A huge percentage of the world’s most successful economies are created by knowledge based industries that are heavily reliant on great innovations and human capital. A large share of economic growth is driven by technological advance. This technological progress has the potential to boost economic growth, and thereby to meet challenges not only of the financial crisis in the short term but also of population ageing and climate change in the longer term.  This forces us into a world that seeks evolution and change to feature on a global market scale.

Human capital involves the creating, developing, updating, innovating and coming up with different inventions. Unfortunately, simple inventions are not powerful enough to curb the pressures of globalization.  Hence confusion is present among inventors on what true innovation is, so it’s relevant to point out unproductive ideas that peoples usually have over the economy changing ones. Indeed, innovation is not something coming from nowhere that happen by chance but it’s the fruit of a lot of work, along with a favorable context and based on different people’s work. That’s why an invention doesn’t mean it will turn into innovation, while an innovation is simply a successful invention.

Paper Currency is one of the thousands innovations that have changed the direction of progress in our economies. Throughout much of human history, money took the form of precious metals, coins and even raw materials like livestock or vegetables. The inception of paper money ushered in a bold new era—a world in which currency could purchase goods and services despite having no intrinsic value. It also ushered in a new era of international monetary regulation that changed the face of global economics. Perhaps even more importantly, paper currency was the vital first step in a new monetary system that led to the birth of credit cards and electronic banking.

Automobile is another notable innovation that has changed the direction of our progress. The invention of the automobile can be traced back as far as 1769, when one Nicolas-Joseph Cugnot, devised the very first concept - a complex, three-wheeled steam engine. The idea never really took off, as it could not compete with horse-powered transportation, which was easier to handle, faster, less expensive and more commercially viable. Henry Ford was an intelligent man who understood the process of commercializing inventions to turn a profit. He made it his mission to develop a car, which could compete against by being affordable, competitive and profitable.
 

The Internet is something that many of us now take for granted, but yet another major innovation that have changed the direction of progress in our economies. The Internet is essentially a network connecting thousands of smaller networks into a single global network. The Internet has changed our world bringing a wealth of information to our fingertips. The sharing of information has accelerated with the introduction of the Internet, with new, fresh content accessible second after second.

These innovations and many more others transformed the world generally, but the question is where Africa in all this? For decades Africa was regarded as a continent dependent on western aid for survival.  However, a different picture has started to emerge. The continent is changing. Today Africa is generating innovations that are relevant to international markets. African technological innovations are not mere gadgets.  They are life-enhancing tools that contribute to a more productive economy and improvements in quality of African people.  African entrepreneurs who are leading the charge in the technological revolution are also creating jobs and new income streams. Notable ten life-changing innovations in Africa have been identified as:

1.    Start-ups and Incubators

Previously regarded as the capitals of start-ups, San Francisco, London and Berlin have been facing immense competitions with the growing African start-up scene. A number of innovation hubs such as iHub in Kenya, Co- Creation Hub in Nigeria and the Silicon Cape Initiative in South Africa. These communities exist to offer an open space for the technologists, investors, tech companies and hackers in the area, creating a platform of creativity to flow and provide support to build it into productiveness.

2.    Afro-entrepreneurs

Some defining characteristics of these entrepreneurs are interactive social and business relationships, use of modern management methods and information technology, trust among fellow members, transparent business practices, advocacy on behalf of the private sector, and commitment to increasing intra-African commerce. Their mission is to improve the climate for private sector business in Africa and to promote regional economic integration. They pursue cross-national commercial ventures, maintain official observer status at established regional economic organizations, sign memoranda of understanding with multilateral agencies, establish venture capital funds, and help to change government policies.