Quantcast
Channel: Interviews – AWP Network
Viewing all 259 articles
Browse latest View live

African Women Entrepreneurs Offer Business Advice

$
0
0

Founder of AWP Network Featured in BusinessDay Nigeria

$
0
0

Crowdfunding Tips for African Entrepreneurs: 7 Things You Should Know

$
0
0
Click to view slideshow.

Over the years, crowdfunding has become an effective alternative for entrepreneurs to raise funds for their business ideas. Crowdfunding allows entrepreneurs to raise capital without giving up too much equity. This avenue also provides an alternative to those who may have difficulty gaining access to traditional sources of funding. Indeed, many have had enormous success using this approach to attract significant resources such as capital, publicity and investors to their businesses or to test market validation.

I meet with 3 African entrepreneurs who speak with me about their crowdfunding campaigns all of which, were successful. The platform of choice for these entrepreneurs was Kickstarter and they each explain why they chose Kickstarter.

Mugo Muna, founder of Borawear states, “I really did not consider any other platform other than Kickstarter. The biggest attribute that swayed my thinking is the data Kickstarter shares on its blog and the regression analysis provided me with information on how best to run a campaign. While doing my research, I learned more about Kickstarter, watched interviews with the founder of the platform, saw some campaigns go viral and saw how entrepreneurs raised millions of dollars for their ideas. Not that there was anything wrong with any other platform, but Kickstarter seemed to have a lot of blockbuster campaigns reaching over a million dollars in pledges.”

Esosa Ighodaro, founder of COSIGN who successfully raised over $40,000 for her campaign also chimed in, “I conducted extensive online research on various crowdfunding platforms and surveyed friends. Knowing that Kickstarter had a larger audience than other platforms allowed my team and I to get the word out to more people. Although it was the most expensive in terms of fees, we were however willing to pay the costs to gain access to their audience.”

Roye Okupe, an entrepreneur on a mission to create more African superhero comics added, “I did quite a bit of research and compared Indiegogo and Kickstarter. At the end of the day, I found out that people raising money for comics and graphic novels had more success on Kickstarter. So I decided to go with that.”

Here are seven (7) things they want you to know about crowdfunding:

  1. Do your research. Figure out the platform that works best for you. There are many platforms out there, take the time to know what works for you, your audience, and your product or service.

     2. Get your family and friends involved. Start early with getting everyone involved. Ighodaro adds, “let people know 2 months ahead of time that you will be working on a Kickstarter campaign, the heads up won’t come as a shock to them when you ask for their support. Rally a group of your family and friends; encourage them to put your campaign as their main focus for the next few weeks.”

Have them leverage their networks. Muna says, “to get people to do this, encourage them to take ownership of the campaign.” He continues, “the simplest way to do this, is to get them to give you feedback on every piece of your campaign such as your exact wording, the name of the rewards, or on your video content. As you launch your campaign, you will be able to count on your friends and family not just because they know you, but because they are now part of your success and want to help get your idea funded.”

     3. Be prepared to tell your story. Telling an impactful story is one of the major ways to get an audience to connect with your product, service and campaign. It is important to create good content. Ensure that you have a good video and story to allow your audience to connect with you authentically. It has to be more than the product or service that you are trying to sell. People connect to the “why” more than the “what.”

    4. Have 30 percent raised on the first day by getting commitments prior to your launch. This helps with your ranking on the platform and helps you to build momentum for your campaign, says Ighodaro. Okupe talks about his experience. “For me the most important thing was to start strong. So, the morning my campaign launched, I chased down and followed up extensively with family members and close friends to get their donations in. As a result, it became much easier for strangers to donate to the project, especially when they see that one has hit 100 percent in days (which was the case with my campaign) as opposed to $0 after 24 hours.”

Click to view slideshow.

    5. Use the press to your advantage. Line up some press outlets to get the word out and try to reach as people as you can. Get journalists to write about you and the campaign. Okupe notes that for him, this was the most grueling task. He continues, “nothing boosts your campaign more than a blog like Mashable giving you that extra credibility.

About 30 percent of the total raised for E.X.O. was as a result of the interview I did with Mashable. I also got another interview with Forbes in the final week, which gave another great boost. But getting an article written on huge sites like this is not easy. I spent countless hours researching different journalists who had written similar stories to what I was doing. I sent them friendly emails telling them that I had a story they would be interested in. I emailed over 100 journalists in the 30 days my campaign ran and only 15 responded, out of that 15, 7 of them wrote about the campaign. You just have to be relentless.”

