Africa – Ozisco.com

FIVE Questions with Michael Amadi, Founder of Jikoro

Michael is a passionate entrepreneur focused on leaving a legacy that is filled with inspiration and courage. With the realization that “life is rented”, Michael approaches his mission to feed millions of people in a sustainable way with great enthusiasm and urgency. Although Jikoro as a company is still in its infancy (about 1 year old), the idea for the company has been gestating for years. Michael is putting to work his training as a scientist to build a company whose mission is to leverage technology to create products from palm oil that are less harmful to the environment and people. Essentially, creating a better product for tomorrow, today. The Agriscience industry in Africa is ripe for disruption as it is dominated by companies with antiquated technologies that also lack leadership when it comes to dealing with the realities of climate change.

Jikoro’s plans include leveraging technology to bring hydroponic farming to Nigeria and partnering with Universities to innovate on seed genomics.
In addition to building a company that outlasts him, Michael wants to create millions of jobs for talented youth in Africa who are yearning for the opportunity to make a better life for themselves and their families. Michael and his team at Jikoro have many exciting plans and their version of the future is filled with hope, determination, and courage.

Jikoro recently took first place in a business pitch competition organized by Umu Igbo Unite, at their 2019 annual conference in Minneapolis. I learned about Jikoro through the pitch competition and invited him to take part in the FIVE Questions series. I hope you are inspired and compelled to cheer on the team at Jikoro!

1. What is your unfair advantage as an entrepreneur and why should people want to do business with you?

I find this to be an interesting question because it illustrates in one aspect your fit and the other, characteristics of an entrepreneur. To appreciate my unique abilities, you would have to personally interact or shadow me for a day. You would quickly find out that I equally represent the Naija (Nigerian) hustle and accomplish my goals with a strategic mechanism. Nigeria is a unique country in dire need of multilateral solutions for all including men, women, and the youth. It’s estimated there are nearly 80 million youth ready to learn and work throughout impoverished regions of Nigeria. Throughout West Africa, a few small organizations are doing the best they can to be the change agents. However, to make the real impact it takes a collective of people and organizations. Jikoro LLC is ready to make the difference one-step-at-a-time, as our innovative strategies focus to eliminate the burdening hunger crisis and eliminate the technological barriers to entry. We are crafting a vision and creating opportunities for tomorrow, now. Our motto “Sustainable Agriscience for A Better Tomorrow”, today defines our innate hunger and desire to succeed. We should not lament and willow in stagnation; rather, let us be our own change agents. Our collective actions will be our unfair advantage.

2. What role has mentorship played in your journey as an entrepreneur and what’s your advice on how to seek out and foster relationships with mentors?

Either it’s this question or perhaps it’s the answer that goes on in life to be undervalued in its various forms. I’d have to say my journey as an entrepreneur is unique in experiences and achievement. Each day you wake up to face and overcome adversities through each stage and after each accomplishment. Mentorship is defined by the Oxford dictionary as, “guidance provided by a mentor, especially an experienced person in a company or educational institution.” The reality is that not everyone has a mentor to speak freely or directly to. Similar to myself, you may become indirectly motivated to take the first steps. Virtual platforms such as YouTube and findings on the internet are great tools for those seeking inspiration. However, I should caution everyone not to pay for free advice and stay focused exclusively on stories and interviews without the glam. Watching and learning from women who essentially created their career positions were my first exposure to entrepreneurship. While in college I started my path towards entrepreneurship with a National Science Foundation (NSF) grant, which allowed me to expose myself to as many unknowns as possible. Prior to starting Jikoro, I was presented with the opportunity to meet a few CEOs in the field of biotechnology and other industries. If you are given a similar opportunity, write down a few questions you are going to ask the individual in a notebook or diary. Your goal is to learn about your future mentors’ critical thinking process, focus, and their past experiences (e.g., successes and failures).

3. Why is the cause you are pursuing or problem you are solving the most important for this generation and how can people support /help you move your cause forward?

Well around the world the average age of a farmer is 60 plus years, and in the continent of Africa 60% of the population are under the age of 25. Let’s focus on Nigeria, the most populous country with the largest economic factor (e.g., GDP) in Africa. Without the need of a microscope, youth unemployment and data representing the quality of life is dismal. Primarily such concern for poor health is due to unemployment, hunger, and inaccessibility to resources. While Jikoro is only an agricultural sciences and farming company, the potential of a robust agriculture industry should bring excitement, as the number of improved lives may be exponential. Our vision is to develop the next generation of farming technologies and food crops to feed a nation through science and development of a stable supply chain. Moreover, we are focused on eliminating the biotechnology barrier and innovating to produce bio-engineered oil seeds and specialty crops for advanced technologies (e.g., biofuels and affordable medications). When you do the math, innovation plus product, multiplied by scalability equals profitability in the business world. A profitable agriculture industry translates into new forms of income, resulting in affordability of key services (e.g., healthcare) and investments in infrastructure, such as roads and water systems. There’s a saying, “those who fail to plan, plan to fail” and so far, no one has been able to disprove planning. In all realness, hopefully, individuals with additional resources will pick up where we left off and learn from our mistakes. To succeed, we are utilizing the grassroots community business funding model, so donations, investments, and partnerships are welcome, as well as feedback and advice. If you really want to help, first check out Jikoro’s website (https://www.jikoro.international), then if you feel compelled, contact us by email. Remember, it takes a village.

4. Reflect on all of the key milestones or sacrifices you’ve had so far in building Jikoro to what it is today, which of these milestones or sacrifices would you say is the most pivotal and why?

Too many milestones but selling my car and investing the money into the business was the most pivotal sacrificial milestone. I woke up and said today is the day, now each day I remember moving forward is the only way to go. Today, I’ve obtained all the necessary permits and formed a few collaborations. Tomorrow, big data will be flowing in, new products will launch, and a new research team will be built from the ground up. All these milestones excite me and I look forward to achieving each one. You can stay up to date with our movements by following us on Instagram — @jikorollc

5. What is the best piece of actionable advice you’ve received that continues to be a source of inspiration in good times and challenging times?

