Empowering Africa's early stage entrepreneurs

In a recent interview with CNBC Africa, Jasmine Bochenpole, the Founder and Director of Harvest Field, shared insights on the challenges facing early-stage entrepreneurs in Africa and the steps needed to empower them. Bochenpole highlighted the importance of inclusivity in creating opportunities for marginalized populations and addressing the lack of access to finance and support systems for small and medium-sized businesses (SMMEs) on the continent. Bochenpole emphasized that inclusivity means providing excluded and marginalized individuals with a seat at the table, both socially and economically. She noted that inclusivity in Africa is often given lip service and has become cliched, calling for concrete actions from governments, businesses, and the private sector to support entrepreneurs and create a thriving SMME market. Bochenpole underscored the need for government intervention in education and for businesses to include entrepreneurs in supply chains and provide seed funding for startups. Access to finance was identified as a key challenge for SMMEs in South Africa, with Bochenpole highlighting the need to rework credit scoring mechanisms to foster greater financial inclusion. She cited mobile banking and innovative solutions tailored to rural communities as ways to improve access to finance for entrepreneurs across the continent. Bochenpole also addressed the lack of commitment from governments in providing non-financial support for early-stage entrepreneurs. While government rhetoric often focuses on the vision for entrepreneurship, execution is lacking, leading Bochenpole to call on the private sector and NGOs to fill the gap. She urged the involvement of global accelerators and large companies in supporting early-stage entrepreneurs, emphasizing the importance of mentorship and technical support in building sustainable businesses. The conversation turned to the sustainability of accelerator programs for entrepreneurs, with Bochenpole emphasizing the importance of a holistic approach that includes funding, mentoring, and industry support. She stressed the need for ongoing support and guidance for entrepreneurs to ensure their success and long-term viability. In conclusion, Bochenpole called for greater collaboration between stakeholders in the ecosystem of early-stage entrepreneurship in Africa to address the challenges and drive meaningful change. By working together to provide inclusive opportunities, access to finance, and ongoing support, the continent can empower a new generation of entrepreneurs and foster economic growth and innovation.