Afleveringen
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My guest today is Sangu Delle. Sangu is an entrepreneur, an investor, author, and someone who is deeply rooted in Pan-African ideology. His latest book Making the futures: Young entrepreneurs in a dynamic Africa explored similar themes and topics that I've often explore on this podcast. So it's not surprising that we started the conversation in this episode talking about the book. We discussed the challenges and opportunities of building a business in Africa. We also deep-dived into the competitive advantage of raising capital and having a longer runway as a startup, the outsized importance of foreign venture capital in African early-stage businesses and the role of government in facilitating a successful startup ecosystem. This episode is packed as we move from one serious topic to another. I hope you enjoy it as much as I did.
On this episode, we spoke about
Sangu’s book and why he wrote itHis investment thesis on Africa and her economic growthWhy it's not the best ideas that win and find out what winsThe relationship between reputation, intentionality and luck(grace) and their impact on the probability of successHow philanthropy and unhindered dreams helped him achieve his goalsThe outsized importance of government and foreign investor in facilitating the African startup ecosystem.Recommended book
Guns, Germs, and Steel: The Fates of Human Societies By Jared Diamond
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My guest today is Andrew Alli. Andrew is a real-life and virtual mentor to a lot of investment professionals in Africa. He is the Partner and Group CEO at Southbridge a pan-African financial advisory firm. Before then, he was the president and CEO of the Africa Finance Corporation, where he was responsible for over $4,5 billion of investments in 30 countries. Andrew's career is an inspiration and signpost to upcoming African investors like me, and it was a real pleasure to deep dive into how he got started and the lessons learnt till date. We also talked about how to reduce investment risk through temporal and geographical diversification in portfolio construction and the importance of a strong ESG framework in a weak socio-political environment that most African countries operate. I really enjoyed this conversation, and I hope you do too.
The importance of numerate and logic skills as a good basis for career optionalityWhat it means to be an investor in Africa, despite the obvious contradictions and challengesThe role of boards in corporate governanceThe importance of ESG in mitigating investment risk
In this episode, you'll learnRecommended books
World Order: Reflections on the Character of Nations and the Course of History by Henry KissingerAndrew's twitter handle - @afalli
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Zijn er afleveringen die ontbreken?
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My guest today is Eloho Gihan-Mbelu; she is the founding Managing Director & CEO of Endeavor Nigeria. Endeavor is a mission-oriented, global organisation that is supporting high-impact entrepreneurship in close to 40 underserved markets across the world.
Eloho and I got introduced a few years ago when she started her role with Endeavor Nigeria, and I find her intellectual honesty very refreshing. You can get more of her thoughts on her twitter handle @elohoGM. In this episode, we discussed her early career journey as an investment banker and then in private equity focussed on African growth companies. We discussed her perspectives on the infrastructural and the regulatory challenges of building a startup to scale up in Africa. We also discussed the opportunities that COVID presents for accelerating digital demand on the continent. And how to set up a board at different stages of company life. I hope you enjoy this episode as much as I did.
Why did Eloho choose to work with Nigerian companies?The two key factors that contributed to the growth of the African startup EcosystemFormulating investment thesis for growth-stage companies in AfricaThere are numerous infrastructural and regulatory challenges to building a startup to scale up in Africa...what's her take?Infrastructural, regulatory and macroeconomic challenges of building a company in AfricaThe difference between startups and scaleupsWhat is the right size for a board of a growing company?Her tested methods for making the most from your board meeting
In this episode, you'll learn...Timestamps
(03:00) Her journey to Endeavour Nigeria, why she wanted to work with Nigerian companies.
(15: 22) How resilience helped build the African startup market
(27:32) Factors founders need to consider in making the right decisions in the face of competition
(31:07) Her thoughts around how to set up a board of directors at different stages of a company's life.