Great question! Idioms and quotes are equally inspirational, from Mahatma Gandhi’s “Be the change you want to see in the world” to Maya Angelou being attributed with “If you don’t like something, change it. If you can’t change it, change your attitude.” During challenging times, I find myself going back to the advice I received as a kid and throughout college. If you are frustrated, go for a walk. Feeling disappointed? Remember the hundreds, if not millions, facing a tougher decision than you are. And most of all, communication is key. Stay in touch with family and friends; and remain focused on your vision. As for when all is well, be humble.

F.I.V.E Questions with Stephen Ozoigbo, Venture Catalyst

1. Briefly describe your background- education, experience, etc. What is the most exciting or rewarding aspect of what you do now? What could make it even more exciting or rewarding?

I am a generalist. My background is a hybrid of Technology, Finance and Investments, and International Development. I have been fortunate to live and work in four continents and I consider these experiences to be the backbone of my current status as a Venture Catalyst.

I was born in Nigeria and grew up with an admiration of global affairs. When I emigrated to the US as a young adult, I chose the path of embracing knowledge and learning through any means possible and I immersed myself in a variety of learning activities both online and offline. This propelled me through my first Master’s degree and led me to my career in Banking

With the help of a good friend and mentor, I joined Smith Barney as an Investment Associate intern and worked for four years through the Banking realms of Citigroup. I completed my MBA within the same period and transitioned to Foreign Direct Investment activities with the Government of Catalonia in Europe in 2009. This experience shaped my Venture and International development as it allowed me to design, implement and manage a variety of investment activities across macro and micro environments. Particularly, I started working with Startups and saw the power of entrepreneurship as a key variable for economic development.

I took that experience back to Africa and it has become a core aspect of my day to day as an early stage investor in venture activities, a stage agnostic advisor to venture stakeholders, and an active stakeholder in Africa’s entrepreneurial future.

The most exciting part of what I do now is applying my knowledge and experience on the African continent with a full exploitation of my generalist tendencies and approach. My personal and professional background in Science, Technology and Finance allows me to sit within convening and offer a full appreciation of the levers that need to be pulled in driving African innovation ecosystems forward.

My roles get more exciting as I meet more young Africans that are just as driven and willing to do the same. My perspectives on this and more were shared in my recent TED Talk.

2. Flash back and then fast forward to the present, what has surprised you the most about your journey thus far? What advice do you have for others looking to take a similar path? Is there something you could have done differently to get to where you are quicker?

I have fond memories of great projects, activities and sometimes disappointments. On a personal note, having the opportunity to work with key public sector partners and friends from the Obama White house and Administration, to the US State Department after serving within the Government of Catalonia for five years stands out as one of my most pleasantly surprising paths. On a daily basis, working with young African entrepreneurs to build solutions of the future and seeing THEIR journeys from a lens of venture creation and acceleration is always a thrill.

For anyone else seeking to follow a similar path, I will strongly advise them to embrace THEIR generalist tendencies and characteristics. It comes in very handy in fast paced, international and multidimensional business environments. I also advise that they have good friends that are specialists!

Entrepreneurship is hard. Entrepreneurship in the African context is even harder. I encourage anyone within the ecosystem (or seeking to enter it) to come in with a stomach of steel, strive hard to leave their mark and never relent on their mission towards empowering others.

3. Why is the cause you are pursing or problem you are solving the most important for this generation? How would future generations benefit if its successful? What is at risk if you do not succeed?

The Lions@frica initiative and the DEMO Africa platform and all other programs that we currently have embedded within the African Technology Foundation are quite important in the broader sense of promoting entrepreneurship in Africa. For a generation of Africans that are media entrepreneurs, I also consider our Edutainment Africa platform to be an essential tool for story tellers to amplify the business elements of their craft.

As the African media and technology ecosystems merge and digital entrepreneurs continue to rise from their self taught ecosystems across the continent, their ability to build a product, tell their story and sell it across the world will be a critical aspect of their venture pathways.

There isn’t a viable risk to not succeeding with these initiatives. Rather, I consider that like many others, some stakeholders will be pioneers and not direct beneficiaries – and we will all continue to strive for the Africa that we believe in.

4. Reflect on all of the key sacrifices and trade-offs you’ve had to make to get to where you are today. Which of these would you say was the most pivotal and why?

My personal sacrifices have mostly been around my inability to say NO to service or causes I believe in. From China to Catalonia to Colombia to multiple locations in Africa, I have made a myriad of trade-offs that were sometimes a burden to my personal life but ended up with a rainbow at the end.

Answering a call to service and working alongside key stakeholders at the US State Department’s Office of Global Partnerships on the Lions@frica initiative as well as supporting key public sector activities for the Obama Administration would stand out. Working with my good friends at the Government of Catalonia’s Trade and Investment Office will also stand out. These public sector experiences have enforced my core beliefs that governments are people, and given me a comfort win providing policy guidance to governments all over the world.

Working with young startup founders is very rewarding for me. They are Africa’s future and I am always honored to be a page in their book through mentorship, advisory and investment related activities. Building technology solutions with all of these founders remains a key motivation for me as well.

5. What is the best piece of actionable advice that you’ve received that continues to be source of inspiration in good times and challenging times?

I have a daily dose of these, especially since my daily activities are quite amorphous and touch on many parts of the innovation ecosystem. I have a healthy network of mentors and advisors that I reach out to on a regular basis for guidance. I look to my family to stay grounded – my mother and my wife and are biggest fans and critics alike. I seek inspiration in well meaning and self driven innovators from Africa and listen intently to their visions and motivations. Above all else, I am a willing learner – I have grown to learn from all my experiences, both good and bad.

Connect with Stephen on LinkedIn!

F.I.V.E Questions With Deon Greyling, Partner, BTS Middle East & Africa

Briefly describe your background.

I started life as the son of a policeman and a typical upbringing in South Africa – at the time the country was divided along racial lines with major divisions and inequalities. Although my father was a policeman in the old government, he taught me the value of the human being, and treating people of all walks of life with the same focus on potential rather than circumstance. I attended a local university studying B.Comm Law – a unique combination of law and commerce. I completed my LLB (Honours in Law) as well as my MBA along the way. Seeking knowledge, interacting with people and being curious about the world around me has driven my work experiences. I started out as a commercial lawyer (largely the fault of the portrayal of lawyers in a US TV Show of the mid 80’s, called LA Law). I soon realized that life was more precisely worded contracts and endless hours in courtrooms and meeting rooms. I joined BTS in 2000 and started a life of consulting. Working for BTS over the last 18 years has presented me with an amazing opportunity to work with some of the most inspiring people (both internally as well as our clients and partners) and continually satisfy my curiosity on how the world works, how strategies are translated into reality and how great leaders inspire and motivate people to be their best.

