What is Innovation Capital?

In a few weeks I’ll be delivering an address at one of South Africa’s universities upon the invitation of the Director of Technology, Innovation and Commercialisation on some key innovation practices in the country, this will be to the regional campus’ staff and students. Last week, I addressed an audience of over 225 women on leveraging their capital (in trusting themselves) through innovation tools. Apart from the innovation addresses in common that these two invitations carried, it’s how I was contacted and made visible to these two entities that will touch on what we’ll be unpacking in this article. Through amplifying my work and thought leadership engagement, and many other properties that I’ll get into in in the coming paragraphs, my Innovation Capital banked on these opportunities.

A concept coined by Marc Benioff who is Salesforce’s Founder and CEO, Innovation Capital is (to paraphrase) the accrued capital and impact to influence and fund an idea and the resources needed to actualise it. Have you ever wondered how Elizabeth Holmes successfully raised millions of dollars for Theranos, despite its failure? Or how Elon Musk continues to build and bankrupt ideas that are bankable, yet seem incredibly ludicrous? Innovation Capital is not only exclusive to individuals, but to brands like Apple who continue to incrementally innovate and elevate their standard to a point where their customers become their brand advocates? Or how recently listed UBER continued being funded by investors even though it was a blood-sucking investment? Some have it, and some can still raise it; so how do you ensure that you have it? You build it, and you do so patiently, because Innovation Capital cannot be wired into your account, you have to earn it. Let’s unpack this a bit.

The Characteristics of an Innovation Capitalist?

As with any capital, no matter who or what brand you are, it accrues in volume over time before it can be of value, innovation capital is no different. To be an inspired gamechanger like an Oprah Winfrey and building a school for girls in South Africa, not only do you need to be the self-made billionaire with multiple businesses and have a direct line to a Nelson Mandela who can make political calls to get your idea into a proof of concept. Are you getting my drift? The characteristics of an innovation capitalist are dependent on who you are, the strong ties that you have with the right network, the work that you’ve done and the stages and platforms that you employ to amplify your work. Now, even with all these characteristics in mind, as is the process of innovation, there is no guarantee that it’ll work out, proof of concepts aren’t always proven. This, entrepreneurs and intrapreneurs will tell you, but that’s the beauty of innovation, there’s no guarantee but through the research and development, there’s always a lesson or few to be learnt. Having worked in corporate innovation for the past two years and being at the nucleus of product management and development, I cannot tell you how many ideas were killed (in their respective stages) in as much as that we launched. But in this, the true value became not in how many times we failed, but how quickly we did so and did it so with an accrued value for my manager (with incredible visionary leadership – another key component) to continue getting these ideas funded.

How do you Build Innovation Capital?

So, whether your ideas take off or not. How do you begin to build Innovation Capital? If you’re not an Oprah, a Mandela or even a Hitler (dark, I know, but his capital funded Nazi Germany) and you’re a student, entrepreneur or working professional who wants to create or accrue their innovation capital, where do you begin? First things first, you acquire the knowledge of where you’re wanting to be an innovation capitalist in – in order to play the game, you need to know it. The skills that you’ll acquire from this will enable you to not only set yourself apart, but then have the expertise and confidence to be able to find the platform to share these ideas. These are the makings of a leader. Becoming a leader in your industry is a key component in building trust in your shared ideas, as this garners visibility, which catapults the effectiveness of a personal brand that people trust with their capital.

Conclusion

An amalgamation of many accrued capital, innovation capital requires human, social, intellectual and other forms of capital in order to yield momentum and/or return on investment, nothing is guaranteed. Now that you have the knowledge and the tools of the term, how will you put it to practice and ensure that it get funded? May the best idea win, and the capital odds always be in your favour!

 

 

 

 

 

Images Supplied: The Corporate Canvas

 

Published in Inno trep tech

 

Entrepreneurship, it’s far beyond meetings at coffee shops, sleek silver grey PCs and colourful socks, it’s a design that’s a function of human-centred solutions and banking on the market in the gap. And, in most emerging markets like Africa and Asia, small and medium businesses contribute a large portion to not only a country’s Gross Domestic Product (GDP) but also in alleviating social ills like unemployment and limited access to affordable healthcare. And no business can operate as an island; access to markets, capital investment and capabilities are just some of the tools needed to operate and scale a business, something that the Entrepreneur of the Year® (EOY) Awards offers and enables.

What is Entrepreneur of Year Awards?

