Considered to be one of the largest software companies globally, and barely months after opening its first data center in Johannesburg, South Africa, Oracle has invested about $1 million in Africa's FinTech space in a program tagged "Oracle for Startups." This program will support over 100 startups in the continent. This event follows the acquisition of MainOne by the U.S based Equinix Inc. Revealing the increasing interest of global players in Africa's technology ecosystem.
Innovation transforms the value of a nation's economy by exploring new opportunities, boosting productivity in all sectors, and yielding unimaginable profits. Africa has a Startup failure rate of 54.2 percent, proving how crucial funding is to the survival of any business, especially with the continent's harsh terrain. Oracle for startups will set the platform for support growth through its financing and access to the latest technologies.
Undoubtedly full of untapped potentials, the success of Africa's technology space will play a significant role in the guarantee for investors in the nearest future. For companies like Oracle, beyond expansion, it is necessary to be influential in activities around the continent, considering the heightened interest in Africa's Technological ecosystem by global players and competitors like Microsoft and Google.