Flashback and then fast forward to the present, what has surprised you the most about your career trajectory and what tips do you have for other embarking on similar path?

My career trajectory had me as a managing director of a company at the age of 26 and partner in a global consulting company by 35. A couple of learning along the way:

People are as important as performance – care about your relationships with people as much as you care about results.
Never say “no” to learning opportunities that will stretch you.
Focus on your faith, your family and the future – having something that you deeply believe in, that drives your decision-making and value system creates stability and direction in your life, finding purpose in a cause bigger than you and your meager existence helps keep you humble and grounded in the course of life – focusing on family and the future (and not varnishing the past) helps me understand the reason and motivation for getting through the tough times, and for celebrating the small victories in life. Work and life in general would surely be of little or no value if you only lived for yourself and had no cause or direction
Know your values…never sacrifice or trade your values – no matter what your victory, if you have traded your values, you will always feel empty
Know your value – don’t settle for less than you are worth. People will pay you for the job you do – this is defined by market value for the services performed – but never let your job define your worth.

Why is the cause you are pursuing or problem you are solving the most important for this generation?

Helping people do the best work of their lives by providing them and their organization with the required alignment, mindset and capability ultimately helps build more sustainable businesses, and a better planet. By helping leaders see the long-term impact of their decision-making, and then equipping them with the business, leadership and functional acumen to make the right decisions faster will shift not only companies, but countries and markets. The Middle East and African market contains some of the biggest differentials between the “Have’s” and the “Have nots” – reducing this differential and increasing people’s opportunity to actively and meaningfully participate in a global economy lies in developing people and companies in these markets to continue to grow in competitiveness. What we do at BTS helps accelerate this by innovating how companies and their leaders change, learn and improve.

Why is now the right time for the world to pay attention to the Africa market?

The growth in Africa, as with many other growth markets, is not evolutionary – but rather revolutionary. The biggest misconception about growth economies is that they follow the same learning curve as more mature economies. The rate of learning in these growth economies is accelerating and tends to be more “step-changes” and skipping technology and learning curves as the global economy becomes more integrated and virtual. Companies will be able to immediately introduce new products and solutions – removing some of the barriers for smaller companies (and making markets more accessible). At the same time, Africa is an extremely entrepreneurial continent with amazing diversity of people and thinking – and the global economy now affords a more global contribution both inbound and outbound.

What is the best piece of actionable advice you’ve received that continues to be a source of inspiration in good times and challenging times?

The best advice I have received is to focus on your passion and what ignites your soul – money, fame or other worldly achievements will follow. Do the work you love, and you will never work a day in your life.

Connect with Deon on LinkedIn.

Learn more about BTS.

F.I.V.E Questions with Evita Grant: From Ivy League Engineer to Silicon Valley Lawyer

When you realize your career is a journey rather than a destination, inspiration often comes when you least expect it. Some of us are wired to think that when I get “X” title or “Y” title, I would have achieved my career objective. Then when we get there, we still feel unfulfilled. Evita’s story is a reminder to keep an open mind, follow our curiosities, and be open to learning a new skill. I’m excited to feature Evita Grant on the first F.I.V.E Questions of 2018. It brings me joy to celebrate #BlackExcellence, and even more joy to celebrate #BlackGirlMagic.

Briefly describe your background- education, experience, etc. What is the most exciting or rewarding aspect of what you do now?

My name is Evita Grant. I was born and raised in Ghana. I was fortunate to attend Ghana International School which exposed me to diverse people of different backgrounds and cultures.

I moved to the US in my late teens to attend MIT for my undergraduate studies. I majored in Chemical Engineering because it encompassed my favorite courses from secondary school – Math, Physics, and Chemistry, and it provided me with a skill set that I believed I could apply in Ghana to contribute to its economic development.

For the summer following my sophomore year, I conducted research in the lab of one of MIT’s 12 Institute professors, Professor Daniel Wang. The following year, I interned at a major pharmaceutical company. Both experiences piqued my interest in bio-engineering and academia. Upon graduation, I enrolled in the Harvard-MIT Health Sciences and Technology (HST) program for my doctoral degree, instead of working at a major consulting company.

The HST program is indeed one of a kind. Its Ph.D. students take first- and second-year medical school coursework with Harvard Medical School students, and intern for several weeks at a Harvard-affiliated hospital, in addition to satisfying the traditional engineering program requirements. I learned a great deal about medical sciences and the US healthcare industry. The HST program also afforded me the opportunity to work with the late Norman Letvin on HIV vaccine development. Even though I was an engineer amongst immunologists, virologists, and physicians, my lab members were incredibly supportive and collaborative. My thesis focused on the use of Polyethylenimine, a type of polymer, to modulate immune responses to DNA vaccines.

During my doctoral studies, I realized that I did not want to pursue a path in academia or research. So to satisfy one of my HST medical requirements, I volunteered for four weeks at a public maternity hospital in Rabat, Morocco. My time in Morocco allowed me to focus on what I truly wanted for my career – to assist in Africa’s development, which was a burning passion of mine.

When I returned to the US, I focused on completing my doctoral program while exploring alternative careers. I was drawn to Intellectual Property (IP), in particular patent law, because it spurs and supports innovation. Sadly, most African countries have a weak patent protection system. I believed I could contribute to building new legal and non-legal infrastructures, and strengthening existing ones to support innovation and technology transfer in Africa.

After graduating, I worked as a scientific advisor at an IP boutique law firm for a year, then enrolled at Harvard Law School. Law school was very different from my STEM bubble of MIT and Harvard. For the first time in my life, I was forced to think more critically about race, social constructs, global trade, and Africa’s future. It was enlightening, and provided personal meaning to the popular word “woke.”

