Activating Africa’s Future: Emergent technologies and exponential thinking

Exponential thinking is a mindset built on the foundations of audacity and abundant opportunity. Focusing on growth, change, innovation and disruption, exponential thinking is the accelerant behind new industries and a leadership mindset of continuous learning. It allows for a startup mindset to permeate decision-making and planning and opens the door to untapped possibilities. Stepping away from the linear, easily disrupted way of thinking, an exponential approach sets the tone and the standard for the future. Today, as Africa takes bolder strides onto the global stage, it is essential that this way of thinking defines how the continent overcomes the issues impeding its growth and sustainability.

Our continent continues to contend with socio-political inequalities such as access to healthcare, resources, education and jobs. South Africa, Namibia and Zambia, for example, have the highest income inequality in the world, and 50% of the poorest percent hold only 1.2% of the wealth. The continent is also grappling with connectivity - access to digital and mobile connectivity is costly and affects skills development and service delivery. It is also perpetuating the gender gap where 37% fewer women are using the internet than men.

Exponential thinking asks that companies, individuals and communities reframe their approaches to the challenges prevalent on the continent. Transforming these into opportunities means investing into knowledge, insights and technology. It means adopting a mindset that directly addresses these issues through granular visibility into their causes, and how innovative approaches and alternative ways of thinking can resolve them. What can corporations do to reimagine the future of Africa?

It is time to be audacious - in thinking and in action. With exponential thinking companies can leverage rapidly advancing technologies and scalable solutions to drive transformative change across the continent. For instance, digital platforms can promote financial inclusion, while decentralised solutions like solar microgrids and satellite internet can leapfrog infrastructural limitations. In education and skills development, AI-powered adaptive learning systems can democratise access to quality education and rapid upskilling. And wealth creation can be accelerated through digital marketplaces. The key principles of exponential thinking in this context means scale, access, and embracing technology.

This is reflected in commentary from the World Bank that underscores the value of technology in changing the African story. Digital transformation is already changing access to education, skills development, and digital and financial services, and this is shifting the continent towards vibrant, safe and inclusive digital economies and societies.

Limited opportunities should not define the story of the people on the continent.

Investment into disruptive and sustainable technologies and ideas can shape our economies and communities. When everyone plays a role in future-proofing Africa through access to emergent technologies, innovations and skills development, they are working towards a tangible resolution to these challenges. Companies need to ask what technology can do to create opportunity, disrupt thinking and make a meaningful impact, taking measurable strides towards this goal. It is also key that they find better ways of collaborating with the right technology partners, so their combined efforts change the narrative, sustainably.

Old Mutual, as evidenced in our Sustainability Report 2023, has prioritised this sustainability and the creation of solutions that prioritise people. The company simplified how customers access our systems and portfolios to lower the barrier to entry and we saw digital engagement increase by 17% in 2023 from 2022.

Keeping pace with the future means bringing and not leaving people behind. Education, particularly when it comes to financial inclusion and a deeper understanding of investments and insurance, is crucial to opening Africa's doors and creating opportunities and securing these prospects by safeguarding and managing risk. Knowledge sharing is the foundation of inclusion, when people are empowered with information, they can make better decisions, expand their own thinking and become the next generation of innovators, creators and startups.