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InvestSure: Inspired by the need for investors to manage fraud risks that can be unforeseen – Mbulelo Mpofana

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From left- Ettienne Myburgh (Easy Equities), Mbulelo Mpofana, Carly Barnes (Easy Equities), Shane Curran and Ignatious Nkwinika.

Based in Johannesburg and founded by Shane Curran, Mbulelo Mpofana and Ignatious Nkwinika. InvestSure is a new insurance product that insures listed shares bought on participating trading platforms, against losses arising out of the deceptive or misleading acts of management of the company. The insurance is offered on shares listed on the Johannesburg Stock Exchange (JSE), with plans to insure shares in global markets in future. Investors can insure their shares as they buy them, as well as insure their existing portfolio. This product is a world first innovation, developed in South Africa and supported by global partners. In this interview with  Alaba Ayinuola  of Business Africa Online. Mbulelo Mpofana- Co-Founder & COO at InvestSure talked about the inspiration behind InvestSure, how they got funded and the future for their brand. Excerpt.

 

Alaba: Kindly tell us about InvestSure and the gap it’s filling.

Mbulelo: InvestSure is an insurtech startup that has developed APIs that enable share trading platforms to sell their unique insurance product. InvestSure has developed a world-first insurance product that provides shareholders protection against losses in the share price which are caused by management misleading and deceiving shareholders. The product is currently available on Easy Equities.

In the wake of the Volkswagen (VW) emissions scandal we noticed that the share price had dropped significantly, yet there was no recourse to investors who had invested in the company not knowing that VW weren’t all they made out to be. After that multiple similar events around the world prompted us to think that investors should have some kind of protection for these events.  Management fraud presents a difficult to manage and asses risk for investors (even sophisticated investors). It is often caused by deception on the part of trusted managers who are much closer to the business on a daily basis.

There was simply no accessible, simple and cost effective product to allow investors to protect themselves from the risk of being blindsided by management of the companies they invest in. We also think this product can make investing more accessible by simplifying the decision process and allow people to invest with more confidence, knowing they have this “sleep easy” cover.

On the tech side InvestSure provides a set of APIs that trading platform developers can use to integrate their insurance product seamlessly into their websites and applications. Once InvestSure’s technology is added to a trading platform, it enables users to easily buy insurance on their shares with a single click. The full process from buying to insurance to settling claims is fully automated.

 

Alaba: What was your startup capital and how were you able to raise it? 

Mbulelo: Entrepreneurs often talk about needing a bit of luck; we had our right at the beginning. We were very fortunate to partner with Hannover RE from a very early stage; the Africa region MD liked the product idea from the get go. They agreed to incubate and fund the founding team until we actually launched through their specialist insurance subsidiary Compass Insure. Compass is the insurer behind the product and is now also a shareholder in InvestSure. We also won R1-million at a pitch event run by AlphaCode, Merrill Lynch South Africa and Royal Bafokeng Holdings. The initial funding from Compass formed part of our recently announced R9.6m funding round.

 

Alaba: As a startup, what are the challenges and how are you overcoming them?

Mbulelo: We have been fortunate in many respects to have secured support from a multinational insurance giant at idea stage so our set of challenges are of a different nature than most innovative startups. For us the challenges included:

  1.  Navigating the internal processes of our partner companies; these can result in long delays and take up a lot of the founders’ time.
  2. Linked to the above, the other big challenge was the B-2-B aspect of the business, established companies move much slower than we were able to, especially on the IT and decision making sides, and this created some frustration for us as well as increasing time to market (and cash spent before getting to market).
  3. Managing the at time conflicting objectives of all partners and stakeholder to make the business relationship worthwhile for all parties, especially with a unusually low cost product like ours.  The insurance industry is still used to high distribution cost models.
  4. Client education, we’ve tried to make the product quite simple but there are still misunderstandings we find in terms of people getting what the product does, the value in it and how it’s different to things like put options.
  5. Awareness, spreading awareness of the product on a tight budget is always a challenge!