After I graduated, I moved to Silicon Valley to join Wilson Sonsini Goodrich & Rosati PC as an intellectual property attorney. My practice focuses on working primarily with startups in the Life Sciences and MedTech space to develop and monetize their IP portfolio. It is incredibly rewarding to work with founders and inventors who are passionate about improving people’s lives through their inventions. It brings me great joy and satisfaction to assist them in achieving their goals.

Flash back and then fast forward to the present, what has surprised you the most about your journey thus far? What advice do you have for others looking to take a similar path?

I am most surprised by how unpredictable my journey has been. I went from being a chemical engineer to being a medical engineer, to being a lawyer. I would never have predicted this journey when I left home in my late teens.

My advice will be to be open to new uncharted paths. My experiences have been instrumental in my personal evolution. And I don’t think I would have done it any differently.

Why is the cause you are pursuing or problem you are solving the most important for this generation? How would future generations benefit if it’s successful? What is at risk if you do not succeed?

I am currently interested in using mobile technologies to better connect African countries, and non-African countries for trade purposes. Connected African economies should contribute to the growing economic development of Africa. Frankly, there is no risk of failing because it will be an enriching experience that will add to my growth and expose me to new opportunities.

Reflect on all of the key sacrifices and trade-offs you’ve had to make to get to where you are today. Which of these would you say was the most pivotal and why?

I think the greatest sacrifice is living in the US away from my family. I miss home (Ghana) all the time. That said, I have gained many personal and professional experiences during my stay in the US. It has been worth it.

What is the best piece of actionable advice that you’ve received that continues to be a source of inspiration in good times and challenging times?

Bet on yourself! I cannot remember who or when I received this piece of advice. I may have heard it on a sports podcast. I always remember it whenever I have doubts about myself and/or the future. Choosing to believe in me and to put myself in the position to succeed has been a source of motivation and inspiration.

You can connect with Evita via LinkedIn!

F.I.V.E Questions with Ismail Maiyegun, Co-Founder of Hingeto

Hidden in the credits of any successful entrepreneurial story are small fonts of close calls, pivots, rejections, adversities, doubts, failures, etc. Ismail’s entrepreneurial story is no different. He is quick to tell you that the journey is just as important as the destination and having an unshakable self-belief, surrounding yourself with like-minded people, and working your a$$ off will get you farther than you’d expect. Ismail and his team are building a venture called Hingeto, to tackle inventory risk in retail. The Oakland, CA based startup has raised $1.9M in seed round funding to date, and are backed by Y Combinator (W16), Kapor Capital, Cross Culture Ventures, Precursor Ventures, Stanford University / StartX (S16), Comcast Ventures, Andre Iguodala, #blessed & Base Ventures. Hingeto launched with a limited-edition collection of bomber jackets designed by Oakland Raiders superstar, Marshawn Lynch. Ismail was kind enough to make time to share his story with the hopes of uplifting and inspiring other entrepreneurs. Enjoy!

1. Briefly describe your background- education, work experience, etc. What is the most exciting or rewarding aspect of what you do now? What could make it even more exciting or rewarding?

I attended Stanford University and graduated with a Bachelor of Science in Electrical Engineering with a focus on Computer Software. In High school, I got my A Levels in Computer Science, Math, Chemistry & Physics. I started programming in my early teens. After graduating from university, I worked for a financial-technology company in San Francisco that was co-founded by Bill Harris (former CEO of Intuit & interim CEO at PayPal). After spending four years there, I decided it was time for me to work full-time on my own ventures given the success I had enabled for those I had consulted and advised on the side.

My focus is now on Hingeto, a YC company I co-founded. We’ve raised ~ $1.9M to tackle inventory risk in retail.

I also serve as Chairman of the Board of Big Wolf Games, a company I co-founded before Hingeto.

One of the most exciting & rewarding aspects of my current role is to see how the solutions we build based on our customer’s feedback make a difference in their livelihoods. I also, admittedly, love the power I have in being able to bring any idea to life (it remains exhilarating even after almost 20+ years of programming). What would make it more exciting & rewarding is to look in the room and see more people that look like me, armed with the skills to pursue their dreams the way I have been able to.

2. Flashback and then fast forward to the present, what has surprised you the most about your journey thus far? What advice do you have for others looking to take a similar path? Is there something you could have done differently to get to where you are faster?

My biggest surprise has been how methodical building a successful company can be, once you master certain core principles and strategies.

The biggest thing I would have done differently is that I would have saved a lot more money before going on the entrepreneurial journey so that I could avoid contract work while building my ventures. Luckily, while it’s worked out so far for me, I had way too many close calls earlier in the journey that could have been avoided had I invested in having 6 months – 1 year of income stashed away.

But at the same time for me, knowing my personality, not having that cushion, created the urgency I needed back then to be able to build fast, iterate fast, close deals, etc. I don’t think I’d advise other entrepreneurs to do the same, because for me, my “worst case” was that I would find a mini-gig to “re-up” if needed – which would derail me for a few weeks/months but I knew that if need be, I could hypothetically continue finding contract work indefinitely until I figured out the long-term money maker – although that would not have been ideal. I built relationships with some agencies that sent me opportunities all the time specifically for this purpose.

For others looking to take a similar path, I would tell them to start small right now. I’d advise them to begin absorbing everything they can about starting/building a business and to begin surrounding themselves with positive/like- minded-people. Most importantly, I’d advise them to start putting their learnings into action immediately, even if on a small scale. I’d advise them to focus on building mini ventures that can make $10/month, then $100/month, then $1000/month then $10,000/month then $100,000/month and so forth.

It is extremely difficult to predict the future success of your company, but what is more within your control is what happens within the next few months. Then after that, focusing on the next few months after that. And after that. And when you look back 1-2 years later, you’ll find a few things will have happened.
You will have achieved product-market fit on one of the experiments you were running
You will have success on some small (or even large scale)
You will fail, but those learnings will make you more enlightened for the next thing you work on.
You will have built confidence in variety of competencies that empowers you to be a better entrepreneur (or employee or employer)

3. Why is the cause you are pursuing or problem you are solving the most important for this generation? How would future generations benefit if it’s successful? What is at risk if you do not succeed?

Hingeto builds no-risk inventory solutions for large retailers & small brands, mainly in the fashion/apparel niche (primarily Streetwear).

