Fund).

Walker, S. & Windsor, G. (2025). State of Startup Innovation: Rwanda. Systemic Innovation & Growth Africa (RISA Fund).

Walker, S. & Windsor, G. (2025). Comparing innovation ecosystem performance and characteristics: Ethiopia, Kenya and Rwanda, Systemic Innovation

Walker, S. & Windsor, G. (2025). Assessing high growth firms in Kenya, Ethiopia, and Rwanda. Systemic Innovation & Growth Africa (RISA Fund).

Data Foundations Studies

Walker, S. & Windsor, G & Stam, E. (2023). Ethiopian Data Foundations. Systemic Innovation / International Growth Centre.

GESI Research

Walker, S. & Windsor, G. (2024). GESI: High-Growth Company Founding Across Kenya, Ethiopia, and Rwanda. Systemic Innovation & Growth Africa (RISA Fund).

Walker, S. & Windsor, G. (2024) Enhancing donor coordination for gender equality and social inclusion outcomes. Systemic Innovation & Growth Africa (RISA Fund).

Donor funding 

Walker, S. & Windsor, G. (2024). Exploring Ecosystem Donor Funding in Ethiopia, Kenya and Rwanda. Systemic Innovation & Growth Africa (RISA Fund).

Venture case studies 

Walker, S. & Windsor, G. (2023). MARAMOJA Transport. Systemic Innovation & Growth Africa (RISA Fund).

Walker, S. & Windsor, G. (2023). HaHuJobs. Systemic Innovation & Growth Africa (RISA Fund).

Walker, S. & Windsor, G. (2024). MEDANIT. Systemic Innovation & Growth Africa (RISA Fund).

Walker, S. & Windsor, G. (2024). Efashe. Systemic Innovation & Growth Africa (RISA Fund).

Walker, S. & Windsor, G. (2024). Buy2Go:. Systemic Innovation / RISA Fund / GrowthAfrica.

Walker, S. & Windsor, G. (2026). Jumba. Forthcoming in Edward Elgar casebook, ed. Simon Raby.

Thematic Scaling Articles (with Scaleup Nation, drawing on joint analysis of ventures)

Walker, S. (with Scaleup Nation) (2024). The Great African Market Opportunity? Systemic Innovation / GrowthAfrica / Scaleup Nation (RISA Fund).

Walker, S. (with Scaleup Nation) (2024). Leading with Impact Orientation in Africa. Systemic Innovation / GrowthAfrica / Scaleup Nation (RISA Fund).

Walker, S.  (with Scaleup Nation) (2025). Unlocking Growth Through Strategic Governance (Part 1 of board effectiveness series). Systemic Innovation / GrowthAfrica / Scaleup Nation (RISA Fund).

Walker, S. (with Scaleup Nation) (2025). Building a Board Team for Growth and Resilience (Part 2 of board effectiveness series). Systemic Innovation / GrowthAfrica / Scaleup Nation (RISA Fund).

Ecosystem Provocations 

The full series of Ecosystem Provocations (covering venture capital dynamics, ecosystem collaboration, and innovation infrastructure) is available at yumpu.com/user/systemicinnovation

2026 References 

The following sources constitute the consolidated reference base for the 2026 publication, integrating both the original 2026 update set and the foundational scholarship deployed across the editorial rebuilding of every chapter.

Access Now / #KeepItOn Coalition (n.d.). Internet Shutdowns Tracker. Link

Acemoglu, D. & Restrepo, P. (2017). Robots and Jobs: Evidence from US Labor Markets. NBER Working Paper 23285. Link

Acemoglu, D. & Restrepo, P. (2018). The Race between Man and Machine: Implications of Technology for Growth, Factor Shares, and Employment. American Economic Review, 108(6). Link

Acemoglu, D. & Robinson, J.A. (2012). Why Nations Fail: The Origins of Power, Prosperity, and Poverty. Crown Publishing. Link

Acs, Z.J., Stam, E., Audretsch, D.B. & O'Connor, A. (2017). The lineages of the entrepreneurial ecosystem approach. Small Business Economics, 49(1). Link

Acumen (2024). We Need New FX Solutions in Africa - Now. Link

Adams, R.B., Hermalin, B.E. & Weisbach, M.S. (2010). The Role of Boards of Directors in Corporate Governance: A Conceptual Framework and Survey. Journal of Economic Literature, 48(1). Link

Adelani, D.I., Ojo, J., Azime, I.A., Zhuang, J.Y., Alabi, J.O., et al. (2024). IrokoBench: A New Benchmark for African Languages in the Age of Large Language Models. Link

Adner, R. (2012). The Wide Lens: A New Strategy for Innovation. Portfolio / Penguin. Link

AfCFTA Secretariat (2024). Guided Trade Initiative. African Continental Free Trade Area. Link

AfCFTA Secretariat (2024). AfCFTA Protocol on Digital Trade (adopted February 2024). Link

Africa CDC (n.d.). African Medical Products Regulatory Harmonization Strategy. Link

Africa Center for Strategic Studies (December 2025). Food Insecurity and Conflict in Africa 2025. Link

Africa Data Centres Association (2026). Data Centres in Africa 2026: The Economic Report. Link

Africa Declaration on Artificial Intelligence (2025). Adopted 4 April 2025, Kigali.Link

Africa Finance Corporation (2025). State of Africa's Infrastructure Report.Link

African Cities Research Consortium (ACRC). University of Manchester / Global Development Institute.Link

African Development Bank (2022). 41 Countries in Africa Face Maximum Exposure in 'Three-Dimensional Crisis'. AfDB Press Release. Link

African Development Bank (2023). Climate Change and Green Growth Policy and Strategy Framework 2024–2033. African Development Bank Group.Link

African Development Bank (2023). African Development Bank and Team Europe partners mobilize €1 billion for vaccine manufacturing in Africa. Press release.Link

African Development Bank (2025). Billions in Domestic Capital Could Drive Africa's Development, Experts Say. AfDB Annual Meetings 2025.Link

African Development Bank (n.d.). African Economic Outlook.Link

African Development Bank (n.d.). African Infrastructure Development Index.Link

African Development Bank (n.d.). Affirmative Finance Action for Women in Africa (AFAWA).Link

African Entrepreneurial Ecosystem Index (AEEI).Link

African Regional Intellectual Property Organization (ARIPO).Link

African Union (2024). Continental Artificial Intelligence Strategy. AU Commission.Link

African Union (2025). Africa Declares AI a Strategic Priority for Investment, Inclusion, and Innovation. AU Press Release.Link

African Union (n.d.). Startup Model Law Framework. Link

Africapolis. OECD Sahel and West Africa Club Secretariat. Link

Africa Practice. Link

AfricArena. Link

Afrexim Bank (2025). African Trade Report 2025: Intra-African Trade in a Shifting Global Financial Landscape. Link

Afrexim Bank (2026). PesaLink and PAPSS Unlock Cross-Border Payments in Local Currencies in Kenya. Link

Afridigest (2020). Venture-Scale Startups Targeting Africa Should Start with a Multi-Country Mindset.Link

Afridigest (n.d.).Link

AfriLabs (2024). Impact Report 2024. Link

AfriLabs (2025). State of the Ecosystem Report. Link

AfriLabs (n.d.). African Innovation Hubs Mapping.Link

AfriLabs & Briter Bridges (2019). Building a Conducive Setting for Innovators to Thrive.Link

AfriLabs & Briter Bridges (2021). Bolstering Innovators in Africa.Link

Africa: The Big Deal (2025). Annual Funding Report.Link

Africa: The Big Deal (2026). Gender '25: African Startup Funding by Gender Analysis.Link

Ahern, K.R. & Harford, J. (2014). The Importance of Industry Links in Merger Waves. Journal of Finance.Link

Akerlof, G.A. (1970). The Market for "Lemons": Quality Uncertainty and the Market Mechanism. Quarterly Journal of Economics, 84(3).Link

Allan Gray Centre for African Entrepreneurship (AGCAE), University of Stellenbosch Business School.Link

Alqararah, K. (forthcoming, 2026). The Commercialisation–Knowledge Output Gap Across 99 Economies: A Three-Phase Pattern in Innovation System Maturation. Working paper, GII panel data 2013–2025.

ANDE (2013). Entrepreneurial Ecosystem Diagnostic Toolkit. Aspen Institute. Link

Andrews, M., Pritchett, L., & Woolcock, M. (2017). Building State Capability: Evidence, Analysis, Action. Oxford University Press.Link

Antler (2024). How to Build a Unicorn in Africa: Research on African Scaling Founders.Link

Argote, L. (2013). Organizational Learning: Creating, Retaining and Transferring Knowledge (2nd ed.). Springer. Link

Argidius Foundation (2021). How to Fulfill the Potential of Business Development Services Using SCALE. Link

Argidius Foundation / Snowmelt (2023). Sustain Impact: Donor Practices to Grow Enterprise Support Organisations. Porticus. Link

Atkin, D., Caria, S., Donaldson, D., Kala, N., Rasul, I., Saggese, A., Teachout, M., Verhoogen, E. & Woodruff, C. (July 2024). Firms, Trade, and Productivity: Evidence Paper. International Growth Centre.Link

AUTM (n.d.). Licensing Activity Survey. Association of University Technology Managers.Link

AVCA (2021). Venture Capital in Africa 2021. African Private Equity and Venture Capital Association.Link

AVCA (2025). Venture Capital in Africa 2025. African Private Capital Association.Link

AVCA (2026). African Private Capital Activity Report 2025. African Private Capital Association.Link

AVCA (2026). Gender Diversity in African Private Capital. African Private Capital Association.Link

Babson College (n.d.). Babson Entrepreneurship Ecosystem Project.Link

Barney, J. (1991). Firm Resources and Sustained Competitive Advantage. Journal of Management, 17(1).Link

Bartlett, C.A. & Ghoshal, S. (1989). Managing Across Borders: The Transnational Solution. Harvard Business School Press.Link

Bates, T. (1997). Race, Self-Employment, and Upward Mobility: An Illusive American Dream. Cambridge University Press / Woodrow Wilson Center Press.Link

Battilana, J. & Lee, M. (2014). Advancing Research on Hybrid Organizing - Insights from the Study of Social Enterprises. Academy of Management Annals, 8(1).Link

Beck, T., Demirgüç-Kunt, A. & Maksimovic, V. (2008). Financing Patterns Around the World: Are Small Firms Different? Journal of Financial Economics, 89(3), 467-487

Becker, G.S. (1964 / 1993 third edition). Human Capital: A Theoretical and Empirical Analysis, with Special Reference to Education. University of Chicago Press. Link

Beckman, C.M., Burton, M.D. & O'Reilly, C. (2007). Early teams: The impact of team demography on VC financing and going public. Journal of Business Venturing, 22(2).Link

Benkler, Y. (2006). The Wealth of Networks: How Social Production Transforms Markets and Freedom. Link

Bhide, A. (2000). The Origin and Evolution of New Businesses. Oxford University Press.Link

Bloom, N. & Van Reenen, J. (2010). Why do management practices differ across firms and countries? Journal of Economic Perspectives, 24(1). Link

Bloom, N., Eifert, B., Mahajan, A., McKenzie, D. & Roberts, J. (2013). Does Management Matter? Evidence from India. Quarterly Journal of Economics, 128(1). Link

Bloom, N., Mahajan, A., McKenzie, D. & Roberts, J. (2020). Do Management Interventions Last? Evidence from India.American Economic Journal: Applied Economics 12(2):198-219 (April 2020) .Link

Bond (September 2025). British International Investment: A review of its changing mandate and impact. Link

Booth, D. & Cammack, D. (2013). Governance for Development in Africa: Solving Collective Action Problems. Bloomsbury / Zed Books.Link

Boston Consulting Group (2021). Overcoming Africa's Tech Startup Obstacles. BCG.Link

Bottazzi, L., Da Rin, M. & Hellmann, T. (2008). Who Are the Active Investors? Evidence from Venture Capital. Journal of Financial Economics, 89(3)

Boudreau, K.J. & Hagiu, A. (2009). Platform Rules: Multi-Sided Platforms as Regulators. In Gawer, A. (ed.), Platforms, Markets and Innovation. Edward Elgar.Link

Bowmans (n.d.). Annual Africa Tax Highlights.Link

Brest, P. & Born, K. (2013). When Can Impact Investing Create Real Impact? Stanford Social Innovation Review.Link

British International Investment (2025). Annual Review 2024. Link

British International Investment (April 2026). Strategy 2026-31. Link

Brookings Institution (2023). Investment in Science and Technology is Key to an African Economic Boom.Link

Brookings Institution (n.d.). Africa and the Fourth Industrial Revolution.Link

Brown, O. (n.d.). African Market Segmentation Analysis. HealthCap Africa / Substack. Link

Brown, R. & Mason, C. (2017). Looking inside the spiky bits: a critical review and conceptualisation of entrepreneurial ecosystems. Small Business Economics, 49(1).Link

Brüderl, J. & Schüssler, R. (1990). Organizational Mortality: The Liabilities of Newness and Adolescence. Administrative Science Quarterly, 35(3).Link

Brush, C.G., Carter, N.M., Gatewood, E.J., Greene, P.G. & Hart, M.M. (2014). Women Entrepreneurs and Equity Capital: A Status Report. Diana Project / MIT IWER.Link

Brynjolfsson, E., Li, D. & Raymond, L. (2023). Generative AI at Work. NBER Working Paper 31161.Link

Burgelman, R.A. (1996). A Process Model of Strategic Business Exit: Implications for an Evolutionary Perspective on Strategy. Strategic Management Journal 17(S1), 193-214.Link

Burt, R.S. (1992). Structural Holes: The Social Structure of Competition. Harvard University Press.Link

o: Burt, R.S. (2004). Structural Holes and Good Ideas. American Journal of Sociology, 110(2), 349-399.