Proudly sponsored by Sanlam and BUSINESS/PARTNERS, the Entrepreneur of the Year® Awards is an annual competition that recognises and honours small and medium enterprises in South Africa who are innovative in their businesses, and create not only profitable businesses, but enterprises of social and economic impact. The competition invites esteemed entrepreneurs, investors and veterans in business like Matsi Modise and David Morobe to judge this notable competition, and uses various filtering processes to mitigate bias and error.

So, what’s in it for Sanlam and BUSINESS/PARTNERS in investing in such a platform? “We’ve been in business for over 38 years and understand that entrepreneurship can be a lonely journey. As such, we created the competition as a platform to acknowledge the efforts made by business owners to assure them that they are on the right track and to link them with other entrepreneurs for networking and business opportunities,” says Gugu Mjadu, Spokesperson for the Entrepreneur of the Year® competition sponsored by Sanlam and BUSINESS/PARTNERS.

Gugu adds that the awards were also introduced with the aim to contribute towards stimulating entrepreneurial activity in the country. “We want aspiring entrepreneurs to look at the EOY award winners and believe that it is possible to achieve success and wealth via entrepreneurship,” she adds.

What Access to Market?

With so many competitions, events and awards in the entrepreneurial ecosystem, it can be difficult to track the impact and progress of the capital that the entrepreneurs receive from these organisations. According to the SME Landscape Report An Assessment of South Africa’s SME Landscape: Challenges, Opportunities, Risks & Next Steps’ 2018/2019, it was revealed that almost 52% of entrepreneurs care and prioritize about access to market than anything else for their businesses and also need assistance in access, especially small and medium business, using this is a springboard to enabling their companies to scale.

But what is Access to Market? And how does it enable small and medium businesses to thrive? Market access is the conditions and measures set by countries to enable or to restrict transactions and trade of their products. These conditions for small and medium enterprises are also upheld by the bureaucracy that exists in both public and private sectors, at times making it difficult for the smaller players to get a piece of the market share. This is why, more than ever, it’s important for big players like Sanlam and BUSINESS/PARTNERS to enable market access, through either their own market or with the financial capital that is up for grabs in this year’s awards.

EOY's Strategy for Entrepreneurship Access in South Africa

Take 2017 Innovator of the Year® winner and owner of Pimp my Book, Mpodumo Doubada – he says the direct spin-off from the EOY awards was a far more positive reception from various universities and corporates – who had heard about their company through the media and became a little more open to trying their innovative approach. Post winning, he also opened a new store in Pretoria, signed on more than 1000 new bursary students to their bursary division. The best part is that their revenue has grown by 40% since winning the award. ”  says Gugu.

Through the awards and its objective to get the entrepreneurs to build and grow a successful business, the entrepreneurs get an opportunity to leverage social networking and capital, this, with fellow entrepreneurs and credible business experts who carry insights in industries of interest. Winners also have the added advantage of receiving formal mentorship or technical assistance as one of their prizes which they can use to develop tactics for accessing markets.

Adoption Strategy for your Business

So, whether it’s the prizes to the total value of R2 million which include cash prizes of R500 000, expanding networks, receiving media and mentorship exposure, it’s important that not only you just enter the EOY Awards, but to also enter it with clarity of why and how it can benefit the scaling of the development of your business.

 Entries close on 31st of May, so don’t forget to submit your applications by visiting www.eoy.co.za !

 

              

             

              

       

 

 

 

Published in Inno trep tech

Data Does Lie, Check Product Bias

Saturday, 13 April 2019

 

There is no better time in developing markets and the current industrial revolution than right now to contribute to the discussion of the Fourth Industrial Revolution (4IR) and the alarming PR messaging that it has, some well-intentioned misdirection and the other half split with an overflow of information of which skillset to prioritise and which technology to employ. The job losses, the new technology and the illiteracy to name a few of this incoming era can indeed create a barrier of intimidation on entry, and what adds to the complexity of the situation is that the data lies.

Exploring Data Bias

You should be familiar with the notion of data being the new currency, at least in comparison to oil as an infinite resource that can empower economies. And data, having been undocumented, raw and undigitized has always been around, it is rather the scramble for the science and technology of it, and who gets access to it first that impacts the narrative and gets an opportunity to score some points for their industry, economy or group of privilege that they belong to. It’s the data scramble, it’s the data rush. This is what’s caused, I believe, the insurmountable backlash and inaccuracies, the product bias towards chatbots or products otherwise, whether its towards gender, race or access. The question that then follows up to this statement would be where the data is, and exploring the intentional bias and opportunities for solutions to the bias, and what stakeholders can do create inclusive economies.