A lot of people express their identity by what they wear on a daily basis. Even those not looking to make a fashion statement, express a lot about themselves by what they decide to wear and what not to wear. When my co-founders approached me with the idea they were kicking around (they previously worked at a $130M online retailer and understood the industry very well), I was somewhat hesitant about if this would be something I would be passionate about because I am not one that cared much about fashion at the time.

However, after discussing the idea a few more times & digging deeper into the macro & micro economic implications of the issues such as excessive waste due to excess inventory, shifting consumer shopping habits, business process & logistics issues experienced by large retailers, predatory sales practices that severely impact small brands (many of which were being run by minorities), my interest was piqued. I also realized that streetwear was arguably the biggest driver of fashion trends & culture, outside of luxury.

While these issues were multi-faceted & complex, we identified what we believed was the root cause of many of them: Inventory Risk. To that end, we are building valuable solutions to solve this from a few angles as it isn’t a one-size-fits-all problem.

I hope the work & impact we achieve with Hingeto will leave a lasting legacy & change the way small brands & large retailers work together and to foster a healthy ecosystem that allows all involved to thrive in the modern economy.

I am also the Chairman of the board of Big Wolf Games, a 6-person gaming venture I co-founded before Hingeto. While on the surface, gaming feels as though it provides no direct societal impact, one of the reasons I’m so passionate about games, is their ability to reach a wide audience across all socioeconomic/cultural/ethnic/language backgrounds.

Games also provide a temporary escape/reprieve from the day-to-day hardships many go through. I started programming in my early teens because I loved games so much & wanted to learn how to build them, so games have changed my life.

One thing about games is that building them requires the ultimate blend of a variety of highly skilled competencies (art, animation, engineering – client side & server side, psychology, emotion, user experience, product, etc.). Building a successful game is arguably one of the most difficult things to do, and hence, it is a challenge that stimulates me intellectually (even if I’m not the one writing the code).

Games we’ve built (both internally & as part of joint-ventures) are played by millions around the world which is really awesome. The revenue is also very nice (lol).

4. Reflect on all of the key sacrifices and trade-offs you’ve had to make to get to where you are today. Which of these would you say was the most pivotal and why?

I’ll speak about one big moment for me I had in addition to more general sacrifices/tradeoffs I’ve had to make during my entrepreneurial career.

The big moment was when I liquidated my 401(k) at the time (hence incurred early withdrawal penalties) as well as liquidating the FB stock I had at the time (which I bought right at IPO).

One on hand, these investments would have been worth a nice chunk of change today had I left them alone. However, at the time, I NEEDED the cash to get through another month of payroll, so I did what I had to do. I also always felt that the biggest investment I could ever make was in myself / ventures, and I wholeheartedly believed that I would make 5-10x whatever I was sacrificing by being able to “stay alive” for a few more days/months/years.

At that moment, I felt that it was best for me to withdraw from the stock market entirely and focus on $AIM (my initials & personal stock ticker :-p) & forego any upside I had from holding those positions.

Thankfully, that worked out for me. And thanks to the hustle, I put myself in a position where I’ve been able to generate several orders of magnitude more than what I forewent, but it was very very risky & I would never recommend anyone else do that (unless you have the same mindset and skills to be able to execute).

The next set of sacrifices is around lifestyle. Randi Zuckerburg posits that you can only pick 3 out of Work, Sleep, Family, Fitness, or Friends.

My biggest lifestyle sacrifices have revolved around my lack of balance across these 5 things, particularly early on in my career. In my early 20s, I neglected sleep, fitness and focused mostly on Work, Friends, and Family. I have paid the price for the lack of focus on my fitness & sleep (in the form of random health issues here and there), and I never got to focus on my family as much as I thought I would.

My rationale was always to work hard now (i.e. be in a position to retire in my 30s), so that I could focus on everything else later.

I realized the naiveté of this approach and shifted things in my late 20s where I sought to have more balance across all five areas because the journey was just as important as the destination. I have only recently (I am now 32) been able to feel like I am making real deliberate moves to achieve more balance across these key areas.

All in all, I disagree with Ms. Zuckerburg, and I believe there is a way to achieve balance across all five areas if one is deliberate about their time.

5. What is the best piece of actionable advice you’ve received that continues to be a source of inspiration in good times and challenging times?

One of my early clients from my consulting days once told me that the most powerful I could do with my ventures, is to give myself the financial runway to figure things out because it was just a matter of time before things start to click/work and that it wasn’t an “if it works” but more of a “when it works”. That has stuck with me.

A similar piece of advice I got during my track days at Stanford (unrelated to business) was during a time we were doing a stadium steps workout.

I was struggling badly & felt like quitting the workout, and one of my good friends/teammates said “Just take one more step man. And then one more after that & you’ll get there. Don’t think of how much more we have to do. Just focus on getting through the next step.. then next set and before you know it we’ll be done.”

I’ve taken that mindset shift and applied to many things that feel insurmountable at first.

Other things I do to get me through difficult times is to recite

If by Rudyard Kipling
See it Through by Edgar A Guest

I have those two poems memorized completely and will recite them once or twice a week at any given point.

Connect with Hingeto

F.I.V.E Questions with Modupe Ajibola, CEO of Nigex

Modupe is a serial entrepreneur with an exceptional drive and passion towards problem-solving. A few years ago, Entrepreneur.com put out an article on the “7 Traits of Successful Entrepreneurs” which are Tenacity, Passion, Tolerance for Ambiguity, Vision, Self-belief, Flexibility, and Rule-breaking. Modupe embodies all seven characteristics. Having enjoyed a decade of success at Texas Instruments, he went on to found multiple companies that are now making a difference in the lives of many professionals across North America and Africa.

I caught up with Modupe while he was visiting Silicon Valley to engage Investors and Strategic Partners about his latest venture, Nigex (more info below). What excites me about the Nigex venture is the potential it has to uplift a generation of talented minds in Nigeria, and the rest of Africa.

1. Briefly describe your background- education, work experience, etc.

Modupe is the founder and CEO of Nigex, a proprietary Agile Software Platform that enables resources from Africa to consult seamlessly for global jobs with the backings of a US company. Nigex developed agreements and tools that both consultants and clients can use to facilitate secure vetting, training, managing, and holding resources accountable. Nigex is a cost-effective way to outsource Software Development work without the typical issues of language barriers or requirement miss-alignment.