Carnegie Endowment for International Peace (2025). Understanding Africa's AI Governance Landscape.Link

Carnegie Endowment for International Peace (April 2026). Africa's Digital Infrastructure Imperative. Drawing on the Africa Technology Policy Tracker. Link

Carstens, A. & Shin, H.S. (2019). Emerging Markets Aren't Out of the Woods Yet. Foreign Affairs.Link

CB Insights (n.d.). The Complete List of Unicorn Companies. Link

Cenfri (2019). Africa's Digital Platforms Trends Report. Link

Central Bank of Nigeria (2025). Fintech Industry Report. Link

CGAP (n.d.). Branchless Banking and Agent Networks. Link

CGAP (n.d.). Fintech Regulation in Africa. Link

CGAP (n.d.). Regtech in Financial Services for the Poor. Link

Chang, H-J. (2002). Kicking Away the Ladder: Development Strategy in Historical Perspective. Anthem Press. Link

Christensen, C.M., Hall, T., Dillon, K. & Duncan, D.S. (2016). Know Your Customers' "Jobs to Be Done". Harvard Business Review. Link

Christensen, C.M., Ojomo, E. & Dillon, K. (2019). The Prosperity Paradox: How Innovation Can Lift Nations Out of Poverty. Harper Business. Link

Cirera, X. & Maloney, W.F. (2017). The Innovation Paradox: Developing-Country Capabilities and the Unrealized Promise of Technological Catch-Up. World Bank. Link

Cirera, X., Fattal-Jaef, R. & Maemir, H. (2020). Taxing the Good? Distortions, Misallocation, and Productivity in Sub-Saharan Africa. World Bank Economic Review, 34(1). Link

Cities Alliance (n.d.). Secondary Cities in Africa. Link

Climate KIC, SILP & UNIDO Climate Adaptation Innovation & Learning Initiative (2026). In-Between Spaces: Learning Paper on Funding and Entrepreneurship Support for Adaptation and Resilience. March 2026. Link

Cohen, S., Bingham, C.B. & Hallen, B.L. (2019). The Role of Accelerator Designs in Mitigating Bounded Rationality in New Ventures. Administrative Science Quarterly, 64(4).Link

Cole, M.A., Elliott, R.J.R., Occhiali, G. and Strobl, E. (2018). 'Power outages and firm performance in Sub-Saharan Africa'. Journal of Development Economics, 134: 150–159. Link

Collaborative for Frontier Finance (2024). Annual Local Capital Provider Survey 2024. Link

Comin, D. & Hobijn, B. (2010). An Exploration of Technology Diffusion. American Economic Review, 100(5), 2031-2059. Link

Commission on Growth and Development (2008). The Growth Report: Strategies for Sustained Growth and Inclusive Development. World Bank. Link

Cope, J. (2011). Entrepreneurial learning from failure: An interpretative phenomenological analysis. Journal of Business Venturing, 26(6). Link

CrossBoundary Advisory (2026). First In, Many Follow: How Foundations are Anchoring the Next Wave of Blended Finance. White paper, March 2026. Link

Cusumano, M.A., Gawer, A. & Yoffie, D.B. (2019). The Business of Platforms: Strategy in the Age of Digital Competition, Innovation, and Power. HarperBusiness. Link

Dalberg, ConsumerCentriX & Argidius What Enables Her Business to Grow. Dutch Good Growth Fund, and We-Fi; hosted by the Growth Firms Alliance.Link

Dalberg, ConsumerCentriX & Argidius Foundation (January 2026). INVEST Process and Toolkit to Unleash SME Banking. Hosted by SME Finance Forum, IFC.Link

Darby, M.R. & Karni, E. (1973). Free Competition and the Optimal Amount of Fraud. Journal of Law and Economics, 16(1).Link

Debled, E. & Dubreuil-Le Roy, C. (2026). How to Unlock Catalytic Capital for African SMEs. All for Impact, with the Catalytic Capital Consortium (C3).Link

Delacroix, S. & Lawrence, N.D. (2019). Bottom-up data trusts: Disturbing the 'one size fits all' approach to data governance. International Data Privacy Law, 9(4).Link

Deng, S. (2024). Africa's S Curves: The Unique Shape of the African Tech Opportunity. DFS Lab.Link

Deng, S. (2024). Build Cyborgs Not Androids in Africa. DFS Lab.Link

Dercon, S. (2022). Gambling on Development: Why Some Countries Win and Others Lose. Hurst Publishers.Link

DeSantola, A. & Gulati, R. (2017). Scaling: Organizing and Growth in Entrepreneurial Ventures. Academy of Management Annals, 11(2).Link

DFS Lab (2024). Research and Insights.Link

DigitalxScale / London Business School Wheeler Institute (2021). Fintech Scale Prevalence in Africa. LBS.Link

Digital Policy Alert (2025). Data Protection in Africa: Roundup.Link

Disrupt Africa (2024). African Tech Startups Funding Report 2024.Link

Disrupt Africa (2026). 11th Annual African Tech Startups Funding Report.Link

Disrupt Africa (2026). Gender Diversity Continues to Take a Hit Even as African Funding Stabilises.Link

Dutch Good Growth Fund (June 2025). Systemic Review of ESO Systems: Colombia, Kenya, Morocco, Senegal and Vietnam.Link

Ebben, J. & Johnson, A. (2006). Bootstrapping in small firms: An empirical analysis of change over time. Journal of Business Venturing.Link

Eesley, C.E. & Roberts, E.B. (2012). Are You Experienced or Are You Talented?: When Does Innate Talent versus Experience Explain Entrepreneurial Performance? Strategic Entrepreneurship Journal 6(3), 207-219.Link

Eggers, J.P. & Song, L. (2015). Dealing with Failure: Serial Entrepreneurs and the Costs of Changing Industries Between Ventures. Academy of Management Journal, 58(6).Link

Eisenhardt, K.M. (1989). Making Fast Strategic Decisions in High-Velocity Environments. Academy of Management Journal, 32(3), 543–576 Link

Eisenmann, T. (2021). Why Startups Fail: A New Roadmap for Entrepreneurial Success. Currency.Link

Eisenmann, T., Parker, G. & Van Alstyne, M.W. (2006). Strategies for Two-Sided Markets. Harvard Business Review.Link

Enabling Outcomes / Argidius Foundation (2023). Strategic BDS in Kenya 2016–2023: Landscape Report.Link

Endeavor (2024). Impact Report 2024.Link

Endeavor Insight (2021). Fostering Productive Entrepreneurship Communities.Link

Endeavor Insight (n.d.). The Multiplier Effect.Link

Endeavor Insight & Endeavor Kenya (March 2026). Mapping the Kenyan Entrepreneurship Network.Link

Espinoza Trujano, J. & Phiri, L. (2021). Triple dissonance: women-led funds in Africa. Journal of Sustainable Finance & Investment. Link

Fafchamps, M. (2004). Market Institutions in Sub-Saharan Africa: Theory and Evidence. MIT Press.Link

Field, L., Cruz, M., Pereira-López, M. & Harrison, D. (2025). Venture Capital and the Rise of Africa's Tech Startups. International Finance Corporation, Washington.Link

Financial Reporting Council of Nigeria (2018). Nigerian Code of Corporate Governance.Link

First Round Review (Friedberg, D.) (n.d.). The Statistics That Prove the Startup Game Is Getting Much, Much Harder.Link

FMO (2025). Annual Report 2024 + 2025 Interim Report. Link

FMO (n.d.). Strategy 2030: Pioneer - Develop - Scale. Link

Foxglove (2022). Motaung v Sama/Facebook: World's First Content Moderator Lawsuit.Link

Freeman, M.A., Staudenmaier, P.J., Zisser, M.R. & Andresen, L.A. (2019). The prevalence and co-occurrence of psychiatric conditions among entrepreneurs and their families. Small Business Economics, 53(2).Link

Frieden, J.A. (n.d.). Policy Coalitions in Open Economies. Harvard University.Link

Friederici, N., Wahome, M. & Graham, M. (2020). Digital Entrepreneurship in Africa: How a Continent is Escaping Silicon Valley's Long Shadow. MIT Press.Link

FSD Africa (n.d.). Cross-Border Foreign Exchange Hedging Solutions in Sub-Saharan Africa.Link

FSIN/GNAFC (2025). Global Report on Food Crises 2025. Food Security Information Network / Global Network Against Food Crises.Link

Fuckup Nights.Link

GALI (Global Accelerator Learning Initiative) (2017). Accelerating Startups in Emerging Markets: Insights from 43 Programs.Link

GALI (Global Accelerator Learning Initiative) (2021). Does Acceleration Work? Five Years of Evidence. Link

GALI (Global Accelerator Learning Initiative) (2024). When, How, and Who Accelerators Accelerate: 10 Years of Findings. Porticus. Link

GALI (Global Accelerator Learning Initiative) (n.d.).Link

Gawande, A. (2009). The Checklist Manifesto: How to Get Things Right. Metropolitan Books.Link

Geels, F.W. (2002). Technological Transitions as Evolutionary Reconfiguration Processes: A Multi-Level Perspective and a Case-Study. Research Policy, 31(8-9).Link

Ghemawat, P. (2007). Redefining Global Strategy: Crossing Borders in a World Where Differences Still Matter. Harvard Business School Press.Link

Gibbons, M., Limoges, C., Nowotny, H., Schwartzman, S., Scott, P. & Trow, M. (1994). The New Production of Knowledge: The Dynamics of Science and Research in Contemporary Societies. SAGE Publications.Link

Gilbert, C.G. (2005). Unbundling the Structure of Inertia: Resource Versus Routine Rigidity. Academy of Management Journal, 48(5).Link

Gilman, M., Raby, S. & Turpin, J. (2012). The BIG Ten: The Ten Characteristics of Successful SMEs. Centre for Employment, Competitiveness and Growth, University of Kent.Link

Glaeser, E. (2011). Triumph of the City: How Our Greatest Invention Makes Us Richer, Smarter, Greener, Healthier, and Happier. Penguin.Link

Global Entrepreneurship Monitor (GEM) (n.d.).Link

Global Innovation Fund (February 2026). Analysis of African venture finance ticket-size gaps.Link

Goh, L. & Wright, N.L. (2024). Nurturing Entrepreneurial Scaling in Africa. Foresight Africa 2024. Brookings Institution.Link

Gompers, P.A., Kaplan, S.N. & Mukharlyamov, V. (2016). What do private equity firms say they do? Journal of Financial Economics.Link

Gonzalez-Uribe, J. & Leatherbee, M. (2018). The Effects of Business Accelerators on Venture Performance: Evidence from Start-Up Chile. Review of Financial Studies, 31(4).Link

Gourevitch, P. (1986). Politics in Hard Times: Comparative Responses to International Economic Crises. Cornell University Press.Link

Granovetter, M.S. (1973). The Strength of Weak Ties. American Journal of Sociology, 78(6).Link

Greif, A. & Laitin, D.D. (2004). A Theory of Endogenous Institutional Change. American Political Science Review, 98(4).Link

Greiner, L.E. (1998). Evolution and Revolution as Organizations Grow. Harvard Business Review.Link

Grove, A.S. (1995, originally 1983). High Output Management. Penguin Random House.Link

GrowthAfrica (2025). Kenya Innovation Outlook 2024.Link

Growth Firms Alliance (n.d.). SME investment fund landscape mapping; FMO/Hague convening December 2024.Link

GSMA (2025). Mobile Economy Africa 2025.Link

GSMA (n.d.). GSMA Innovation Fund.Link

GSMA (n.d.). Mobile for Development: Mobile-First Product Design Guidelines.Link

Gulati, R. & DeSantola, A. (2016). Start-Ups That Last: How to Scale Your Business. Harvard Business Review.Link

Halligan, B. (n.d.). A Startup Founder to ScaleUp CEO's Journey: From $0 to $25 Billion. Sequoia Capital.Link

Hambrick, D.C. & Mason, P.A. (1984). Upper Echelons: The Organization as a Reflection of Its Top Managers. Academy of Management Review, 9(2).Link

Heifetz, R.A. (1994). Leadership Without Easy Answers. Belknap Press of Harvard University Press.Link

Helfat, C.E. & Peteraf, M.A. (2015). Managerial cognitive capabilities and the microfoundations of dynamic capabilities. Strategic Management Journal, 36(6).Link

Hellmann, T. & Puri, M. (2002). Venture Capital and the Professionalization of Start-Up Firms: Empirical Evidence. Journal of Finance, 57(1), 169-197.Link

Henrekson, M. & Johansson, D. (2010). Gazelles as job creators: a survey and interpretation of the evidence. Small Business Economics, 35(2).Link

Hermalin, B.E. & Weisbach, M.S. (2003). Boards of Directors as an Endogenously Determined Institution: A Survey of the Economic Literature. FRBNY Economic Policy Review, 9(1), 7-26.

Hess, C. & Ostrom, E. (eds) (2007). Understanding Knowledge as a Commons: From Theory to Practice. MIT Press.Link

Hidalgo, C.A. & Hausmann, R. (n.d.). The Atlas of Economic Complexity. Harvard Growth Lab.Link

Hirschman, A.O. (1970). Exit, Voice and Loyalty: Responses to Decline in Firms, Organizations, and States. Harvard University Press.Link

Hjort, J. & Poulsen, J. (2019). The Arrival of Fast Internet and Employment in Africa. American Economic Review, 109(3).Link

Hochberg, Y.V. (2016). Accelerating Entrepreneurs and Ecosystems: The Seed Accelerator Model. Innovation Policy and the Economy, 16.Link

Hochberg, Y.V., Ljungqvist, A. & Lu, Y. (2007). Whom You Know Matters: Venture Capital Networks and Investment Performance. Journal of Finance, 62(1).Link

Hoffman, R. & Yeh, C. (n.d.). Blitzscaling.Link

Hofmann, B., Shim, I. & Shin, H.S. (2019). Bond risk premia and the exchange rate. BIS Working Paper No 775. Bank for International Settlements.Link

Honig, D. (2018). Navigation by Judgment: Why and When Top-Down Management of Foreign Aid Doesn't Work. Oxford University Press.Link

Hsieh, C-T. & Klenow, P.J. (2009). Misallocation and Manufacturing TFP in China and India. Quarterly Journal of Economics, 124(4).Link

Hwang, V.W. & Horowitt, G. (2012). The Rainforest: The Secret to Building the Next Silicon Valley. Regenwald.Link

i4Policy Foundation (n.d.). Comparative Tracking of African Startup Acts.Link

i4Policy / ecosystem.build platform.Link

IEA (2025). Africa Energy Outlook 2025. International Energy Agency.Link

IFC (2017). Sun King, IFC and Stanbic IBTC Bank Close $80 Million Naira-Denominated Debt Facility. IFC Press Release.Link

IFC (2023). Corporate Governance Toolkit for SMEs.Link

IFC (n.d.). Environmental and Social Performance Standards. International Finance Corporation.Link

IFC (n.d.). Working Capital and Trade Finance in Emerging Markets.Link

IGC (2022). Bad Practices Hold Back Small Firms in Developing Countries. International Growth Centre.Link

IGC (2024). Management Practices in the Private Sector: A Summary of IGC Research. International Growth Centre.Link

IGC (n.d.). Management Delivers: Why Firms Should Invest in Better Business Practices. International Growth Centre.Link

IGC (n.d.). Tracking Constraints to Entrepreneurship in Africa. International Growth Centre.Link

IIED (n.d.). Urban Informality Working Papers. International Institute for Environment and Development.Link

ILO (n.d.). Informal Economy and Employment in Africa. International Labour Organization.Link

IMF (2017). The External Wealth of Nations Revisited: Issues and New Data. IMF Working Paper.Link

IMF (2019). The Macroeconomic Costs of Conflict. IMF Working Paper WP/19/253.Link

IMF (2021). The Informal Economy in Sub-Saharan Africa. IMF Departmental Paper 2021/277.Link

IMF (2024). Gen-AI: Artificial Intelligence and the Future of Work. Staff Discussion Note.Link

IMF (2024). Nigeria: 2023 Article IV Consultation. International Monetary Fund Country Report.Link

Index Ventures (n.d.). Scaling Through Chaos.Link

Innovate UK Business Connect (n.d.). Scale Up Programme.Link

Innovative Finance Initiative (2025). Patient Capital Manifesto. Coalition convened by Aunnie Patton Power.Link

Institute of Directors in Southern Africa (2016). King IV Report on Corporate Governance for South Africa.Link

Institut Pasteur de Dakar (n.d.).Link

Intelligent Data Centres (2025). NVIDIA and Cassava Technologies Launch $700M AI Data Centre Rollout Across Africa.Link

IPCC (2022). AR6 Climate Change 2022: Impacts, Adaptation and Vulnerability - Chapter 9: Africa. Working Group II contribution to the Sixth Assessment Report.Link

Ipsos (2024). Stokvels Remain Untapped Human Banks in South Africa.Link

Isenberg, D. (2010). How to Start an Entrepreneurial Revolution. Harvard Business Review.Link

Johanson, J. & Vahlne, J-E. (1977). The Internationalization Process of the Firm: A Model of Knowledge Development and Increasing Foreign Market Commitments. Journal of International Business Studies, 8(1).Link

Kalliny, M., Ndubisi, N.O. & Stark, J. (2018). Marketing in emerging markets: A literature review and research agenda. International Studies of Management & Organization.Link

Kaplan, S.N. & Strömberg, P. (2003). Financial Contracting Theory Meets the Real World: An Empirical Analysis of Venture Capital Contracts. Review of Economic Studies, 70(2).Link

Kauffman Foundation (2016). National Growth Entrepreneurship Index.Link

Kauffman Foundation (n.d.). High-Growth Firm Analysis.Link

Kauffman Foundation (n.d.). Measuring an Entrepreneurial Ecosystem. Link

Kauffman Foundation (n.d.). Research on High-Growth Firms and Job Creation.Link

Keck, M.E. & Sikkink, K. (1998). Activists Beyond Borders: Advocacy Networks in International Politics. Cornell University Press.Link

Kendall, J. & Mishra, S. (2025). Overcoming the Automation Paradox: How Africa Can Build a Durable Advantage in AI-Enabled Services. SSRN.Link

Kendall, J. & Mishra, S. (2026). Africa's post-factory job future may lie in AI services. Nature Africa.Link

Kenya Ministry of ICT (2025). Kenya National AI Strategy 2025–2030. Link

KeNIA (Kenya National Innovation Agency) (2024). GrowthAfrica, Kenya Innovation Outlook 2024.Link

Kgothatso Meka (2025). Africa Is Not Ready for the AI Era, and Few Are Willing to Say It. Link

Khan, M.H. (2010). Political Settlements and the Governance of Growth-Enhancing Institutions. SOAS Research Online.Link

Kim, H., Kim, D. & Koning, R. (2026). Mapping AI into Production: A Field Experiment on Firm Performance. INSEAD Working Paper No. 2026/20/STR. April 2026. Link

Klepper, S. (2016). Experimental Capitalism: The Nanoeconomics of American High-Tech Industries. Princeton University Press.Link

Khanna, T. & Palepu, K. (1997). Why Focused Strategies May Be Wrong for Emerging Markets. Harvard Business Review, July–August 1997.