   6. Use all of your social media channels to get the word out. Linkedin, Facebook, Twitter, Youtube, Instagram, everything that you can think of. Remember, crowdfunding campaigns only work if you can get people to spread the word actively and consistently.

   7. Be mindful of when things are not working. “I would say that you have to be mindful of when things aren’t working,” Muna states. He continues, “that is not to say that you give up when there is a minor setback, but you have to constantly check in with yourself to see if things are actually moving forward. If not, what else could be done to make things work? How can one change their thinking to solve this problem? Who can you speak to, to provide some insight? People will constantly tell you what you should or should not do with your business, you have to cultivate a sense of what your specific business needs are. Most importantly, you have to feel like things are moving forward. Nothing frustrates more than a prolonged plateau.”

Okupe sums it up nicely. “Never give up. You will fall, you may fail. It is inevitable, it is a part of life and it is a part of business. What really matters is how you react to these issues. I know it is cliche but nothing good comes easy. Make sure you believe in what you are doing because that is what gets you through the rough periods. Above all, believe in yourself. Keep learning and strive to become the absolute best at what you do, not just in Africa, but in the world.”

 

Read more here: Crowdfunding for African Entrepreneurs

 

 

 

 

 


Filed under: Business, Education, Events, Interviews Tagged: Africa, Africa Data Challenge Winner, Africa Women Power Network, African entrepreneurs, African youths, agribusiness, agriculture, ARISE News, ARISE News TV, awards, AWP Network, business, business support, BusinessDay Nigeria, C Suite, challenge, change, collaboration, competition, Crowdfunding, development, education, entrepreneur, Entrepreneurs, Entrepreneurship, Equity Crowdfunding, Esosa Ighodaro, financing, girls, growth, House of Lords, idea, Innovation, Inspiration, Kickstarter, Lagos, leadership, Lord Paul Boateng, Mara Mentor, marketing, Mary Olushoga, Media, mobile technology, Mugo Muna, my voice matters, Nigeria, Palace of Westminster, Planet Earth Institute, Press, program, progress, Roye Okupe, small business, Smile and Mobile Tech Blog, solutions, South Africa, Startup, strategy, success, support, sustainability, technology, The AWP Network, women, women and girls, women entrepreneurs, women farmers, Young Entrepreneurs, young voices, youth, Youths

Changing The Ratio of African Girls in STEM – Unoma Okorafor Talks to the AWP Network

$
0
0

Many of the girls in our program still worry that if they are too educated or smart, that they may not get married and would ultimately live unhappy lives and therefore bring shame to themselves and their families. Many girls are taught not to think, not to speak up and to just do what they are told without challenging authority. We have a responsibility to teach creative and innovative thinking and constantly battle these stereotypes by providing role models our girls can look up to. 

Click to view slideshow.

Her foundation, the WAAW Foundation is a 501(c) non-profit organization whose mission is to empower girls throughout Africa by increasing the pipeline of girls in Science, Technology, Engineering and Math (STEM) fields. Okorafor has made it her life’s mission to increase the participation of African girls in STEM fields.

The WAAW Foundation does the following: provides college scholarships to African girls, organizes STEM Robotics camps and operates nine (9) STEM outreach and mentoring programs in University campuses across Africa to include Nigeria, Ghana, Cameroon, Togo, Kenya, Uganda, Malawi and South Africa, impacting over 6,000 African girls each year.

How did you come up with this idea?

Towards the end of my PhD program, I thought about what I wanted to dedicate my life to. After several months of soul-searching and looking inwards, I began to think deeply about what made me tick. It then became obvious to me that I had always been passionate about female empowerment. Empowering girls became something that I wanted to involve myself with – bringing meaningful change to girls in Africa.

How many jobs have you created so far?

We have created five (5) jobs and have over 120 volunteers.

Who inspired you to start this idea?

I have to say my husband and life partner, Dr Ekpe Okorafor. He is my inspiration. He always told me to follow my dreams. He encourages and lets me know that he is proud of me regardless of what I do. I also have role models who show me that it is possible to dream, to work hard towards those dreams and make them happen. Several of my professors and teachers have inspired me to keep pushing forward. In particular, my graduate advisor at Rice University saw greatness in me even when I could not in my wildest dreams imagine that I had anything to offer. That is why I believe so much in the power of mentors and role models for our girls in Africa. If they see others like themselves who have gone ahead of them and succeeded, they can dare to dream and push forward.

Who is your target market?

WAAW Foundation provides mentoring and training to African girls between the ages of 14 and 30. Our mission is to encourage more African girls to explore careers in Science, Technology, Engineering and Math (STEM), and more importantly, to think of themselves as leaders and change agents who could use technological innovation as a tool and effective platform to solve problems in their communities.