(33:57) How board members should be engaged to get the best results
(43:00) What she thinks is the right support that businesses need
(48:52) Her approach to achieving a healthy work-life balance
(51:12) Her current reading list and the new perspective she has recently garnered about business
Books she's currently reading
Water dancer by Ta-Nehisi Coates
The hard thing about hard things by Ben Horowitz
Social Media
@ElohoGM
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My guest today is Tokunbo Ishmael. She's the co-founder and Managing Director of Alitheia Capital, an African focussed PE and VC firm. Alitheia Capital investments include businesses that enable the provision of financial services to the unbanked, and underbanked through traditional and branchless banking models. Alitheia Capital focuses on doing social good and also having a good return on investment.
Tokunbo Ishmael is an alumnus of London Business School, and the University of London, she's a chartered financial analyst, and she used to be an investment banker before starting Alethia. She's a member of CFA Institute, she has sat on several boards in the different organization across Africa, including First City Monument Bank in Nigeria, and the African Venture Capital Association.
In this episode we discussed...
Why Alethea capital is both PE and Venture capitalThe necessity for developing the ability to reason and present a sustainable argument on the basis of numbersParallels between early 2000s dotcom burst and the disruptive impact of COVID on startup investingKey success factors for surviving as an entrepreneur during unpredictable times be grounded on core mission but flexible to make opportunities out of the current challengerethink the value you're bringing to the tableunderstand their existing developmental gaps and where to collaborate to fill up the deficienciesamplify their powers and use that to innovate and re-imagine themselvesOn discovering the riches at the bottom of the pyramid by building essential goods and services for the mass marketsWhy entrepreneurs should expand their view to stakeholder value creation and not just profitBooks
How Women Rise: Break the 12 Habits Holding You Back - Sally Helgesen and Marshall GoldsmithConscious Capitalism: Liberating the Heroic Spirit of Business - John Mackey -
My guest today is Eric Idiahi. Eric is the co-founder and partner at Verod Capital, a private equity firm based out of Lagos Nigeria. Verod is one of the top PE firms in the continent with a significant number of successful exits as well as admirable money multiples record from their previous fund. Eric is someone I've known from a distance, so when we met at a dinner late last year I invited him to be a guest on this podcast and he graciously obliged. In this episode, we discussed how he and his partner, Danladi, started Verod in 2008 by working with other investors on a deal by deal basis. We talked about the fundamental differences between PE and VC model, especially the way it's done in Africa, how to maintain a balance between portfolio support, value creation and investor control. We discussed exits and how investors can think about it and position their portfolio companies for that event. And of course, we discussed COVID, what it means for businesses in Africa and how to frame its inherent challenge and opportunity. I hope you enjoy this conversation as much as I did.
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My guest today is Nnena. Nnena is a Principal at Digame Investment, a growth capital investment firm that back tech-enabled businesses in Africa. Their portfolio companies include GetSmarter an online education company based in Cape Town and London that work some of the top global universities to offer premium online short courses to working professionals around the world. GetSmarter was acquired by 2U in 2017 for $103m, demonstrating that the possibilities of a successful exit.
We talked about the key difference between the venture ecosystem in Africa and the silicon valley or Europe in terms of startup valuation, capital allocation, returns expectations and timelines. We also spent the time to discuss how COVID is creating both opportunities and challenges for startups in Africa. Why execution matters in building a startup
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This is the second part of my conversation with Yele Bademosi, you can listen to the first part of this conversation in the last episode of this podcast series. Apart from being the founding partner at Microtraction, Yele is also the founder and CEO of Bundle a social application for cash and cryptocurrency transactions. Yele is the first person I go-to for any question I have on blockchain and cryptocurrency.
In this episode, Yele and I discussed his previous role as a director at Binance LB and his highly optimistic views on blockchain and cryptocurrency in Africa. We also discussed his thought on credit and other alternative funding instruments for tech startups apart from equity. I hope you enjoy this episode as much as I did.
