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Wambu Muigai- Creating Realisable Value For African Businesses

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Wambu Muigai is the co-founder and Managing Director of Andaa Capital, a management consulting company based in Nairobi, Kenya with specialty in Management Consulting, Corporate Finance, Market Entry, Business Development, etc. with over 11 years of experience spanning business advisory, investment banking(M&A and equity capital markets across various industries), private equity, consulting and entrepreneurship all within SSA. In this e-Interview with Alaba Ayinuola, he believes that the greatest impact is giving as many people as possible access to employment and entrepreneurship opportunities Africa. Excerpts.

 

Tell us about Andaa Capital and the role you play? Especially it’s mission and vision?

Our vision is to grow African world-class businesses and we aim to achieve this by building the preferred African integrated investment platform. Put simply, we want to be the go-to platform for early stage high growth potential African companies looking to scale, as well as for investors looking to invest in Africa. “Andaa” means “prepare” in Kiswahili and that is exactly what we do with our clients through a blend of management consulting, corporate finance and business development. I am a co-founder and the Managing Director of the business.

 

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

My partner and I started with a vision, our experience, our laptops and co-working space and therefore did not need much startup capital. We have bootstrapped the business, ploughing all revenues back into the business while keeping a keen eye on managing costs. We did however spend a relatively significant amount on our branding as a startup, as we wanted to build strong brand equity right from the start.

 

Why is Andaa Capital different from other management consulting firm in Kenya?

We did not necessarily set out to be different from other players, we set out to be true to ourselves and authentic in our approach to clients. For us that means truly listening to and respecting our clients, building long-term mutually beneficial relationships that are well aligned and having the integrity to admit when we are not best placed to address the immediate challenges our clients face. In other words, our culture places great emphasis on the “softer” aspects as we believe the more technical aspects are commodity-like and therefore easier to replicate.

 

What are the challenges and how are you overcoming them?

Perhaps our biggest challenge is our target market’s ability to pay, despite being willing to after seeing the value in the services we offer. We know that identifying and establishing relationships early with tomorrow’s winning companies will pay off, however we need to remain viable in the interim to get there. We are dealing with this challenge by seeking out very strategic collaboration opportunities within the ecosystem that allow us to stay true to our vision and strategy, as well as keep the lights on long enough to enjoy the upside.

 

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

Think long and hard about what level of sacrifice you are willing to make for the business you want to start before taking the plunge. It is a tough environment with a number of systemic challenges and things tend to take longer to pan out than expected. However there is massive untapped potential and those with the agility, creativity and persistence to navigate the challenges stand to reap great upside.

 

Where do you see your business in 5 years and what steps are you taking in achieving them?

As mentioned we want to be the go-to platform for early stage high growth potential African companies looking to scale, as well as for investors looking to invest in Africa. We believe that having a collaborative approach is key to achieving this and we are therefore establishing strategic relationships and partnerships with various players within the ecosystem. We are also working very hard to really understand the needs of our clients and seeking out innovative ways to address their challenges on the path to scaling up. Our culture is very important and we are focusing on institutionalising it as much as we can in order to attract great talent with the right fit that will achieve great things.

 

How is your business contributing to the development of Africa?

We believe that the greatest impact is giving as many people as possible access to employment and entrepreneurship opportunities. The more companies we manage to scale up, the more opportunities for employment and entrepreneurship along the respective company value chains. This then has the knock-on effect of stimulating demand for other goods and services.

 

What inspires you and keeps you going?

My strong desire to build a business that outlives me and continuously reminding myself that this entails the mindset of a marathon and not a sprint keeps me going. Meeting and interacting with people from different backgrounds, with diverse perspectives, working in different sectors and where possible hearing their story really inspires and energises me. Lastly and most importantly, wanting to open up a world of opportunity for my family fuels my ambition.

 

How do you relax and what books do you read?

I recharge through spending quality time with my family and friends, which also keeps me grounded. I love to listen to a broad range of genres of music and also really enjoy an intense game of squash as often as I can. I especially like books that tell the stories of successful people and speak honestly to the good, the bad and the ugly aspects of their journey. Some great recent reads include Shoe Dog, The Hard Thing About Hard Things and The Power of Broke.

 

Wambu Muigai Bio:

I co-founded Andaa Capital to pursue my great passion for building realisable value for African businesses, through leveraging experience in looking at companies through the eyes of an external advisor, investor and in-house executive.

I have gained a multi-perspective view through experience spanning investment banking (Renaissance Capital), private equity (Progression Capital Africa), in-house corporate finance (MODE Group) as well as various consultancy roles. My experience spans multiple industries including Banking, Fintech, Agri-business, Telecommunications, Fast-Moving Consumer Goods and Real Estate across various countries in Sub-Saharan Africa.”