How have you financed the idea?

Personal funds – the savings we kept as graduate students helped launch this idea. We also had the support of close family and friends. As my team and I continue to implement our programs, we have demonstrated proof of concept and grown. We also find that we have attracted those whose vision closely aligns with ours. I can say that we are fortunate to find both institutional and corporate sponsors who have provided seed funding to help us to continue our programs.

What is your competitive edge?

We were founded by a core team of STEM and education-focused African women interested in building other African women. Over time, we have strengthened our programs and are operating in 17 colleges across 13 African countries. Without a doubt, we are focused on increasing the participation of African girls in STEM.

What is the long-term plan for this idea?

Our goal is to continue to expand our reach and impact across Africa especially in Francophone countries. We want to empower women and girls to become leaders in STEM fields. We hope to build a feed forward pipeline where more of our girls who graduate from college, continue to serve and give back as professionals. Over the next few years, we will have built a critical mass of African Women in Technology with a global voice and have the platform to effect huge and lasting change in Africa.

What five (5) key things have you learned since starting this idea?

I have learnt that:

  • Do: the journey of a thousand miles starts with a single step.
  • Have Faith: when you step out in faith to pursue your passion, the universe conspires to help you along the way.
  • Create partnerships: in partnering with people, it is crucial to stop and make sure that there is an excellent alignment of values, otherwise you would both waste each other’s time.
  • Failure: there is no such thing as failure when you are pursuing your dreams because every disappointing experience is an opportunity to learn and come back better.
  • Embrace who you are: well-behaved women rarely make history. Embrace who you are – your uniqueness, your strengths and your weaknesses. Never apologize for who you are but rather step our boldly and declare, kind of like my first computer program “Hello World!”
Click to view slideshow.

What tips do you have for start-up entrepreneurs ?

  • Startup entrepreneurs need to understand the problem they are trying to solve and who their target market is,
  • Know how to articulate your ideas and tell a compelling story,
  • Strive to become familiar with technology tools and learn how to leverage technology to help you scale.

What advice do you have for youths looking to start an idea but say ‘there is no money’?

The issue is often not a lack of money but a lack of ideas. Good ideas will have money following, sometimes even chasing after them. Technology and the Internet has also helped to significantly reduce start-up costs, leveled the playing field and opened up huge opportunities for entrepreneurs everywhere in the world. The barrier is often that youths in Africa need to learn how to access the global market and how to tell their stories in a compelling narrative.

How do you think African youths can continue to support each other?

Mentorship and volunteering should be key in our communities. We should inculcate a culture of giving back at every level starting from elementary school. Everyone can mentor someone and can give back in some way, no matter their level, age or social status. We need to train our youths to look around and find a way of getting them engaged in their communities.

How has technology enhanced your idea?

Indeed, technology has had a huge impact on our organization. From the tools we use to stay connected, to creating the community of girls who are spread out across different countries, to using these tools to translate between languages (e.g. French to English), and to using technology to provide lesson plans to teachers in remote villages throughout Africa. I find that technology plays a crucial part in helping us scale, communicate and reach girls in hard to reach areas.

How can we support and improve innovation in Africa?

The African educational system is mostly based on memorization, which I think stifles critical thinking and kills innovation. Part of the issue is that we are trying to import technology, training aids and systems from the Western world rather than developing our homegrown curriculum. In science for example, we import the curriculum and then find that the tools and equipment for hands on learning is beyond our reach, and so science becomes simply a classroom experience where our students regurgitate what they have been told by the teachers. We need to re-think hands on experiential learning and tie it to how the education would translate to impact and innovation in Africa.

Website: WAAW Foundation

Twitter: WAAW_Foundation

Facebook: WAAW Foundation

Instagram: WAAW Foundation

 

 

 

 

 

 

 

 

 


Filed under: Business, Education, Events, Interviews Tagged: Africa, African girls, African girls in technology, African Women Power Network, African youths, applications, awards, AWP Network, AWP Network. change, business, business support, challenge, change, collaboration, competition, development, education, entrepreneur, Entrepreneurs, Entrepreneurship, girls, Girls education, growth, idea, Innovation, Inspiration, Kenya, Lagos, leadership, marketing, Mary Olushoga, mobile, mobile technology, my voice matters, Nairobi, Nigeria, program, progress, science, small business, solutions, South Africa, STEM, STEM Camp for African girls, strategy, support, sustainability, techbiz, technology, The AWP Network, Unoma Odili, Unoma Okorafor, Waaw Foundation, women, women and girls, women entrepreneurs, Young Entrepreneurs, young voices, youth, Youths

Andela Developers Present Winning Hack in San Francisco

$
0
0
Click to view slideshow.

