Overview
The 2024 edition of PwC’s Africa NextGen Survey is a market survey that explores the vital role family businesses play in Africa’s economy, marked by their resilience and unique blend of personal and professional management. Surveying over 95 African NextGen leaders, the report reveals their optimism about the potential that generative AI (GenAI) has to drive sustainable growth and resilience. It underscores the urgent need for company-wide GenAI adoption and provides insights into the future visions of Africa’s NextGen leaders, focusing on innovation, trust and succession.
Turbocharging innovation in family businesses
Africa’s NextGen is keen to embrace new technologies but feel constrained by traditional leadership. 77% of Africa NextGen view GenAI as a powerful tool for transformation but are concerned about their family’s readiness for GenAI adoption. The adoption levels of GenAI in African family businesses remains low, with only 4% actively implementing it in their daily tasks.
Very few family businesses are actively using generative AI
Protecting trust in an AI-driven world
Trust in business and technology is intertwined, and as GenAI evolves, leaders must make the right decisions for all stakeholders. Family businesses, viewed as highly trustworthy, have a unique opportunity to lead in responsible GenAI use. With 57% of NextGen leaders seeing the potential for family businesses to excel in responsible AI adoption, family businesses should focus on preserving their trust and leverage GenAI strategically.
Maximising NextGen’s contribution
NextGen recognises the role they play in an AI-driven world. Leveraging AI offers them an opportunity to significantly impact their family business and secure their legacy. Despite not being actively involved in AI roles which are often found in large, mature firms, 60% of Africa’s NextGen feel optimistic about navigating these technologies and believe that becoming AI champions will advance their leadership roles within their family businesses.