The Impact of Bias Practices …

Machine Learning which is an application of Artificial Intelligence (AI) that studies the sciences of how machines can automatically learn and improve from experience by learning from themselves, is learning from the bias of the producers of the algorithms, and these makers of algorithms are largely white males as can be seen in an example of this through facial recognition products created by IBM, Microsoft and Face Plus Plus. That means that, so is the (informed) data, which breeds much room for prejudice.

A recent example of a sector that informed this bias is financial services, mostly with credit, and is now building the intelligence tools to either enforce or break away from this. In South Africa, usury expert Emerald van Zyl, claims that Standard Bank (including banks like First National Bank), which is Africa’s oldest bank is currently under hot fire for billing its black customers at a higher interest rate in financing. This is not the first time this occurred with Standard Bank, as in 2012 they were also charged with violating the National Credit Act where eventually customers were refunded by 2013. Now, if the machine learns these algorithms and continues to grant the same product bias, the discriminatory practices are more than likely continue.

This is kind of problem is also consistent in the health sector. In a New England Journal of Medicine article published on 15 March 2019, researchers of the Framington Heart Study showed the risk and capability of AI algorithms to demonstrate bias. The research used AI to predict the risk of cardiovascular occurrences in non-white populations and the results demonstrated bias in both over- and underestimations of risk.

People's lives are at stake through the products of 4IR. And, beyond the glitter of Sophia The Robot and the New Generation Kiosks at companies like McDonalds, there is a community that is not being intentional about being inclusive and rather duplicating structural socio inequalities that implicates another.

Data bias does only one thing, it mirrors what is socially ingrained, which means that it lies and tells a partial truth, of which is not meant for consumption by those who produce it.

Dismantling the Structural Bias

The call for inclusive economies goes beyond teaching young, black girls how to code and having strictly women only data science clubs. Practices like hiring more diverse teams leads to impactful and informed product creation and is a good contribution to mitigate prejudice algorithms and encourage more accurate data on a model. A sub-division of AI, Natural Language Programming (NLP) is a study that is concerned with the processing of computers and human natural languages, and can be used as a great example and opportunity for the necessity of the inclusive call in the sector. Translating open source of data sets in different parts of the world requires an understanding of the language being translated so that we can not only have Siri being able to understand my instructions in English but also the opportunity to preserve and digitise languages like the Khoi which are diminishing, mostly because, especially with African languages, the impartation of language happens orally. A great example of this opportunity is Ajala Studios, which a Nigerian startup that builds natural language and speech processing applications for African languages, which means that they can too synthesize speech from African languages presented as digitized text, a gap that’s mostly recognises Western accents, voices and names.

The responsibility of creating these opportunities is also a shared responsibility, especially with the public sector. Governments in both developed and developing markets need to invest more in Research and Development (R&D) and in the social concept of open innovation (engaging the public with the data) especially as the impact of this investment is quite telling. And although it is a long term investment, the return on this investment is worthwhile. Researchers from the United Kingdom (UK) and Saudi Arabia looked at 40 Asian counties and how their spend on R&D lead to the production of quality research publications across sciences and social sciences; and with more research in the UK showing the positive impact that public investment has in the increment of private sector investment and in attracting foreign direct investment. Through this R&D investment and its impact in the knowledge economy, it also presents an opportunity to lead to more computational intelligence and feeding it the missing data, and the greater economic impact through the indicator of Gross Domestic Product (GDP).

The next solution is not only costly but risky, but if there is one thing that I’ve learnt about being in the innovation space, whether the product is out to market or still in the proof of concept phase, no matter how good it looks on paper, it’s that it is never too late to take the product off market if it doesn’t serve its purpose. A great example of this is Vodacom South Africa’s failure, thrice to launch its sister Kenyan network SafariCom’s M-Pesa to the South African market. Factors like an onerous regulatory environment, the competitive advantage that the larger and established banks have with their products to low-income consumers, and some have also argued due to the mixed messaging upon launching, from introducing it as a mobile money wallet to a platform that is linked to your VISA card. This case study is also an example of the danger of wanting to copy and paste a one-size fits all product into an Africa that is not a country.

In Conclusion

At the end of the day, it's about investing in the visibility of the communities so as to include better, impactful and innovative products and profitability for all ecosystem stakeholders a part of the operation chain.

The data samples ARE there. And unfortunately (or an opportunity), so is the bias. But all is not lost, not with the desire of visionary stakeholders to operate in a transformative world that uses the enabler of technology for sustainable good business.

