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We are building the future African business leaders -Parminder Vir

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Ms. Parminder Vir is the CEO of The Tony Elumelu Foundation(TEF), She talks to Business Africa Online on the strategic steps being taken by TEF in accelerating empowerment of young African entrepreneurs. Achievements of the foundation so far, and plans for 2017. Excerpts:

 

 

BAO: Can you give us a brief overview of The Tony Elumelu Foundation and what you do exactly? 

Parminder: The Tony Elumelu Foundation (TEF) is the leading philanthropy in Africa championing entrepreneurship and entrepreneurs across the continent. The Tony Elumelu Foundation (TEF) was founded in 2010 by Tony O. Elumelu CON, a serial investor, financier, and philanthropist. Our long-term investment in empowering African entrepreneurs is emblematic of Tony Elumelu’s philosophy of Africapitalism, which positions Africa’s private sector, and most importantly entrepreneurs, as the catalyst for the social and economic development of the continent.

 

BAO: Is the Tony Elumelu Foundation (TEF) focused on African entrepreneurs alone? What is the impact?

Parminder: The Tony Elumelu Foundation launched the Tony Elumelu Foundation Entrepreneurship Programme on 1stJanuary with a US$100 million, decade long commitment to identify, train, mentor, and fund 10,000 African entrepreneurs. Through this investment, our goal is to create one million jobs and $10 billion in additional revenues across the continent. TEF Entrepreneurship Programme is the largest entrepreneurship programme on the continent, made in Africa, by an African and for Africans. With the programme, we are promoting a culture of structured philanthropy that is impactful and that delivers sustainable results.

Through the programme, we are building the future African business leaders who create jobs to support themselves, their families, communities and the contribute to the economic transformation of their continent. We are also formalising the MSME, as all the selected TEF Entrepreneurs on the programme must be registered as businesses to receive the training, mentoring and funding.

The purpose of the programme is the economic transformation of the continent and we seek to do this by institutionalising luck and democratising opportunity. African entrepreneurs, regardless of nationality, gender, religion, age, or sector who has a transformative and scalable business idea can apply.

Through the Programme, foundation is unlocking the obstacles that Africa’s entrepreneurs face as they grow their startups into small to medium enterprises (SMEs), their SMEs into national growth companies, and their national growth companies into African multinational. Within a space of 2 years of operation and with 2,000 entrepreneurs and counting we are on the right track towards that, across the continent several of our entrepreneurs have begun a massive drive of employment and business scale up.

We promote the business stories of the Tony Elumelu Entrepreneurs on our website: www.tonyelumelufoundation.org and also The TEF Documentary https://youtu.be/lE2Tt-TfhJI which chronicles the first year story of the programme launched in 2015.

BAO: What are the challenges faced by the foundation? How are you overcoming them?

Parminder: Across Africa the challenge is to create an enabling environment for entrepreneurs to thrive. Beyond our work of training, mentoring and funding, the Foundation is leveraging its unique data base for insights and trends occurring in the African entrepreneurial ecosystem. The foundation is producing research and advocacy that informs policy makers, empowers entrepreneurs, and equips corporations, institutions and individuals with incisive analysis and timely information. In July 2015, we launched Unleashing Africa’s Entrepreneurs Series focused on analysing key sectors of Africa’s economy that possess or are attracting a high level of entrepreneurial activity and innovation. To date we have produced two ground-breaking reports as part of this series: Unleashing Africa’s Entrepreneurs: Creating an Enabling Environment and Unleashing Africa’s Agricultural Entrepreneurs: Improving the Enabling Environment for Agriculture.

 

BAO: What strategic steps is being taken by TEF in accelerating the empowerment of young African entrepreneurs? 