KNOMAD (n.d.). Remittance Data. World Bank Global Knowledge Partnership on Migration and Development.Link

Knight, G.A. & Cavusgil, S.T. (2004). Innovation, organizational capabilities, and the born-global firm. Journal of International Business Studies, 35(2).Link

Köhn, A. (2018). The determinants of startup valuation in the venture capital context: a systematic review and avenues for future research. Management Review Quarterly.Link

Krugman, P. (1991). Geography and Trade. MIT Press.Link

Kumpf, B. & Hoshyar, S. (12 September 2025). OECD Ecosystem Strengthening Learning Journey Series Session One: Measuring the Maturity Levels of Innovation Ecosystems.Link

Launch Base Africa (n.d.). Coverage of African scaling venture leadership transitions.Link

Lavis, J.N., Robertson, D., Woodside, J.M., McLeod, C.B. & Abelson, J. (2003). How Can Research Organizations More Effectively Transfer Research Knowledge to Decision Makers? The Milbank Quarterly, 81(2).Link

Lay, J. & Tafese, T. (2025). Africa's Emergent Tech Sector: Its Characteristics and Impact on Development and Labour Markets, Africa Spectrum, DOI 10.1177/00020397241306454 Link

Lazaridis Institute (2019). Research Report: Scale-Up Dynamics.Link

Lazarow, A. (2020). Out-Innovate: How Global Entrepreneurs - from Delhi to Detroit - Are Rewriting the Rules of Silicon Valley. Link

Lazear, E.P. & Gibbs, M. (2014). Personnel Economics in Practice (3rd edition). Wiley.Link

Lerner, J. & Nanda, R. (2020). Venture Capital's Role in Financing Innovation: What We Know and How Much We Still Need to Learn. Journal of Economic Perspectives, 34(3).Link

Lerner, J. & Schoar, A. (2005). Does Legal Enforcement Affect Financial Transactions? The Contractual Channel in Private Equity. Quarterly Journal of Economics, 120(1).Link

Levi-Faur, D. (2005). The Global Diffusion of Regulatory Capitalism. The Annals of the American Academy of Political and Social Science.Link

Levy, B. (2014). Working with the Grain: Integrating Governance and Growth in Development Strategies. Oxford University Press.Link

Lin, J.Y. (2012). New Structural Economics: A Framework for Rethinking Development and Policy. World Bank.Link

London Business School Wheeler Institute for Business and Development (2021). Digital Scale: Fintech Scale Prevalence in Africa.Link

Mack, E. & Mayer, H. (2016). The evolutionary dynamics of entrepreneurial ecosystems. Urban Studies, 53(10).Link

Marcelle, G.M. (2021). Mobilizing and Deploying Capital for Good: The Triple B© Framework. Resilience Capital Ventures, Washington DC. Link

March, J.G. (1991). Exploration and Exploitation in Organizational Learning. Organization Science, 2(1).Link

Masakhane (2026). Masakhane African Languages Hub Request for Proposals.Link

Mason, C. & Brown, R. (2014). Entrepreneurial Ecosystems and Growth Oriented Entrepreneurship. OECD LEED Programme.Link

Mathews, J.A. (2002). Dragon Multinationals: A New Model for Global Growth. Oxford University Press.Link

Mazzucato, M. (2013, revised 2018). The Entrepreneurial State: Debunking Public vs. Private Sector Myths. Link

Mazzucato, M. (2021). Mission Economy: A Moonshot Guide to Changing Capitalism. Link

McKenzie, D. (2022), Iacovone, L., Maloney, W.F. Improving Management with Individual and Group-Based Consulting: Results from a Randomized Experiment in Colombia. Review of Economic Studies, 89(1), 346-371. Link

McKinsey & Company (2015). Winning in Africa's Consumer Market.Link

McKinsey & Company (n.d.). Africa's Business Revolution / Reimagining Economic Growth in Africa.Link

McKinsey & Company (n.d.). Management Practices in Fast-Growing Firms.Link

McKinsey & Company (n.d.). Solving Africa's Infrastructure Paradox.Link

Meadows, D.H. (1999). Leverage Points: Places to Intervene in a System. The Donella Meadows Project / Academy for Systems Change.Link

Meadows, D.H. (2008, posthumous). Thinking in Systems: A Primer. Edited by Diana Wright. Chelsea Green Publishing.Link

Mensah, J.T. (2024). Jobs! Electricity Shortages and Unemployment in Africa. Journal of Development Economics.Link

Mercy Corps & Jobtech Alliance (n.d.). Jobtech landscape mapping across Africa.Link

Mercy Corps Ventures (2025). Annual Impact Report.Link

Mincer, J. (1962, with subsequent extensions). On-the-Job Training: Costs, Returns, and Some Implications. Journal of Political Economy.Link

Mintzberg, H. & Waters, J.A. (1985). Of Strategies, Deliberate and Emergent. Strategic Management Journal, 6(3).Link

MIT Sloan Kuo Sharper Center for Prosperity and Entrepreneurship (2024). Navigating Currency Volatility: Challenges and Explored Solutions for Small Businesses and Startups in Africa.Link

MIT Sloan Kuo Sharper Center for Prosperity and Entrepreneurship (2025). Hedging Currency Risk: Strategies to Implementation.Link

Mkalama, B. & Ouma, S. (2025). Making sense of funding inequalities in the venture capital space: a state of the art review paper with views from Africa. Socio-Economic Review, 23(2), 1013–1037. Link

Mkandawire, T. (2001). Thinking About Developmental States in Africa. Cambridge Journal of Economics, 25(3).Link

Mo Ibrahim Foundation (2024). Ibrahim Index of African Governance 2024.Link

Mo Ibrahim Foundation (2025). A New Playbook: Venture Capital in Africa. 2025 Forum Report. Link

Mo Ibrahim Foundation (n.d.). Financing the Africa We Want. Link

Myrdal, G. (1957). Economic Theory and Under-Developed Regions. Gerald Duckworth. Link

Nagji, B. & Tuff, G. (2012). Managing Your Innovation Portfolio. Harvard Business Review. Link

Naudé, W. (2026). The African Entrepreneurial Ecosystem Index: Conceptual, Methodological and Empirical Flaws and the Way Forward. Journal of Technology Transfer. Link

Nelson, R.R. & Winter, S.G. (1982). An Evolutionary Theory of Economic Change. Belknap Press / Harvard University Press.Link

Nesta.Link

NetBlocks (2025). The Cost of Internet Shutdowns. Link

Nonaka, I. & Takeuchi, H. (1995). The Knowledge-Creating Company: How Japanese Companies Create the Dynamics of Innovation. Oxford University Press. Link

North, D.C., Wallis, J.J. & Weingast, B.R. (2009). Violence and Social Orders: A Conceptual Framework for Interpreting Recorded Human History. Cambridge University Press.Link

Notre Dame Global Adaptation Initiative (n.d.). ND-GAIN Country Index.Link

Noy, S. & Zhang, W. (2023). Experimental evidence on the productivity effects of generative artificial intelligence. Science, 381(6654).Link

O'Donnell, P., Leger, M., O'Gorman, C. & Clinton, E. (2024). Necessity Entrepreneurship. Academy of Management Annals, 18(1), 44-81.Link

ODI (2025). Brains, Bytes and Bottlenecks: Fixing Africa's AI Talent Gap. Overseas Development Institute.Link

OECD (2021). OECD Regulatory Policy Outlook 2021.Link

OECD (2025). Africa Capital Markets Report 2025.Link

OECD (2025). Engaging Citizens in Innovation Policy. OECD Science, Technology and Industry Policy Papers.Link

OECD (2025). How to best use STI policy experimentation to support transitions?Link

OECD (2025). OECD DAC Blended Finance Guidance 2025.Link

OECD (2025). Science, Technology and Innovation Outlook 2025.Link

OECD (2025). Stakeholder engagement and collaboration in STI for the green transition.Link

OECD (2025). Unleashing SME Potential to Scale Up. OECD Studies on SMEs and Entrepreneurship.Link

OECD (2026). A Historic Decline in Foreign Aid: Preliminary 2025 ODA Data.Link

OECD.AI (n.d.). Egypt National Artificial Intelligence Strategy 2025–2030.Link

OECD Innovation for Development Facility & International Development Innovation Alliance (IDIA) (2025-26). Strengthening Innovation Ecosystems Learning Journey 2025-26 (six-session peer-learning programme, FCDO-funded).Link

Olson, M. (1982). The Rise and Decline of Nations: Economic Growth, Stagflation, and Social Rigidities. Yale University Press.Link

Omidyar Network.Link

Onoshakpor, C., Cunningham, J. & Gammie, E. (2023). Contextualising Female Entrepreneurship and Financial Inclusion in Nigeria. In Harrison, C. & Omeihe, K.O. (eds.), Contextualising African Studies: Challenges and the Way Forward. Emerald Publishing.Link

Open Data Institute (n.d.). Data Trust Framework.Link

OpenAIR (n.d.). Open African Innovation Research Consortium. Link

Organisation Africaine de la Propriété Intellectuelle (OAPI). Link

Ostrom, E. (1990). Governing the Commons: The Evolution of Institutions for Collective Action. Cambridge University Press.Link

PAPSS (n.d.). Pan-African Payment and Settlement System. Link

Parker, G.G., Van Alstyne, M.W. & Choudary, S.P. (2016). Platform Revolution: How Networked Markets Are Transforming the Economy and How to Make Them Work for You. W.W. Norton.Link

Partech Africa (2022). 2022 Africa Tech VC Report.Link

Partech Africa (2024). Africa Tech Venture Capital Report 2024.Link

Partech Africa (2026). 2025 Africa Tech Venture Capital Report.Link

Penrose, E. (1959 / 2009 edition). The Theory of the Growth of the Firm. Oxford University Press.Link

Peng, S., Kalliamvakou, E., Cihon, P. & Demirer, M. (2023). The Impact of AI on Developer Productivity: Evidence from GitHub Copilot. arXiv.Link

Pesalink (n.d.). Kenya Bankers Association Integrated Payment System.Link

Pielke, R.A. (2007). The Honest Broker: Making Sense of Science in Policy and Politics. Cambridge University Press.Link

Polanyi, M. (1966). The Tacit Dimension. University of Chicago Press.Link

Prahalad, C.K. (2004 / 2009 fifth-anniversary edition). The Fortune at the Bottom of the Pyramid: Eradicating Poverty Through Profits. Pearson / Wharton School Publishing.Link

Publish What You Fund (2025). DFI Transparency Index 2025.Link

Raby, S. (2017). What Drives SME Growth? Introducing the Leader's Growth Mindset. Institute for Innovation and Entrepreneurship, Mount Royal University.

Ramamurti, R. & Hennart, J.-F. (2014). The Theoretical Implications of Emerging Multinationals for International Business Research. Global Strategy Journal.Link

Reinert, E.S. (2007). How Rich Countries Got Rich, and Why Poor Countries Stay Poor. PublicAffairs.Link

Rest of World (2021). Adeoye, A. & Schwartz, L. For Foreign Start-Ups, All Roads Lead to Delaware.Link

Rest of World (2021). Adegoke, Y. The Truth About Africa's Tech Talent Shortage.Link

Rest of World (2022). Adegoke, Y. In Africa's Booming Startup Hubs, the Founders Have Become the Funders.Link

Rest of World (2022). The Scandal at Nigerian Unicorn Flutterwave Is the Tip of a Toxic Iceberg.Link

Rest of World (2024). Scale AI's Remotasks Abruptly Blocked Workers. Link

Rest of World (2025). Africa AI for Good: Big Tech Shapes African Research Agendas.Link

Rochet, J.-C. & Tirole, J. (2003). Platform Competition in Two-Sided Markets. Journal of the European Economic Association, 1(4).Link

Rodrik, D. (2007). One Economics, Many Recipes: Globalization, Institutions, and Economic Growth. Princeton University Press.Link

Rodrik, D. (2008). Industrial Policy in the Twenty-First Century. Harvard.Link

Rodrik, D. (2008). Normalizing Industrial Policy. Commission on Growth and Development Working Paper No. 3, World Bank.

Roundy, P.T., Brockman, B.K. & Bradshaw, M. (2017). The resilience of entrepreneurial ecosystems. Journal of Business Venturing Insights, 8 .Link

Rwanda Ministry of ICT and Innovation (n.d.). Policies and Regulations. MINICT.Link

Sabatier, P.A. & Weible, C.M. (2007). The Advocacy Coalition Framework: Innovations and Clarifications. In P.A. Sabatier (ed.), Theories of the Policy Process (2nd ed., pp. 189–220). Westview Press. Link

Sabatier, P.A. & Jenkins-Smith, H.C. (1993). Policy Change and Learning: An Advocacy Coalition Approach. Westview Press.Link

Saxenian, A. (1994). Regional Advantage: Culture and Competition in Silicon Valley and Route 128. Harvard University Press.Link

Saxenian, A. (2006). The New Argonauts: Regional Advantage in a Global Economy. Harvard University Press.Link

SAVCA + VS Nova (2025). VC Survey 2025: Southern African Venture Capital Activity. South African Venture Capital and Private Equity Association.Link

ScaleUp Institute (n.d.). UK ScaleUp Institute.Link

ScaleUp Institute (n.d.). Innovate UK Scale-Up Programme Evaluation. Link

ScaleUp Nation (n.d.). ScaleUp Scan and Scale-Up Research. Link

Schelling, T.C. (1978). Micromotives and Macrobehaviour. Norton.Link

Sendemo & Digital Africa (2024). Discovery Report: A Year-Long Qualitative Investigation Across Thirteen African Ecosystems.Link

Sendemo & Digital Africa (2024). Understanding Startup Support in Africa.Link

Shega / ANDE (2024). Entrepreneurial Ecosystem Map Ethiopia 2024. Link

Shepherd, D.A. (2003). Learning from Business Failure: Propositions of Grief Recovery for the Self-Employed. Academy of Management Review, 28(2).Link

SIMODISA (2024). SA Startup Act Progress Report 2023/24.Link

Spear, S. & Bowen, H.K. (1999). Decoding the DNA of the Toyota Production System. Harvard Business Review.Link

Spence, M. (1973). Job Market Signaling. Quarterly Journal of Economics, 87(3).Link

Stam, E. (2015). Entrepreneurial Ecosystems and Regional Policy: A Sympathetic Critique. European Planning Studies, 23(9).Link

Stam, E. & Spigel, B. (2018). Entrepreneurial Ecosystems. In R. Blackburn, D. De Clercq & J. Heinonen (Eds.), The SAGE Handbook of Small Business and Entrepreneurship (Chapter 21).

