The recent webinar titled “Navigating the Future of Entrepreneurship in Africa” brought together some of the continent’s most dynamic and innovative minds to discuss the evolving landscape of entrepreneurship. The session featured inspiring insights from Thelma Chimbganda, CEO and Co-founder of Beyond Borders Logistics, and Moses Liech, the visionary behind Investor Farm as well as Nandi Mkhwanazi, Head of Sustainability and Programmes at Arielle for Africa. Here’s a recap of the event, including key takeaways and memorable quotes from the speakers.
Thelma Chimwanga on overcoming adversity through Innovation
Thelma Chimbganda, a trailblazing entrepreneur from Zimbabwe, shared her remarkable journey of building Beyond Borders Logistics, a company that has become a cornerstone in connecting African markets. Despite facing economic challenges, including the downturn in Zimbabwe and the global impact of COVID-19, Thelma identified opportunities where others saw obstacles.
Reflecting on her entrepreneurial journey, Thelma said, “As an entrepreneur, I saw an opportunity where others saw despair. The economic downturn and lockdowns due to COVID-19 pushed me to innovate and create solutions that not only served my business but also helped others navigate through the challenging times.”
Thelma emphasized the importance of intra-African trade and reducing logistics costs to make African products more accessible across the continent. She explained, “We’re working towards a solution where Africa does business by itself at a reduced cost. For instance, how do we get the best shea butter from Ghana to Zimbabwe at a lower cost? By improving our logistics and reducing costs, we can foster better trade relationships within Africa.”
Moses Liech on leveraging technology to empower farmers
Moses Liech, a young entrepreneur from Kenya, discussed his work in transforming the agricultural sector through technology. As the founder of Investor Farm, Moses has focused on providing financial solutions to underserved women farmers in Kenya, addressing the challenges they face in accessing traditional banking services.
He shared, “I saw my mother struggle to access loans despite being a hardworking farmer. This inspired me to create a solution that uses social collateral to provide women in agriculture with the financial support they need. Our goal is to empower these women to thrive in their farming ventures.”
Moses also touched on the broader impact of technology on the agricultural sector, noting, “We see ourselves as a household name in providing financial solutions for agriculture. By focusing on specific crops and regions, we aim to maximize production and help farmers succeed.”
Key Trends Shaping the Future of African Entrepreneurship
During the discussion, both Thelma and Moses highlighted the trends that will shape the future of entrepreneurship in Africa. Thelma pointed out the significance of addressing macroeconomic challenges such as currency fluctuations and inflation, which complicate pricing and business operations across the continent. She also mentioned the potential of agritech and digital economies, stating, “There’s immense potential in agritech and the digital economy, especially in regions like Southern and East Africa where mobile services are transforming how businesses operate.”
Moses added his perspective on the role of technology in driving innovation, particularly in the agricultural sector. He said, “The rapid advancement of tech in Africa, especially in East Africa, is reshaping industries. However, to fully realize this potential, we must address energy challenges to ensure consistent connectivity and support the tech-driven growth.”
Key Takeaways
- The Essentials of Investor Readiness Moses emphasized that there is no definitive playbook for becoming investor-ready. Drawing from his personal experience, he highlighted the importance of having foundational elements such as a well-prepared deal room, accurate financial projections, and a cohesive team. He noted, “It’s one thing to have an idea and another to actually have a working business out of it.” He also stressed the significance of building in public and engaging with potential customers early on. “Taking criticism and making iterative improvements is crucial,” he advised.
- The Power of Storytelling in Business Thelma underscored the often-overlooked role of storytelling in securing investments. She shared, “You need to be able to take the investors through and see, OK, what solution really? What’s the impact that your solution has?” Thelma pointed out that beyond just profitability, investors are increasingly interested in the impact and sustainability of a business. She added, “It’s really important as a business owner that you are investable as an individual.”
- Challenges and Opportunities in Southern Africa Thelma also shed light on the challenges faced by startups in Southern Africa, particularly in Zimbabwe. She highlighted that only 4% of available investment funds were directed towards SMEs in the region, making it difficult for startups to secure funding. However, she expressed optimism about the future, mentioning, “I’m happy with what we see going on in East Africa… We believe that the wave would also come to Southern Africa.”
- Emerging Sectors with High Potential When discussing the most promising sectors in Africa, Thelma identified tech, e-commerce, and fintech as key areas of growth. “I’m seeing in Southern Africa a lot of potential in the tech sector as well as in e-commerce,” she noted. The rise of mobile money and improved internet penetration were highlighted as driving forces behind this growth.
Conclusion
The webinar concluded with a strong emphasis on the importance of collaboration, community support, and continuous learning for African entrepreneurs. Arielle for Africa remains committed to providing resources and a platform for entrepreneurs to thrive, ensuring they are well-equipped to navigate the complexities of the business world.
“This webinar was a testament to the resilience and ingenuity of African entrepreneurs. As the continent continues to grow and evolve, platforms like Arielle for Africa will play a pivotal role in shaping the future of entrepreneurship in the region,” says Nandi Mkwanazi, Head of Sustainability and Programmes at Arielle of Africa.
You can watch the webinar here. Stay tuned for our next session, where we will delve deeper into the strategies that can help African startups succeed on a global scale.