Parminder: The Tony Elumelu Foundation Entrepreneurship Programme is a holistic 12 month programme that strategically positions Start-ups to become viable businesses. The combination of all the entrepreneurship Programme modalities – The 7 pillars; the online live-learning support, web mentoring, immersive boot camp, resource library, global entrepreneurship forum, seed funding and membership of the alumni network provides a unique system of intensive and effective support for the start-ups. The end outcome being strong viable businesses, which go on to create new jobs, more new revenue and ultimately enlarge Africa’s private business sector.

With the strategic partnerships and engagement, we have driven in the past two years, the rest of the world has begun to pay attention – not just to the idea of entrepreneurship as a driver for development – but they’ve begun to acknowledge our entrepreneurship programme as a replicable model for addressing the world’s social and economic issues in a direct and sustainable way.

We are helping to educate on the role of entrepreneurship in African economic development by engaging African leaders, policy makers, stakeholders, and investors on the value of supporting African entrepreneurs.  Since January 2015, our Founder has engaged Presidents and Ministers across Africa: Senegal, South Africa, Mali, Cote d’Ivoire, Cameroon, Uganda, Rwanda, Kenya, Zambia, Ghana, Morocco, Tunisia, Egypt, Algeria, Mauritius to name but a few, sharing the Foundation’s mission to empower African entrepreneurs and introducing the Tony Elumelu Entrepreneurs for face to face dialogue.

Through its engagement with global entrepreneurship forums, TEF is promoting the role of African entrepreneurs within the global supply chain and putting African innovators front and center on the global stage.

 

BAO: Would you say the foundation has achieved its sustainability development goals (SDGs) for 2016? What is the plan for 2017?

Parminder: Yes, the Foundation has and is achieving its sustainability goals. In 2015 and 2016, we have invested near $10 million as seed capital into 2000 entrepreneurs from 54 African to develop their businesses. These business in turn are addressing many of the SDGs. We also included a question in the application form, for the applicants to indicate SDGs addressed by their business idea.

 

BAO: What specific advice would you have for young African entrepreneurs?

Parminder: The advice to those selected and to those who did not make the cut in 2015, 2016, and 2017, I say never give up. Entrepreneurship is a long-term journey and as Mr Elumelu often says, “entrepreneurs never quit.” Reach out to those who were selected 2017 and those who have graduated from the programme in 2015 and 2016. They will be very willing to share their knowledge and experience of the 12-week Start-up Enterprise Toolkit, developing their business plans, attending the TEF Entrepreneurship Forum in Lagos. Sign up to the TEF, Newsletter, read Alumni Spotlight Stories, watch the TEF Documentary, read the Articles in the TEF Website,download TEF Research and Advocacy Reports and read TEF Impact Report to understand the work of the Foundation. Follow and engage with TEF on social media, on Face Book, LinkedIn, and Twitter, do the same for Mr Tony O. Elumelu. Follow the CEO on Twitter and LinkedIn for weekly articles on entrepreneurship. You must pursue your passions, apply your skills and knowledge to doing what you love, and what you’re good at. You must remain open to keep on learning, maintain that start-up spirit—where you’re forever young, and forever in crisis, outside of your comfort zone.

We have seen evidence that African entrepreneurs create solutions to problems. Where others see challenges, they continue to see opportunities to create jobs and generate wealth.  Hold on to your passion, vision, creativity, and a sense of adventure.Always remember, as entrepreneurs YOU are essential in the transformation of the world we live in. By creating new businesses and new markets, you are the real change agents in your community, country, continent and the world.

 

Her Bio:

Ms Vir is the Chief Executive Officer of the Tony Elumelu Foundation (TEF). As CEO, she manages the overall day-to-day operations and strategic development of TEF, as well as the implementation of the Foundation’s key initiatives.

Under Vir’s leadership, the Foundation will continue its mission of empowering African entrepreneurs, and ensuring that entrepreneurship becomes the primary driver of Africa’s economic growth and social transformation.

Previously she was CEO of PVL Media, a specialist consultancy facilitating cross-border business development within emerging markets.