 

Alaba: What advice would you give potential entrepreneurs who intend to start a business or invest in Africa?

Mbulelo: There is a lot of advice from much smarter and successful people than me out there! I’ll stick to specifically insurtech were I have more experience and less has been said about.

Our advice for anyone trying to create a new product is to partner with an established player. This allows you the time to focus on the product design and development, rather than trying to deal with the insurance regulatory mine-field. You can always change direction once the product is established. It also allows you much easier access to flexible capital,  accessing their networks and relationships, instant credibility enhancement and tapping into internal expertise to name a few. I’ve found that more and more companies are seeing value in partnerships with disruptive innovators.

Investors in South Africa are much more profit focused and will look for shorter break even time frames over and above big opportunity. It is therefore important to manage costs down.

 

Alaba: What’s the future for InvestSure and what steps are you taking in achieving them?

Mbulelo: There is a ton of scope for us to grow in South Africa, we are looking to do this by increasing our penetration rate on Easy Equities (our first platform partner) and we are keen on signing up other trading platforms as well which will increase our accessible market.

We are also keen to take advantage of the uniqueness of the product by taking it to other markets; initially we are looking at Australia and the UK as markets with similar regulation and business culture as SA.

Alaba: How is your business contributing to the development of Africa?

Mbulelo: We are embracing the idea of “community” in the startup scene and engaging with many other founders as well as people who are interested. We have also actively sought to use our network to create opportunities for other startups e.g. at least one other startup has secured funding from our shareholders through our initial intro; quite a few others are in talks with them.

 

Alaba: What’s your view on the development of Africa InsurTech ecosystem?

Mbulelo: I think it’s small but high quality even compared to the US and UK. I see a lot of innovation around the intersection of hardware/devices and insurance in Africa and I think we can be a player in that space. I also think it’s growing especially as more corporate become open to collaborating and funding insurtech startups. Insurance has a very bad image and many insurtech’s are creating a fairer and more transparent version of doing things which I think will appeal to consumers more and more over time.

 

Alaba: How do you feel as an African entrepreneur?

Mbulelo: I’ve always wanted to be an entrepreneur so this is a dream for me. From an African perspective, I’m proud we could create something that has surprised even the global executives of a company like Hannover Re and bring a new insurance product to the global insurance market. Africans continue to innovate and create value though new products and business models so it shouldn’t be a surprise to people but for some reason it still is! Hannover Re South Africa itself is seen as the innovation sub for the group which is testament to the unique thinking and creativity in Africa.

 

Alaba: How do you and partners relax and what books do you read?

Mbulelo: Sports is a consistent passion across the team for sports, I more watch than play these days but Shane plays soccer like 2 or 3 times a week. We also like to travel and spend time with family. We tend to read a lot of business related books. I also like to read about politics and historical figures.

 

Alaba: Please teach us one word in your home language and your favorite local dish?

Mbulelo: Nkululeko- which means freedom in isiZulu, Freedom Day in SA is coming up on Saturday 27 April. Can’t pick an outright favorite but will mention two- Putu with Amasi and I also love Biltong.

 

Alaba: What’s your favorite holiday spot in your country?

Mbulelo: It changes over time but current would say rural KZN around the town of Port Shepstone and further down the coast. It’s really beautiful and still quite natural in parts. I also have family around those parts.

Also Read SMEs: Before you sign that deed of guarantee | Morenike Okebu

Bio’s:

Shane Curran- Co-Founder & MD

Shane is a Chartered Accountant (CA(SA)) who originally saw the opportunity to approach Hannover Re Group Africa with an idea for a new insurance product. He believes that investing in shares is crucial to enhancing one’s wealth over the long term, but that certain risks could seriously harm that long term wealth growth. In his personal time he enjoys soccer, reading, holidays and spending time with friends and family.