Stangler, D. & Bell-Masterson, J. (2015). Measuring an Entrepreneurial Ecosystem. Kauffman Foundation.Link

Startup Act Tunisia (n.d.). Tunisia Startup Act.Link

Startup Genome (2025). Global Startup Ecosystem Report 2025.Link

Startup Genome (n.d.). A Deep Dive into theAnatomy of Premature Scaling.Link

Startup Genome (n.d.). Defining a Tech Scale-Up.Link

Startup Graveyard Africa (2024). 2024 Startup Graveyard Report.Link

StartupBlink (2025). Global Startup Ecosystem Index 2025.Link

StartupBlink (2025). Kenya Innovation Ecosystem Profile.Link

StartupList Africa (2025). Fintech Cities Analysis. Link

Stephan, U. (2018). Entrepreneurs' Mental Health and Well-Being: A Review and Research Agenda. Academy of Management Perspectives, 32(3).Link

Stinchcombe, A.L. (1965). Social Structure and Organizations. In J.G. March (ed.), Handbook of Organizations. Rand McNally.Link

Studwell, J. (2026). How Africa Works: Success and Failure on the World's Last Developmental Frontier. Atlantic Monthly Press.Link

Sutton, R.I. & Hargadon, A. (1996). Brainstorming Groups in Context: Effectiveness in a Product Design Firm. Administrative Science Quarterly.Link

Tamaseb, A. (2021). Super Founders: What Data Reveals About Billion-Dollar Startups. Public Affairs.Link

TCX Fund (n.d.).Link

TechCabal Insights (2024). State of African Tech in 2024: Key Trends and 2025 Outlook. Link

TechCabal Insights (2025). State of Tech in Africa 2025.Link

TechCabal Insights (2026). The State of Startup Exits in Africa in 5 Charts.Link

Teece, Pisano & Shuen (1997), Dynamic Capabilities and Strategic Management. Cambridge Handbooks in Management . Link.

Tilly, C. (1998). Durable Inequality. University of California Press.Link

Tony Blair Institute for Global Change (n.d.).Link

Tony Elumelu Foundation (n.d.). Entrepreneurship Programme. Link

Top10VPN (2025). The Global Cost of Internet Shutdowns 2024.Link

TRALAC (n.d.). AfCFTA Implementation Analysis. Link

Transparency International (2024). Corruption Perceptions Index 2024.Link

Tushman, M.L. & O'Reilly, C.A. (2004). The Ambidextrous Organization. Harvard Business Review. Link

UN DESA (n.d.). World Urbanization Prospects. United Nations Department of Economic and Social Affairs, Population Division.Link

UNCTAD (n.d.). Non-Tariff Measures Data.Link

UNDP (2025). Only 5 Percent of Africa's AI Talent Has the Compute Power It Needs.Link

UNDP Accelerator Labs & AfriLabs (n.d.). Africa Innovation Policy Dialogues Series.Link

UNECA (2025). Economic Report on Africa 2025. UN Economic Commission for Africa.Link

USDA (2024). International Food Security Assessment 2024–34. USDA Economic Research Service.Link

Van de Ven, A.H. & Johnson, P.E. (2006). Knowledge for Theory and Practice. Academy of Management Review, 31(4). Link

Verwijmeren, P. & Derwall, J. (2010). Employee well-being, firm leverage, and bankruptcy risk. Journal of Banking & Finance.Link

Walker, S. (2026). Africa's $10 Billion AI Moment: Capital Mobilisation, Labour Transitions, and the Design Question No One is Asking. Systemic Innovation Substack.Link

Walker, S. & Windsor, G (2026.). Scaling and Digital Trade - EUI volume chapter. Link

Wasserman, N. (2012). The Founder's Dilemmas: Anticipating and Avoiding the Pitfalls That Can Sink a Startup. Princeton University Press.Link

Weiss, T., Perkmann, M. & Phillips, N. (n.d.). Scaling technology ventures in Africa: new opportunities for research. Imperial College Business School.

Welter, F., Baker, T., Audretsch, D.B. & Gartner, W.B. (2017). Everyday Entrepreneurship - A Call for Entrepreneurship Research to Embrace Entrepreneurial Diversity. Entrepreneurship Theory and Practice, 41(3).Link

Wenger, E. (1998). Communities of Practice: Learning, Meaning, and Identity. Cambridge University Press.Link

West, G. (2017). Scale: The Universal Laws of Life and Death in Organisms, Cities and Companies. Penguin.Link

Westley, F., Zimmerman, B. & Patton, M.Q. (2006). Getting to Maybe: How the World Is Changed. Random House Canada.Link

What Works Network (UK Government). What Works Centres.Link

Whitfield, L., Therkildsen, O., Buur, L. & Kjær, A.M. (2015). The Politics of African Industrial Policy: A Comparative Perspective. Cambridge University Press.Link

Wiklund, J., Hatak, I., Patzelt, H. & Shepherd, D.A. (2018). Mental disorders in the entrepreneurship context: When being different can be an advantage. Academy of Management Perspectives, 32(2), 182-206 Link

William Davidson Institute at the University of Michigan (2025). Reimagining the Future of Enterprise Support Organizations in East Africa.Link

Williamson, O.E. (1985). The Economic Institutions of Capitalism: Firms, Markets, Relational Contracting. Free Press / Simon and Schuster.Link

Wilson, N.A.A. (2025). A study of returnee entrepreneurship ecosystem: the case of Ghana. PhD thesis, Nottingham Trent University.Link

Wimbart (2024). Investor survey on African startup quality assessment.Link

WIPO (2024). Global Innovation Index 2024. World Intellectual Property Organization.Link

WIPO (2025). Global Innovation Index 2025. World Intellectual Property Organization.Link

World Bank (2017). World Development Report 2017: Governance and the Law.Link

World Bank (2024). Business Ready (B-READY) Report.Link

World Bank (2024). Migration and Development Brief 40. KNOMAD.Link

World Bank (2025). Africa's Pulse, October 2025.Link

World Bank (2025). From Ambition to Action: Supporting Rwanda's Digital Entrepreneurs to Scale.Link

World Bank (2025). Global Economic Prospects, January 2025.Link

World Bank (2025). Global Findex Database 2025: Digital Economy and Financial Inclusion.Link

World Bank (June 2025). June 2025 Update to Global Poverty Lines.Link

World Bank (n.d.). Africa Overview.Link

World Bank (n.d.). Africa Region Data Portal.Link

World Bank (n.d.). B-READY Index: Business Enabling Environment.Link

World Bank (n.d.). Country Climate and Development Reports.Link

World Bank (n.d.). Enterprise Surveys.Link

World Bank (n.d.). Remittance Prices Worldwide.Link

World Bank (n.d.). Worldwide Governance Indicators.Link

World Bank (n.d.). XL Africa Programme Reflection.Link

World Economic Forum (2023). Africa R&D Spending Analysis.Link

World Economic Forum (2025). Chief People Officers Outlook, September 2025.Link

World Economic Forum (2025). Future of Jobs Report 2025: Jobs of the Future and the Skills You Need.Link

World Economic Forum (2025). Investing in Green Compute in Africa.Link

World Economic Forum (2025). The Future of Jobs in Sub-Saharan Africa: Population Boom Can Make the Region a Talent Hotspot.Link

World Economic Forum (February 2026). Analysis of African informal-economy platform credit infrastructure.Link

World Justice Project (2024). Rule of Law Index 2024.Link

Yu, S. (2020). How Do Accelerators Impact the Performance of High-Technology Ventures? Management Science, 66(2), 530-552. Link

Zebras Unite (n.d.). The Zebra Movement.Link

Zhu, F. & Iansiti, M. (2012). Entry into Platform-Based Markets. Strategic Management Journal, 33(1). Link

Zindi (n.d.). Zindi Africa: AI Competition Platform for African Data Scientists.Link

Original 2022 Bibliography

The following bibliography was compiled for the original 2022 publication, drawing on over 500 documents. It is preserved in full as the foundational reference base for this publication.

  1. Abubakar, E. (2021). Scaling the growth of impact investing in African economies. Future African Forum. Link

  2. Adebayo, D. (2018). Scaling in Nigeria with no Middle Class. Stears Business. Link

  3. Adegbite, O. (2001). Business incubators and small enterprise development: the Nigerian experience. Small business economics, 17(3), 157-166. Link

  4. Adegoke, Y. (2021). The truth about Africa’s tech talent shortage. Rest of World. Link

  5. Adegoke, Y. (2022). In Africa’s booming startup hubs, the founders have become the funders. Rest of World. Link

  6. Adeoye, A. & Schwartz, L. (2021). For foreign start-ups, all roads lead to Delaware. Rest of World. Link

  7. Adomako, S., Amankwah-Amoah, J., & Chu, I. (2020). Entrepreneurs’ passion, home country’s institutional voids and small firm internationalization. Research in International Business and Finance, 53, 1-25. Link

  8. ACCA (2019). Scale-up success: What do SMEs need to supercharge their growth? Link

  9. Aernoudt, R. (2004). Incubators: Tool for entrepreneurship? Small Business Economics, 23(2), 127–135. Link

  10. AfriLabs & Briter Bridges (2019). Building a conducive setting for innovators to thrive. Link

  11. AfriLabs & Briter Bridges(2021). Bolstering innovators in Africa. Link

  12. Africa Development Bank Group (2022). UN report: 41 Countries in Africa face maximum exposure in ‘three-dimensional crisis’ as a result of war in Ukraine. Link

  13. Africa Tech Venture Capital (2022). Africa Tech Venture Capital Report. Link

  14. African Private Equity and Venture Capital Association (2021). Venture Capital in Africa. Link

  15. Africarena (2021). The State of Tech in Africa. Link

  16. Aghion, P., Antonin, C., & Bunel, S. (2021). The power of creative destruction. Harvard University Press. Link

  17. Agyenim-Boateng, T., Benson-Armer, R & Russo, B. (2015). Winning in Africa’s Consumer Market. McKinsey & Company. Link

  18. Ahmed, A., & Nwankwo, S. (2013). Entrepreneurship development in Africa: an overview. World Journal of Entrepreneurship, Management and Sustainable Development. Link

  19. Ajayi, T., Fatunbi, O., & Akinbamijo, Y. (2018). Strategies for Scaling agricultural technologies in Africa. Accra Ghana: Forum for Agricultural Research in Africa (FARA). Link

  20. Ajene, E. (2020). Venture scale startups targeting Africa should start with a multi-country mindset. Afridigest. Link

  21. Ajene, E. (2020). Should African entrepreneurs target the few affluent or the many low-income consumers? Afridigest. Link

  22. Ajene, E. (2020). Why B2C e-commerce hasn't yet scaled in African markets. Afridigest. Link

  23. Ajene, E. (2022). A dazzling January debut for tech startups in Africa. Afridigest. Link

  24. Ajifowoke, M. (2022). With $700m raised in 2021, African startups are turning to debt. Techcabal. Link

  25. Alexy, O., Criscuolo, P. & Salter, A. (2009). Does IP Strategy Have to Cripple Open Innovation? MITSloan Management Review. Link

  26. Allen, D. N., & McCluskey, R. (1991). Structure, policy, services, and performance in the business incubator industry. Entrepreneurship theory and practice, 15(2), 61-77. Link

  27. Alozie, N. (2021). The Meritocracy Conundrum in Sub-Saharan Africa. African Social Science Review, 11(1), 3. Link

  28. Altinger, B. (2013). A new model for innovation in big companies. Harvard Business Review. Link

  29. Amaeshi, K. (2018). Africapitalism: Why Africa needs a tailed economic principle. African Liberty. Link

  30. Amma, G. (2022). African Ecosystem Matters: Should the Sun Set on Unicorn Chasing? Linkedin. Link

  31. Amah, O. E., & Oyetunde, K. (2019). Determinants of high-performance organizations in Africa: A conceptual framework and research propositions. International Journal of Management, Economics and Social Sciences (IJMESS), 8(4), 319-333. Link

  32. Amankwah‐Amoah, J., Khan, Z., Ifere, S. E., Nyuur, R. B., & Khan, H. (2021). Entrepreneurs’ Learning from Business Failures: An Emerging Market Perspective. British Journal of Management. Vol. 0, 1–22. Link

  33. Amankwah-Amoah, J., Khan, Z., & Wood, G. (2021). COVID-19 and business failures: The paradoxes of experience, scale, and scope for theory and practice. European Management Journal, 39(2), 179-184. Link

  34. Andreessen, M. C. (2007). The only thing that matters. Pmarca. Link

  35. Amezcua, A.S. (2010). Performance analysis of entrepreneurship policy: Which business incubators generate the highest levels of economic performance? Frontiers of Entrepreneurship Research, 30(18), 691–705. Link

  36. ANDE (2013). Entrepreneurial Ecosystem  Diagnostic Toolkit. Link

  37. ANDE (2018). Ethiopia - Entrepreneurial ecosystem snapshot. Link

  38. ANDE (2018). Snapshot report - Gauteng. Link

  39. ANDE (2018). Snapshot report - Rwanda. Link

  40. ANDE(2021). What we know about cultivating entrepreneurial ecosystems. Link

  41. ANDE (2021). Ghana - Financial Constraints to Entrepreneurs in Ghana. Link

  42. Andersson, S. (2003). High‐growth firms in the Swedish ERP industry. Journal of Small Business and Enterprise Development. Vol 10(2), 180-193.

  43. Ancona, D. & Isaacs, K. (2019). 3 Ways to Build a Culture of Collaborative Innovation. Harvard Business Review. Link

  44. Appsafrica. (2022). A new Era for Angel Investing in Africa. Link

  45. Argidius (2022). How to Fulfill the Potential of Business Development Services using SCALE. Link

  46. Argidius (2019). Learning to scale effective enterprise development. A summary of what works. Link

  47. Armstrong, C., & De Beer, J. (2021). A taxonomy to understand scaling of innovation by African enterprises. The African Journal of Information and Communication, 27, 1-22. Link

  48. Arrighetti, A., & Lasagni, A. (2013). Assessing the determinants of high-growth manufacturing firms in Italy. International Journal of the Economics of Business, 20(2), 245-267.  Link

  49. Assenova, V. A. (2020). Early-stage venture incubation and mentoring promote learning, scaling, and profitability among disadvantaged entrepreneurs. Organization Science, 31(6), 1560-1578. Link

  50. Audretsch, D. B. (2012, March). Determinants of high-growth entrepreneurship. Report prepared for the OECD/DBA International Workshop on “High-Growth Firms: local policies and local determinants. Link

  51. Augustine, A. (2022). Venture funding is slowing down globally. Should African start-ups be concerned? Techcabal. Link

  52. Augustine, A. (2022). Development finance institutions are looking to Africa’s digital frontier for impact and returns. Techcabal. Link

  53. Autio, E., Arenius, P., & Wallenius, H. (2000). Economic impact of gazelle firms in Finland. Helsinki University of Technology Working Paper Series. Link

  54. Atiase, V. Y., Kolade, O., & Liedong, T. A. (2020). The emergence and strategy of tech hubs in Africa: Implications for knowledge production and value creation. Technological Forecasting and Social Change, 161, 120-307. Link

  55. Attrey, A., Lesher, M., & Lomax, C. (2020). The role of sandboxes in promoting flexibility and innovation in the digital age. Going Digital Toolkit Policy Note, (2). Link

  56. Azoulay, P., Jones, B. F., Kim, J. D., & Miranda, J. (2020). Age and high-growth entrepreneurship. American Economic Review: Insights, 2(1), 65-82. Link

  57. Baah, B. (2022). The power of connections: Strengthening African tech ecosystems. Tony Blair Institute for Global Change. Link

  58. Bachmann, J. (2022). Founders, here’s how top VCs are doing due diligence on you. Sifted.Link

  59. Bachmann, J. (2022). How founder diligence in venture capital is falling short. Sifted. Link

  60. Bailetti, T., & Tanev, S. (2020). Examining the Relationship Between Value Propositions and Scaling Value for New Companies. Technology Innovation Management Review, 10(2): 5-13. Link

  61. Bamiatzi, V. C. & Kirchmaier, T. (2014). Strategies for superior performance under adverse conditions: A focus on small and medium-sized high-growth firms. International Small Business Journal, 32(3), 259-284. Link

  62. Bannerjee, S., Bielli, S., & Haley, C. (2016). Scaling Together: Overcoming Barriers in Corporate-Start-up Collaboration. Nesta. Link