Modupe is also the co-founder of the award-winning technology and company called OTGPlaya. OTGPlaya connects end-users to digital content by leapfrogging existing bandwidth constraints of internet infrastructure. Since its founding in Austin, Texas, OTGPlaya has won the USAID Africa Diaspora Marketplace Award in 2012 and the 2013 LLGA City Pilot for City-Wide Wi-Fi in Lagos, Nigeria.

Modupe is also the founder of Vision Invent Inc (VI), a leading Design House and technology rep firm in the USA that supports hundreds of Original Equipment Manufacturing (OEM) customers.

Before forming VI in 2008, Modupe blazed his path successfully at Texas Instruments (TI) and served in several leadership roles. Modupe studied Electrical Engineering at Texas A&M University.

2. Flashback and then fast forward to the present, what has surprised you the most about your journey thus far? What advice do you have for others looking to take a similar path?

One could say I wasn’t such a risk taker, but when I found that my job at TI was never going to satisfy my desire to solve problems I cared to solve, I knew it was time to hire myself. So my advice here is to take your ambitions more seriously than anyone’s belief or disbelief in you.

My career at TI grew based on my ability to solve problems which made my job and those around me easier. I remember creating a tool for the Technical Team to use in isolating the right processor for a target client requirements by using a drill down signal chain block diagram system. Management found out about the tool and gave me my first promotion. The advice here is to not complain about what limits you, but find ways to solve and test your assumptions on the solution as opposed to looking to get credit for your unproven ideas.

Entrepreneurship is first about solving problems, but I was surprised to find that it is not sustainable without the right partnerships or resources. I learned this over the years of winning and losing business because of my inexperience with managing expectations. To fix this, I had to give shares of my company away to those who specialized in building a company and team; and before I knew it, everything I did began growing instead of shrinking. The advice here is not to become a jack of all trades and master of none. Master what makes you unique and comes easily to you while surrounding yourself with complementing partners that have measurable track records of success. In picking partners, focus on strengths and ensure you set goals, so everyone knows what to do and when. If a partner misses a goal, you should quickly evaluate the partner’s position and keep or vote them out based on their ability to meet the agreed upon goals.

The power to enable smart African kids is of significant value to me from a business and personal standpoint. I also believe technology is the great equalizer that can help young Africans circumvent government bureaucracy and transcend the corruptible reputation of Africans globally.

The Government and African leaders have yet to realize the goldmine of human brain resources they have, so why not me is what I asked. This realization is why I have decided to invest in the great minds and ensure a paradigm shift based on results and not just words. People tend to believe in what works which is why it is important to prove that a global job market will best serve our young minds.

4. Reflect on all of the key sacrifices and trade-offs you’ve had to make to get to where you are today. Which of these would you say was the most pivotal and why?

My realization about sacrifice is to prepare to lose it all before gaining what you seek. I had to sell my house and shed many cost centers that would have caused me to look back when I became an entrepreneur. You need to believe that you have what it takes to do more than what you have in your possessions, and rid yourself of any potential distractions.
5. What is the best piece of actionable advice you’ve received that continues to be a source of inspiration in good times and challenging times?

My friend, dad, and mentor, Alade Ajibola shared this with me “Success is a journey and not a destination, so chase your dreams only if the process is fun and rewarding.”

Mezie Avu! Elevating Higher Education Even Higher

The following post is from my e-book, The Most Interesting Thing About Investing in Africa.
***

Investment: Education in Jomeka Commercial Academy, AVU, Owerri – Elevating Higher Education

***

Chief Dan Obiyo was an early investor in Jomeka Commercial Academy. Chief Obiyo is also the CEO of AVSECO NIGERIA LIMITED. AVSECO’s mission is to eliminate all security challenges through an aggressive training development of hands and minds in the aviation workplace. Recent civil aviation experiences pose the rhetorical question of which way forward for emerging economies. Government efforts cry out to be complemented through supportive private expertise… now provided by AVSECO.

SITUATION

Avu town is located about four miles west of Owerri municipality in Imo state, Nigeria. Avu Community Secondary school, the town’s only secondary education facility was not easily affordable to most parents. The subsistence farming community was poor, requiring a more affordable alternative for the teeming applicants in Avu and environs. Professor J.O.C. Obiyo took on this challenge head-on upon his retirement after a successful career in Abuja. Jomeka Commercial Academy was established to provide primary school rejects as well as secondary school dropouts with placements in a vocational school to realize their dreams. Students whose guardians could not cope with the exorbitant fees at the public school, students who do not have the aptitude for formal education, and indigent students became the target demographic for Prof Obiyo’s vision.

For everyone everywhere, literacy is…a basic human right.
– Kofi Annan, Former UN Secretary-General

ACTION

Away from downtown Avu but within easy reach of the cluster of houses bordering the village to the north, Prof. Obiyo secured an ideal location for the academy. Registration formalities with the Ministry of Education, construction of temporary structures at site of classrooms and basic facilities to kick start the project were primarily

funded by Prof Obiyo’s retirement benefits. Notices were put up in church services to canvass for students and skilled staff. Volunteers and National Youth Service Corps members were requested to beef up the staff strength. Cash Crunch-Provision was made for students with special cases to pay their fees in several installments without interrupting studies. The vision was actualized.

RESULT

Igbo Kwenu! Mezie Avu! Twilight gradually changed to dawn for the tiny town which separates the city of Owerri from the large food producing areas of Ohaji. Education in Avu gradually became less of an effortless privilege and more of an earned right. Avu town discovered that vocational school graduates were more readily employable. The National Basic and Technical Education Board certificate gained popularity in Avu opening up a wider horizon for higher education. Knowledge is power which opens doors for greater opportunities to do even greater things.

Investment: Education in Jomeka Commercial Academy, AVU, Owerri – elevating higher education

L = 50

I = 50

C = 30

Business Idea Metric: 130

Connecting global brands to Kenya’s demand

The following post is from the e-book, The Most Interesting Thing About Investing in Africa, which features a series of conversations with entrepreneurs, community leaders, students, executives, and doers both home and abroad driving economic empowerment in several parts of my beloved continent of Africa.