Mbulelo Mpofana- Co-Founder & COO

Mbulelo teamed up with Shane to develop this unique insurance idea after gaining 6 years insurance experience, covering most technical areas of the industry including actuarial, capital management and risk management. Mbulelo has an enthusiasm for entrepreneurship and loves finding pragmatic and practical solutions to challenging problems.

Ignatious Nkwinika- Co-Founder & CTO

Before designing and building InvestSure’s tech from scratch, Iggy gained over 14 years of experience as an IT Solutions Architect including over 6 years in insurance. He is passionate about technology development and finding innovative solutions within the insurance industry.

 

Visit InvestSure today!

 

Afripreneur

Interview with Monica Sekhmet Grant, President of Young Boss Media Inc.

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Monica Sekhmet Grant is the true definition of a Young Boss. She’s been employing workers, building organizations, and producing her own products since her college days. A native of Ypsilanti Michigan but raised in North Augusta South Carolina. In this interview with Alaba Ayinuola, Monica shares her entrepreneurship journey, humanitarian initiatives, book launch and the future for Young Boss Media Inc. Excerpt.

Alaba: Could you tell us about Young Boss Media Inc and the gap its filling?

Monica: Young Boss Media Inc. produces media that will empower under-represented communities to gain ownership over their image, voice and economic & political future. Hollywood and broadcast TV are under-represented in gender, age, ethnicity and sexual status. This lack of representation excludes certain groups from obtaining information and resources that have the power to enhance their ability to thrive in a challenging economy. Young Boss Media is on a mission to change that!

Our mission is to produce high-quality content that engages under-represented communities while building a multi-media network dedicated to social impact influencers and to cultivate an online and offline community of innovation, artistry, entrepreneurship and activism.

Alaba: What sparked your interest into the media space and how did you come up with the name?

Monica: By trade I was a community and labor organizer and I’ve always had a passion for economics. Around the age of 10, I started asking “Why are some people rich, while others are poor.”  In America, the Old Boss is the plantation owner, the factory manager, the 9-5 hustle that drained your energy and only gave you enough money to make it back to work the next day. The Old Boss in media was the White Blonde Face with White Blonde stories that did not reflect my community but still dominated what we saw on television.

In 2015, I started producing shows in New York City for another entrepreneur name Bonnie Bruderer. I learned how to build a media network from her. On March 22, 2017, I launched my first talk show under Young Boss Media called Master Plan and the rest is history. We’ve grown into a global media network with 30 producers, hosts and interns producing content around the clock.

Alaba: Since the launch of your platform, what are your achievements? And how do you measure impact?

Monica: The greatest achievement is seeing my people happy. I get calls, texts, and emails everyday saying how powerful our shows are. I strive to make my ancestors happy. If they are pleased, then I am rich.

Alaba: Do you think luck played a role in your success story?

Monica: I got lucky being born in America, that’s about it. I worked for everything else.

Alaba: Did you venture alone? What was the hardest part in the early stages of the company’s growth?

Monica: Young Boss Media has 30 host, producers, and interns now but in the beginning, it was just me. I wanted to partner with people because that’s who I am by nature, but many people proved that they weren’t ready for the long-haul. I don’t believe in the get rich quick hustle. You put in the work every day, doing work that you love to do and then you sleep with a smile. That’sit. The rewards will come.

I learned to do things on my own and to trust my own vision. If I wanted something to be done, it’s up to me to do it. I prayed for the right people to come into my life and eventually they all did and at the right time too. I don’t’ let people stress me. I trust my instinct and if it’s not the right vibe, I keep it moving.

Alaba: How are you navigating the impact of COVID-19 in your industry? Are you post COVID-19 ready?

Monica: I love it, everything is virtual, and everyone finally sees the importance of independent media. It feels like I have been preparing for this moment since the 2008 recession and now that it’s here I’m calm cool and in control of my destiny. God bless all of those impacted negatively by Corona. We must remain safe and follow God.