In this episode we discussed
How economic development in Africa is like telephone technologyCapital formation, advantages of blockchain technology and how value is created through crypt(12:54)The role of credit in the African tech startup ecosystem (18:59)How to build an organization; learning from the Binance Model (28:15)Quotes
Credit is taking a bet on the futureCulture is important, but organization structure is as importantRecommended Books
LoonshotsTractionHigh output managementThe libertarian mindThe lean startup -
My guest today is Yele Bademosi. Yele is the founder of Microtraction, an angel investment platform that funds Africa’s technology entrepreneurs in their early stage. Microtraction is one of the most active pre-seed investment firms in Nigeria. Yele and I have known each other for some time. We’ve worked together closely in the past, when he became the first person to join my previous company, Starta, barely a few weeks after it was founded in late 2015. It is quite fitting that Yele is the first guest on season 4 of this podcast after a long break. We recorded this episode in late 2019, before COVID, so a lot of the things we talked about might be out of kilter with the current post-COVID world realities. This is the first of the two-part interview. In this episode, we talked about how he started his career and why he left medicine to pursue a whole different path. We also talked about leadership, growth and how good relationships often create a funnel of positive serendipity. I hope you’ll enjoy this episode as much as I did.
In this episode we discussed;
How he left medicine to pursue his Startup dreamHis first idea for the Nigerian market and why it failedThe hype around blockchain and the possibilities it holds for the African startup ecosystemYele's definition of success and what growth looks like in tech startupsIf regular management hacks can work for the new tech startupsThe role good relationships played in his journey and what it means for upcoming generationsThe two things new tech founders should focus on in their early stage and why -
Venture-backed startups are disrupting existing business models, redefining market potentials and creating new verticals. In Africa, startups are finding innovative models for addressing underserved market segments, repurposing under-utilised resources and facilitating efficiencies and visibilities where none exists before. These companies have catalysed wider conversations, policies and actions from both government and non-governmental institutions on how to leverage democratised access to technology and innovation across the continent. Although the long-term 'financial success' of these companies is still yet to be proven, their potential impact on market opportunities and social benefits in Africa is undisputed.
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We have now come to the end of season 3! It has been such an exciting journey, one I hope you enjoyed as well. Please listen to my review of the season, what you can expect from next season and when we will be returning.
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Steve Grin is the Managing Partner at Lateral Capital, a firm that invests in early and growth stage opportunities in sub-Saharan Africa. Their Fund backs technology-enabled businesses that profitably solve significant pain points across critical infrastructure verticals: financial services, energy, healthcare, and education. Steven is a seasoned entrepreneur and investment professional with twenty years of experience investing as a principal and fund manager across the globe. He has extensive experience in real estate development, energy, and venture investing. Prior to co-founding Lateral, Steven was a Director in the Office of the President of Guyana where he held responsibility for the implementation of their low-carbon development strategy and the execution of large-scale initiatives in the energy and infrastructure sectors. Steven graduated from the School of International and Public Affairs at Columbia University and has a B.A. in Finance and Philosophy from New York University. In this episode you’ll learn: How he got into the business of venture capital How did he make the transition in his career from real estate investing? According to Steve, “Big ideas hit brick walls fairly quickly”. Find out what he meant What are the market gaps and opportunities in Africa? How did Lateral Capital start? Where were the initial funds sourced from? The importance of SMEs to every economy. What is Lateral Capital’s thesis about? What is the basis for the thesis behind Lateral Capital? What they have learnt and invalidated about investing in Africa? What is the length of time an investor should be expecting returns? Steve has some reservations about the 220 investment model, find out what they are. What is the best way to do venture in Africa? Other ways to get returns on investment without selling it. What kind of LPs do they target and what are the terms of their fund? The growth drivers for your business. Distinction and importance of financial, human and physical capital in a business. And more Selected links from this episode Building The Future Podcast Season 3 is sponsored by Flutterwave Flutterwave drives growth for banks and businesses across Africa through digital payment technology. You can learn more about their activities