She is a commercially focused board level executive with broad international experience and particular expertise in media, entrepreneurship and business development. Ms Vir has worked in multiple sectors to deliver strategy, partnership development and marketing products and services for corporate and emerging businesses around the world.

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CEO Insights

Chantel Cooper: The Epitome of Empathy and Care

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Chantel Cooper, CEO of The Children’s Hospital Trust (Image: Supplied)

Chantel joined the Children’s Hospital Trust in 2013 as the Head of Fundraising and Communication and was appointed as CEO in 2019. For her, 2020 was a year that reinforced the importance of the core purpose of the Trust and the difference the organisation wants to make in the lives of children. “Our cause is driven by the need to make a difference in the lives of sick and injured children. We are people who work together to save the lives of the children who matter. We all have a purpose!” she says.

Sharing excerpts from her journey, Chantel says:

“My purpose in life is to serve those who are most vulnerable: women and children. My career was driven by my passion to make a real difference in the lives of women and children. When I was 18 years old, I volunteered for an organisation that provided support for women who had been raped. While volunteering, I started working with women in rural areas in the Eastern Cape where we found opportunities to grow their businesses.

“My passion for women led me to Cape Town where I became Director of Rape Crisis Cape Town when I was 27 years old. After the birth of my two children, I moved to an organisation called St Joseph’s Home for chronically Ill Children. St Joseph’s is a step-down facility for tertiary hospitals like the Red Cross War Memorial Children’s Hospital. It was a profound move for me as I was able to work with children who inspired me.

“One of the most valuable lessons I learnt is the power of love. You can offer a child the best healthcare in the world, but what a child wants most is their parents to love them and be by their side. This is the value I most appreciate about the Red Cross War Memorial Children’s Hospital and my past experiences. This hospital believes in child-centered care and knows that a child heals when their parent or caregiver is by their side – even during the COVID-19 pandemic. All other hospitals had restricted access to patients, but the presence of a parent is imperative to their sick or injured child’s healing.”

Overcoming Adversities

“The COVID-19 pandemic taught our team that life can change in a blink of an eye and that we need to be prepared for all possibilities. The pandemic hit the world with such speed and velocity that we had no choice but to find a way to not only sail through the storm but also find ways to get out of the situation stronger than before.”

Chantel also states that 2020 provided the Children’s Hospital Trust with the opportunity to learn extraordinary lessons that they would not have normally had the opportunity to learn and some of these include:

  • The value of deep listening and the importance of demonstrating kindness.
  • Working in collaboration created the opportunity for meaningful impact for our beneficiaries.
  • Opportunities do exist during challenging times; positivity exposed the opportunities.
  • Adapting to change during uncertain times helped to build a resilient team.

“Our Trust team demonstrated ingenuity, compassion, resilience, commitment, and fortitude during a very difficult time. As a result, we surpassed our goals, and this enabled our organisation to reach more children and families. We are grateful for the contribution from every individual,” adds Chantel.

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“Walking through the corridors of a children’s hospital during a crisis gave perspective on the real value of care, kindness, and collaboration. While children were not the face of the COVID-19 pandemic, the Social Work Department experienced first-hand the profound impact the pandemic had on children’s health and well-being.

“Unemployment, food insecurity, child safety and schooling were common concerns for many patients and their parents who entered the doors of the Hospital. The Red Cross War Memorial Children’s Hospital values patient and family-centred care which includes care for the whole family from a holistic perspective.

“In response to the needs of the families, the Trust secured funding to enable the social workers to provide additional counselling services and material support such as the provision of food, hygiene, and home-schooling supplies to vulnerable families when children were discharged from the Hospital.” Read more on the Family Care Project here.

Redefining Excellence

The core to achieving our vision is upholding our values of Integrity, Accountability, Kindness, Dynamism, and Collaboration in every aspect of our work. The Trust has a sound financial record in administration and good governance. For the past 28 years, we have raised funds to address many pressing needs, but much has yet to be done. With the help of many donors, we continue to give hope and healing to our little ones who need it most.