Alaba: What is your plan for young media entrepreneurs especially the female entrepreneurs in terms of support?

Monica: Young Boss Media Activist Institute is a non-profit organization focused on increasing social justice activism and entrepreneurship via media training. We allow young people of color to produce TV shows, build websites and work behind the scenes of Young Boss Media. I teach our students how to be independent and not look for a job but instead they can be the one to create opportunities for themselves. I don’t baby my students. They must work for their respect. Entrepreneurs don’t take days off. They know that this is not a hobby. My students learn how to build an empire.

I give freely to all of my students regardless of gender or ethnicity but based on who they are I tell them the truth about what to expect in this industry. Women must speak up and not wait to be called on. They must learn to stop doubting themselves and to accept failure as a beautiful part of the process.  Men must learn when to ask for input and not think that everything is about them. Every industry is becoming more women dominate, so they learn how to play well with others by working with me. For all of my students they must know that they can’t fool me. I’ve lived a full life and I know when you’re scamming and scheming.

Alaba: What’s the future for Young Boss Media Inc?

Monica: 24-hour programming of globally produced continent. We are looking for producers and hosts for our African initiative Young Boss Africa. I am also launching my 4th book, Mind Your Business and Prosper on August 17th, 2020. You can order it on YoungBossMedia.com

Alaba: Can you tell us about your humanitarian activities and your new book?

Monica: Humanitarian Activities:

Young Boss Media Activist Institute

Reocomm Foundation

Fight for Fight Campaign

Black Lives Matter

Climate Reality Corps

Organizing a Pan-African Credit Union in the Bronx

Organizing daycare workers, domestic workers, EMS workers and taxi drives into a labor union.

Mind Your Business and Prosper is the blueprint for business success. Written for students transitioning into adulthood, struggling to find their identity but are driven to have their voice heard and make an impact on the world. Monica proves that you don’t have to wait until you’re 50 years old to be successful. Instead, you can live an amazing fulfilled life right now. 

Global Release is August 17, 2020.

Alaba: When are you coming to Africa and where would you love to visit?

Monica: As soon as possible. My DNA traces back to Kenya and Nigeria so those are first on my list. I also love and adore Senegal. I must get to South Africa, Ethiopia, Egypt and Mauritius as well. But honestly,I’ve seen so many beautiful pictures of Africa that I’m ready to spend most of my time country-hopping for the next year or two, recording and documenting my experience.

Alaba: How do you relax and fun fact about you?

Monica: I spend quality with my family, eating laughing and going to the beach. I enjoy talking to my Vice President Raphael about business ideas and him fully understanding my vision. We can’t take the people in our life for granted. They are special.

Fun Fact: I taught myself how to play the saxophone in college.

Also Read: Dr. Olutoyin Oyelade: Casa Foundation, Career and Impact (Biography)

B I O G R A P H Y

Monica Sekhmet Grant is the true definition of a Young Boss. She’s been employing workers, building organizations, and producing her own products since her college days. A native of Ypsilanti Michigan but raised in North Augusta South Carolina, Monica studied business at Delaware State University because she wanted to understand how some people continued to get richer while others remained poor.

After college, Monica moved to New York City and made a career of empowering Black and Brown communities through life coaching and community organizing. “One builds personal power while the other build collective power. Each one is vital and should not be isolated.” Monica is an advocate for economic justice and fairness, for all communities especially her own.  She believes that most men and women of African descent naturally desire to live in safe prosperous communities that support economic growth. 

She has campaigned for workers’ rights with the Fight For $15 Campaign, the Service Employees International Union, and AFSCME International Labor Union. On March 22, 2017, Monica launched what would become the most rewarding project of her life, Young Boss Media. An idea to interview entrepreneurs from underrepresented communities quickly expanded into a television network consisting of young Black producers and hosts that never believed they would one day be on TV. Monica believes in giving people the opportunity to produce media that will uplift their community, even if their community is not hers. 