 

Published in Inno trep tech

 

I believe Kofi Annan put it best when he delivered a speech to the World Summit on the Information Society in 2013 when he broke down how multi-layered the digital divide is. South Africa, as one of the most developing countries on the continent is quite the emerging player in the age of the digital, as industry honours the emergence of the Fourth Industrial Revolution (4IR). However, to even compete on a global stage with other 4IR economies, we need to focus on how to continue to participate in a digital world with profound inequalities that impedes social equality. And, in order to do that, these are the issues that I believe the nation can, and should prioritise: 

Gender and Cultural Inequality

February 11 is the date that the United Nations and its key partners and stakeholders worldwide marked for International Day of Women and Girls in Science. This day is important as it highlights the matter in question that sees less women in Science Technology Engineering Mathematics (STEM) fields, and to promote and empower more young women to take a role in the industry, especially as we’re in both the Digital and Fourth Industrial Revolutions. In South, the numbers aren’t inspiring either, as United Nations Educational, Scientific and Cultural Organization (UNESCO) reported that South Africa has approximately 40% of women scientists. Gender and cultural inequality has played a major role in the lack of adoption of women in this field as from a young age. The content that’s desired for young girls when it comes to aspirations (this from the toys played to gender specific assignments) is also culturally rooted. It’s no surprise that South Africa (and the rest of the world) is seeing a rise in programmes particularly tailored for young women who code like GirlHype and GirlCode to mention a few; it goes beyond the content of technology, but also what the community of other women coders can do to impact the psychological output inspired and having role models to look up to. 

Literacy

Tied to gender inequality is the cultural inequality that exists that enables the digital divide to thrive. South Africa is a country with much diversity, and in this diversity is many languages even though English is predominantly the teaching language of the country across all stages of learning across institutions. Can teaching in one’s native language impact the adoption and remove the intimation barrier of entering the market? Dr Mmaki Jantjies who is the Head of Information Systems and Lecturer at the University of the Western Cape (UWC) and lecturer definitely believes so.

“I dedicate much of my research to seeing how can develop mobile learning software systems, accessible in South African languages in STEM subjects, that support teaching and learning in this area. In developing various adaptive mobile systems, I hope to address the existing contextual challenges in these sectors.” – Dr Mmaki Jantjies, who has worked with organisations like Mozilla and has, at present as a Google grant to  develop curricula in native tongues and teach teachers how to navigate digital classrooms, and has had success.

Needing the language to decode the science is the argument. In a country where assessment is only majorly assessed in two languages (namely Afrikaans and English), and where Section 29(2) of the Constitution of South Africa is conditional on teaching in a learner’s language, more can be done to remove the veil of language intimidation. If leading economies like in Europe, North America, USSR and China have seen success with such and with it, seen students acquiring education and participating in the knowledge economy, then through political and societal will, it can be possible too for this nation.

Infrastructure (Cost of) and Access to Internet

South Africa has one of the most expensive data costs globally. According to research conducted by the Independent Communications Authority of South Africa (ICASA), the country has the 3rd most expensive costs across BRICS countries. The country’s market is not a monopolistic one in telecommunications, there are a number of service providers including Vodacom, MTN, Telkom, Cell C and newly launched Rain which is a mobile data-only service at 5c per meg (R50 per gig), of which was introduced to the market as a call to action and gap to the high data costs. As costs continue to rise, for both consumer and producer, the market requires more competition, which as a result will offer us as consumers an opportunity to participate in the digital economy. As briefly mentioned, the cost of operating in the digital age is costly not only the consumer but also the telecommunication companies due to lack of availability of spectrum because of the delay in the government-led process of digital migration. According to Vodacom CEO Shameel Joosub, because South Africa has not had access to spectrum of data for nearly over 14 years, this has caused the continuous hikes in prices and this needs and can be reduced by almost half if its introduced. At the end of the day, in as much as projects like Project Isizwe and Broadband Game Changer are implemented, the quality and speed of data of these public wifi hotspots are limited and for a long term play, could impede the stride that the strategy’s goal has.

