A new report published today, titled The Perception Dividend: How Effective Narratives can be a Lever of Business Growth and Legitimacy in Africa, reveals that despite the remarkable growth and impact of African innovation in recent years, technology companies operating across the continent still face a common and often overlooked challenge: a perception deficit.
Published by Talking Drum Communications, the report argues that even as African technology companies become increasingly integral to the continent’s economy – driving financial inclusion, improving healthcare and powering logistics – international investors and partners often lack confidence in African markets. This lack of confidence is not due to poor performance, but because of limited visibility, fragmented information, and deep-rooted biases.
Crucially, the report highlights that communications – the function tasked with shaping how companies are perceived – remains one of the most under-resourced areas of African tech businesses. A referenced study found communications ranked among the least funded capabilities in African scaleups, after talent and product development.
Other key findings from the report include
- Founder-centric storytelling still dominates, often overshadowing institutional credibility or broader ecosystem value
- Narratives tend to be product-led, with limited focus on purpose, impact or long-term vision
- A growing cohort of Africa-focussed companies are treating communications as a strategic asset – and are seeing dividends in the form of increased credibility, capital access, and market influence
Combining qualitative and quantitative research, The Perception Dividend explores how strategic communications and narrative-building can unlock new pathways to growth and legitimacy for Africa’s innovation ecosystem. It surfaces both macro-level trends and practical insights from founders, operators, and investors across the continent.
The report also introduces two practical frameworks – The Narrative Maturity Ladder and The Perception ROI Model – designed to help organisations achieve narrative maturity and drive measurable outcomes in credibility, capital access and market influence. Together, these models provide a blueprint for realising the perception dividend.
According to Olugbeminiyi Idowu, Founder and Managing Director of Talking Drum Communications, “The most innovative companies in Africa – and around the world – don’t just build great products; they build belief. They understand that no matter how powerful their technology or how scalable their model, it’s the story they tell – and how consistently they tell it – that drives trust, attracts capital, and opens doors to new markets. The Perception Dividend offers a practical blueprint for African tech companies looking to do the same. It shows how effective storytelling can be a multiplier – turning credibility into capital, product traction into market leadership, and local success into global relevance. In an increasingly competitive and connected world, narrative is not just the story around the business – it is the business advantage.”
The reportis available to download for free on the Talking Drum Communications website.