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Dustyn Winder is the co-founder and managing partner at Akili.Vc Akili is a pre-seed to Series A fund tailored for Africa. Their philosophy is based on the belief that there are very interesting problems that are often difficult for entrepreneurs to execute on, whether because they are hidden inside corporations, neglected in disaffected communities, or in geographies that present different challenges than traditional startup markets. Thus they are bringing the Prehype model (an organization Akili spun out of) to Africa to help finance African entrepreneurs solving African problems. Prehype is a venture development firm that focuses on building products and companies through collaboration with corporations and venture capitalists. Dustyn has lived in Kampala, Uganda for 10 years and has immense love for Africa as well as big hopes for the African tech ecosystem. In this episode you’ll learn: Why Akili is more focused on generating capital than raising money. Does their approach limit them to the types of businesses they go into? What is the importance of portfolio construction? How they manage venture and corporate funds. The reason behind the decision to Invest majorly in east Africa. What is distinctive and differentiative about their thesis? Why are they in Africa? The Technicalities of raising money from corporates. How to manage the investor/investee relationship. What is Dustyn’s opinion on Exits? Their plans for 2019 and how it will create opportunities for other investors. An introduction to corporate venture. And more Selected links from this episode
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Adam Grunewald is the co-founder and CEO of Lynk, a platform designed to provide technology-based solutions for the massive informal labour sectors in Kenya. Adam has worked at Google as a project manager on new and emerging projects in the United States and Kenya. Driven by the urge to create a reliable employment system for manual workers in Kenya, he created Lynk in late 2015. Lynk has raised $1m in funding and is currently fundraising. In this episode you’ll learn: Adam’s love for Kenya and how he began living in the country How was Lynk ideated? Why Lynk sticks to a manual vetting process for labour getting on their platform How to ensure a successful match between demand and supply? What is the difference between the Lynk model and an open marketplace? The difference between a horizontal and vertical marketplace What are the three questions you have to answer before building an online marketplace? How to ensure your total addressable market is big enough for scale Dealing with quality control in a lead generation market place How do you minimize platform leakages? How does Lynk reduce friction for platform users? The disadvantages of scaling prematurely And more Selected links from this episode Selected books from this episode Don’t miss new episodes of Building the Future Podcast Building The Future Podcast Season 3 is sponsored by Flutterwave Flutterwave drives growth for banks and businesses across Africa through digital payment technology. You can learn more about their activities
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Ekechi Nwokah is the CEO and founder at mines.io, a startup that provides technology infrastructure which enable local institutions such as banks, mobile phone operators, retailers in emerging market to offer credit to their customers. Mines use a combination of big data, AI and Machine learning algorithm to provide on-demand credit ratings and decision-making where there is no existing credit history. In 2018, Mines raised $13 million Series A funding from several VC within and outside Africa. I have a strong view and criticism against micro-lending businesses, especially in places where the poor pay disproportionate high interest rate, Ekechi made a strong counter argument to my criticism, and offered good explanation that changed my mind on a lot of them. Ekechi has PhD in computer engineering, and has extensive experience working as a software engineer at Amazon. In this episode you’ll learn: Lessons from his early days as an upcoming musician in United States How he fought depression after his music career did not take off How was MINE-IO ideated? Why did he go back to paid employment for 8 years? How and why did his milk importation business from Uganda to Nigeria fail? What were the challenges? That Ekechi tried for ten years to create a successful business before he finally hit with Mines.io What was driving him in the midst of all that failure and challenges? Moving back to Nigeria, the challenges and overcoming them. How to mitigate business risks without the support of a strong legal system. Why does he think the banks do not need to be disrupted? The importance of local founders in building the Nigerian future The importance of partnerships in the success of a business At Mines.io, how do they intend to deal with the challenge of people not paying their loans? What delivers business success in Nigeria? Taking tech built in Nigeria outside the continent And more Selected links from this episode Echo VC Singularity Trans sahara Greenhouse capital Flutterwave Paystack Interswitch 9mobile