****

Mr. Peter Nalika

Peter Nalika leads the Digital PR department at Tellem Public Relations East Africa, a digital public relations company established to help organizations communicate better on online platforms.” He was previously a Technical writer at CIO East Africa, where he reported on ICT innovations, policy development, and product reviews. During his time at CIO East Africa, he interviewed several global technology leaders including Oracle’s Mark Hurd, IBM’s Dr. Mark Dean, Microsoft’s Jean-Philippe Courtois among others.

Investment: Digital Public Relations in Kenya

SITUATION

In the 18th century, spice trading was the main economic activity around East Africa. This was before the Agrarian revolution swept through the world in the 19th century, followed by the industrial revolution in the 20th Century.

The 21st century is experiencing what is now being referred to as the technology evolution. Kenya may have struggled to simultaneously catch up on both the agrarian and Industrial revolution in the 20th Century, but the country feels quite at home when it comes to the technology revolution. Tourists from around the world stream into Kenya not only to see the wild animals, or beaches, but also to see how mobile payments are transforming everyday lifestyles in the country.

Kenya also plays home to some of the startups that are changing the way we do things in the world, by incorporating technology. Small Kenyan firms have developed software solutions that are used to collect information and coordinate response in disasters, while others are exporting automated payment systems to Kenya’s neighbors, and even as far as West Africa. In this era, information technology has become a key component in our daily lives, and I believe it has affected the way we manage our information and data. For the few years I have studied and worked in the fields of IT and Information Management, the power of information and how it empowers different organizations and society structures has stood out for me.

In the future, I see myself enabling my organization and our clients to take advantage of technology as an enabler. This is something I have envisioned long before becoming a Public Relations consultant. Four years ago, as a field reporter working with CIO East Africa, I developed an art of compiling information and news from events through information posted on Twitter, the social network. Thus, my computer and an information network became my virtual pen and paper, enabling me to source a variety of opinions of the topic in discussion from the various stakeholders. At CIO East Africa I further explored social media beyond a tool for just reporting my stories, but tried it out as a tool to distribute my published works. Like a newspaper vendor delivers a newspaper to your door, with social media, I could target my stories especially to the valuable “C” level executives. A tweet tagging them would virtually deliver my story to their computers, or phones, in front of their eyes. Further, social media enabled me to bring new business to my employer through meeting of potential advertisers and striking deals with them. Through messages on these platforms, I was able to position my publication to advertisers and come to a value proposition that suited them, and paid our bills.

I started a Digital Public Relations (PR) company to help organizations communicate better on online platforms. For so many years, many Kenyan organizations have relied on traditional PR to reach various audiences, they have invested a lot of resources (time & money) in press briefings, open-ended editorials and one on one interviews in order to pass a message to the general public. This has since then changed once the country was connected through fiber optic cables, access to the Internet became affordable, and device manufacturers brought in smart devices that allowed people to consume content from online social forums.

Since then, organizations realized the need to use social media as online concierge for their brands, because this is where most people access content. This is when I realized the need to help them strategize and communicate better on online forums. The level of Internet adoption and proliferation of affordable smart devices among Kenyans forced companies to think twice and invest on managing social communities for a two-way engagement and harness reviews about their brand and products.

ACTION

The digital world is abound with opportunities. Not only can a Mandarin speaking Chinese in Shanghai have their tweet to an English-speaking Kenyan automatically translated, resulting in conversation where it was no longer possible, but a firm can have their consumers send a tweet to machine in return for a cup of tea or even can of soda. Social Media further breaks the news cycle. No longer are the roles, such as those of the audience, news-makers and subjects cast into stone, but these can be easily reversed. Clients easily find themselves becoming the news, but with the audience playing the previously unfamiliar role news-makers, say if they like something about the client, or bad news if they are not happy with a client’s move.

It thus requires immense experience and skill to help clients walk this tight rope, and hold their hands, as they become front-runners in the digital world. My task is helping organizations not talk to their clients, but rather, to have a conversation with their clients, with the ultimate aim of having both understand each other better and forge a long-term relationship. We undertake a feasibility study, which involves learning the communication objectives of various clients on digital platforms, and then understanding how online audiences prefer to consume such content before coming up with a strategy and community management plan. We invested a lot on training on the employees to enable them understand how to deliver best practices and models that sell, manage and measure digital communications.

Relevancy is the corner-stone of social content.

But in order for organizations to be relevant online they need to understand what is happening in the online world around them. To do this we invested on a comprehensive social listening tool like Radian 6 to ensure our clients jump onto relevant online conversations. In everything we have done in terms of pulling together online monitoring tools, resources and capacity building, we try to be helpful experts by giving clients more than just managing their online communities. We have venture into business intelligence around their customers to enable our clients monitor various consumer behaviors.

This kind of information has encouraged participatory conversations between the client and online communities which has built engagement among these two parties and given the client’s organization a personal side. However, despite the time and effort we have taken to advice organizations on social forums, there is still some sort of resistance. Most organizations are not willing to engage on social media, they don’t understand the importance of having a level of approachability social platforms give to a brand. This has been a challenge so far in addition to quantifying the return on investment when a client or an organization engages into digital communication.

RESULT

Through various engagements, organizations have restructured how they present their messaging to various online audiences. While these audiences have grown to be passive recipients of online messaging, communities have sprout up and created value by connecting members to each other and not just the brand. We have designed remarkable strategies for brands, and even counties in the Kenyan government, the social media strategies have enabled these organizations to have some sort of unity by harnessing the power of social capital and a high purpose among communities. Measurement planning was also one of our outcomes, it is a necessary element of social strategy, and most of our strategies are deeply rooted in measurement planning that is evaluated against client’s marketing and business objectives.

As a company, our objective is to marry traditional PR and digital integration, being a small outfit we started by assisting our clients to creatively use PR and media engagements and we are determined to build the company into a global player. My goal is to have all our existing clients realize and achieve more value through digital platforms. Digital platforms will enable these clients establish personal relationships with their clients and fans, something that is now possible with little effort. Even as a consultant that is highly regarded by my clients, akin to a captain guiding a ship in the high seas, social media and the digital world have also been, and remains a learning experience for my team and me.

