In February, I had honoured the invitation of moderating the Investor Forum at the annual Timeless Women’s Conference in Kigali, Rwanda which is one of the leading women empowerment conferences in Africa, and truly a Pan-African experience. Garnished with high-level speakers such as former First Ladies, Members of Parliament, Executives and Impact -driven Entrepreneurs, it was a convening that invited an opportunity to measure and see how Africans and those in the diaspora can do so in engaging discussions, and through that, create shared value.
Traveling to Rwanda for the first time, it certainly lived up to the expectation of it being one of the technology capitals of Africa. The moment I landed at Kigali International Airport, I was met with the warmest of service at the counters and my visa processed on arrival without any hassles. Before I knew it, it was time to get on stage at the two-day event, and moderate the investor forum which highlighted about Investing in Africa through themes including and not limited to Policy and Regulation, FDI and DFI, SMMEs, Digitization and Inclusive Capital Deployment. If anything to come out of the session, it’s that capital and innovation can’t solely be reliant on the private sector, government has to not only be visible in and during elections, but throughout the year, and so its work.
“Intra-Africa trade has been historically low. Intra-African exports were 16.6%
of total exports in 2017, compared with 68% in Europe and 59% in Asia,
pointing to untapped potential.” – World Economic Forum
“According to the UN Economic Commission for Africa (ECA), under the African
Continental Free Trade Agreement (AfCFTA), intra-African trade is likely to
increase by 52.3% by 2020.”– United Nations
Taking the above statistics into considerations, the engaged conference and traveling to one of Africa’s Foreign Direct Investment (FDI) Hotspots and one of the five fastest-growing economies on the continent, inspired me to analyse and share the concept of CSV through the diaspore lens, and through the channel of lessons learnt through my few days in Rwanda.
An academic concept coined by Harvard Business School Professors Michael Porter and Mark R. Kramer and was introduced in 2011 in the Harvard Business Review article ‘Creating Shared Value.’, this concepts looks at the core of wealth creation through shared value. CSV asks the question of how do you capitalise the very capitalism to trade, scale and share in profits and social impact by not trading off the one for the other?
CSV has been proposed to be achieved in THREE ways, and that is by Reconceiving products and markets, Redefining productivity in the value chain and Enabling local cluster development. Let’s take a look at how we can enable. Nurture and catalyse the principle of CSV and dive into examples and proposals of such an effort:
- Reconceiving Products and Markets
The first of the three keys of CSV in unlocked in creating new products and services or markets that will serve the socio-economic needs identified. This is the opportunity for intrapreneurs and entrepreneurs to activate value through the channel of new product innovation, and/or integrate them in products and markets that already exist.
Market-creating innovation (innovation that doesn’t rely on post infrastructure society and the financial markets it’ll create) that will help close the infrastructure financing gap in the range of US$68-US$108 billion. We need to propel further access into education for this opportunity and retain young people as per Whitney Houston (I believe the children are our future) – we need to let them lead the way. We need to center the youth in these dialogues, we encourage that.
Examples of such innovations are crowdfunding platforms as open innovation tools for co-creation, startups changing the course of African innovation and a COVID-19 investor matchup tool for startups (piloting). These examples continue to call upon the power of collaboration, creating new products (new or incremental) and a desire for a new market.
- Redefining Productivity in the Value Chain
Creating new products is great, but how do we ensure that efficiency is created, monitored and evaluated on par with the excellence that the product is created with? The value chain in Africa disrupted by one of few mechanisms, that of which includes the role of government in actualising the full potential of its nations. Looking at channels to access, use and manage resources, energy, suppliers, logistics innovatively and to full potential, and more productively is a unique opportunity as it is a challenge. African leadership is more than unfortunately regarded for the moral decay in leadership. Africa needs to become deliberate about the type of leadership that the continent requires to continue to open the runway for investment. Transformational leaders who are thinking generationally.
The difference in policy and regulations is that sometimes the policy frameworks doesn’t gel as well as with the outcome of the policy. We need to ensure that the AfCFTA and its compliance will bear the fruit that the projections of impact are highlighting. Government must lead prioritize in creating an enabling environment where better policies and regulations can be established for not only the multinationals but the SMMEs – creating Startup Acts and executing AfCFTA (now delayed due to COVID-19).
