A recent report from Flourish Ventures reveals that while African founders are deeply passionate about their ventures, many are grappling with mental health challenges as a result of the intense pressures they face. The survey, which gathered responses from over 160 founders across 13 African nations, sheds light on the toll that factors like fundraising hurdles, economic instability, and inflation are taking on their well-being.
According to the report, more than 80% of respondents reported struggling with mental health issues, with 60% experiencing anxiety, 58% facing high stress, 52% dealing with exhaustion, and 20% reporting symptoms of depression. Notably, even founders of high-performing startups are affected, with over 70% of this group also acknowledging mental health struggles.
Ameya Upadhyay, a venture partner at Flourish Ventures, emphasized the importance of founder well-being, noting that it directly impacts business longevity and success. “By sharing these early insights, we aim to initiate a broader conversation on supporting founders both within Africa and globally,” Upadhyay stated.
Despite the challenges, African founders largely remain committed to their entrepreneurial paths, with 81% expressing sustained passion for their work. However, they cited critical stressors, including fundraising challenges (59%), inflation (44%), and broader economic volatility (40%), as key sources of mental strain.
A significant number of respondents also voiced concerns over investor expectations, with nearly half calling on investors to temper unrealistic demands and to see founders as individuals, not merely as revenue generators. Iyin Aboyeji, founding partner at Future Africa, echoed these sentiments, stressing the need for founders to focus on controllable factors while acknowledging the weight of external stressors. “These factors, often beyond our control, are major contributors to stress and burnout for many entrepreneurs,” he said.
In response to these pressures, many founders are turning to various coping mechanisms, including exercise (59%), relationships (49%), sleep (45%), and healthy eating (42%). Founders with strong support networks were shown to experience a 13% increase in well-being compared to those with weaker personal support systems.
Yet, only 14% of founders feel comfortable discussing their mental health openly, primarily due to fears of judgment and lack of empathy from investors. The report suggests that this reluctance highlights a need for a more supportive environment in the investor-founder relationship, with greater transparency and a human-centered approach.
Efayomi Carr, an advocate for rethinking founder support, emphasized the need to reshape these relationships. “Founder stress and burnout are pervasive, yet founders remain resilient,” he said, urging for a balanced approach where both founders and investors prioritize mental well-being as an essential factor for sustainable growth.
As Carr stated, “Data is powerful, but it’s just the start of a larger conversation.” The report aims to prompt meaningful dialogue between founders and funders to create a more resilient ecosystem that values both business success and personal well-being.
