african entrepreneurs

We dedicate this episode to Fahim Saleh, the Founder and CEO of Gokada, who was killed in New York City on July 13th. Our heartfelt condolences go out to his family and the entire Gokada team.

This year, Nigerian fintech companies Paga and Migo are expanding to Latin America, to Mexico and Brazil, respectively. Another Nigerian startup, Gokada, was launched by an entrepreneur who built a successful ride-hailing company in Bangladesh, where there was a similar set of market conditions. In this episode, we explore the similarities - and the opportunities - between emerging markets across the Global South. 

3:57 - Why is Paga expanding to Mexico? And why is Migo expanding to Brazil? We hear from Paga's CEO Tayo Oviosu, and Migo's former VP of Growth, Adia Sowho. 
7:42 - Fahim Saleh launched Gokada after successfully founding a ride-hailing company in Bangladesh. What was it about Nigeria, and his experience in Bangladesh, that compelled him to move to Nigeria to build Gokada?
12:39 - Investors like Cikü Mugambi with IFC's venture capital team, in evaluating deals are increasingly looking to markets in Latin America and South Asia for comparables and insights. 
14:32 - Sayo Folawiyo and Justin Norman sit down to reflect on this topic, and discuss the notion of market size and under penetration of financial services as the core driver of opportunity for startups in Africa, Latin America and South Asia alike.

We dedicate this episode to Fahim Saleh, the Founder and CEO of Gokada, who was killed in New York City on July 13th. Our heartfelt condolences go out to his family and the entire Gokada team.

This year, Nigerian fintech companies Paga and Migo are expanding to Latin America, to Mexico and Brazil, respectively. Another Nigerian startup, Gokada, was launched by an entrepreneur who built a successful ride-hailing company in Bangladesh, where there was a similar set of market conditions. In this episode, we explore the similarities - and the opportunities - between emerging markets across the Global South. 

3:57 - Why is Paga expanding to Mexico? And why is Migo expanding to Brazil? We hear from Paga's CEO Tayo Oviosu, and Migo's former VP of Growth, Adia Sowho. 
7:42 - Fahim Saleh launched Gokada after successfully founding a ride-hailing company in Bangladesh. What was it about Nigeria, and his experience in Bangladesh, that compelled him to move to Nigeria to build Gokada?
12:39 - Investors like Cikü Mugambi with IFC's venture capital team, in evaluating deals are increasingly looking to markets in Latin America and South Asia for comparables and insights. 
14:32 - Sayo Folawiyo and Justin Norman sit down to reflect on this topic, and discuss the notion of market size and under penetration of financial services as the core driver of opportunity for startups in Africa, Latin America and South Asia alike.

We've had prior discussions on Africa's market size (S1E5) and on Africa-focused investors' pursuit of scale (S1E7). Both topics ultimately lead to the same place for startups: geographic expansion. What are the considerations and implications? 

2:05 - Keith Davies, former CFO of Zoona, shares cautions startups to be careful because expansion introduces a lot of the complexity for the business.
4:35 - Operational considerations of expansion, with Wiza Jalakasi, Head of Business Development at Hover Developer Services.
5:31 - It's crucial to pitch to investors an expansion and growth strategy that you can actually execute on, says Paga Group CEO Tayo Oviosu.
9:29 - A discussion with M&A advisory firm Magister Advisor's Victor Basta, on expansion, fundraising and exits. 
13:52 - What does pan-African really mean? with The Subtext's Osarumen Osamuyi.
15:29 - And if there are few truly pan-African startups, perhaps there are better markets to expand to outside of Africa.
18:07 - A reflective conversation on this topic between Justin Norman and The Flip's b-mic and Executive Producer, Sayo Folawiyo.

We've had prior discussions on Africa's market size (S1E5) and on Africa-focused investors' pursuit of scale (S1E7). Both topics ultimately lead to the same place for startups: geographic expansion. What are the considerations and implications? 

