European business schools are looking south to Africa. The continent is teeming with entrepreneurial talent, with a youthful population, rapidly urbanising economies and abundant natural resources. But many African entrepreneurs face obstacles that can hold them back, such as limited access to education, financing and mentorship. Schools based in Europe are stepping up to help bridge this gap, offering tailor-made entrepreneurship programmes and expanding their presence deeper into Africa. In October, for instance, HEC Paris established a Master in Entrepreneurship and Innovation in Yamoussoukro, the administrative capital of west Africa’s Ivory Coast, partnering with a local institution, the Institut National Polytechnique Félix Houphouët-Boigny (INP-HB).
The 18-month programme aims to cultivate a new generation of African entrepreneurs, through HEC’s “learning-by-doing” methodology, emphasising practical experiences. One of the first students, Amon Hugues-Michel Amon, is determined to address the energy transition challenge in west Africa: the process of shifting away from fossil fuels to more sustainable alternatives. Amon, a 30-year-old from Ivory Coast, plans to create a regulatory body to ensure the quality and safety of solar panel-installations. “I aim to use my business education to contribute to the development of my continent, to transform my idea into a business,” he says. “Reducing dependence on fossil fuels is critical to Africa’s future, and I want to be part of the transition.”
HEC Paris has been present on the continent since 2007. In 2018, the business school expanded its activities, opening a permanent office in Abidjan, Ivory Coast’s biggest city and economic capital. In the next five years, it plans to support 1,000 business projects through entrepreneurship programmes in Africa. Reducing dependence on fossil fuels is critical to the future and I want to be part of the transition Amon Hugues-Michel Amon Philippe Oster, HEC’s director of international affairs, says: “Africa is the world’s youngest and fastest-growing continent. Unfortunately, there is a significant disparity between the number of young people searching for work and the job opportunities. Much of Africa’s challenge, therefore, lies in creating sustainable businesses that generate value and employment opportunities.” In recent years, there has been a notable increase in the demand for business education from Africans, reflecting growing interest in fostering entrepreneurship and leadership.
Some local business schools, in countries including South Africa, Nigeria and Kenya, are catering to this demand. Established local institutions include Lagos Business School and the University of Stellenbosch Business School. But, so far, provision of globally ranked schools on the continent is limited. FT European Business Schools Ranking 2023 This story is from the ranking report publishing on December 4 The gap has not gone unnoticed by global institutions, with both European and US business schools, as well as Chinese counterparts, entering the African market. Shanghai’s China Europe International Business School (Ceibs) has set up a base in Ghana, for instance, while Duke University Fuqua School of Business, based in North Carolina, has offered executive education programmes. Several European institutions offer degree programmes, short courses, workshops or mentorship initiatives in Africa. For example, Germany’s Frankfurt School of Finance and Management collaborates with the Université Protestante au Congo in Kinshasa, the capital of the Democratic Republic of Congo.
The partnership delivers an MBA programme for executives that has a growing focus on entrepreneurship, including an innovation course on which students learn to identify entrepreneurial opportunities in African markets. “We created these courses in response to the needs of the market, with many students who want to establish their own businesses,” says Amelie Feuerstein, Frankfurt’s Kinshasa MBA programme manager. “There are huge opportunities for entrepreneurs in Africa, particularly in agribusiness, technology and the creative industries.”