Imagine this: You’re a founder, pouring your heart and soul into your business. You face long days, sleepless nights, and mounting pressure to succeed. Now, ask yourself:

At the Africa Early Stage Investor Summit, Emmanuel Adegboye, Head of Madica, posed this question to a room full of investors while unveiling findings from Africa’s Largest Founder Wellbeing Survey. The immediate response? A resounding “0%.”

It wasn’t just a rhetorical moment but a stark reflection of the trust gap between founders and funders. And while the actual number isn’t quite zero, it’s not much better: only 11% of founders believe their investors genuinely care about their wellbeing. This statistic is as shocking as it is revealing.

This trust gap has real consequences. It might explain why founders often feel the need to project an air of confidence, selling ambitious visions that may not be achievable, or why bad news is often delayed until it’s too late to intervene. If founders don’t trust that their investors care, they’re less likely to share challenges early, hindering collaboration and compounding problems.

“We believe there’s a direct correlation between founder wellbeing and business success,” Emmanuel shared. “Prioritising founder wellbeing not only improves lives but also enhances the long-term performance of startups.”

So, how did we get here, and what can we do about it? Let’s examine the situation.

A Silent Struggle Beneath the Surface

Conducted by Flourish Ventures in partnership with Madica, Endeavor, Launch Africa, Econa, and Startup Snapshot, the Passion and Perseverance report is the first large-scale study on founder wellbeing in Africa. It captures the experiences of over 160 founders across 13 countries, offering unparalleled insight into the challenges, resilience, and realities of building a business on the continent.

But this report isn’t just data - it’s a mirror, reflecting the lived experiences of African founders. And what it reveals is both inspiring and deeply concerning. A profound truth that behind every pitch deck and valuation lies a deeply human story of passion, pressure, and perseverance.

African founders are driven by more than just ambition - they’re fuelled by a profound sense of purpose to solve real-world problems and transform their communities. 8 in 10 founders love what they do, and nearly two-thirds would start again even if their current business fails. This resilience is remarkable, but it comes at a cost. Passion is a double-edged sword, sharpening their determination but also exposing them to immense pressure.

The reality behind the numbers is deeply human. Anxiety and burnout aren’t just abstract concepts. They’re the sleepless nights spent juggling limited resources, the relentless pursuit of funding in an environment where opportunities are scarce, and the crushing weight of investor expectations. Founders often feel the need to project confidence and polish, suppressing vulnerabilities to maintain trust, even when the cracks are starting to show.

Loneliness, too, is not just a statistic. Imagine being surrounded by a team, advisors, and investors, yet feeling completely isolated because the responsibility rests solely on your shoulders. This is the silent burden of leadership. 78% of founders report feeling lonely, a reality compounded for female founders, who are disproportionately affected by societal expectations, work-life imbalance, and fear of failure.

The startup journey in Africa is not just about building businesses—it’s about navigating a landscape where uncertainty is the norm. Founders here wake up every day to a balancing act: inflation eats into purchasing power, currency fluctuations complicate long-term planning, and political shifts or regulatory surprises can change the rules overnight. These aren’t occasional disruptions; they are the backdrop against which every decision is made.

But the challenges don’t stop there. Behind every pitch deck is the quiet struggle to find and retain the right talent, scale operations in fragmented markets, and earn customer loyalty in environments where spending power is often limited. And then, there’s the fight for funding.

For 59% of founders, fundraising is the single greatest source of stress. Imagine spending months building relationships, crafting proposals, and pitching your vision, only to compete for the same scarce capital as larger, more established players. In an undercapitalised ecosystem, every dollar raised feels like a hard-won victory, but it comes with relentless pressure to deliver results in record time.

And yet, African founders persist. They are not just building businesses - they are creating hope, resilience, and a legacy of possibility.

The Data Behind the Passion

Female founders in Africa face challenges that go beyond the typical entrepreneurial struggles. Loneliness is a significant issue, not just as an emotional burden but as a reflection of systemic gaps in representation and access to peer networks. Many women navigate their journeys as the “only one in the room,” making it harder to share vulnerabilities and build trust. Creating intentional spaces for female founders to connect and support each other could go a long way in addressing this isolation.

Work-life balance is another stressor that disproportionately affects women. Societal norms often place caregiving responsibilities squarely on their shoulders, forcing them to juggle cultural expectations with the demands of scaling a business. This dual burden highlights the need for practical ecosystem solutions—such as flexible funding timelines or childcare support—that recognise the realities of their lives and allow them to thrive without compromise.

Finally, the fear of failure looms large, driven by heightened scrutiny that makes many female founders feel their performance reflects on all women entrepreneurs. This fear is compounded by the stark reality that female founders are often over-mentored and underfunded. The question is: Why are we comfortable mentoring women but hesitant to fund them? It’s time to move beyond advice and panels—what women need most is capital. Are we ready to make that commitment?

The Investor-founder relationship - A Trust Gap?

The investor-founder relationship should ideally be a partnership built on trust and mutual support. However, the data reveals a troubling reality: for many founders, investors become a significant source of stress rather than a relief. Founders rated investors 6.4 out of 10 on a scale measuring whether they alleviate or contribute to stress, with the balance tipping toward the latter.

This dynamic creates a vicious cycle. When founders feel that their investors prioritise returns over relationships, they’re less likely to share vulnerabilities or challenges early. Instead, they may feel pressured to project perfection or sell overly ambitious visions, further eroding trust and compounding issues that could have been addressed collaboratively.

The path forward is clear: investors need to rethink their approach. Founders have expressed three key asks:

Beyond fostering trust, founders have highlighted key areas where investor support could make a tangible difference:

• Sponsor access to coaching (55%) to help founders build resilience and navigate challenges effectively.
• Allocate capital for founder wellbeing initiatives (44%), signalling a commitment to holistic success.
• Provide access to leadership and management training (43%) to equip founders with the skills needed to scale sustainably.

These changes aren’t just about reducing stress - they’re about creating a foundation of trust that enables founders to succeed. If investors don’t evolve to become true partners, they risk not only the wellbeing of founders but also the long-term viability of their own investments.

The solution is within reach. Founders have been clear about what they need: access to coaching, capital for wellbeing initiatives, and leadership training. By addressing these needs and fostering authentic relationships, investors can transform the stress they often inadvertently create into a powerful source of support.

As Emmanuel Adegboye shared,

This isn’t just about empathy—it’s about building an ecosystem that prioritizes founders’ resilience and equips them with the resources to navigate the challenges they face. When investors actively champion founder wellbeing, they’re not only strengthening relationships but also investing in the long-term viability and innovation of their portfolios.

We started with a question, and we’ll end with one: Are we ready to invest as much in the people behind the businesses as we do in the businesses themselves? Or will our fixation on returns ultimately erode the very foundations of our investments?