The Trust raises funds for the upgrade and expansion of the Hospital’s buildings, the purchase of state-of-the-art medical equipment, and new medical treatment projects and funds the training of medical professionals across Africa – ensuring that the Hospital not only retains its world-class stature but is able to continue providing life-changing and life-saving care for children.

The Trust relies on donations to fund these needs. When you donate to the Trust, 100% of your donation goes towards funding projects that change children’s lives (and the lives of the people who love them). The operational costs of the Trust are funded from an endowment, so your generous contributions are never used to cover administration costs.

Donate to the Children’s Hospital Trust today! www.childrenshospitaltrust.org.za

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Neya Kalu, the new Chairman of The Sun Nigeria

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Neya Kalu (Image supplied: Her Network)

Neya Kalu is the Chairman and Publisher of The Sun Nigeria, founded and published in  Nigeria. A reputable company that publishes relevant news in Nigeria and around the  world in over ten categories. She is also the founder and CEO of Basecoat Nigeria. 

Educated at the University of Buckingham with a degree in Law and Finance, Neya leads the Board on strategic matters, establishes high governance, and oversees the  company’s business. 

Before becoming Chairman/Publisher of The Sun Nigeria, Neya, an entrepreneur, built and runs several successful businesses, the most recent being Base Coat, a nail salon  chain in Lagos. She is also the Vice-Chairman of Sun Heavens Hotels and Resorts.  

With a strong interest in social issues and a desire to empower women, Neya works with  the OUK Foundation to contribute to the achievement of the SDGs one through six.

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IoDSA CEO Parmi Natesan on Building Great Directors in South Africa

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IoDSA CEO, Parmi Natesan

Established in 1960 as a branch of the Institute of Directors in London, the Institute of Directors South Africa (IoDSA) is a non-profit company (NPC) with members and is the only professional body for directors that is recognised by the South African Qualifications Authority (SAQA) (ID422). IoDSA mission is to influence, develop and advance corporate governance and directorship by pursuing ethical and effective leadership in South Africa. In this exclusive interview with Alaba Ayinuola of Business Africa Online (BAO), Parmi Natesan talks about the IoDSA she leads, its contribution to the south african economy, challenges, gender inclusion and diversity and much more. Excerpts.

 

Alaba: Το begin, brίefly tell us about the loD South Africa and your strategic role?

Parmi: The Institute of Directors in South Africa is a non-profit company and a SAQA-recognised professional body for directors in South Africa. It is also a promoter of corporate governance, acting as convener and secretariat of the King Committee and having ownership of the King Reports on Governance for South Africa.

Its vision is  – Better Directors. Better Boards. Better Business.

Its mission is – To influence, develop and advance corporate governance and directorship by pursuing ethical and effective leadership in South Africa. 

We drive corporate governance awareness and improvement through thought leadership, hosting learning events, performing governance advisory services and board performance evaluations. We contribute to enhancing the effectiveness of directorship through training and certifications.

Alaba: What would you say are the major contributions of the institυte to the South African economy?

Parmi: The enhancement of corporate governance and directorship has a knock-on positive effect to the South African economy.

Major recent contributions include:

  • We submitted a letter written to the Chair of the Zondo Commission containing good governance recommendations for director competencies and appointment processes.
  • We issue numerous media releases and broadcast interviews to raise awareness of governance learnings
  • We offer discounts on our services to NPOs and SMEs, in an effort to assist them with improving their governance and thus growing and thriving as a business.

Alaba: Since your appointment as the institute CEO, what are your biggest challenges and role in corporate governance?

Parmi: We have a duty to hold our members to account in the public interest. This has meant introduction of a new member code of conduct and disciplinary regulations to govern this. What has been a challenge is that membership of the IoDSA is currently voluntary.  An individual does not need to be a member in order to serve as a director. So there is unfortunately no common benchmark or standard for directorship. 