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Tunde Leye is the author of four novels, including his latest: Afonja, The Rise. He began his writing as a blogger during his mandatory National Youth Service Corps (NYSC). Tunde ran this blog for three years during which he wrote seven series including wildly popular Finding Hubby. He studied Computer Science at the University of Lagos and tried numerous things including music and lecturing. In this episode you’ll learn: The process of publishing books in Nigeria, challenges and opportunities The two publishing options available to a Nigerian writer How do you know if your work is good as a writer? How was Tunde able to self-publish successfully? How to make your writing a product The importance of checks and balances The difference between a strong system and a strong leader A breakdown of his book - Afonja, The Rise What the sequels you can expect from Tunde? A brief but thorough history of the old Oyo empire And more Frequent Yoruba words in the podcast and their meanings Alaafin - King of the old Oyo empire Aremo - Crown prince Bashorun Gaa - Military leader in old Oyo empire Oyo Mesi - King making council of the old Oyo empire Ajele - Loyalists to the Alaafin Selected books from this episode
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Abisoye Ajayi-Akinfolarin is the founder of Pearls Africa Foundation. Pearls Africa Foundation is a non-governmental organization that provides young girls living in underserved communities through training in technology, skill acquisitions and mentorship. One of their projects, “GirlsCoding” has reached more than 400 beneficiaries, including girls from orphanages and correctional homes, in addition to young women fleeing the Boko Haram insurgency. Abisoye was recently named “CNN Hero of the Year”. This year, she joins nine other people in the world who will receive $10,000 in support of their heroic endeavours. In this episode you’ll learn: How she fought the stigma of not gaining admission into the university on time Her struggle to gain admission into the university How did she turn to programming as a succour during these times? Abisoye thinks a lack of education makes you voiceless. Find out why That she was delayed for two extra years after becoming a university student Her frustrations about wanting to travel outside the country for greener pastures How did she learn to code without a background in sciences? How to combine schooling and working efficiently About her first trial at registering a business Why is volunteering so important to growth? The difficulty in getting access to the Makoko community About her nomination for CNN Heroes How the Makoko girls built a working product What are the next projects Abisoye and her team have in mind? And more Selected links from this episode
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Nnamdi Azodo is a product owner at ALAT by Wema bank, Africa’s first mobile-only bank. ALAT is a fully digital bank in Nigeria, designed to help customers save more. A savings account can totally be opened in 5 minutes with a debit card delivered. To open an ALAT account, you need your BVN, a phone number, email address and a few documents. Nnamdi joined Wema Bank as a youth corps member during his mandatory 1 year National Youth Service Corps (NYSC) period. After his service, he stayed on in the bank for a couple of years before being drafted into the initial 13-man team that gave birth to ALAT. ALAT was launched on May 2nd 2017, and as at November this year they have almost 400 thousand accounts. In this episode you’ll learn: The history behind Wema bank becoming a regional bank and later expanding operations to become a national bank. How ALAT was ideated within the bank itself. The difficulties tied to incubating a bank within a bank Why did Wema bank decide to build ALAT? What were the different options they tried before settling for ALAT? Nnamdi thinks “innovation can be scary”. Why does he seem to think so? ALAT chose to go after a small segment of the market. Find out why The Nigerian banking industry is subject to numerous regulations. How were they able to scale through? The challenges of innovating inside a corporate The importance of simplicity in building a new product. What are the differences in the culture of ALAT and that of Wema bank? The cost of acquiring users and their acquisition process. How they were able to modify the Paypal referral model to grow ALAT effectively What are their plans to innovate for startups in the near future? How to build on the infrastructure of a national bank. The results, challenges and solutions of their Facebook onboarding trial And more Selected Books from this episode Selected links from this episode
