Africa's Band of Angels

At some point for early stage technology firms to blossom in Africa, Angel investors have to get into the game. By Angel investors I don't mean your uncle the "Government Contractor". The one who wants an immediate return on his investment. I assure you uncle will not understand that you had a bad quarter. The Angel investors I am talking about are sophisticated investors that have an interest in building entrepreneurial companies that can take on the world.

Today these potential african entrepreneurs/investors are to be found in the US and Europe. India has made the transition. There is an interesting article in GigaOm on the emergence of India's Band of Angels.

GigaOM writes:

After the dot-com bust and IT slowdown nearly crushed the startup he co-founded, entrepreneur Alok Mittal realized India’s business environment had a major shortcoming. There was no money for early stage companies. He survived–selling the startup he co-founded, jobsahead.com2, to Monster.com3 for $9 million in 2004—but his five-year roller coaster ride gave him another idea.

With even venture capitalists looking to invest as much as $1 million-$3 million, Indian entrepreneurs badly needed angel investors willing to commit smaller amounts in, and more importantly, provide guidance to, very early stage, pre-revenue companies...