  63. Barringer, B. R., Jones, F. F., & Neubaum, D. O. (2005). A quantitative content analysis of the characteristics of rapid-growth firms and their founders. Journal of business venturing, 20(5), 663-687. Link

  64. Berman, J. (2016). Success in Africa: CEO Insights from a Continent on the Rise. Routledge. Link

  65. Bigliardi, B., Ferraro, G., Filippelli, S., & Galati, F. (2021). The past, present and future of open innovation. European Journal of Innovation Management. 24(4), 1130-1161. Link

  66. Birch, L. (2021). Perspectives on early stage venture capital in Africa. Part one with Zachariah George. Vauban. Link

  67. Bocken, N. M., Fil, A., & Prabhu, J. (2016). Scaling up social businesses in developing markets. Journal of Cleaner Production, 139, 295-308. Link

  68. Bos, J. W., & Stam, E. (2014). Gazelles and industry growth: a study of young high-growth firms in The Netherlands. Industrial and Corporate Change, 23(1), 145-169. Link

  69. Boston Consulting Group. (2021). Overcoming Africa's Tech Startup Obstacles. Link

  70. Boston, T. D., & Boston, L. R. (2007). Secrets of gazelles: The differences between high-growth and low-growth businesses owned by African American entrepreneurs. The Annals of the American Academy of Political and Social Science, 613(1), 108-130. Link

  71. Brigl, M., Dehnert, N., Gross-Selbeck, S., Roos, A., Schmieg, F., & Simon, S. (2018). How the Best Corporate Venturers Keep Getting Better. BCG. Link

  72. Bright Africa (2021). Private Equity in Africa. Link

  73. Bright Africa (2022). Private Equity Report. Link

  74. Bright, J. (2019). Africa can list more gazelles at home than unicorn IPOs abroad. TechCrunch. Link

  75. Briter Bridges (2021). Jobtech in Africa: expanding access to employment. Link

  76. Briter Bridges (2022). HR tech and SME management companies in Africa. Link

  77. Briter Bridges (2021). Y Combinator’s increasing investments in Africa and its cohorts' performances. Link

  78. Briter Bridges (2021). Africa Investment Report. Link

  79. Briter Bridges (2022). Innovating Food Systems in East Africa. Link

  80. British International Investment (2022). The future of Impact Led Investing in Africa. Link

  81. Brookings Institute (2018). The potential of manufacturing and industrialization in Africa: Trends, opportunities, and strategies. Link

  82. Brookings Institute (2019). Africa's Untapped Business Potential: Countries, sectors, and strategist. Link

  83. Brown, O. (2019). The mystery of market size in Nigeria. Medium. Link

  84. Brown, R., & Mawson, S. (2013). Trigger points and high‐growth firms: A conceptualisation and review of public policy implications. Journal of Small Business and Enterprise Development. 20(2), 279-295. Link

  85. Brown, R., & Mawson, S. (2016). Targeted support for high growth firms: Theoretical constraints, unintended consequences and future policy challenges. Environment and Planning C: Government and Policy, 34(5), 816-836. Link

  86. Brown, R., Mawson, S., & Mason, C. (2017). Myth-busting and entrepreneurship policy: the case of high growth firms. Entrepreneurship & Regional Development, 29(5-6), 414-443. Link

  87. Bryant, A. (2021). Does Culture really eat strategy for breakfast? Strategy + business. Link

  88. Business Africa Online (2022). Bantaba: Connecting African Tech Startups With Diaspora Investors And Resources. Link

  89. Buys, A. J., & Mbewana, P. N. (2007). Key success factors for business incubation in South Africa: the Godisa case study: news & views. South African Journal of Science, 103(9), 356-358. Link

  90. B2B Central (2019). Promise and Perils: Scaling up Businesses in Sub-Saharan Africa. Link

  91. Cag, D. (2022). Olu Akanmu, CEO OPay Nigeria, talks about emerging fintech markets. Fintech Magazine. Link

  92. Catalyst Fund (2019). Accelerating Early-stage Inclusive Fintech. Link

  93. Capasso, M., Cefis, E., & Frenken, K. (2009). Do some firms persistently outperform? (No. 2009/15). LEM Working Paper Series. Link

  94. Chan, Y. E., Bhargava, N., & Street, C. T. (2006). Having arrived: the homogeneity of high‐growth small firms. Journal of Small Business Management, 44(3), 426-440. Link

  95. Chatham House: The Royal Institute of International Affairs. (2017).Developing Businesses of Scale in Sub-Saharan Africa Insights from Nigeria, Tanzania, Uganda and Zambia. Link

  96. Child, J., Hsieh, L., Elbanna, S., Karmowska, J., Marinova, S., Puthusserry, P., Tsai, T., Narooz, R., & Zhang, Y. (2017). SME international business models: The role of context and experience. Journal of World Business, 52(5): 664-679. Link

  97. Chironga, M., Desvaux, G., & Leke, A. (2018). Rethinking the African Business Opportunity. McKinsey & Company. Link

  98. Christensen, C., Ojomo, E., & van Bever, D. (2017). Africa’s New Generation of Innovators - How some entrepreneurs have succeeded in creating new markets where many global giants have failed. Harvard Business Review. Link

  99. Christensen, C, Ojomo, E, Dillon, K (2019). The Prosperity Paradox: How Innovation Can Lift Nations Out of Poverty. Link

  100. Choi, T., Robertson, J., & Rupasingha, A. (2013). High-growth firms in Georgia. Working Paper, No. 2013-20.Link

  101. Chuku, F. & Murima, J. (2021). Y Combinator’s increasing investments in Africa and its cohorts' performances. Briter Bridges.Link

  102. Cenfri (2019). Africa's Digital Platforms Trends Report. Link

  103. Cirera, X., & Maloney, W. F. (2017). The innovation paradox: Developing-country capabilities and the unrealized promise of technological catch-up. World Bank Publications. Link

  104. Clark, C., Massarsky, C. W., Raben, T. S., & Worsham, E. (2012). Scaling social impact: A literature toolkit for funders. Growth Philanthropy Network and Duke University. Link

  105. Clay, A., & Paul, R. (2012). Open Innovation: A Muse for Scaling. Stanford Social Innovation Review, 10(4), 17–18. Link

  106. Coad, A., Daunfeldt, S. O., Hölzl, W., Johansson, D., & Nightingale, P. (2014). High-growth firms: introduction to the special section. Industrial and Corporate Change, 23(1), 91-112. Link

  107. Cochran, L. (2019). Rethinking the ‘Africa Play’: Why We Held Back from the Africa Investment Frenzy. Nextbillion. Link

  108. Cohen, S. (2013). What do accelerators do? Insights from incubators and angels. Innovations: Technology, Governance, Globalization, 8(3), 19-25. Link

  109. Cohen, S. L., Bingham, C. B., & Hallen, B. L. (2019). The role of accelerator designs in mitigating bounded rationality in new ventures. Administrative Science Quarterly, 64(4), 810-854. Link

  110. Cohen, S., Fehder, D. C., Hochberg, Y. V., & Murray, F. (2019). The design of start-up accelerators. Research Policy, 48(7), 1781-1797. Link

  111. Cohn, A. (2022). How Cofounders Can Prevent Their Relationship from Derailing. Harvard Business Review. Link

  112. Collins, T. (2022). Payments landscape in Africa: Growth factors and untapped opportunities. Briter Bridges. Link

  113. Collins, T. (2022). HR tech and SME management companies in Africa. Briter Bridges. Link

  114. Colombo, M. G., Giannangeli, S., & Grilli, L. (2012). Public subsidies and the employment growth of high-tech start-ups: assessing the impact of selective and automatic support schemes. Industrial and Corporate Change, 22(5), 1273-1314. Link

  115. Cooley, L., & Linn, J. F. (2014). Taking Innovations to Scale. Results for Development.Link

  116. Cooper, S. Y., & Park, J. S. (2008). The impact of incubator organizations on opportunity recognition and technology innovation in new, entrepreneurial high-technology ventures. International Small Business Journal, 26(1), 27-56. Link

  117. Coussa, G., Dhami, T., Kaneko, M., Kim, C., Llewellyn, D., & Schmidt, M. (2018). What Small and Growing Businesses Need to Scale Up: The Case for Effective Technical Assistance. Spring Impact, Numbers for Good & Argidius. Link

  118. Coulibaly, S., Kassa, W., & Zeufack, A. G. (Eds.). (2022). Africa in the new trade environment: Market access in troubled times. World Bank Publications. Link

  119. Coviello, N. (2019). Is a high-growth firm the same as a ‘scale-up’. Lazaridis Institute for the Management of Technology Enterprises, Wilfrid Laurier University, Waterloo, Canada. Link

  120. Cristina, R., Xavier, P., Samuel, L., Felix, D., Aaron, V., Costanza, T. (2020). Regulatory Sandboxes and Innovation Testbeds: A Look at International Experience in Latin America and the Caribbean. IDB. Link

  121. Cuvellier, M. (2021). Homegrown talent still has it harder. Africa: The Big Deal. Link

  122. Cuvellier, M. (2021). …but if you want to go far, go together. Africa: The Big Deal. Link

  123. Cuvellier, M. (2021). Leaders of Today, and of tomorrow. Africa: The Big Deal. Link

  124. Daffe, A. (2021). Talent Wars in Africa – How to Win It. Gebeya. Link

  125. Dahlander, L. & Wallin, M. (2020). Why Now Is the Time for “Open Innovation”. Harvard Business Review. Link

  126. Daniels, C., Dosso, M., & Amadi-Echendu, J. E. (Eds.). (2021). Entrepreneurship, Technology Commercialisation, and Innovation Policy in Africa. Springer. Link

  127. David-West, O., Muritala, O., & Umukoro, I. O. (2019). SME techno-entrepreneurship: drivers and barriers in sub-Saharan Africa. In the Handbook of Research on Techno-Entrepreneurship, Third Edition. Edward Elgar Publishing. Link

  128. Dark Matter (2020). Beyond the Rules. Link

  129. Daunfeldt, S. O., Halvarsson, D., & Mihaescu, O. (2015). High-growth firms: Not so vital after all? Link

  130. Daunfeldt, S-O., and Halvarsson, D. (2015). Are High-Growth Firms One-Hit Wonders? Evidence from Sweden. Small Business Economics, 44(2), 361-383. Link

  131. Davidsson, P., & Henrekson, M. (2002). Determinants of the prevalence of start-ups and high-growth firms. Small business economics, 19(2), 81-104. Link

  132. David-West, O., Umukoro, I. O., & Onuoha, R. O. (2018). Platforms in Sub-Saharan Africa: start-up models and the role of business incubation. Journal of Intellectual Capital. 19(3), 581-616. Link

  133. Davies, T. (2022). Africa's FintechSoonicorns. LinkedIn. Link

  134. De Mol, E. (2019). What Makes a Successful Start-up Team? Harvard Business Review. Link

  135. De la Tour, A. &  Soussan, P. (2017). What Deep-Tech Start-ups Want from Corporate Partners. BCG. Link

  136. Decker, R., Haltiwanger, J., Jarmin, R., & Miranda, J. (2014). The role of entrepreneurship in US job creation and economic dynamism. Journal of Economic Perspectives, 28(3), 3-24. Link

  137. Decker, R. A., Haltiwanger, J., Jarmin, R. S., & Miranda, J. (2016). Declining business dynamism: What we know and the way forward. American Economic Review, 106(5), 203-07. Link

  138. Dees, J. G., Anderson, B. B., & Wei-Skillern, J. (2004). Scaling social innovation: Strategies for spreading social innovations. Stanford Social Innovation Review, 1(4), 24-32. Link

  139. Deetlefs, S. & Serwat, L. (2022). Regional Overview: Africa. ACLED. Link

  140. Delmar, F., Davidsson, P., & Gartner, W. B. (2003). Arriving at the high-growth firm. Journal of Business Venturing, 18(2), 189-216. Link

  141. Deloitte (2014). The Scale-up Challenge. Link

  142. Deloitte (2021). Scaleup Ecosystems and The Future of Mobility. Link

  143. Demir, R., Wennberg, K., & McKelvie, A. (2017). The strategic management of high-growth firms: A review and theoretical conceptualization. Long range planning, 50(4), 431-456. Link

  144. DeSantola, A., & Gulati, R. (2017). Scaling: Organizing and growth in entrepreneurial ventures. Academy of Management Annals, 11(2), 640–668. Link

  145. Disrupt Africa (2021). The African Tech Startup Funding Report. Link

  146. D’Onofrio, M. & Ding, E. (2021). Scaling to $ 100 Million. Bessemer Venture Partners. Link

  147. Dosunmu, D. (2022). Tyranny in the workplace: The chaotic culture of Bento Africa. Techcabal. Link

  148. Dreier, L., Nabarro, D., & Nelson, J. (2019). Systems Leadership for Sustainable Development: Strategies for achieving systemic change. USA: Harvard Kennedy School. Link

  149. Du, J., & Temouri, Y. (2015). High-growth firms and productivity: Evidence from the United Kingdom. Small Business Economics, 44(1), 123-143. Link

  150. Dubihlela, J., Van Schaikwyk, P.J. (2014). Small business incubation and the entrepreneurial business environment in South Africa: A theoretical perspective. Mediterranean Journal of Social Sciences, 5(23), 264–269. Link

  151. Dunn, N. (2022). What's behind Africa's fundraising growth? Link

  152. Durmaz, Y., & Ilhan, A. (2015). Growth Strategies in Businesses and a Theoretical Approach. International Journal of Business and Management, 10(4): 210-214. Link

  153. Duruflé, G., Hellmann, T. F., & Wilson, K. E. (2017). From start-up to scale-up: examining public policies for the financing of high-growth ventures. CEPR Discussion Paper No. DP2004. Link

  154. Economic Development in Africa Report. (2021). Reaping the Potential Benefits of the African Continental Free Trade Area for Inclusive Growth. Link

  155. Economist Intelligence Unit. (2019). Promise and Perils: Scaling up businesses in sub-Saharan Africa. Link

  156. Eisenmann, T. (2021). Why startups fail. Harvard Business Review. Link

  157. Endeavor Insight (2014). Entrepreneurship Policy: A Nine Country Review.Link

  158. Endeavor Insight (2014). How did Silicon Valley Become Silicon Valley? Three Surprising Lessons for Other Cities and Regions. Link

  159. Endeavor Insight (2018). Fostering productive entrepreneurship communities. Key Lessons on Generating Jobs, Economic Growth and Innovation. Link

  160. Endeavor Insight (2018). Addendum:  Fostering Productive Entrepreneurship Communities. Link

  161. Endeavor Insight (2018). Evaluation & Network Analysis of the Cape Town-Stellenbosch Tech Sector. Link

  162. Endeavor Insight (2020). Scaling through crisis :  Impact Assessment on Startups and Scaleups in Nigeria. Link

  163. Endeavor Insight (2021). Entrepreneurial Ecosystems in Agriculture: The Impact of Successful Founders and How Decision Makers Can Support Them. Link

  164. Endeavor Insight(2021). Innovation and Entrepreneurship in Healthcare. Link

  165. Endeavor Insight (2021). Innovation and Entrepreneurship in Clean Energy. Link

  166. eLearning Africa. (2021). Skills and Credentialing in the General Context of the African Continental Free Trade Area. Link

  167. El Houssamy, N., Weheba, N., & Rizk, N. (2020). Power relations, innovation, scaling, and knowledge governance at three Egyptian tech hubs: An initial exploration. Open AIR Working Paper 21. Link

  168. Essa (2021). How Universities in Africa can build job skills for young people. Link

  169. Espinoza Trujano, J., & Phiri, L. (2021). Triple dissonance: women-led funds. With a gender lens. In Africa. Journal of Sustainable Finance & Investment, 1-22. Link

  170. Essel, B. K. C., Adams, F., & Amankwah, K. (2019). Effect of entrepreneur, firm, and institutional characteristics on small-scale firm performance in Ghana. Journal of Global Entrepreneurship Research, 9(1), 1-20. Link