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Olumide Soyombo is the Co-Founder of BlueChip Technologies. BlueChip Technologies is a systems integrator specialized in Data Warehousing, Analytics and Business Intelligence Solutions. Olumide is also the co-founder at Leadpath Nigeria, a seed capital fund that specializes in providing short, medium and long-term funding to small and medium-sized start-up businesses. They have invested in companies like Paystack, Fashpa, Piggybank among others. He is a systems engineering graduate from the University of Lagos and holds a masters in Business and Information Technology from Aston University. In this episode you’ll learn: What got him interested in angel investing? The usefulness of having mentor networks How did BlueChip Technologies come about? What were the first businesses they invested in? Which is more important when building a product? Scalability or Profitability? The evolution of the Nigerian startup ecosystem How did they raise $1million without actually looking to raise money? Olumide is focused on tech consumer based products. Find out why What was the flaw with their initial accelerator model? The selection criteria for the accelerator Olumide has written a lot of cheques. Some succeeded and others did not. Which businesses survived the cheques he wrote and why? What is the risk of focusing on profitability at the expense of growth? How they became profitable within a very short time How big data helps businesses How the invention of ai and machine learning is shaping their business model Learn about Blueprime a new product they developed and are pushing out to the market The biggest challenge he thinks founders face in Nigeria in being able to sell Why repeatedly backed the Piggybank founders And more Selected Books from this episode Selected links from this episode
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In 2012 Lexi Novitske moved to Nigeria from The United States. Lexi worked for Verod Capital Management, a Nigeria-based private equity firm. Prior to joining Verod, she had spent her career developing an expertise in financial services through her time at New York-based Sandler O’Neill Asset Management. In 2014, Lexi joined Singularity Investments as the Principal Investment Officer where she oversees the firm’s operations in Africa. In this episode you’ll learn: Why Lexi decided to move to Africa from the United States The key unique qualities unique to the Nigerian tech market What were the key assumptions Lexi had about the Nigerian market before coming here? How many of them have proved to be true? How to deal with the barriers to infrastructure and regulation The difficulty of the African market “In this market, the management or entrepreneurs drive the success of the business”. What does Lexi mean by this? What are the disadvantages of giving away too much equity as a founder? How much power the Telcos wield in this ecosystem Despite numerous challenges, why did Lexi choose to stay in the African market? Why did she move from Private Equity to Venture Capital Investment.’ The crucial differences between Venture Capital Investment and Private Equity What do investors look out for in early-stage deals? How private equity works What is Lexi’s personal thesis about the African ecosystem? Find out the kind of entrepreneurs she wants to back And more Selected links in this episode Flutterwave Paystack Andela Singularity Investments Wifi.ng Cars45 Selected books from this episode Anti fragility Profit first
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Frederik Obasi is the co-founder of Hypebuzz, a platform that connects top-tier influencers with businesses looking to build their brand and expand their reach. Frederik is also the co-founder and MD of Colour Me Digital, an African sports and entertainment marketing agency that has worked with notable Nigerian football players including Alex Iwobi, Ola Aina, Ademola Lookman; and brands including LG Electronics and DStv. A serial entrepreneur, he also ran a business called UniSmart, a university aggregator and application platform, that enables African students to discover and apply to universities in the UK. Frederik attributes some of his experience to his his time at Rocket Internet. He takes us through the pivot of Unismart to Study Search, the lessons he learnt from raising money, and why he decided to bootstrap his business. In this episode you’ll learn: The similarities and differences between the Nigerian and UK tech ecosystems About his experience at Rocket internet What are the assumptions he made before coming to Nigeria? Did they prove true or false? What is the difference between the way technology is used in Africa and how its used in the UK? The first business he ran when he returned to Nigeria shut down. Find out why What was initial business model they had in mind when they were validating and testing their business idea? “Seed rounds are usually a gamble”. Find out why Frederik think so Importance of content marketing and social media to businesses Why they stopped running the study search businesses before pivoting to their current business How to launch an MVP (minimum viable product) without a tech platform The logic behind building tech platforms to raise money from investors The flexibility of running a business without the pressure that venture capital bring And more Selected Links from this episode Savannah Fund Accelerator DealDey Paystack Andela Rocket Internet Selected Book from this episode
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