- Enabling Local Network and Development
Over the course of the years, we’ve witnessed and some participated in the FDI and particularly the investment in education, youth and technology as we’ve seen with Andela, Africa Netpreneur Prize (with Alibaba and Jack Ma), the expansion of Facebook Developer Circles across African cities and Mark Zuckerburg’s visit to Nigeria – this trend is one of clear opportunity that has potential to alleviate many social ills of our society. Improving the local operating environment through skills development and development training will invite coding academies like GirlCode, startup competitions like Seedstars World, incubating organisations like Foundervine and government-led innovations like Kigali Innovation City and its collaborators to pave the way. This is nothing new for Africa, and the through the interconnectedness and shared passion across the diaspora, CSV can be leveraged for its economic benefits to serve.
Ready to Create and Impact Value?
When we refer to the industrial revolutions and mention the empires that changed the course of history, that of the African Renaissance is often eclipsed. In his book Tech Adjacent, engages on the pioneering continent that Africa was and still is when it comes to technology, research and development and innovation. This leads us to the statistics provided earlier on the African Continental Free Trade Agreement, and the need to develop mechanisms that something like 4IR can bring to radicalize economic value and growth.
So what will it take to tap into this value and create it? The secret sauce is Africa is in the continent’s true diversity, resources, youth, (cross sector) collaboration, intra-African trade, community and innovation.
Investing in Africa and the diaspora is a paradigmatic moment for the continent and is inviting various stakeholders including DFIs and independent investors from across the globe. AFCTA is the heart of investment confidence at present in interstate trade and development talks. Partnerships and collaboration are prime in executing the policy frameworks and projects, and conferences like these hotbeds for creating such opportunities.
Although the science of CSV is that it pays for itself and is Daviding the Goliath of capitalism, capital resource allocation is the root of why the scales are not balanced, and how Corporate Social Responsibility (CSR) has come to pass. Also, in areas and communities where capital and its resources are needed for economic activity, a priority needs to place beyond championing the gift of food parcels. Africa and the diaspora can, are and will maximise the profit of nations and their organisations and continue to connect the thread and networks to inclusively innovate and develop for economic and development purposes.
Whether you’re working from home, or in your car or public transport on your way to work or simply looking for an outlet to be inspired and informed, a podcast is always a good idea. It’s a medium that has seen a great surge over the years, with a range of sectors and topics covered. In this article, I’ll share some of my top podcasts covering Inclusive Development and Investing (Impact) and Innovation Strategy from regions including and not limited to Africa, North America and the UK; let’s have a look (and listen):
This particular category focuses on podcasts that dedicate their content to inclusive development across diversity and inclusion, entrepreneurship, economic development and regional and international relations globally. Some of my favourite episodes from the selected podcasts below include “A Conversation with Rebecca Enonchong” by The Flip Africa, Diaspora Talks with Annette Abena’s “Investing in Africa” and IMF Podcast’s “Kristalina Georgieva on Gender Parity: Inequalities Erode Society”. What’s important to recognise about these podcasts is that various stakeholders are contributing to the conversations are entrepreneurs, intrapreneurs, investors and professionals who deliver stellar insights in their expertise.
With the assault of climate change, global health outbreaks and pandemics and heightened conversations on diversity and inclusion, global investment conversations and funds have shifted over the past few years to be bedded in the triple-bottom line return on investment also under the alias of impact investing. These selected podcasts not only cover stories of what’s happening at that present time like Equity’s “The VCs behind Libra, Facebook’s new cryptocurrency”, breaking down how the science of data and its intelligence impacts VC decisions with Venture Stories in “Using Data in Venture Capital with Jonathan Hsu” and how the entertainment industry prepared Ashton Kutcher for his VC career in his interview with The Twenty Minute VC in “Ashton Kutcher on Early Lessons from Investing in Airbnb and Spotify, Why VC Ownership Requirements are Becoming More and More Egregious & What Being Good at Product Truly Means”.