  171. European Commission, Joint Research Centre, Bevilacqua, C., Monardo, B., Trillo, C., (2019). Place-based innovation ecosystems: Boston-Cambridge Innovation Districts (USA). Link

  172. European Investment Bank. (2020). From starting to scaling: How to foster startup growth in Europe. Link

  173. EY Global. (2020). Why Africa is Becoming a Bigger Player in the Global Economy. EY. Link

  174. Fang, S. C., Tsai, F. S., & Lin, J. L. (2010). Leveraging tenant-incubator social capital for organizational learning and performance in incubation programmes. International Small Business Journal, 28(1), 90-113. Link

  175. Fang, X., Kothari, S., McLoughlin, C., & Yenice, M. (2020). The Economic Consequences of Conflict in Sub-Saharan Africa. Available at SSRN 3758054. Link

  176. Fatoki, O. (2014). The causes of the failure of new small and medium enterprises in South Africa. Mediterranean Journal of Social Sciences, 5(20), 922-927. Link

  177. Fatoki, O. (2018). The impact of entrepreneurial resilience on the success of small and medium enterprises in South Africa. Sustainability, 10(7), 1-12. Link

  178. Fierro, M. (2015). Why investors should look at Africa’s high-growth SMEs. World Economic Forum. Link

  179. Fiolhais, M. (2022). A Framework for CEO Transitions, with Ralph Hunnekens. ScaleUpNation. Link

  180. First Round Review (2011). There’s a .00006% Chance of Building a Billion Dollar Company: How This Man Did It. Link

  181. Flesner, P. (2021). FastScaling: The Smart Path to Building Massively Valuable Businesses. Amazon Digital Services LLC - KDP Print US. Link

  182. Foresight Africa. (2020). Capturing the Fourth Industrial Revolution. Link

  183. Freeman, S., Edwards, R., & Schroder, B. (2005). How Smaller Born-Global Firms Use Networks and Alliances to Overcome Constraints to Rapid Internationalization. Journal of International Marketing, 14(3): 33-63. Link

  184. Friederici, N., Wahome, M., & Graham, M. (2020). Digital entrepreneurship in Africa: How a continent is escaping Silicon Valley's long shadow. The MIT Press. Link

  185. Fund for Africa’s Future (2021). Corporate Venture Capital is Widely Misunderstood but Makes Sense for Africa. Link

  186. Future Africa (2021). Future Africa Review 2021 – A look at the Defining Themes for the Start-up Ecosystem. Link

  187. GALI (2017). Accelerating startups in emerging markets: Insights from 43 Programs. Link

  188. GALI (2018). Landscape Study of Accelerators and Incubators in East Africa. Link

  189. GALI (2018). Acceleration in Sub-Saharan Africa. Link

  190. GALI (2018). Accelerating the Flow of Funds into Early-Stage Ventures. Link

  191. GALI (2018). Accelerating Youth-Led Enterprises in Nigeria. Link

  192. GALI (2020). Accelerating Women-led Startups: A South African Perspective. Link

  193. GALI(2021). Does acceleration work? Five years of evidence from the Global Accelerator Learning Initiative. Link

  194. Ganamotse, G. N., Samuelsson, M., Abankwah, R. M., Anthony, T., & Mphela, T. (2017). The emerging properties of business accelerators: The case of Botswana, Namibia and Uganda global business labs. Journal of Entrepreneurship and Innovation in Emerging Economies, 3(1), 16-40. Link

  195. Garvin, D., Edmondson, C., & Gino, F. (2008). Is yours a learning organization? Harvard Business Review. Link

  196. George, Z. (2021). 10 Ways in which a VC Fund Manager can truly create value for their portfolio companies. Linkedin. Link

  197. Gilson, L., & Schneider, H. (2010). Commentary: Managing scaling up: what are the key issues? Health Policy and Planning, 25(2), 97-98. Link

  198. GIZ (2018). Achieving widespread adoption of innovations from agricultural research. Link

  199. Glodowska, A., Pera, B., & Krzysztof, W. (2019). International Strategy as the Facilitator of the Speed, Scope, and Scale of Firms’ Internationalization. Central European Management Journal, 27(3): 55-84. Link

  200. Greiner, L. E. (1998). Evolution and revolution as organizations grow. Harvard business review, 76(3), 55-64. Link

  201. Goedhuys, M., & Sleuwaegen, L. (2010). High-growth entrepreneurial firms in Africa: a quantile regression approach. Small Business Economics, 34(1), 31-51. Link

  202. Goedhuys, M., & Sleuwaegen, L. (2016). High-growth versus declining firms: the differential impact of human capital and R&D. Applied Economics Letters, 23(5), 369-372. Link

  203. Google & Accenture (2021). Africa Developer Ecosystem. Link

  204. González-Uribe, J., & Reyes, S. (2021). Identifying and boosting “Gazelles”: Evidence from business accelerators. Journal of Financial Economics, 139(1), 260-287. Link

  205. Gothelf, J. (2020). Use OKRs to Set Goals for Teams, Not Individuals. Harvard Business Review. Link

  206. GSMA (2021). Scaling digital platforms through partnerships: The value of collaboration between mobile operators and digital platforms in emerging economies. Link

  207. Gulati, R. & DeSantola, A. (2016).  Start-Ups That Last. Harvard Business Review. Link

  208. Gündel, S., Hancock, J., & Anderson, S. (2003). Scaling-up strategies for research in natural resources management: a comparative review. Natural Resources Institute. Link

  209. Gurib-Fakim, A. & Signe, L. (2022). Investment in Science and Technology is Key to an African Economic Boom. Brookings. Link

  210. Hack-Polay, D., Opute, J., & Rahman, M. (2020). Globalization and HR Practices in Africa: When culture refuses to make way for so-called universalistic perspectives. International Journal of Business and Globalisation. 1-25. Link

  211. Hackett, S. M., & Dilts, D. M. (2004). A systematic review of business incubation research. The Journal of Technology Transfer, 29(1), 55-82. Link

  212. Han, J., & Shah, S. (2020). The ecosystem of scaling social impact: A new theoretical framework and two case studies. Journal of Social Entrepreneurship, 11(2), 215-239. Link

  213. Hand, M. (2016). The Research Gap in Social Entrepreneurship. Stanford Social Innovation Review. Link

  214. Haldrup, V. (2021). Rethinking monitoring and evaluation in complex systems — when learning is a result in itself. UNDP Innovation. Link

  215. Harnish, V. (2014). Scaling up. ForbesBooks. Link

  216. Harrison, C., Burnard, K., & Paul, S. (2017). Entrepreneurial leadership in a developing economy: a skill-based analysis. Journal of Small Business and Enterprise Development. 25(3), 521-548. Link

  217. Haselip, J., Desgain, D., & Mackenzie, G. (2015). Non-financial constraints to scaling-up small and medium-sized energy enterprises: Findings from field research in Ghana, Senegal, Tanzania and Zambia. Energy Research & Social Science, 5, 78-89. Link

  218. Henrekson, M., & Johansson, D. (2010). Gazelles as job creators: a survey and interpretation of the evidence. Small business economics, 35(2), 227-244. Link

  219. Henrekson, M., Johansson, D., & Stenkula, M. (2010). Taxation, labor market policy and high-impact entrepreneurship. Journal of Industry, Competition and Trade, 10(3), 275-296. Link

  220. Hillenbrand, P. (2021). What start-ups need to scale and succeed. McKinsey Digital.Link

  221. Hindle, K., Yencken, J., & O’Connor, A. (2011). An entrepreneurship policy framework for high-growth firms: Navigating between policies for picking winners and market failure. International Journal of entrepreneurial venturing, 3(4), 324-343. Link

  222. Hoffman, D.L., & Radojevich-Kelley, N. (2012). Analysis of accelerator companies: An exploratory case study of their programs, processes, and early results. Small Business Institute Journal, 8(2), 54–70. Link

  223. Hoffman, R., & Yeh, C. (2018). Blitzscaling: The lightning-fast path to building massively valuable companies. HarperCollins. Link

  224. Hölzl, W., & Janger, J. (2013). Does the analysis of innovation barriers perceived by high growth firms provide information on innovation policy priorities? Technological Forecasting and Social Change, 80(8), 1450-1468. Link

  225. Hölzl, W. (2011). Persistence, survival and growth: A closer look at 20 years of high-growth firms in Austria (No. 403). Wifo Working Papers. Link

  226. Huang, J., Henfridsson, O., Liu, M. J., & Newell, S. (2017). Growing on Steroids: Rapidly Scaling the User Base of Digital Ventures Through Digital Innovation. MIS Quarterly, 41(1): 301-314. Link

  227. IDIA (2017). Good Practice Guides for Funders Scaling Innovation. Link

  228. Idowu, F. (2022). How investors are betting on Africa’s early-stage start-ups. Techcabal. Link

  229. Idris, A. (2022). Inside the scandal at Flutterwave, Nigeria’s fintech champion. Rest of World. Link

  230. Idris, A. & Adegoke, Y. (2022). The scandal at Nigerian unicornFlutterwave is the tip of a toxic iceberg. Rest of World. Link

  231. Idris, A. (2022). From Burna Boy to TV’s Big Brother Naija, Nigerian startups are spending millions on celebrity endorsements. Rest of World. Link

  232. IFSWF (2021). Investing for Growth and Prosperity: In Africa sovereign wealth funds focus on G, S and E. Link

  233. Igwe, P. A., Onjewu, A. E., & Nwibo, S. U. (2018). Entrepreneurship and SMEs’ productivity challenges in sub-Saharan Africa. In African Entrepreneurship (pp. 189-221). Palgrave Macmillan. Link

  234. ImpactAlpha. (2020). Non-bank lenders need capital to finance African small businesses rejected by banks. Link

  235. Inc. Africa (2022). How Employee Learning Could be the Secret to Effective Leadership. Link

  236. International Development Innovation Alliance (2021). Strengthening Innovation Ecosystems. Link

  237. International Finance Corporation (2020). e-Conomy Africa 2020: Africa’s $180 billion Internet economy future.Link

  238. International Development Innovation Alliance (2017). Scaling Innovation: Good practice guide for funders. Link

  239. InternationalDevelopment Innovation Alliance. (2017). Insights on Scaling Innovation. Link

  240. International Trade Center (2018). Promoting SME Competitiveness in Africa Data for de-risking investment. Link

  241. Isabelle, D. (2013). Key factors affecting a technology entrepreneur's choice of incubator or accelerator. Technology innovation management review, 16-22. Link

  242. Ishak, W. (2017). Creating an Innovation Culture. McKinsey & Company. Link

  243. Jega, I. (2021). What we learned from selling blockchain service to African governments. TechCrunch. Link

  244. Jegede, O. O. (2020). Open development and scaling-up of clustered enterprises in Nigeria’s informal sector. African Journal of Science, Technology, Innovation and Development, 12(6), 689-698. Link

  245. Jennifer, B., Mara, Z., Astrid, S., & Aniyia, W. (2017). Zebras Fix What Unicorns Break: Magical thinking drives the start-up economy — but we need a strong dose of reality. Medium. Link

  246. Jones, P., Maas, G., Dobson, S., Newbery, R., Agyapong, D., & Matlay, H. (2018). Entrepreneurship in Africa, part 1: entrepreneurial dynamics in Africa. Journal of Small Business and Enterprise Development, 25(3), 346-348.Link

  247. Johnson, A. & Ludema, J. (2019). Seven Steps to Creating a Culture of Innovation. Forbes. Link

  248. Jordan, J., Hariharan, A., Chen, F.,  & Kasireddy, P. (2015). 16 Start-up Metrics. A16z. Link

  249. Juliette, C. & Castell, S. (2020). Towards Innovation in Online Public Deliberation. Inspiration from a workshop convened by Ipsos MORI and Engage Britain. Link

  250. Kalafsky, R. V., & Rice, M. D. (2017). High‐growth firms in the southern US: Where is the growth? Growth and Change, 48(4), 552-569. Link

  251. Kandybin, A. (2009). Which Innovation Efforts Will Pay? MITSloan Management Review. Link

  252. Kang, T., Baek, C., & Lee, J. D. (2018). R&D activities for becoming a high-growth firm through large jumps: Evidence from Korean manufacturing. Asian Journal of Technology Innovation, 26(2), 222-245. Link

  253. Kansheba, J. M. P. (2020). Small business and entrepreneurship in Africa: the nexus of entrepreneurial ecosystems and productive entrepreneurship. Small Enterprise Research, 27(2), 110-124. Link

  254. Kapil. N., Andjelkovic, M., & Lu, Z. (2018). Is acceleration the panacea for scaling growth entrepreneurs? Reflections from XL Africa. World Bank. Link

  255. Kato, S., Galán-Muros, V., & Weko, T. (2020). The emergence of alternative credentials. OECD Education Working Paper No. 216. Link

  256. Kieti, J., Waema, T. M., Baumüller, H., Ndemo, E. B., & Omwansa, T. K. (2022). What really impedes the scaling out of digital services for agriculture? A Kenyan users’ perspective. Smart Agricultural Technology, 2, 1-12. Link

  257. Kim, A. & Kim, S. (2022). Research: How Entrepreneurship Can Revitalize Local Communities. Harvard Business Review. Link

  258. Kinyingi, M. (2018). Effects of imported Goods on the performance of Locally produced Goods in Kenya A case study of the Juakali metal Work Enterprises Kamukunji Market Nairobi (Doctoral dissertation, St Paul's University). Link

  259. Klapper, L., & Richmond, C. (2011). Patterns of business creation, survival and growth: Evidence from Africa. Labour Economics, 18, 32-44. Link

  260. Kolade, O., Atiase, V., Murithi, W., & Mwila, N. (2021). The business models of tech hubs in Africa: implications for viability and sustainability. Technology Analysis & Strategic Management, 33(10), 1213-1225. Link

  261. Koronka, P. (2021). 4 common challenges scaling leaders face — and how to overcome them. Sifted. Link

  262. Kotterik, N. (2022). Optimizing board composition for venture’s stage, with Beau-Anne Chilla. ScaleUpNation. Link

  263. Kpilaakaa, J. (2021). How these six African founders scaled their startups. Benjamindada.com. Link

  264. Krasniqi, B. A., & Desai, S. (2016). Institutional drivers of high-growth firms: country-level evidence from 26 transition economies. Small Business Economics, 47(4), 1075-1094. Link

  265. Kroon, J., & Mohalajeng, L. E. (2016). Innovation through accelerators: A case for open innovation. The Southern African Journal of Entrepreneurship and Small Business Management, 8(1), 1-9. Link

  266. KTN & Global Alliance (2021). Place-Based Innovation in South Africa: Regional Innovation Audit. Link

  267. Ladzani, W. M., & Van Vuuren, J. J. (2002). Entrepreneurship training for emerging SMEs in South Africa. Journal of small business management, 40(2), 154-161. Link

  268. Lakmeeharan, K., Manji, Q., Nyairo, R., & Poeltner, H. (2020). Solving Africa’s infrastructure paradox. McKinsey & Company. Link

  269. Landry, L. (2019). Tips for Scaling Your Business. Harvard Business Review. Link

  270. Lange, G. S., & Johnston, W. J. (2020). The value of business accelerators and incubators–an entrepreneur’s perspective. Journal of Business & Industrial Marketing. Link

  271. Lawson, B., & Samson, D. (2001). Developing innovation capability in organizations: a dynamic capabilities approach. International journal of innovation management, 5(03), 377-400. Link

  272. Lazaridis Institute. (2019). Is a high growth firm the same as a scale-up?Link

  273. Lazarow, A. (2020). Out-Innovate: How Global Entrepreneurs - from Delhi to Detroit - Are Rewriting the Rules of Silicon Valley. Harvard Business Review Press. Link

  274. Lazarow, A. (2020). Start-ups, It’s Time to Think Like Camels — Not Unicorns. Harvard Business Review. Link

  275. Learning, Evaluation, and Analysis Project III (2020). Strategic Review of the USAID Partnering to Accelerate Entrepreneurship (PACE) Initiative. Link