To keep up to date with the latest tricks and best practices, my team and I have attended various digital communication training, both in-house and from our affiliates in South Africa. Going to the future, I am aiming to turn social media from more than just being a communication and relationship tool for my clients, but make the same a valuable business insight tool. Through analytics and business intelligence, I aim to provide insight into Kenyan businesses, such that, based on what people are saying online, they can predict the impact of the same on their brand, and be in a position to favorably react to the same, resulting in a positive impact to the business.

Investment: Digital Public Relations in Kenya

L = 50

I = 25

C = 30

BUSINESS IDEA METRIC (BIM): 105

You can connect with Peter on Twitter: @peternalika

The Most Interesting Thing About Investing in Africa

by Chuki Obiyo and Ozii Obiyo

INTRODUCTION

What is the most interesting thing that you have done, seen, or heard about investing in Africa? Think about it. Better yet, this e-book gives unique insight into how others have thought about it. From executives at some of the largest companies in the world to young professionals just starting out in their new careers, the topic of investing in Africa makes for a good debate and an even better conversation.

In the course of human history, Africa has gone from the cradle of civilization to the last frontier of the global economy. Ah…Ah…Africa, the protagonist of the first and next chapter in the story of human success? To read about Africa is to learn about our shared origin, and more importantly, to decide on how we get to our shared future. Reading is an investment in time, thought, and action. This book gives you an opportunity to invest in Africa by experiencing the most interesting things others have done, seen, or heard about investing in Africa.

There are so many things to learn about investing in Africa. This book explores some of the most interesting things contributed by people from different backgrounds. Each contributor was asked to answer a series of questions about an African investment project broken down into three sections: Situation, Action, and Result. In turn, we developed our proprietary methodology to analyze each project and we refer to this methodology as the Business Idea Metric (BIM). The BIM uses a weighting scale to evaluate the labor, infrastructure, and capital requirements for an investment idea or project.

For the labor requirement, we look at factors such as low, medium, or high skill and assign a value of 10, 30, or 50 accordingly.

For the infrastructure requirement, we examine factors such as electricity/utilities, construction permits, property registration, transportation, and technology, and attach a value of 10 for each factor accordingly.

For the capital requirements, we consider the amount of capital needed to get the project off the ground from $0-100, $101-1000, $1001-10,000, $10,001-100,000, and over $100,000 and assign values of 10, 20, 30, 40, 50 based on the given spend levels.

We have received very positive feedback on our BIM methodology and its LIC (labor, infrastructure, capital) ingredients as a unique way to not only evaluate current projects but to also help prioritize future project ideas for viability. Please see below for one of the investment projects that we profiled from our work. In this write-up, we classify each profile by the contributor’s name (so please continue to watch this space for more project profiles).

We now welcome you to enjoy the reading experience of exploring the most interesting things about investing in Africa.

★★★★★

Wasili Mfungwe, MBA
***
Wasili Mfungwe, MBA is an international market analyst and consultant with expertise in economic research, ALM, stress testing, equity research, and business intelligence. He obtained a Bachelor’s of Social Science Degree in Economics and Sociology (Bsoc Eco) from the University of Malawi, Chancellor College and his MBA from Edinburgh Business School (Heriot-Watt University). He has particular interest in African business development, research, and econometrics.

Investment: Restructuring a corporate loan to promote a public good
SITUATION
Electricity Supply Corporation of Malawi (ESCOM)– the main electricity generator and distributer in Malawi had a loan with Development Bank of South Africa (DBSA) to the tune of MK3 billion (R79 million). The repayment of the loan was hampering the implementation of a program to revamp Malawi’s energy sector in order to provide more reliable electricity, create better non-outsourceable jobs, and improve the lives of everyday Malawians.

ACTION
Standard Bank Malawi Limited stepped in to restructure the loan which ESCOM owed to DBSA. The DBSA loan was secured by a zero coupon note issued by Investec in favor of ESCOM with a maturity value equal to the loan principal. Standard Bank ensured that ESCOM was able to get the highest discounted value for the note which, as part of the restructuring, was being sold before its maturity in June 2019. Standard Bank also advised ESCOM on the various structuring options and negotiated with DBSA and Investec on behalf of ESCOM, discounting the promissory note through its structured sales team and using the proceeds to partially repay the loan. Through its global markets team, Standard Bank built and remitted a total of R37.5 million on behalf of ESCOM to repay the outstanding amount of the loan. Standard Bank’s Investment Banking team structured and negotiated the prepayment with DBSA without any break costs being applied.

“Public-private partnerships should become the rule, not the exception, in delivering services.”
– Bill Clinton, 42nd President of the United States from 1993 to 2001

RESULT
The transaction has helped to engineer a smooth implementation of the energy sector revamp program. In addition, Standard Bank ensured that ESCOM saved R1.5 million in interest payments per month, leading to improvements in its free cash flow position. The transaction has also helped eliminate forex and interest rate risk for ESCOM.

Investment: Restructuring a loan to a corporation to promote a public good
L = 50
I = 50
C = 50
Business Idea Metric: 150

We want to hear your unique story and a unique story of someone in your network. Send us a note here.

Fascinating Outdoor Barbershop in Joburg

I was cruising around Joburg on my way back from the Cradle of Humankind when we spotted this fascinating outdoor barbershop. It was strategically located under the shade of a big tree by a busy intersection. #WinNumber1

Take a closer look below at the “hair brush” the barber is using below. As the old adage goes, necessity if the mother of invention. In addition, how you think your customers would use your products is not always how they would use your products. #PaintBrush. #WinNumber2

The barber looks so focused and his client so relaxed. The guy waiting for his turn looks on with an enthused and unfazed vibe. By the look of things, this is normal. #WinNumber3

Come of think of it, there are a few financial and marketing benefits associated with making this shop outdoors. With this setup, your biggest expenses – rent and utilities, are pretty much eliminated. #WinNumber4

In addition, the live-in-action billboard is pure marketing genius. #WinNumber5

Only in Africa can you see such simple brilliance. I love and celebrate entrepreneurs like these. I wish I would have had the opportunity to speak with him because I know his story would be inspiring. He did not wait to have the perfect location or storefront before he took action. #WinNumber6

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