The differentiator of this category for me, is the resources that are provided post the interviews as well as during the interviews. The structures of the shows allow for the viewer to engage with the content and the strategies provided in the episodes, as well as in the show notes are centred around innovative best practices for entrepreneurs, individuals and greater corporations. Inside the Strategy Room’s “How to take the Measure of Innovation” paired with Negotiate Anything’s Negotiation Preparation Guide will prepare you to tap into the innovation strategist in you and negotiate the terms of it, and one of my favourite from HBR Ideacast’s “How to have a Relationship and a Career” focuses on the shared value element of relationship, and the couple interviewed have some unorthodox measures placed in their relationship that I know you’ll enjoy.
Some honourable mentions for me across these sectors include Vision 2030 and Africa Gender Indaba by Channel Africa, Jeff’s Asia Tech Class by Jeffrey Towson and The Women in Tech Show: A Technical Podcast by Edaena Salinas. I listen to my podcasts via Google Play, but other platforms like Apple Podcasts, Spotify, Stitcher also host these shows, with some having their own websites where you can stream and listen to. Whatever your preferred channel, I hope you have a listen to these 20 (now plus) podcasts that I’ve curated, and I hope that you enjoy them. I’d love to hear from you on what podcasts you’re enjoying, and which platforms you’re streaming them from.
Upon the invitation of the German Corporation and the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ), last week I was in Johannesburg, South Africa as part of a delegation of pan-African ecosystem enablers to represent Cape Town, South Africa at the Seedstars World Africa Regional Summit 2019. The full week spanned across cocktail evenings and dinners, intense boot camps and 1-1 sessions with mentors and investors for nearly 50 technology startups and the highly anticipated summit with an audience of 300+ comprising of 26 Sub-Saharan African countries.
To kick off the regional summit at an evening cocktail, I was joined on stage by Anicha Abdul who is the Managing Director of EP Management and Consulting (Mozambique) and the Program Manager for Empow'Her Côte d'Ivoire, Chloe Roncajolo, moderated by Seedstar’s Fanny Dauchez to be part of an incredible panel called "Generation SHE" to engage on gender equality across the ecosystem. This discussion inspired a series of conversations, and actions which included men and women who actioned for gender parity during another panel discussion, not to discuss gender equity within the ecosystem, but to contribute to the solutions driven workshop based on their expertise. And throughout the course of the week, Seedstars seems to have been intentional about this role of not only diversity, but that of inclusion too.
Equity Scale is Transferable if Intentional
Highlighting the role and participation of women across the border in the technology, startup and investor community was a focus for the global organisation. This was made visible in the rising number of senior persons in leadership held at Seedstars across the Africa region, the 40% of female attendance and the articulate (and strategic) history making of having an all female jury panel for the pitching competition made up on 10 women-led businesses amongst the 24 that pitched.
Shifting the equity scale and accelerating gender parity requires continuous action, surgical focus and enabling conversations that are in inclusive spaces to inspire the actionable change to design the necessary frameworks to thrive.
Africans need to become Connected
By now, it should be no secret that Africa is not a country, however it shouldn’t diminish the need for Africans to become interconnected. This week, what enlightened me the most, was how eager everyone was to connect with each other and expand their networks to benefit the 300+ people in attendance; if this is what the African Trade Agreement has in store for the continent, then hope there is. However, with the provision of the opportunities of trading and investment opportunities, comes the vile reminder of the fact that Africans still require visas to travel to over 50% of other African countries, restricting the continent-spread movement and making it more expensive to travel. And, as a result, we had a few startups who unfortunately weren’t able to be present at the summit to pitch their entities and had to opt for a video-recorded pitch. Even with the launches of milestones such as the African Continental Free Trade Area and the Single African Air Transport Market, the state of a truly connected Africa is not changing significantly over the years.
The President of the African Development Bank Group, Akinwumi A. Adesina articulated it quite well when he said that regional integration and trade based upon the free movement of persons, goods, services and capital should be and is at the core of the business of the African Development Bank, because it recognises the opportunities in the economy that these agreements have in place, this in the 3rd edition of the Africa Visa Openness Index Report 2018 published by the African Development Bank and the Africa Union Commission.