  276. Lee, N. (2014). What holds back high-growth firms? Evidence from UK SMEs. Small Business Economics, 43(1), 183-195. Link

  277. Lee, J., Min, J., & Lee, H. (2016). The effect of organizational structure on open innovation: a quadratic equation. Procedia Computer Science, 91, 492-501. Link

  278. Léon, F. (2022) The elusive quest for high-growth firms in Africa: when other metrics of performance say nothing. Small Business Economics. 58, 225–246. Link

  279. Lerutla, M., & Steyn, R. (2017). Definition of leadership in Africa within the twenty-first century context: Empirical research on leadership in Africa. Alternation Journal, (20), 9-36. Link

  280. Li, M., Goetz, S. J., Partridge, M., & Fleming, D. A. (2016). Location determinants of high-growth firms. Entrepreneurship & Regional Development, 28(1-2), 97-125. Link

  281. Littlewood, D. C., & Kiyumbu, W. L. (2018). “Hub” organizations in Kenya: What are they? What do they do? And what is their potential? Technological Forecasting and Social Change, 131, 276-285.             Link

  282. London Business School (2022). Africa Fintech: Scale Prevalence. Link

  283. Long, T. Q. (2019). Becoming a high-growth firm in a developing country: The role of co-funding. Finance Research Letters, 29, 330-335. Link

  284. Lopez-Garcia, P., & Puente, S. (2012). What makes a high-growth firm? A dynamic probit analysis using Spanish firm-level data. Small Business Economics, 39(4), 1029-1041. Link

  285. Lose, T., Rens, V., Yakobi, K., & Kwahene, F. (2020). Views from within the incubation ecosystem: discovering the current challenges of technology business incubators. Journal of Critical Reviews, 7(19), 5437-5444. Link

  286. Lose, T., & Tengeh, R. K. (2015). The sustainability and challenges of business incubators in the Western Cape Province, South Africa. Sustainability, 7(10), 14344-14357. Link

  287. Lund, M., & Nielsen, C. (2018). The Concept of Business Model Scalability. Journal of Business Models, 6(1), 1-18. Link

  288. L.T. (2019). What is Sub-Saharan Africa? The Economist. Link

  289. Madaleno, M., Nathan, M., Overman, H. G., & Waights, S. (2018). Incubators, accelerators and regional economic development. Discussion Paper, IZA DP No. 11856. Link

  290. Madowo, L. (2020). Silicon Valley has deep pockets for African startups – if you’re not African. The Guardian. Link

  291. Maher, H., Laabi, A., Ivers, L., & Ngambeket, G. (2021). Overcoming Africa’s Tech Startup Obstacles. Linkedin. Link

  292. Maher, H.,  Chraïti, A.,  Laabi, A., Oikawa, T., Oyekan, T., &  Bosson, A. (2021). Igniting Innovation-Based Growth in Africa. BCG. Link

  293. Malizia, E., & Motoyama, Y. (2019). Vibrant Centers as Locations for High-Growth Firms: An Analysis of Thirty US Metropolitan Areas. The Professional Geographer, 71(1), 15-28. Link

  294. Mamman, A., Bawole, J., Agbebi, M., & Alhassan, A. R. (2019). SME policy formulation and implementation in Africa: Unpacking assumptions as opportunity for research direction. Journal of Business Research, 97, 304-315. Link

  295. Marianne, M. (2021). Acceleration programs: a miracle solution for early-stage companies? Entreprenante Afrique. Link

  296. Markman, G. D., & Gartner, W. B. (2002). Is extraordinary growth profitable? A study of Inc. 500 high–growth companies. Entrepreneurship theory and practice, 27(1), 65-75. Link

  297. Marmer, M., Herrmann, B. L., Dogrultan, E., Berman, R., Eesley, C., & Blank, S. (2011). Start-up genome report extra: Premature scaling. Start-up genome, 10, 1-56. Link

  298. Mason, C., & Brown, R. (2010). High growth firms in Scotland. Link

  299. Mason, C., & Brown, R. (2013). Creating good public policy to support high-growth firms. Small Business Economics, 40(2), 211-225. Link

  300. Mason, C., Brown, R., Hart, M., & Anyadike-Danes, M. (2015). High growth firms, jobs and peripheral regions: the case of Scotland. Cambridge Journal of Regions, Economy and Society, 8(2), 343-358. Link

  301. Matranga, S. (2017). Why do investors continue to short-change entrepreneurs in emerging markets? VillageCapital. Link

  302. Matranga, H., Bhattacharyya, B., & Baird, R. (2017). Breaking the Pattern: Getting Digital Financial Services Entrepreneurs to Scale in India and East Africa. VillageCapital. Link

  303. Mazzucato, M. (2015). The Entrepreneurial State: Debunking Public vs Private Sector Myths. Penguin. Link

  304. Mbaye, A. A., Zogning, F., & Gueye, F. (2020). What Policies Can Support Small Informal Businesses in Africa? Formal and Informal Enterprises in Francophone Africa: Moving Toward a Vibrant Private Sector, 189, 1-324. Link

  305. McKinsey Insights (2015). Winning in Africa’s consumer market. Link

  306. McKinsey (2016). Lions on the Move: Realizing the potential of Africa's economies. Link

  307. McKinsey Insights(2018). Africa’s overlooked business revolution. Link

  308. McKinsey Insights (2019). Leadership lessons from Africa’s trailblazers. Link

  309. McKinsey (2009). Enduring Ideas: The Three horizons of growth. Link

  310. McKinsey Digital (2021). What start-ups need to scale and succeed. Link

  311. Merlo, L. (2021). Zebra vs Unicorn Model Overview.Newledge. Link

  312. Ministry of Foreign Affairs, The Netherlands (2021). A new era for angel investing in Africa. Link

  313. MIT Legatum Center for Development & Entrepreneurship (2020). The Role of Private Capital in Emerging Markets. Link

  314. MIT Working Paper (2021). Startup Act Position Paper. Link

  315. Moed, J. (2019). The Real Reason It’s Hard for Start-ups to Scale Internationally. Forbes. Link

  316. Meru, A. K., & Struwig, M. (2015). Business-incubation process and business development in Kenya: Challenges and recommendations. Journal of Entrepreneurship and Innovation in Emerging Economies, 1(1), 1-17. Link

  317. Mohr, V., & Garnsey, E. (2011). How Do High-Growth Firms Grow? Evidence From Cambridge, UK. Economics, Management & Financial Markets, 6(4). Link

  318. Monteiro, G. F. A. (2019). High-growth firms and scale-ups: a review and research agenda. RAUSP Management Journal, 54, 96-111. Link

  319. Moore, M. L., Riddell, D., & Vocisano, D. (2015). Scaling out, scaling up, scaling deep: strategies of non-profits in advancing systemic social innovation. Journal of Corporate Citizenship, (58), 67-84.             Link

  320. Moschella, D., Tamagni, F., & Yu, X. (2017). Persistent high-growth firms in China’s manufacturing. Small Business Economics, 52(3), 573-594. Link

  321. Motoyama, Y. (2014). The state-level geographic analysis of high-growth companies. Journal of Small Business & Entrepreneurship, 27(2), 213-227. Link

  322. Moschner, S. L., Fink, A. A., Kurpjuweit, S., Wagner, S. M., & Herstatt, C. (2019). Toward a better understanding of corporate accelerator models. Business Horizons, 62(5), 637-647. Link

  323. Mthimkhulu, A., & Aziakpono, M. (2016). What characterizes high-growth firms in South Africa? Evidence from World Bank Enterprise Survey. South African Journal of Business Management, 47(4), 71-81. Link

  324. Muenster, M. & Hokemeyer, P. (2019). There is a mental health crisis in entrepreneurship. Here’s how to tackle it. World Economic Forum. Link

  325. Mulengani, A. (2010). Competence and Critical Success Factor Development as an Avenue for Achieving Sustainable Micro and Small Enterprises in Africa. Journal of Management Policy and Practice. 11(5), 139-144. Link

  326. Mulgan, G. (2018). Big Mind: How Collective Intelligence Can Change Our World. Nesta. Link

  327. Mulgan, G. (2021). Here’s how your mental health depends on collective wellbeing. World Economic Forum. Link

  328. Mureithi, C. (2021). Do white founders in Africa have an easier time getting capital? Quartz Africa. Link

  329. Mussapirov, K., Jalkibaeyev, J., Kurenkeyeva, G., Kadirbergenova, A., Petrova, M., & Zhakypbek, L. (2019). Business scaling through outsourcing and networking: selected case studies. Entrepreneurship and Sustainability issues, 7(2), 1480. Link

  330. Mwape, A., Ismail, H., Guzman, D., & Glahn, D. (2021). Small and growing businesses make the biggest impact on economies and they need more support. World Economic Forum. Link

  331. Mwatosya, R. (2022). How to build a super fintech in Africa. Linkedin. Link

  332. Narayanan, B., & Lee-Makiyama, H. (2020). Economic costs of ex ante regulations (No. 07/2020). ECIPE Occasional Paper. Link

  333. National Geographic (2015). Africa’s Dazzling Diversity. Link

  334. Ndabeni, L. L. (2008). The contribution of business incubators and technology stations to small enterprise development in South Africa. Development Southern Africa, 25(3), 259-268. Link

  335. Ndemo, B., & Weiss, T. (2017). Making sense of Africa's emerging digital transformation and its many futures. Africa Journal of Management, 3(3-4), 328-347. Link

  336. Neneh, B. N., & Vanzyl, J. (2014). Growth intention and its impact on business growth amongst SMEs in South Africa. Mediterranean Journal of Social Sciences, 5(20), 172-183. Link

  337. Nesta (2019). Motivations to Scale: How European entrepreneurs think about growth and finance. Link

  338. Neubert, M. (2018). The Impact of Digitalization on the Speed of Internationalization of Lean Global Startups. Technology Innovation Management Review, 8(5): 44-54. Link

  339. Nijhawan, S. & Gorodetsky, D. (2022).The Path Toward Commercialization: How Research Can Generate Business Opportunities in Low- and Middle-Income Countries. Next billion. Link

  340. Nimkar, R. (2021). Scale Series Expert Q&A. Wheeler Institute for Business and Development, LSE. Link

  341. Njanja, A. (2022). Fintechs in Africa continue to overshadow all other start-ups in funding gain. TechCrunch. Link

  342. Nkeshimana, V. I. (2018). The Effect of Positive Psychological Capital and Networks on the Success of Start-Ups in Kenya: A Case of Start-Ups Founders in USIU-Africa (Doctoral dissertation, United States International University-Africa). Link

  343. Noble, A., Sutherland, J., & Rigby, D. (2018). Agile at Scale. Harvard Business Review. Link

  344. Nordic Innovation (2019). Characteristics of scale-ups and the impact of scale-up support programmes: A literature review. Link

  345. Nordling, L. (2021). In Africa, we are nowhere near the valley of death. Research Professional News. Link

  346. Norton, R. (2020). Why most accelerators struggle in Africa. African Startup Hub. Link

  347. Nwajiuba, C. A., Igwe, P., Binuomote, M. O., Nwajiuba, A. O., & Nwekpa, K. C. (2020). The Barriers to High-Growth Enterprises: What Do Businesses in Africa Experience? European Journal of Sustainable Development, 9(1), 317. Link

  348. Nzomo, V., Mwangi, J., Matu-Mureithi, L., Muchiri, C., & Rutenberg, I. (2020). Modes of innovation and enterprise development by Nairobi’s mobile tech start-ups. Working Paper 22.Link

  349. Obe, V. (2017). Size Matters: Developing Businesses of Scale in Sub-Saharan Africa. Chatham House. Link

  350. Obeng, B. A., & Blundel, R. K. (2015). Evaluating enterprise policy interventions in Africa: a critical review of Ghanaian small business support services. Journal of Small Business Management, 53(2), 416-435. Link

  351. OECD (2021). Understanding Firm Growth: Helping SMEs Scale Up. OECD Studies on SMEs and Entrepreneurship, OECD Publishing, Paris. Link

  352. OECD & OPSI (2022). Innovation Playbook Your 3-Step Journey to Put the Declaration on Public Sector Innovation Into Practice. Link

  353. OECD (1997). Job Creation and Growth: Facts. Obstacles and Best Practices (Paris, 1997), 27. Link

  354. Oguamanam, C. (2020). The Nollywood phenomenon: Innovation, openness, and technological opportunism in the modeling of successful African entrepreneurship. The Journal of World Intellectual Property, 23, 518-545. Link

  355. Ojomo, E. & Wilcox, L. (2021). Innovation isn't about breakthrough tech- it's about breaking down barriers. Christensen Institute. Link

  356. Okafor, T. (2022). Will Carbon and Shahry usher in a wave of buy now, pay later services in Africa. TechCrunch. Link

  357. Okafor, T. (2022). YC W22 batch nets 24 African startups, including 18 from Nigeria. TechCrunch. Link

  358. Okoli, O. I., Nuel, E., Nnabuife, E. K., & Allison, P. (2020). Critical Success Factors for SMEs Performance: Empirical Evidence. International Journal of Advanced Academic Research (Social and Management Sciences), 6(12), 1-17. Link

  359. Okonkwo, S. (2021). Investors are failing African entrepreneurs — it’s time for a change. World Economic Forum. Link

  360. Olafsen, E., & Cook, P. A. (2016). Growth entrepreneurship in developing countries: A preliminary literature review. Link

  361. Olawale, F., & Garwe, D. (2010). Obstacles to the growth of new SMEs in South Africa: A principal component analysis approach. African Journal of Business Management, 4(5), 729-738. Link

  362. Omidyar Network (2012). Scaling from Small to Large: Endeavor Insight’s Research Reveals How Entrepreneurs are Integral to Solving the Job Crisis. Link

  363. Omidyar Network (2021). Frontier Capital: Early Stage Investing for Financial Returns and Social Impact in Emerging Markets. Link

  364. Open Capital Advisors(2018). Case Study: Pace Investment Readiness Programme. Link

  365. Open African Innovation Research (Open AIR). (2020). Scaling innovation: How open collaborative models help scale Africa’s knowledge-based enterprises. Cairo, Cape Town, Johannesburg, Lagos, Nairobi and Ottawa: Open AIR network. Link

  366. Opute, J. E. (2020). Succession Planning. In HRM in Africa (pp. 57-62). Palgrave Macmillan. Link

  367. Onuegbu, C. (2018). African Start-ups. Of Unicorns, Gazelles and Corporate Breakfasts. Medium. Link

  368. Okonkwo, S. (2021). Investors are failing African entrepreneurs — it’s time for a change. World Economic Forum. Link

  369. Onwuegbuzie, H. N., & Mafimisebi, O. P. (2021). Global relevance of scaling African indigenous entrepreneurship. Technological Forecasting and Social Change, 166, 120629. Link

  370. O'Regan, N., Ghobadian, A., & Gallear, D. (2006). In search of the drivers of high growth in manufacturing SMEs. Technovation, 26(1), 30-41. Link

  371. Ouechtati, S., Masmoudi, K. K., & Slim, C. (2022). The Impact of Social Capital on Open Innovation: The Tunisian SMEs Case. International Journal of Innovation Management, 2250001. Link

  372. Oumlil, R., Faouzi, H., & Juiz, C. (2020). Uncovering Two Decades of Open Innovation Benefits: A Qualitative Meta-Analysis. International Journal of Innovation and Technology Management, 17(08), 2030006. Link

  373. Owens, K. (2021). Understanding how to scale gender impact through fintech. Wheeler Institute for Business and Development, LSE. Link

  374. Ozcan, P. & Buge, M. (2021). Platform Scaling, Fast and Slow. MITSloan Management Review. Link

  375. Ozel, B. & der Hoog, S. (2020). Augmented Collective Intelligence in response to climate change. A framework for self-organizing community actions. Lucidminds. 1-38. (Offline report, contact us for a copy)