2:05 - Keith Davies, former CFO of Zoona, shares cautions startups to be careful because expansion introduces a lot of the complexity for the business.
4:35 - Operational considerations of expansion, with Wiza Jalakasi, Head of Business Development at Hover Developer Services.
5:31 - It's crucial to pitch to investors an expansion and growth strategy that you can actually execute on, says Paga Group CEO Tayo Oviosu.
9:29 - A discussion with M&A advisory firm Magister Advisor's Victor Basta, on expansion, fundraising and exits. 
13:52 - What does pan-African really mean? with The Subtext's Osarumen Osamuyi.
15:29 - And if there are few truly pan-African startups, perhaps there are better markets to expand to outside of Africa.
18:07 - A reflective conversation on this topic between Justin Norman and The Flip's b-mic and Executive Producer, Sayo Folawiyo.

Introducing The Flip Season Two - the podcast exploring contextually relevant insights from entrepreneurs changing the status quo in Africa. This season, we explore venture building, geographic expansion, valuations and exits, mobile money, emerging markets, China, and much more. 

Produced and hosted by Justin Norman. Sayo Folawiyo is the executive producer and b-mic.

https://www.theflip.africa

Introducing The Flip Season Two - the podcast exploring contextually relevant insights from entrepreneurs changing the status quo in Africa. This season, we explore venture building, geographic expansion, valuations and exits, mobile money, emerging markets, China, and much more. 

Produced and hosted by Justin Norman. Sayo Folawiyo is the executive producer and b-mic.

https://www.theflip.africa

They say never waste a good crisis. And while COVID-19 has had a horrible, crippling effect on individuals and economies alike, if there's one positive to the pandemic, perhaps it's that it's compelling and facilitating partnerships to serve the greater good; to bring people together to solve problems that have already existed, but that now have been brought even further to the fore. In this episode, we talk to entrepreneurs who have solved and are solving problems through crisis-induced collaboration.

1:52 - We take a look back at a prior crisis-induced collaboration with Ory Okolloh, a Co-founder of Ushahidi, a digital and data mapping platform built in response to post-election violence in Kenya in 2008. 
6:23 - Today, the Kenyan tech ecosystem is collaborating on a COVID-19-induced initiative, Safe Hands Kenya. We hear from Peter Njonjo, Co-founder and CEO of Twiga Foods, which is repurposing its existing technology and logistics infrastructure to get essential good in the hands of at-risk Kenyans. 
9:06 - Safe Hands Kenya is a community-wide collaboration of both partners and competitors. Sokowatch Kenya CEO Angela Nzioki shares her perspective on the partnership approach, and both Angela and Peter discuss the impact for their respective businesses. 
13:01 - Is this period an opportunity to take things even one step further, asks Ory Okolloh.  
14:42 - My b-mic, Sayo Folawiyo, and I share our thoughts on this episode and the insights from Ory, Peter and Angela. 

They say never waste a good crisis. And while COVID-19 has had a horrible, crippling effect on individuals and economies alike, if there's one positive to the pandemic, perhaps it's that it's compelling and facilitating partnerships to serve the greater good; to bring people together to solve problems that have already existed, but that now have been brought even further to the fore. In this episode, we talk to entrepreneurs who have solved and are solving problems through crisis-induced collaboration.

1:52 - We take a look back at a prior crisis-induced collaboration with Ory Okolloh, a Co-founder of Ushahidi, a digital and data mapping platform built in response to post-election violence in Kenya in 2008. 
6:23 - Today, the Kenyan tech ecosystem is collaborating on a COVID-19-induced initiative, Safe Hands Kenya. We hear from Peter Njonjo, Co-founder and CEO of Twiga Foods, which is repurposing its existing technology and logistics infrastructure to get essential good in the hands of at-risk Kenyans. 
9:06 - Safe Hands Kenya is a community-wide collaboration of both partners and competitors. Sokowatch Kenya CEO Angela Nzioki shares her perspective on the partnership approach, and both Angela and Peter discuss the impact for their respective businesses. 
13:01 - Is this period an opportunity to take things even one step further, asks Ory Okolloh.  
14:42 - My b-mic, Sayo Folawiyo, and I share our thoughts on this episode and the insights from Ory, Peter and Angela. 