Wambu holds a BSc. International Securities, Investment and Banking honours degree from the ICMA Centre, Henley Business School, University of Reading.

 

Kindly Visit: http://andaacapital.com/

Afripreneur

The power of rejection | Zoussi Ley

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Everyone knows what rejection feels life. It is the most common emotional wound we experience. Whether you’ve been passed over for a job, turned down by investors or simply left on read, you’ve felt it. You’ve allowed yourself to be temporarily defined by another person’s decision to reject you, even when it’s not personal.

The good news is, you will never stop experiencing rejection.

Wait… did I say good news?

Yes, I did.

Here are 7 reasons to consider rejection your best friend:

1. A “No” can turn into a “Yes”

Ever heard of The 4 Hour Workweek? You know, that New York Times bestseller that created a global movement to work less and earn more? Author Tim Ferris was turned down 26 times before he found a publisher.

Stephen King’s first book, Carrie, was also rejected 30 times, causing King to throw the manuscript in the trash. His wife took it out of the bin and encouraged him to submit it “one more time”. We all know how that turned out.

 

 2. Rejection teaches patience

Most of us see rejections as failure. Yet, most of the time, it is just the wrong timing. You or your ideas may still be a diamond in a rough. This aspect of rejection is humbling but necessary. Good things come to those who wait (and grind too, of course).

 

3. Rejection destroys your competition

How many entrepreneurs, artists or writers give up in the face of rejection? Although the thought of it makes me sad, it presents an advantage for you: the more other people let “No’s” stop them, the more opportunity there is for you to land this job, get into that school or secure this funding for your business idea. Resilience is your competitive advantage!

 

4. Rejection clears the path towards your success

You’ve got to see every rejection that life throws at you as obstacles you need to get past before you finally succeed. For every ‘No’ you receive, you’re closer to your ‘Yes’. Imagine if Tim Ferris had stopped at rejection #26 or if Stephen King had really given up at rebuff #30?

 

5. Rejection creates opportunities for change

When facing rejection, ask yourself why you were rejected. It may be a sign that there are lessons to be learn. For instance, if you are getting a lot of impersonal rejections, that’s a sign you may be doing something wrong and need to reconsider your approach. Something about your pitch, cover letter or samples may be lacking.

 

6. Rejection causes us to explore new paths

When a door closes, a window opens. Think about the last time you thought, “I would never have found this job / met this person if the other place hadn’t refused to hire me/ person hadn’t broken up with me.” Rejection is a powerful force for analyzing why we go for the goals we do and what it is about these goals that drives us on, or away. It is also a good time for introspection and considering your reasons for going after certain things, people, jobs, or situations.

 

7. Seeking rejection makes you fearless

 The more “No’s” you hear, the more immune you become to rejection. Whatever goal you are trying to achieve, whether it is making a sale or finding an investor, you can train yourself to actually feel happy when getting rejected. In a TED talk, author and entrepreneur Jia Jiang shared lessons of his “100 days of straight rejection”, and how it desensitized him to the pain that “No” can cause. For 100 days straight, Jiang would make absurd requests such as requesting a “burger refill” or asking a stranger to lend him $100. Jiang’s main takeaway was that rejection never defines you, your reaction following the rejection is what defines you.

 

In a word, rejection is fuel for growth.

 

& that’s exactly why you should train yourself to embrace it!

 

How? By shifting your perspective.

 

Your ability to see things as “changeable” has a strong influence on how you react to rejection. If you can embrace the idea that life is flexible and that losses open doors of opportunities, not only will you recover faster from rejection, but you will grow more within yourself and suffer less when facing rejection.

 

Moral of the story: SHOOT YOUR SHOT!

 

Author:

Zoussi Ley

co-founder & Chief Marketing Officer

Complete Farmer

Website: www.completefarmer.com 

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Afripreneur

PAS: Providing exceptional arts education experience across West Africa – Olamidun Majekodunmi

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Olamidun Majekodunmi is the Founder, Performing Arts School of Nigeria setup with the aim to promote the performing arts industry and to encourage Nigerian creative passions and talents. She is passionate about the way her company’s brand is positively impacting the creative industry in Nigeria and inspiring people to free their creativity. In this e-interview with  Alaba Ayinuola, she speaks on how The Performing Arts School of Nigeria will serve as the pillar for performing arts in Nigeria by supporting the community to pursue their passions in the arts with regard to cultural diversity and inclusiveness. And it’s vision to be the foremost performing arts institution in all of West Africa by 2023. Excerpts.

 

Alaba: Tell us about the Performing Art School(PAS) Nigeria and the inspiration behind it?

Olamidun: The Performing Arts School of Nigeria is a community center for those passionate about developing artistic talents. PAS was founded in 2012 to encourage Nigerian creative passions and talents, and contribute to the performing arts industry in Nigeria. We recently moved to Lagos with the development of our first Creative Center serving the Lagos Island community.

