<ul><li>Africa's startup ecosystem has seen significant growth fueled by venture capital investments, but many companies struggle to achieve industry leadership.</li><li>The missing element for African startups to scale to the next level is strategic consolidation through mergers and acquisitions (M&A) after the initial stage of innovation.</li><li>While venture capital empowers experimentation and early-stage growth, M&A offers the opportunity for startups to integrate, stabilize, and scale their operations.</li><li>African economies need a combination of venture capital for innovation and M&A for consolidation to create long-term sustainable businesses that can achieve continental scale.</li></ul>

The Capital Staircase

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