As we continue to weather the unprecedented COVID-19 pandemic, and its second order effects on the economy, hat lessons can we learn from those who have lived, survived or even thrived through somewhat similar circumstances in the past? In this episode, we hear stories from three entrepreneurs whose past experiences may be useful for the entrepreneurs of today.

2:07 - 'Tokunboh Ishmael, Co-founder and Managing Partner of Alitheia Capital, shares her experience attempting to fundraise during the 2008 Global Financial Crisis. Her firm wound up pivoting to a partnership-centric approach - a strategy which has endured for the past 13 years.
8:38 - We hear Appfrica's origin story from its founder, Jon Gosier. Through Tech for Good and other client-based work around the continent, Jon was able to bootstrap Appfrica and ultimately make investments out of the company's balance sheet.
14:25 - Much like Jon funded his business and investment activity through cashflow, Craig McLeod, the CEO of BoxCommerce, has bootstrapped his business through service-based revenue. Craig shares how he's built his business to service his clients, while leveraging that revenue to build their main business. The Business Insider article referenced is here: https://www.businessinsider.com/how-long-companies-can-survive-without-bringing-in-money-2020-3?IR=T
17:34 - We hear again from 'Tokunboh Ishmael on the resiliency and diversification of one of her firm's portfolio companies, MAX.NG, and the advice she is presently giving her entrepreneurs.
20:38 - My b-mic, Sayo Folawiyo, and I discuss this episode, and the way in which Sayo is approaching the situation caused by the COVID-19 pandemic.

As we continue to weather the unprecedented COVID-19 pandemic, and its second order effects on the economy, hat lessons can we learn from those who have lived, survived or even thrived through somewhat similar circumstances in the past? In this episode, we hear stories from three entrepreneurs whose past experiences may be useful for the entrepreneurs of today.

2:07 - 'Tokunboh Ishmael, Co-founder and Managing Partner of Alitheia Capital, shares her experience attempting to fundraise during the 2008 Global Financial Crisis. Her firm wound up pivoting to a partnership-centric approach - a strategy which has endured for the past 13 years.
8:38 - We hear Appfrica's origin story from its founder, Jon Gosier. Through Tech for Good and other client-based work around the continent, Jon was able to bootstrap Appfrica and ultimately make investments out of the company's balance sheet.
14:25 - Much like Jon funded his business and investment activity through cashflow, Craig McLeod, the CEO of BoxCommerce, has bootstrapped his business through service-based revenue. Craig shares how he's built his business to service his clients, while leveraging that revenue to build their main business. The Business Insider article referenced is here: https://www.businessinsider.com/how-long-companies-can-survive-without-bringing-in-money-2020-3?IR=T
17:34 - We hear again from 'Tokunboh Ishmael on the resiliency and diversification of one of her firm's portfolio companies, MAX.NG, and the advice she is presently giving her entrepreneurs.
20:38 - My b-mic, Sayo Folawiyo, and I discuss this episode, and the way in which Sayo is approaching the situation caused by the COVID-19 pandemic.

MicroEnsure’s origins date back in 2002 when its founder, Richard Leftley, started asking a simple question of traditional insurance companies – why is it that insurers only create products and services for the wealthy? He never got a good answer. Richard had seen the data on the impact that natural disasters had on human lives in emerging markets – there was clearly a mismatch between risk and access to insurance.

Years later, as mobile penetration in these markets increased, MicroEnsure stopped asking its clients three standard questions during the signup process (name, age, and next of kin) – and they signed up 20 million customers in 140 days! They now serve over 60 million customers, 80% of whom had never had insurance prior to MicroEnsure.