There is no shortage of Scalable Solutions
Powered by the African Development Bank Group, with my fellow mentors, we had the opportunity to contribute to these high impact and high growth startups from across Africa in various sectors at the Investor Forum ranging from business development to investor readiness advisory. It was an opportunity, and one of the many sessions (including rigorous bootcamps) delivered by respective experts and investors to prepare the 24 Seedstars local winners to advance to the final stage of the competition, the Seedstars World Final stage in Lausanne, Switzerland to win up to $500k in investments. In the end, only 10 startups from the Sub-Sahara Africa region were able to make it: Exuus (Rwanda), mVocia (Ghana), Pezesha (Kenya), Teheca (Uganda), OKO Finance (Mali), Afrikamart (Senegal), Nadji Bi (The Gambia), Vectra (South Africa), Roque Online (Angola) and Crop2Cash (Nigeria). Although not every startup was able to be chosen, the capital (monetary, intellectual, social etc.) that was injected this past week speaks to the true value that both Africans and non-Africans, investors and ecosystem enablers, government and private sector sees in the potential of scaling solutions across African markets.
Diversity is a great conversation starter, and the right direction in the role that inclusion has to play in investing in an Africa that is ready and geared for the global takeover, because the world is ready to if we’re not up to the task. Inviting more women to become a part of decision making processes, pitching at startup competitions, inviting government and policy makers to make intra-African trade less taxing and more open and engaging in these conversations is a step that Seedstars, and the week that was last week showcased that not only the organisation, but the stakeholders involved are promoting and working towards.
It’s been a while since I’ve posted on the website, and between work, school and the new role with Circle of Young Intrapreneurs as Chapter Lead, an incredible global organisation for young intrapreneurs, it’s been a tough balance but I want to thank you for the continued support and constant resharing and engagement with the content. As such, I thought it only fair to share on some of the activities that’s been keeping me busy on these streets which includes some speaking, mentoring and some contributions on other platforms.
Some speaking engagements included:
1. Facilitating the Cape Innovation Technology Initiative Tech Skills Readiness Programme with their Software Engineering cohort as they embark on their careers. This is a great programme that looks at aspiring software engineering students largely from previously disadvantaged backgrounds, and seeds knowledge and skills so as to cultivate the STEM future workforce for South Africa! An incredible knowledge sharing afternoon it was.
2. When this email came into my inbox, I couldn’t stop beaming. It was the Desmond and Leah Tutu Legacy Foundation and what made me happier was the request to mentor for the day and share my journey was with their Youth@Work and their 60 phenomenal young women, who looked like me and came from the same township and a desire for knowledge and access was there. The opportunity was to engage with these young women on finding employment and choosing a career path – which as we all know how intimidating it can be when you’re still in your late teens. I’m so honoured to be able to get the constant opportunity to engage with young, black women and use my platform for such, to empower with information and access more than anything - be it through work or otherwise. I was left inspired ?❤
3. About two weeks ago, I flew to Pretoria to facilitate a panel discussion on Power and Influence of Young Trailblazers in Corporate and Business that had fellow One Young World Ambassador Farai Mubaiwa on the panel. The Young Corporate Leader‘s Women’s Day celebrations included a keynote addresses by Ipeleng Mkhari and Dr Matete Madiba, just to mention a few of the phenomenal women who got to use their platforms and engage with us. Well done to fellow Ambassador Kamogelo Lesabe for pulling this stunning event together with your team
4. I really do enjoy spending my time with my peers and those even younger, especially still in their teens and impressionable when it comes to making impactful decisions like what subject choices and the career choices that are available for their choosing – of course the bias in me leans towards STEM careers, especially in the age of the Fourth Industrial Revolution. I got to have some time with these students at the University of the Western Cape (UWC) recently. Mmaki Jantjies, Head of Information Systems at UWC shared the experience.
