EP 35 | Kojo Annan: What Really Kills Startups in Africa and How to Survive

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How do you build and back winning companies in Africa when capital is scarce, risk is mispriced, and every market behaves differently?

In this episode of The Angle, interviewed during the Singularity Summit in October, investor Kojo Annan unpacks the hard truths (and real opportunities) behind scaling on the continent. We go deep on the global financial architecture and Africa’s baked-in “risk premium,” why a local mission with a global vision beats copy-pasting Silicon Valley playbooks, and what he calls the “gladiator test” for founders - resilience and endurance over résumé sheen.

We talk thesis vs. reality - what investors say they want vs. who actually gets funded; how to design country-specific strategies; building the right capital stack (grants, revenue, debt, equity) for African conditions; and the underrated role of the diaspora pipeline in seeding the next wave of operators and capital allocators. If you’re a founder, investor, or policymaker trying to separate perception from facts, this conversation is a practical field guide.

What’s inside:
The “danger premium” myth and why Africa’s risk is often mispriced

How local constraints (logistics, compliance, FX, power) shape winning strategies

The gladiator founder: what Kojo Annan actually screens for beyond the deck

Why not every Wall Street/Big Tech playbook ports to Lagos or Joburg

Building momentum without mega-checks: revenue, partnerships, and smart debt

Diaspora talent as accelerant: training abroad, building at home

Concrete advice on storytelling, diligence, and country fit to raise capital

TIMESTAMPS:
00:22 – Intro: who Kojo is & why his lens matters
02:01 – Origin story: operator to investor (and what changed)
05:13 – The “risk premium” myth: global finance & Africa’s mispricing
06:33 – Strategy 101: local mission, (maybe) global vision
08:25 – The “gladiator” test: what Kojo really looks for in founders
11:10 – Markets aren’t the same: Joburg is not Lagos is not Accra
13:45 – Capital stacks that work here (revenue, debt, equity, grants)
16:20 – Due diligence vs. perception: what investors actually check
18:40 – Sectors with signal: (context-specific examples, not templates)
20:55 – Policy & partnerships: when government helps (or hurts)
22:17 – The diaspora pipeline: why returnees are catalytic
24:50 – Story, numbers, traction: how to pitch for this market
27:35 – Founder advice: survive long enough to be obvious
30:02 – Closing notes & where to find Kojo

Subscribe for more candid conversations on Africa’s digital future—where systems and execution matter more than slogans.

#TheAnglePodcast #KojoAnnan #AfricaStartups #RaisingCapital #RiskPremium #InvestorPlaybook #DiasporaTalent #SmartDebt #CountryFit #ScaleInAfrica

Produced and published by Submedia.co.za
28 Nov 2025 English South Africa Technology · Business

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