"The largest challenge is the lack of understanding around the venture capital process," Smith said. "There seems to be no shortage of smart, motivated entrepreneurs, however, they often lack a deep understanding of many aspects of the venture capital game, from questions like 'How will we set the valuation of our company?' to 'Will my investors require me to sell the business or take it public? This confusion around the process itself makes it tough to focus on the more interesting aspects of building the industry."

The challenges and opportunities seem to be balanced out by the growing number of tech innovation hubs across the region, and the investors who give talks and workshops on venture capital. Such tech hubs exist in Cameroon, Tanzania, Uganda, South Africa, Zambia, Kenya, Nigeria, Ghana and Liberia, among other countries.