Monica is currently based in New York City. On June 19, 2020, she announced the release date of her autobiographical, self-help workbook, Mind Your Business and Prosper: A Young Entrepreneur’s Guide to Being Successful. Her goal is to provide mentorship to new entrepreneurs in a down to Earth manner that wasn’t available when she was a student. Mind Your Business and Prosper will launch globally on August 17, 2020.  Young Boss Media is also expanding into Africa with Young Boss Africa, an initiative to highlight innovation among youth on the African continent. 

Visit: YoungBossMedia.com

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Meseret Haileyesus – The Ethiopian Canadian Women Leader Creating Impact

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Meseret Haileyesus, founder of the Canadian Centre for Women’s Empowerment (Image Credit: Meseret Haileyesus)

Meseret Haileyesus is a social justice advocate, change-maker, intersectional feminist, and entrepreneur. Founder of the Canadian Centre for Women’s Empowerment (CCFWE) with a keen interest in addressing systemic barriers and other challenges that prevent women and girls from fully realizing their human rights. CCFWE is the only Canadian  Nonprofit organization dedicated to raising awareness of economic abuse and transforming responses to it.

Meseret works to influence public policy decisions that support domestic violence survivors to make a successful transition to economic independence. She seeks to fill the gaps for the development of new approaches to address economic injustice by reviewing existing systems, policies, and procedures in Canada. The Canadian Centre for Women’s Empowerment (CCFWE) highlights the issue of economic injustice through responding to national policy consultations and working with individuals in local and national government.

Born and raised in Ethiopia and now living in Canada, for decades she has worked tirelessly to advocate for women and child health around the world as well as economic empowerment for women and marginalized peoples. With a background in, midwifery, economics, global health, and Aromatherapy, she drives social change by advocating for high-quality and accessible sexual and reproductive healthcare for women on a global scale, with a goal of ending gender-based violence.

Her passion for gender equality has led her to spend over 16 years, working with various national and international non-profit organizations on dozens of projects centered on issues of HIV/AIDS prevention, poverty reduction, sexual and reproductive health right, quality of maternal and newborn health, and building community capacity to take action to advance social justice initiatives.

Past community involvement includes the Alberta Community Council for HIV/AIDS, Alberta Health Services, University of Alberta, Alberta Women Entrepreneurs, Laurentian University, Canadian Network for Society Network, Women in Edmonton, World Bank Gender Equality and Diversity in Customs & UN Women- Women’s Economic Empowerment, UNICEF, African Medical Research Foundation, Jpiego- affiliated with Johns Hopkins University, Johns Snow Institute and Ethioaid Canada.

Meseret is a member of multiple UN and World Health Organization programs, where she produces strategies to reinforce the reproductive health components for health sector reform programs in developing countries. She serves as an ambassador for World Pulse, a global network to amplify women as well as an ambassador for the RHEALYZ Global Empowerment Initiative Africa, a Nigerian organization that helps individuals, families, and organizations achieve Sustainable Development Goals. She is also President for Global Humanitarian Community, and Director for End FGM Canada Network.

Prior to relocating to Canada in, Meseret works on Maternal and child health programs particularly on Maternal Child Health and reproductive health rights, where she had the profound pleasure of assisting many marginalized pregnant African women through the amazing journey of pregnancy, childbirth, and new motherhood in Ethiopia. These experiences combined with her lifelong commitment to gender equality and women’s health and well-being led Meseret to found Maternity Today, an international non-profit organization that strengthens women and child health through superior advocacy, research, and education in developing countries.

Beyond her social justice and public health involvement, Meseret is also the owner of Nacre Organics, and an advocate with David Suzuki Foundation for the promotion of nontoxic green personal care products, “biodegradable plastic-waste free planet” and zero-waste packaging.