 

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

Olamidun: Startup fund was 90% of personal savings. I also received support from family and minor stake partners.

 

Alaba: What are the challenges, competition and how are you overcoming them?

Olamidun: There have been a number of challenges but the toughest I think is, maintaining a balance between demands of performing arts training and academics for kids. In a country like ours, where so much importance is placed on academic performance, it has been a herculean task convincing parents to see long-term value in our offerings.

To support their needs, we’ve included academic enrichment to our after school offering for kids, so we have a balance. So in addition to our discipline which is performing arts (dance, music, drama and a host of others) we have included programs such as STEM, Lego robotics, homework help etc. As for competition, there is no business without a competitor, so we try as much as possible to stay on top of trends and offer more unique propositions that make us stand out and help students grow as well-rounded individuals.

Alaba: How is your business contributing to the development of the Creative Art industry in Nigeria and Africa?

Olamidun: The growth of the industry is more visible now than ever and I am happy to have a footprint in the journey. We have created a wholesome space for nurturing learners and encouraging them to identify and develop their talents. Starting early with children helps us create well-rounded individuals not just in education but also creative and personal development. These developments help to accelerate their passion for arts and steer them to make their contribution to the creative industry in the future.

Also, PAS continues to provide employment opportunities to individuals looking for a platform to make a mark in the creative industry and the education sector. We have facilitators for various aspects of the arts who are paying it forward to these kids with the knowledge they have gathered. We are gradually growing an arts inclined community and it can only get larger.

 

Alaba: What’s your view on the development of the Creative Art ecosystem in Nigeria and Africa?

Olamidun: We have more individuals pushing for the growth of the creative arts and development of talents through platforms like festivals, competitions, and creative schools. In my opinion, we are yet to have a sophisticated ecosystem because we do not have a sustainable plan that encompasses every aspect of creative arts. For instance, a hub where veteran creative’s can interact with budding creative’s for mentorship. Also, more needs to be done in connecting creative arts with academia; this will help foster innovation and development not just for the arts but the country too. Private organizations are doing our bid but with more support from the government, we can further develop a strong ecosystem for creative arts.

 

Alaba: How are government policies supporting startups and entrepreneurs in Nigeria?

Olamidun: There are policies in place to protect and promote entrepreneurship in Nigeria but the problem has always been implementation. The lack of solid implementation and continuous improvement leads to limitations for entrepreneurs such as getting the capital to finance businesses, poor electricity and the constant political and social issues also discourage foreign investors. But gradually, we are experiencing a shift through initiatives and programs being created by the government because they have recognized that entrepreneurship is the answer to our high unemployment rates and will facilitate the country’s development.

 

Alaba: What is the future for your business and what steps are you taking in achieving them?

Olamidun: The long term plan for Performing Arts School of Nigeria is to never stop supporting individuals with a passion for arts with regard to cultural diversity and inclusiveness. We also hope to establish creative centers across various Nigerian cities and be the foremost Performing Arts institution in all of West Africa.

 

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

Olamidun: There is a lot of progress that needs to be made to catch up with the rest of the world.  So, creative businesses, driven by passion and a long-term strategic roadmap are those that stand out. Your impact could really propel African development.

 

Alaba: How does it feel to be an African entrepreneur?

Olamidun: In total, I employ about 20 people and in an environment that is quite challenging to operate a business in, it’s a very rewarding feeling to create value through employment and through the services we offer.

Alaba: How do you relax and what kind of books do you engage?

Olamidun: I enjoy socializing mostly with friends and family- grabbing a drink or dinner with my girlfriends. I read more current events and research relevant to my field. When on holiday I may read a solid fiction novel.

 

Her Short Bio:

An avid dancer since the age of 9, Olamidun built The Performing Arts School of Nigeria/ The Studio Abuja, with the purpose of providing students with unique opportunities and a well-rounded education. Olamidun succeeded in implementing key strategic initiatives and formed major partnerships with some of the largest public and private sector organizations in Nigeria. Driven by her strong passion for wide development across Africa, Olamidun also served as a Director of Education for the Nigerian Young Professionals Forum where she led the architecture of a nationwide Education Intervention Scheme.

Olamidun completed her MBA at The University of Notre Dame, USA and has also served as an Education Strategy and Operations Consultant for Huron Consulting Group in New York City.

Visit:  Performing Arts School of Nigeria

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Afripreneur

Interview With Damansah co-founder/CEO, Claver Nambegue Coulibaly

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Claver Nambegue Coulibaly, Chief Executive Officer at Damansah

Claver Nambegue Coulibaly is passionate about entrepreneurship, innovation, artificial intelligence holds a master’s degree in business and technology. His company,Damansah is improving the success rate and well-being of African micro-business owners by helping them track their transactions, business profitability and improve their financial management and business skills.  In this e-Interview, he speaks with Alaba Ayinuola, on how the team is working towards building the most powerful and largest bridge leading to financial inclusion, challenges, government policies and Africa’s business ecosystem. Excerpts.