  376. Pecquet, J. (2022). Meet the Africans running programmes at influential US think tanks. The African Report. Link

  377. Pence, E. (2022). 10 Predictions for African Venture Investment in 2022. How we made it in Africa. Link

  378. Peprah, A. A., Giachetti, C., Larsen, M. M., & Rajwani, T. S. (2022). How business models evolve in weak institutional environments: the case of Jumia, the Amazon. com of Africa. Organization Science, 33(1), 431-463. Link

  379. Pett, J. (2020). Navigating adaptive approaches for development programmes: a guide for the uncertain. Overseas Development Institute. Link

  380. Phaswana, N., Garnett, N., Brown, S., & du Plessis, M. (2021). Developing an effective Africa IP Plan. WIPR. Link

  381. Phophalia, D. & Mowar, V. (2020). Scaling up Corporate Governance is a Must for A Successful Capital Raise. I&M. Link

  382. Piaskowska, D., Tippmann, E., & Monaghan, S. (2021). Scale-up modes: Profiling activity configurations in scaling strategies. Long Range Planning, 54(6), 1-17. Link

  383. Piazza, M. C. (2018). Catching the Gazelle: Antecedents and Outcomes of High Growth Firms (Doctoral dissertation, Cleveland State University). Link

  384. Pilling, D. (2022). FT ranking: Africa’s Fastest Growing Companies 2022. Financial Times Publication. Link

  385. PwC (2022). Living in a world of unicorns. Link

  386. Query Insights (Akinyemi, T.) (2021). Chasing Outliers. Why Context Matters for early-stage investing in Africa. Link

  387. Quinn, M. (2019). What’s Really Driving Africa’s ‘Investment Frenzy’? An Entrepreneur Responds to Investor Concerns. Next billion. Link

  388. Rader, S. (2018). 7 Lessons from NASA for Scaling up Open Innovation. NESTA. Link

  389. Raimi, L., & Yusuf, H. (2020). A Critical Discourse of EI and CA in Emerging Economies: The Place of Nigeria Within the Global Innovation Ecosystems. Journal of Entrepreneurship and Innovation in Emerging Economies, 6(2), 295-314.  Link

  390. Regmi, K., Ahmed, S. A., & Quinn, M. (2015). Data driven analysis of start-up accelerators. Universal Journal of Industrial and Business Management, 3(2), 54–57.  Link

  391. Renna, A. (2015). Develop the HR Strategy for Africa: 5 myths to challenge. Linkedin. Link

  392. Reuber, A. R., Tippmann, E., & Monaghan, S. (2021). Global scaling as a logic of multinationalization. Journal of International Business Studies, 52(6), 1031-1046. Link

  393. Rice, M. D., O'Hagan, S. B., Tiwari, C., Lyons, D. I., Green, M. B., & Oppenheim, V. (2018). Defining the Record of High-Growth Firms by Metropolitan Region: What Happens to the Inc. 500?. Papers in Applied Geography, 4(2), 137-156. Link

  394. Rigby, D.,Sutherland, J., & Noble, A. (2018). Agile at Scale. Harvard Business Review. Link

  395. Rivard, P. (2017). The Contribution to Canadian Net Employment Change by High-Growth Firms. Ottawa: Innovation, Science and Economic Development Canada. Link

  396. Robson, P. J., Haugh, H. M., & Obeng, B. A. (2009). Entrepreneurship and innovation in Ghana: enterprising Africa. Small business economics, 32(3), 331-350. Link

  397. Robson, P. J., Akuetteh, C. K., Westhead, P., & Wright, M. (2012). Exporting intensity, human capital and business ownership experience. International Small Business Journal, 30(4), 367-387. Link

  398. Rodrik, D. (2016). An African growth miracle? Journal of African Economies, 27(1), 1-33. Link

  399. Rossi, M., Chouaibi, J., Graziano, D., & Festa, G. (2022). Corporate venture capitalists as entrepreneurial knowledge accelerators in global innovation ecosystems. Journal of Business Research, 142, 512-523. Link

  400. Runde, F., Savoy, M., & Staguhn, J.  (2021). Supporting Small and Medium Enterprises in Sub-Saharan Africa through Blended Finance. CSIS. Link

  401. SA Consortium. (2021). Startup Act Position Paper. Link

  402. Saka-Helmhout, A., Chappin, M., & Vermeulen, P. (2020). Multiple paths to firm innovation in Sub-Saharan Africa: How informal institutions matter. Organization studies, 41(11), 1551-1575. Link

  403. Salmon, K. (2021). Africa’s Biggest Economies will Struggle in 2022. The Economist. Link

  404. Satterthwaite, S., & Hamilton, R. T. (2017). High-growth firms in New Zealand: Superstars or shooting stars? International Small Business Journal, 35(3), 244-261. Link

  405. Segal, J., van Wyk, A., O’Flaherty, M., Simmons, M., Osinubi, F., & Yaiche, N. (2016). Disrupting Africa: Riding the wave of the digital revolution. In PwC. Link

  406. Segarra, A., & Teruel, M. (2014). High-growth firms and innovation: an empirical analysis for Spanish firms. Small Business Economics, 43(4), 805-821. Link

  407. Senderovitz, M., Klyver, K., & Steffens, P. (2016). Four years on: Are the gazelles still running? A longitudinal study of firm performance after a period of rapid growth. International Small Business Journal, 34(4), 391-411. Link

  408. SERS (2019). Gaps in knowledge about scaling. Link

  409. ScaleUp Nation (2020). The Art of Scaling. Link

  410. ScaleUp Institute (2021). Explore the ScaleUp Annual Review 2021. Link

  411. Schallmo, D., Williams, C. A., & Boardman, L. (2020). Digital transformation of business models—best practice, enablers, and roadmap. Digital Disruptive Innovation, 119-138. Link

  412. Schenellman, A. (2021). Rethinking Higher Education in Africa. Bold. Link

  413. Schutte, F. (2019). Small business incubator coaching in South Africa: exploring the landscape. International Journal of Entrepreneurship, Vol 23(4), 1-13. Link

  414. Schwartz, M. (2013). A control group study of incubator’s impact to promote firm survival. Journal of Technology Transfer, 38(3), 302–331. Link

  415. Shango, D. (2019). Why skills gaps remain wider in Africa. World Economic Forum. Link

  416. Simpson, K. & Mohwaduba, M. (2021). Digitization: Facilitating the implementation of AfCFTA. DLA Piper. Link

  417. Singh, M. (2022). YC advises founders to “plan for the worst” amid market teardown. TechCrunch. Link

  418. Sonneborn, W. C., Burns, A., Chandrasekhar, S., Matranga, H., Bamfo, S., Semanjaku, E., & Liu, P. (2020). Venture Capital and the Gender Financing Gap: The Role of Accelerators-Research Snapshot. IFC. Link

  419. Sornson, A. (2020). Scaling Fintech Beyond Borders: Wisdom from Founders. Village Capital. Link

  420. Spring Impact Reports. (2018). What small and growing businesses need to scale up: The case for effective technical assistance. Link

  421. Srhoj, S., Zupic, I., & Jaklič, M. (2018). Stylised facts about Slovenian high-growth firms. Economic research-Ekonomska istraživanja, 31(1), 1851-1879. Link

  422. Stallkamp, M., & Schotter, A. P. (2021). Platforms without borders? The international strategies of digital platform firms. Global Strategy Journal, 11(1), 58-80. Link

  423. Stancu, A. & Bucur, R. (2017). The Correlation between Innovative Capabilities and Economic Development. Economic Insights – Trends and Challenges. Vol 6(69), 5-12. Link

  424. Stadler, C. & Klingebiel, R. (2017). 3 Things Driving Entrepreneurial Growth in Africa. Harvard Business Review. Link

  425. Stangler, D. (2010). High-growth firms and the future of the American economy. Available at SSRN 1568246. Link

  426. Stangler, D. & Bell-Masterson, J. (2015). Measuring an Entrepreneurial Ecosystem. Ewing Marion Kauffman Foundation. Link

  427. Sullivan, T. (2016). Blitzscaling. Harvard Business Review. Link

  428. Survey54 (2020). Understanding Africa’s Consumer data gaps. Link

  429. Sutter, C., Bruton, G. D., & Chen, J. (2019). Entrepreneurship as a solution to extreme poverty: A review and future research directions. Journal of Business Venturing, 34(1), 197-214. Link

  430. Sutton, R. I., Rao, H., & Rao, H. (2016). Scaling up excellence: Getting to more without settling for less. Random House. Link

  431. Syed, M. (2015). Black Box Thinking: The surprising truth about success. John Murray. Link

  432. Tamaseb, A. (2021). Super Founders: What Data Reveals About Billion-Dollar Startups. PublicAffairs. Link

  433. Taylor, M., & Jack, R. (2011). Understanding the pace, scale and pattern of firm internationalization: An extension of the ‘born global’ concept. International Small Business Journal, 31(6): 701-721. Link

  434. Teague, S. (2021).  Scaling Up Simplified: Unlock the master code to explosive business growth by recruiting a powerful team, attracting loyal customers, and building a life of freedom. Independent Publisher. Link

  435. Tech Nation (2021). The Ultimate Guide to Scaling. Link

  436. Techpoint Africa (2022). Y Combinator in Africa. Link

  437. Teruel, M., & De Wit, G. (2011). Determinants of high-growth firms: why do some countries have more high-growth firms than others? Working Papers, 1988 - 0812. Link

  438. The Conscious Investor (2021). How Rajiv Daya Is Keeping an Eye on the Long-Term Goals of Africa’s Start-Up Landscape. Link

  439. The Student. (2022). Best Universities in Africa 2022. Link

  440. Theodorakopoulos, N., Kakabadse, N. K., & McGowan, C. (2014). What matters in business incubation? A literature review and a suggestion for situated theorizing. Journal of small business and enterprise development. 21(4), 602-622. Link

  441. Thomson Reuters & Matter/HYBR. (2018). African Innovation Paradigms: Fixing the ecosystem for the many, not the few: An assessment and framework for transformative change. (Offline report, contact us for a copy.)

  442. Thrasher, A. (2018). Powerful Scaling: 10 Critical Factors to Successful Scaling. Link

  443. Torun, M. (2016). Business accelerators and their differences from incubators. Working Paper. Research Gate. Link

  444. Tony Blair Institute for Global Change (2022). Supercharging Africa’s Startups: The Continent’s Path to Tech Excellence. Link

  445. Tötterman, H., & Sten, J. (2005). Start-ups: Business incubation and social capital. International Small Business Journal, 23(5), 487-511. Link

  446. Transparency International. (2022). 2021 Corruption Perceptions Index Reveals A Decade of Stagnating Corruption Levels Amid Human Rights Abuses and Democratic Decline in Sub-Saharan Africa. Link

  447. Triebel, C., Schikora, C., Graske, R., & Sopper, S. (2018). Failure in startup companies: why failure is a part of founding. In Strategies in Failure Management (pp. 121-140). Springer. Link

  448. Trudeau, S. (2017). Africa’s universities are not preparing graduates for the 21st century workplace. Quartz Africa. Link

  449. Tuff, G. & Nagi, B. (2012). Managing Your Innovation Portfolio. Harvard Business Review. Link

  450. Turrell, M. & Dijk, M. (2014). Scaling: Small Smart Moves for Outsized Results. CreateSpace Independent Publishing Platform. Link

  451. Udemezue, C. & Hammund, W. (2022). Four inspiring things emerging in the African tech space. World Economic Forum. Link

  452. Umoren, N. J., Akpanuko, E., & Efi, A. (2015). Echoes and Reverberations of Entrepreneurship in West Africa: Any Missing Links? Advances in Management and Applied Economics, 5(6), 111-124. Link

  453. United Nations Economic Commission for Africa (2022). The AfCFTA country business index (ACBI) report: summary report for Angola, Côte D’Ivoire, Gabon, Kenya, Namibia, Nigeria and South Africa. Link

  454. USAID (2020). 2020 Strategic Review of The USAID Partnering to Accelerate Entrepreneurship (PACE) Initiative. Link

  455. Vaara, E., Harju, A., Leppala, M., & Buffart, M. (2021). How to Successfully Scale a Flat Organization. Harvard Business Review. Link

  456. Valliere, D., & Peterson, R. (2009). Entrepreneurship and economic growth: Evidence from emerging and developed countries. Entrepreneurship & Regional Development, 21(5-6), 459-480. Link

  457. Van Biesebroeck, J. (2005). Firm size matters: Growth and productivity growth in African manufacturing. Economic Development and cultural change, 53(3), 545-583. Link

  458. Vanacker, T. R., & Manigart, S. (2010). Incremental financing decisions in high growth companies: Pecking order and debt capacity considerations. Small Business Economics, 35(1). Link

  459. Vandeweghe, L., & Fu, J. Y. T. (2018). Business accelerator governance. In Accelerators. Edward Elgar Publishing. Edward Elgar Publishing. Link

  460. Van Huijgevoort, T. (2012). The ‘business accelerator’: Just a different name for a business incubator. Bachelor Thesis, Utrecht School of Economics, Utrecht, The Netherlands. Link

  461. Velluet, Q. (2021). Sénégal/Côte d’Ivoire: Wave, the fintech that’s shaking up the mobile money industry? the African report. Link

  462. Vexler, D. (2017). What Exactly Do We Mean by Systems? Stanford Social Innovation Review. Link

  463. Wasserman, N. (2013). The Founder's Dilemmas: Anticipating and Avoiding the Pitfalls That Can Sink a Start-up. Princeton University Press. Link

  464. Weiss, T., Perkmann, M., & Phillips, N. (2021). Scaling technology ventures in Africa: new opportunities for research. Innovation, 1-16. Link

  465. Wennberg, K. (2013, May). Managing high-growth firms: A literature review. In Background Paper for OECD LEED Programme Workshop on “Management and Leadership Skills in High-Growth Firms”, Warsaw. Link

  466. Westerlund, M. (2020). Digitalization, internationalization and scaling of online SMEs. Technology Innovation Management Review, 10(4), 48-57. Link

  467. Whiting, K. (2020). These are the top 10 job skills of tomorrow – and how long it takes to learn them. World Economic Forum. Link

  468. Wigboldus, S., Klerkx, L., Leeuwis, C., Schut, M., Muilerman, S., & Jochemsen, H. (2016). Systemic perspectives on scaling agricultural innovations. A review. Agronomy for sustainable development, 36(3), 1-20. Link

  469. Winston Smith, S., Hannigan, T. J., & Gasiorowski, L. (2013). Accelerators and crowd-funding: Complementarity, competition, or convergence in the earliest stages of financing new ventures? University of Colorado-Kauffman Foundation Crowd-Funding Conference, Boulder, Colorado. Link

  470. World Bank (2016). Growth entrepreneurship in developing countries: preliminary  literature review. Link

  471. World Bank (2016). How Tech Hubs are Helping to Drive Economic Growth in Africa. Link

  472. World Bank (2019). Firms Far Up! Productivity, Agglomeration and High-Growth Firms in Ethiopia: Policy Working Paper. Link

  473. World Economic Forum (2014). Entrepreneurial Ecosystems Around the Globe and Early-Stage Company Growth Dynamics – the Entrepreneur’s Perspective. Link

  474. World Economic Forum (2011). Global entrepreneurship and successful growth strategies of early stage companies. Link

  475. World Economic Forum (2021). Circular Trailblazers: Scale-Ups Leading the Way Towards a More Circular Economy - White Paper. Link

  476. World Economic Forum, Stanford University Graduate School of Business, & Stanford Project on Regions of Innovation and Entrepreneurship (2011). Global entrepreneurship and the successful growth strategies of early-stage companies. World Economic Forum. Link

  477. Wulff, M. (2020). Africa’s tech startup ‘investment frenzy’: Fact, fantasy–or a wakeup call for better investing strategies? Next billion. Link

  478. Zajicek, H. (2017). Accelerator vs. incubator: Which is right for you? Entrepreneur, May 26. Link

  479. Zalk, N. (2021). Africa’s development banks: the urgent need for scale. LSE Business Review. Link

  480. Zoogah, D., & Beugré, C. (2012). Managing organizational behavior in the African context. Routledge. Link