Aigboje Aig-Imoukhuede highlights Africa's immense potential for start-up growth, comparing their development to camels, elephants, and gazelles in venture capital terms.

A robust venture capital environment is crucial for scaling startups, necessitating a legislative framework that mitigates investment risks to attract funding.

As of early 2023, Africa has seven unicorns, mainly in the fintech and digital sectors, which are addressing significant payment challenges on the continent.

Successful startups must have a clear value proposition, scalable business models, and visionary leadership, along with a deep understanding of their markets.

To drive economic growth, Africa must cultivate 'gazelles'—fast-growing companies that can evolve into unicorns and eventually into 'elephants' that dominate their markets.

Africa's greatest asset is its talent pool, but skills migration poses a challenge; thus, educational reforms are essential to promote innovation and retain local talent.

Government-sponsored accelerators and incubators, such as those in Egypt, have proven effective in supporting small and medium enterprises and should be replicated across the continent.

Achieving unicorn status is complicated by challenges like high revenue expectations, regulatory scrutiny, and competitive pressures, particularly in the aftermath of recent economic events.

Many African start-ups face structural challenges that hinder their growth potential, highlighting the need for collaboration between governments and the private sector.

Tailored policies, including tax incentives and startup-friendly regulations, can stimulate demand and nurture successful businesses in Africa.

Reliable internet and energy access are critical for start-ups to scale, as evidenced by the fintech sector's success in overcoming payment system challenges.

Five key imperatives are essential for transforming Africa's startup ecosystem and nurturing the growth of gazelles and unicorns.