 Government

The president of South Africa, in his recent State of the Nation address highlighted 4IR and mentioned that “…over the next six years, we will provide every school child in South Africa with digital workbooks and textbooks on a tablet device.”. This is inspired, and through the pipelines of education and infrastructure, government has a major role to play as an enabler of attempting to close the gap of the digital divide that exists. The reliance on aided development from the private sector and creating development policies that are only inclusive and benefit certain players in the industry is not wise, engagement with other strategic and key ecosystem players like universities, startups, STEM-focused NPCs are going to play a major role in pivoting acceleration at the matter at hand. On infrastructure, while it has taken over a decade for the spectrum issue to be resolved between the Ministry of Telecommunications and Postal Services and ICASA for digital migration to take place, President Cyril Ramaphosa cemented confidence in that a new deadline for the completion of digital migration had been placed and that is was July 2020. As Ramaphosa mentioned, that this solution could provide “ …unlock significant value in the telecommunications sector, increase competition, promote investment and reduce data costs." , which in turn, will enable many more South Africans to access data, and access it cheaply, if only government plays its role in enabling.

 

Conclusion

Development comes in many perspectives and is no silver bullet, especially because its an answer framework that invites and honours practices from diverse disciplines like academia and culture and not just politics. What’s needed before access to tools and capital distribution by key stakeholders, is a policy that focuses on the strategy of ICTD and serves it as a precondition to the strategy, this is one of the key ways that we can continue our efforts in bridging the digital divide.

 

                                                                     

 

 

Published in Inno trep tech

MAURITIUS SOLOCATION

Tuesday, 21 August 2018

 It happened! Exactly a month ago on the 24th of July, I turned 24 years old, and as you’re aware – it was my crown birthday and since those only come once in a lifetime, a birthday solocation seemed the only reasonable way to celebrate this new age. Early in 2018, I had planned a trip with a girlfriend of mine, which unfortunately didn’t work out, but I was determined to add another stamp onto my passport and see at least one country in Africa; this was the birth of Birthday Solocation. I’ll admit, this adventure cost a little more traveling alone (around R20 000), but the picturesque island of Mauritius and the friendliness of the Mauritian Rupee to the South African Rand were pretty compelling arguments for me. The adventure awaited …

Traveling to an African island is on my 2018 vision board, so I had started saving earlier to actualise this goal, and it was between Seychelles (which my budget wasn’t ready for unfortunately), Mozambique (the unfortunate failed trip) and Mauritius. After some research and comparative pricing with flights and accommodation, I settled on an Africa Stay  package (assisted by Karlien) which included return flights with Air Mauritius (and airport transfers), a 5 night stay at 3 star Tropical Attitude Hotel (all inclusive) and complementary activities to mention a few. I’ll admit, the reason why I chose to go via the agency route is because I was intimidated at the thought of navigating a foreign place on my own, this option also saved me time, and it was with a reputable firmUpon my arrival on the evening on July 26th in Mauritius (+2 hours ahead of South Africa), I had the chance to have a walkabout at my hotel, and after I was settled, very pleased to find that they stock and import a lot of South African wine, so I was right at home. Through Kreola, I was assigned an incredible agent, Marie, who came to my hotel and helped me choose a series of activities over the duration of my stay and making a decision to not do them all was one of the toughest I’d had. Two of my favourite trips including island hopping (including Ile au Phare, Ile de la Passe, Ile aux Aigrettes) on The Love Boat (did I mention the Nigerian and SA playlist was fire?), a tasting and private tour of at Premium Distillery Rhumerie de Chamarel and visiting the capital city of Port Louis and Pamplemousses Garden which is not too far from the capital.

I could not have asked for a better way to usher me into this new chapter into my life, perhaps learning a bit of French or Kreole before I left for Mauritius might’ve given me a bit of an edge as a tourist, but these are a part of the learnings of traveling. Traveling alone as woman in a foreign, I ofcourse was worried about my safety, which was another reason why I chose to do this trip via agencies, I needed that confidence – and I have to say, I felt quite safe in the Mauritian streets, even in the evening. Coming from the airport, I even forgot my bag which had my laptop, router, wallet, passport and just about everything my life was about but I went to the Airport Police Station the following morning and ALL my belongings were intact.

I definitely would love to do this more, inside my country and outside my continent, not only to add more stamps to my passport but to add to the confidence of traveling alone and enjoying being challenged by one of life’s great litmus tests. I’d definitely love to commit to another birthday solocation next year for my 25th birthday, I’m thinking Thailand and cruising on their islands, the gorgeous Caribbean or the undisputed Contiki trip across a couple of European countries. Where’s your next vacation? I’d love to hear more from you!

                    

                                 

                       

Published in Life Style

My name is Vuyolwethu Dubese and I am 23 year old Girl in Media and Technology, exploring Innovation, Intelligence, Inclusion and Entrepreneurship. With a focus on African technology and entrepreneurship, the intent is to be a part of the ecosystem and organisations driven to develop the African lives and the narratives that are shape shifters in how Africans and the world perceive the continent.

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