Sometimes the IoDSA brand gets tainted by “bad” directors who are found to have acted unethically, as the public does not realise that these directors are not necessarily our members, and thus we have limited mandate to act against them. Another challenge is the way in which corporate governance gets applied in corporations, often in a tick-box compliance fashion. This is form over substance and not conducive to achieving the desired outcomes of good corporate governance. Changing mindsets and behaviour around this is critical and there is no one size fits all solution.

Each organisation needs to consider what makes sense for their business. Instead of wanting to follow a compliance driven approach of ticking boxes, organisations should follow a mindful application approach of putting practices in place that in their judgment ultimately achieve the necessary outcomes of ethical leadership, effective control, good performance and legitimacy. The judgment of the governing body is critical in this approach.

Alaba: What is your view on how leadership is changing, amid broader efforts in society to see greater inclusivίty in terms of race, gender, and socio-economic background, and a move towards making a more positive and sustainable contribution to society?

Parmi: We are advocate for diversity on boards, not only in terms of race, gender and socio-economic background, but also in terms of skills and experience. Diverse groups are able to tackle problems from various angles and this leads to better decision making. We have a specific focus on advocating for more women on boards. With women controlling consumer spending and forming half of the educated workforce, it does not make sense that they are still largely underrepresented in South African boardrooms.

The role of directors is definitely changing as we move towards a more stakeholder focused way of running business.  In the past, the primary focus of directors was financial return for their companies. That has changed considerably over the years, where business is now seen as a corporate citizen of the country in which it operates. And it thus needs to be conscious of the impact that it has on society and the environment in which it operates. This is why integrated reporting (as opposed to just financial reporting) is so critical.

In today’s fast-paced world, achieving the right skills as a director is not a target but a journey: business models, socio-economic models, political models – sometimes it seems everything – are changing and old certainties seem to be in the process of continual redefinition. Directors, who play such a critical role in organisations and, indirectly, the fabric of public life, are least able to feel they have achieved the right skills mix.

In general, professionals have a certain credibility and respect in the market, which they need to protect through ongoing learning, adapting and competence.

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Alaba: Let’s talk about entrepreneurshίp. What is your view on how female entrepreneurship can be fostered?

Parmi: Entrepreneurship is a critical contributor towards our economy and should thus be fostered.

Alaba: Το what extent can digital connectivity catalyse South Africa’s economic recovery, for example helping foster both flexible working and the levelling-up of rural areas?

Parmi: Digital can open many doors and opportunities for people to participate in economic activity.

Alaba:  Before the year ends, what would you ultimately like to achieve?

Parmi: Greater awareness of the power and impact of good corporate governance can make, not only on companies, but also on a country. South Africa as a country desperately needs ethical and effective leaders to steer our country in the right direction to prosper. We have been lobbying for enhancements in director appointment processes in both the private and public sector in South Africa. It would be great to see some traction on this from the policy makers.

Alaba: Lastly, what has been the most significant-ever moment for you professionally – and what advice would you give your younger self?

Parmi: I have received many accolades including:

  • Rising Star Award from the Nelson Mandela University.
  • Finalist for Businesswoman of the Year at the Top Women Awards.
  • Global Woman Achiever at the World Women Leadership Congress.
  • Ethical Leadership Award at the SAICA Difference Makers Awards.

However, I think my most significant moment professionally has to be having the privilege and honour to lead the IoDSA. In fact I was the youngest person to be CEO of the IoD SA, and the first ever person of colour. This platform gives me an even louder voice to influence and advocate for ethical and effective leadership in South Africa.

In terms of advice to my younger self, a few things I actually often tell my daughter

  1. Girls can do anything boys can do – never let our gender hold you back.
  2. Pick your battles and don’t sweat the small stuff.

Watch IoDSA HERE

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