Obafemi Awolowo University (OAU) and the University of Lagos (UNILAG) have emerged as the leading African universities that produced the most unicorn founders, according to a new report by Future Africa. The report, titled 'The African Unicorn Founders Report', analysed the educational backgrounds of founders of African tech startups valued at over $1 billion.
OAU and UNILAG Top the List
The report found that OAU produced four unicorn founders, while UNILAG produced three. These universities are followed by the University of Ibadan (UI) and the University of Nigeria, Nsukka (UNN), each with two unicorn founders. Other universities on the list include the University of Nairobi, the University of Cape Town, and the University of the Witwatersrand.
Key Findings of the Report
The report highlighted that a significant number of unicorn founders in Africa studied science, technology, engineering, and mathematics (STEM) disciplines. It also noted that many founders had postgraduate degrees from foreign universities, particularly in the United States and the United Kingdom. The report stated: 'The data shows that African universities are capable of producing world-class entrepreneurs, but more support is needed for innovation and startup ecosystems.'
Impact on African Tech Ecosystem
The findings underscore the role of African universities in nurturing talent that drives the continent's tech boom. Unicorns such as Flutterwave, Interswitch, and Jumia have founders who studied at these institutions. The report calls for increased investment in university-based entrepreneurship programs and research to sustain the growth of the tech ecosystem.
Full List of Top 10 Universities
- Obafemi Awolowo University (OAU) – 4 founders
- University of Lagos (UNILAG) – 3 founders
- University of Ibadan (UI) – 2 founders
- University of Nigeria, Nsukka (UNN) – 2 founders
- University of Nairobi – 2 founders
- University of Cape Town – 2 founders
- University of the Witwatersrand – 2 founders
- Makerere University – 1 founder
- Kenyatta University – 1 founder
- University of Ghana – 1 founder
Recommendations
The report recommends that African governments and private sector stakeholders collaborate to create innovation hubs within universities, provide seed funding for student startups, and foster partnerships with global tech companies. It also emphasises the need for mentorship programs to bridge the gap between academic knowledge and entrepreneurial success.