2:47 – On MicroEnsure’s distribution model.
5:48 – How can MicroEnsure not ask any questions of their customers? It comes down to the difference in traditional insurance products versus microinsurance.
7:23 – How MicroEnsure leverages its distribution partners to achieve requisite scale.
8:17 – Why MicroEnsure went straight to the partnership model as opposed to going direct to the consumer.
10:34 – How MicroEnsure leverages their partners’ brands and data to sell their products.
13:13 – Richard and Justin discuss misconceptions around customer education and the importance of very simple products.
14:54 – The changes to MicroEnsure’s business model and how they fit into the insurance value chain.
17:11 – Richard background and the origin story of MicroEnsure.
19:52 – MicroEnsure’s business in Africa and key considerations for expansion.
23:39 – Market size as a consideration and stories of their business in Malawi and Nigeria.
25:00 – The story of MicroEnsure moving from a non-profit, funded by a large grant from the Bill & Melinda Gates foundation to a for-profit, venture-backed company.
27:25 – After 20 years as an entrepreneur, Richard shares his general advice for entrepreneurs.

MicroEnsure’s origins date back in 2002 when its founder, Richard Leftley, started asking a simple question of traditional insurance companies – why is it that insurers only create products and services for the wealthy? He never got a good answer. Richard had seen the data on the impact that natural disasters had on human lives in emerging markets – there was clearly a mismatch between risk and access to insurance.

Years later, as mobile penetration in these markets increased, MicroEnsure stopped asking its clients three standard questions during the signup process (name, age, and next of kin) – and they signed up 20 million customers in 140 days! They now serve over 60 million customers, 80% of whom had never had insurance prior to MicroEnsure.

2:47 – On MicroEnsure’s distribution model.
5:48 – How can MicroEnsure not ask any questions of their customers? It comes down to the difference in traditional insurance products versus microinsurance.
7:23 – How MicroEnsure leverages its distribution partners to achieve requisite scale.
8:17 – Why MicroEnsure went straight to the partnership model as opposed to going direct to the consumer.
10:34 – How MicroEnsure leverages their partners’ brands and data to sell their products.
13:13 – Richard and Justin discuss misconceptions around customer education and the importance of very simple products.
14:54 – The changes to MicroEnsure’s business model and how they fit into the insurance value chain.
17:11 – Richard background and the origin story of MicroEnsure.
19:52 – MicroEnsure’s business in Africa and key considerations for expansion.
23:39 – Market size as a consideration and stories of their business in Malawi and Nigeria.
25:00 – The story of MicroEnsure moving from a non-profit, funded by a large grant from the Bill & Melinda Gates foundation to a for-profit, venture-backed company.
27:25 – After 20 years as an entrepreneur, Richard shares his general advice for entrepreneurs.

Rebecca Enonchong (@africatechie) is widely known for her evangelism of the African tech ecosystem. But she's much more than merely an evangelist. Rebecca started the US-based enterprise software company in 1999, growing it into a global business, and along the way has co-founded the Africa Business Angels Network, AfriLabs, I/O Spaces, ActivSpaces and more. 

I was so fortunate to be paid a visit by Rebecca in Johannesburg, where we sat down for a conversation on how to best help entrepreneurs in the ecosystem, her views on doing business in Francophone Africa, her journey as an entrepreneur as the founder and CEO of AppsTech, and about how one particular telecom owes them a lot of money and caused her to miss out on a multi-million dollar exit opportunity.

Rebecca Enonchong (@africatechie) is widely known for her evangelism of the African tech ecosystem. But she's much more than merely an evangelist. Rebecca started the US-based enterprise software company in 1999, growing it into a global business, and along the way has co-founded the Africa Business Angels Network, AfriLabs, I/O Spaces, ActivSpaces and more. 

I was so fortunate to be paid a visit by Rebecca in Johannesburg, where we sat down for a conversation on how to best help entrepreneurs in the ecosystem, her views on doing business in Francophone Africa, her journey as an entrepreneur as the founder and CEO of AppsTech, and about how one particular telecom owes them a lot of money and caused her to miss out on a multi-million dollar exit opportunity.

We talk so often of venture capital that it's more or less assumed that raising VC funding is an inextricable part of the entrepreneur's journey. But should it be? What are the purposes for taking in VC money, and what are the considerations? 