Associate Professor at SARChI, Chair of African Diplomacy and Foreign Policy, University of Johannesburg on his podcast. In it, we looked at the role of Venture Capital as well as other ingredients for start-up success in South Africa, which can be found in this link - https://soundcloud.com/mzukisiq/start-up-opportunities-and-venture-capital , aswell as a feature on Daily Maverick on South Africa’s Silent Start-Up Revolution which he authoured
One the most impactful and growing technology entrepreneurial schools in Africa is Meltwater Entrepreneurial School of Technology (MEST), which over the years has premise in Ghana and recently Nigeria and South Africa, with plans to launch in Ivory Coast and Kenya soon. I had the opportunity to host a session on Open Innovation and Community Building at one of their Community Conversations in Cape Town, as well as share some of the nuggets from the experience and my journey as a junior executive in corporate innovation- https://meltwater.org/open-innovation-and-community-building-with-vuyolwethu-dubese/
One of the most archaic, traditional systems in the world is getting a facelift, it’s being disrupted from the outside in at a pace that is necessary for the sector to grow. Banking is being turned on its head through the agility and prowess of fintech startups across the globe, and interesting to me is the revolution of partnerships with startups that’s making the threat a sweetened growth hack opportunity.
More and more, we’re beginning to see the quite intentional innovation through large corporates, particularly banks with the agenda of strategic partnering with fintech startups to not only tell a good story but innovating with the intent of incrementally and radically transforming products within the bank’s objectives.
In Africa, we’ve seen successful partnerships like ABSA through their RISE signing POC deal with Peach Payments to test their product and Nigeria’s GT Bank investment in Accounteer with live integration to enable the bank’s financial services are prime examples of how the fintech dream team has mutual benefits for both entities.
Leverage the Open Innovation Agenda (Data, Infrastructure and Technology)
Innovation is expensive, and as disruptive as the process is and as sexy of a story it is to tell, the selling of innovation is nothing compared to the sweat equity involved to successfully take a product to market from ideation. One of the most heartbreaking cycles is witnessing a startup working with an entity, be it an accelerator or a bank with the intention to scale or prove a concept, and the innovation agendas are not aligned. Once the alignment is recognised and relevant, for the bank be it to incrementally or radically innovate their products which has an impact on their systems, or a growth hack opportunity for revenue and having more customers, and adding value to their data and technology. Whereas, the opportunity for startups usually comes in at acceleration of proof of concepts, going to market faster through capital investments and other capabilities and the chance to build on top of the infratrsucture of the bank through open integration.
Access to Capital, Network and Domain Expertise
As I mentioned in the previous paragraph, the opportunity to support startups from the bank’s perspective comes in at monetary investment capital, access to the network that of the bank and the knowledge sharing through domain expertise. In 2017, Merrill Lynch South Africa and Royal Bafokeng Holdings in partnership with Rand Merchant Bank’s Alphacode invested over R4 million in 4 fintech startups for the development of these high impact startups. Through Alphacode, fintech startups like Bankymoon, Livestock Wealth, Slide and Commuscore to name a few have to had access to resources such as an advisory network and a co-working space available.
The Opportunity to be a (First) Customer and The Acquisition
One of the most celebrated bank(able) fintech dream team partnerships is between startup Firepay and Africa’s biggest bank, Standard Bank to launch Snapscan. This partnership worked because of the aligned innovation agendas, and provided Standard Bank the opportunity to provide a solution to and grow their customers and supported the bank’s emerging payments strategy, and for Firepay, to have Africa’s biggest bank not only as a customer but now also as an investor in the business, and the opportunity for their product to scale beyond borders.
The dream team partnership doesn’t not come with its challenges, it’s not all rosy, after all, financial innovation and startups are competing with an archaic system with inertia to change from the security policy to the production management process. Partnering with banks is no walk in the park – especially given the early stages of these kind of collaborations.
As the ecosystem embarks on the journey, it’s key for both banks and startups to recognise that the bankable partnerships are not innovating not against legacy, but with legacy systems because of the valuable intelligence of failure’s patterns and the combination of new models, science and data through which both entities have the capabilities to impact.
And as a final word, ensure that your core values, and not just your technology and data talks to each other.