 

Tell us about Damansah and the role you play?

Damansah is a platform that allows African micro-business owners to easily manage their financial activities and improve their financial literacy. With the Damansah application, we empower African micro business owners to track their transactions, know their business profitability and improve their financial management and business skills. The purpose is to lead them to financial inclusion where they can take advantage of financial services.

As co-founder and CEO of Damansah, my first role on the team is to ensure that we continue to work towards our core mission, enhancing the success of African micro-business owners. In addition, I maintain the relationship with our investor, define and track our key performance indicators and milestones, define business strategies.

 

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

My co-founders, Michael Danho, Mohamed Bakayoko, and I were students at MEST AFRICA, where we took advantage of the one year program to develop our project and study the target markets. At the end of the program, after presenting the project to a panel of investors, we raised $ 100,000.

 

What are the challenges, competition and how are you overcoming them?

Our biggest challenge is the behavior of the micro business owners as they are used to not tracking their transactions. To overcome this challenge, we started sending them messages, notifications about business or financial trainings every two days. In what follows, when they open the application to read the course, they record at the same time active transactions.

We are not alone in the market. However, from our point of view, the user interface and the user experience of the product are the key differentiators. In addition, based on the design thinking methodology, we have designed the essential features that African micro-business owners need to run their businesses. We have created business and finance courses to help entrepreneurs improve their business or start a new business.

 

How does your organisation measure its impacts?

We are a data driven company. As a result, we use many internal and external  tools to track our performance indicators, track customer interactions and the mobile application available in the playstore, only in Ghana now, engage customers when they are not active. Also, we always discuss with our entrepreneurs to evaluate satisfaction and get feedback.

 

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

Before investing or starting a new business in Africa, take the time to do a local market research based on design thinking methodology. During this study, you will have the opportunity to discuss with your potential customers and verify the hypothesis you made before the market research. Here is the key to success. The problem and the solution must come from your potential customers, even with the pricing model of your services or products.

When you will encounter difficulties, never give up! Entrepreneurship is a long journey, it is a series of many challenges that will produce the big expected result, an impact.

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

This year, we promise many services and features to satisfy African entrepreneurs. Among these promises, we will expand our business to Côte d’Ivoire where it is a large young market with a high smartphone penetration rate. In the middle of the year, we will launch an online accounting software for African small businesses using artificial intelligence.

All of these steps will lead us to our vision of building the most powerful and largest bridge to financial inclusion in Africa.

 

How is the government policy impacting startups in Ghana?

Well, the Ghanaian government has been actively working to ensure that Ghana  sees more and more successful startups. Last year, it set up a fund and a national entrepreneurship program to show its commitment to support start-ups. It even changed its fiscal policy so startups would have a 3 years tax holiday and focus on growing. However, not everything is rosy, in particular when it comes to the tech industry.

As the industry is moving forward and new technologies are coming out every single day, Ghana and not just Ghana actually, most african countries have failed to adapt the legislation to the digital age so to create an enabling environment for  tech startups to thrive and heavily contribute to the economic development of our countries.

 

What’s your view on the development of Africa business ecosystem?

The African business ecosystem, French or English speaking, is becoming more active and growing rapidly. The number of entrepreneurship competitions, incubators and tech hubs is growing exponentially. It all starts with capacity building. Many NGOs all over Africa teach, train young entrepreneurs to international standards of entrepreneurship and the result is there: many great projects in all sectors are born. 

We have the knowledge and the technical support. We therefore hope that many more investors from around the world will trust the ecosystem, invest in our startups and accompany them throughout their growth, like in Europe, the United States or anywhere else in the world.

 

What inspires you and keeps you going?

I have three big inspirations, my Grandmother, the entrepreneurship my passion and my family. Specially about my grandmother, she is my primary inspiration, my first role model, it’s the brave African mother we often talk about in books. She created herself a job allowing her to educate her 7 children until their professional success. Unfortunately she is dead, but I still think of her when everything goes wrong.

 

How do you relax and what books do you read?

Generally, I listen to music or walk. Walking allows me to think about everything and nothing at the same time. I read books like Lean Startup, Outside Insight. However, my favorite book is Blue Ocean Strategy. I will end with the best quote I read there: “The best way to beat the competition is to stop trying to beat the competition.”

 

Claver’s Mini-biography

Passionate about entrepreneurship, innovation, artificial intelligence, after my master’s degree in business and technology in Ivory Coast my country, I started various social projects to help my community. Then, I got a scholarship from MEST AFRICA, where I improved my entrepreneurial skills during a one-year program. I have experience in IT project management.

Kindly visit: https://www.damansah.com/

 

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