1:24 - Keith Davies, ex-CFO and Partner at Zoona on the implications of taking VC money
3:19 - Integrateme Founder Luke Dominique Warner on their strategic decision to not do a traditional round of VC fundraising 
5:24 - EAVCA's Eva Warigia and VC4A's Ben White on attracting local businesses leaders and high net worth individuals to participate in early-stage investment as strategic investors, and connecting foreign investors with different skillsets to local opportunities 
8:27 - Startups experience raising money for a strategic and specific purpose, with Farmcrowdy Founder Onyeka Akumah, as well as Keith and Luke
10:31 - Riby Founder & CEO Abolore Salami + Keith on strategically and selectively soliciting investors 
12:47 - Keith, Onyeka and Yoco's Marcello Schermer on considerations around timelines of raising money, from both foreign and local investors
15:11 - Justin and Sayo breakdown the conversation around seeking VC funding, including Sayo's experience fundraising locally for his startup Kandua, and their view on the question of if a startup should be raising money in the first place 
 

We talk so often of venture capital that it's more or less assumed that raising VC funding is an inextricable part of the entrepreneur's journey. But should it be? What are the purposes for taking in VC money, and what are the considerations? 

1:24 - Keith Davies, ex-CFO and Partner at Zoona on the implications of taking VC money
3:19 - Integrateme Founder Luke Dominique Warner on their strategic decision to not do a traditional round of VC fundraising 
5:24 - EAVCA's Eva Warigia and VC4A's Ben White on attracting local businesses leaders and high net worth individuals to participate in early-stage investment as strategic investors, and connecting foreign investors with different skillsets to local opportunities 
8:27 - Startups experience raising money for a strategic and specific purpose, with Farmcrowdy Founder Onyeka Akumah, as well as Keith and Luke
10:31 - Riby Founder & CEO Abolore Salami + Keith on strategically and selectively soliciting investors 
12:47 - Keith, Onyeka and Yoco's Marcello Schermer on considerations around timelines of raising money, from both foreign and local investors
15:11 - Justin and Sayo breakdown the conversation around seeking VC funding, including Sayo's experience fundraising locally for his startup Kandua, and their view on the question of if a startup should be raising money in the first place 
 

Leapfrogging - what is it? What is it not? What is it good for and what are its limitations? We speak to Yoco's Head of Expansion, Marcello Schermer. 

They say that the difference between the US and Africa is that the US has competition while Africa has complexity. And a big reason for its complexity is a lack of infrastructure.

It compels many startups to build infrastructure, invest in other market-making activities and/or to diversify earlier in their journey to make their businesses work. How are startups across the continent building sustainable businesses in this environment?

2:57 - Kasha's Joanna Bichsel

10:56 - MAX.ng's Tayo Bamiduro & Chinedu Azodoh

18:17 - BRCK's Erik Hersman

23:06 - Hello Tractor's Jehiel Oliver

32:07 - a conversation between Justin and The Flip's b-mic, Sayo Folawiyo.

A tenet of entrepreneurship getting as close to the customer or end-user as possible, to best understand and implement solutions for them. But what does this look like across the continent, where the set of problems and opportunities are unique to the market and context in which entrepreneurs are operating?

In this episode, Justin speaks with founders who are building businesses by intimately understanding the problem and their end-users - by taking the worm's eye view.

3:39 - SafeBoda co-founder Ricky Rapa Thomson

10:46 - Lumkani co-founder and CEO David Gluckman

16:27 - Farmcrowdy founder Onyeka Akumah

23:25 - a conversation between Justin and The Flip's b-mic, Sayo Folawiyo.

Introducing The Flip - an editorial-style podcast exploring contextually relevant insights from entrepreneurs and investors changing the status quo in Africa. 

The name The Flip comes from the opportunity to flip the script – question some of the pervasive narratives on entrepreneurship, challenge the ubiquity of Silicon Valley thought leadership, and champion the entrepreneurs building a future inspired by Africa. 

Produced and hosted by Johannesburg-based entrepreneur and American expat Justin Norman. Sayo Folawiyo is the executive producer and b-mic.