As a health and wellness industry entrepreneur, she is also a program advisor at Algonquin College’s Esthetician and Spa program. Nacre Organics is plant-based wellness and lifestyle brand she launched with her daughter that helps protect, elevate, refresh, relax, moisturize and groom the body and mind.  Meseret’s mission is to create exquisite skincare, drawing upon her knowledge of Clinical Aromatherapy and natural skincare formulation, vitality, and wellness.

Also Read: African Sunsets Travel: Digitizing high end luxury safari experiences

Nacre organics was born out of her determination to formulate and hand produce skincare with love, made with the finest, raw ingredients for radiant, blissfully youthful, healthy skin. She was also a co-founder of Novigo Natural Skin Care.  A percentage of the profits are donated to support domestic violence survivors.

Meseret was named one of the 100 Most Accomplished Black Canadian Women and nominees for several awards. She is a proud mother of one beautiful daughter who inspires and motivates her every day.

Visit: CCFWE

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Viero: A SaaS Platform Enabling Entrepreneurs Create Food Delivery App Without Code In 60 Seconds

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Viero & Zistify Founders, Basheer Phiri and Hopewell Fakude

Launching a food delivery start-up requires an entrepreneur to manage 4 aspects; Restaurants, Delivery Agents, Customers, and the most costly of them all, an application. Building a food delivery application can cost up to $60 000. There are also additional costs that need to be paid on a monthly basis to maintain and improve the application. “This is a major barrier to entry into the food delivery industry in Africa” said Basheer Phiri, the founder and CEO of Viero.

“Because of these high costs, we see a lot of food delivery Startups all over Africa serving the urban market, because it is big, and has enough customers to cover the development and maintenance costs and make a profit.” Basheer believes that food delivery Startups do not target township and non-urban areas because these markets need to be built from the group up, which means additional marketing costs and slower growth and adoption rates.

Therefore, coupled with the need to cover maintenance costs and the demand for growth and traction from investors, food delivery Startups prefer competing in the already established urban markets. This has led to high concentration in urban markets while non-urban markets remain relatively untapped.

“We saw this and realised that there was value that could be created” said Basheer. “After speaking to a few interested entrepreneurs, we saw that they could manage every aspect of the food delivery business, but could not afford to pay for an App. That is how Viero was born”

Viero is a SaaS Platform that enables entrepreneurs to create a food delivery web application with no code in 60 seconds. (Here’s how it works – https://youtu.be/1T9oxNtRDpM).

The platform built a standard food delivery application template and enables it to be cloned, rebranded and hosted through white-labelling. Entrepreneurs can use the application under a monthly subscription and have access to many features depending on their chosen plan. Entrepreneurs can also make changes to the layout and design of their app, all without any code.

Launched in South Africa on 1 June 2020, the platform has achieved amazing uptake thus far. 22 Apps in total have been created with 2 Food delivery Startups that are live and operating in South Africa and 20 other Startups preparing for launch. 108 orders have been delivered, with R4700 processed in transactions, 200 customer users, 16 listed stores and 45 delivery agents. 

Viero was launched by UCT students Basheer Phiri and Hopewell Fakude. They met in their first year in 2018 as residents of Smuts Hall Residence at The University of Cape Town, when they were introduced by a mutual friend who noticed their passion for entrepreneurship. Since then, they have worked together on several Startups and projects.

Also Read: Radisson Hotel Group announces new appointments to drive its expansion for Africa

Basheer and Hopewell are not new to the food delivery industry. In 2019, they launched Zistify, a food delivery start-up for the university market. Zistify delivers food ordered from food vendors on campus through it’s app to university students and staff. 

Viero is in capable hands and is ready to disrupt the food delivery industry in Africa. Currently raising a $100 000 seed round to incorporate logistics into its business offering, to bring in more talent to the team, and to continue building and improving the platform.

Connect with them here Website|Instagram|Twitter |Facebook

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