Winners of Uber’s first hackathon in Lagos, got the opportunity to present their winning hack to the Uber API team in San Francisco, California.  “After a grueling battle, judges of the Uber Lagos hackathon identified three (3) extraordinary projects that showcased the capabilities of the Uber API.”

Andela developers became the grand prize winners of the event where they created the Executer. Think of the Executer as your personal assistant that has full insight into all your upcoming meetings and events.

Once you sync your Google Calendar to the app, Executer figures out where you are and where you need to be at any point in time. A couple of hours before your next events starts, Executer will send you a notification asking if you still want to continue with the Uber request to your next appointment. If your plans have changed, Executer will cancel your Uber request, but if not it you can expect your Uber to be on its way.

Learn more about Lagos-based company, Andela here.

photo credit: @Uber_API

 

 

 

 

 

 

 

 

 

 

 

 

 

 


Filed under: Business, Education, Events, Interviews Tagged: Africa, African Women Power Network, African youths, Andela, Andela Fellowship, AWP, AWP Network, business, business support, challenge, change, coding, collaboration, competition, development, education, entrepreneur, Entrepreneurs, Entrepreneurship, girls, growth, idea, Innovation, Inspiration, Lagos, leadership, marketing, Mary Olushoga, my voice matters, Nigeria, program, progress, small business, software developer, solutions, South Africa, strategy, support, sustainability, tech education, technology, The AWP Network, training, women, women and girls, women entrepreneurs, Young Entrepreneurs, young voices, youth, youth unemployment, Youths

The AWP Network Congratulates Winners of the 2015 She Leads Africa Pitch Contest

$
0
0
Click to view slideshow.

She Leads Africa continues to uncover extremely talented female entrepreneurs and provides them with the resources needed to succeed. These empowered women entrepreneurs will go on to create the inventions that transform the way we live, build the businesses that employ thousands, and lead our economies to greater prosperity. This is the vision that we are investing in and we believe young women will take us there.

The Entrepreneur Showcase is a flagship program of She Leads Africa and shines a spotlight on women who are driving Africa’s growth through leadership, commerce and innovation. This event is the premier platform for young female entrepreneurs looking to grow and scale their businesses across Africa. Participants compete for $15,000 in cash prizes, media features in international news outlets, and exclusive meetings with top investors.

Businesses from any industry are eligible to apply as long as there is one woman on the founding team between 18-35 years old. Companies must have launched their product or service, been in operation for less than 3 years and received less than $50,000 USD in funding.

Learn What Matters to Investors: when engaging with investors all startups need to have a basic understanding of key operation and financial concepts such as lifetime customer value, cash flow, and ROI. This business literacy will make you more appealing to investors. Investors are looking for opportunities to invest their capital – that is their job but many of the companies floating around the continent are interesting ideas or cool products instead of businesses with an understanding of customer needs, plan to reach the market, and operational structure to achieve scale over time. Understanding how investors are evaluating your business will help entrepreneurs focus on the right metrics to judge performance and drive their business.

Winners are:

First place: Kasope Ladipo – Ajayi

Second prize: Kamokini

Third prize: HeatFree Hair

 

 

 

 

 

 

 

 

 

 

 

 

 


Filed under: Business, Education, Events, Interviews Tagged: Africa, African women power, African youths, Afua Osei, awards, AWP Network, Belo-Osagie, Book1Car, business, business support, challenge, change, collaboration, competition, Dangote, development, education, entrepreneur, entrepreneur showcase, Entrepreneurs, Entrepreneurship, girls, growth, HeatFree Hair, high growth, Huawei Fellowship, idea, Impact Investors, Innovation, Inspiration, Investing for African women, Kamokini, Kasope Ladipo - Ajayi, Lagos, leadership, marketing, Mary Olushoga, mobile technology, my voice matters, Nigeria, Olushoga, Omo Alata, popup coworking space, program, progress, She Leads Africa, SheHive, SheLeadsAfrica, Shule Direct, small business, smallbiz, solutions, South Africa, Startup, Sterio.me, strategy, Sunze Tech, support, sustainability, technology, The AWP Network, Tony Elumelu, Ujirani, women, women and girls, women entrepreneurs, women leadership, Yasmin Belo-Osagie, Young Entrepreneurs, young voices, youth, Youths

14 Leading Organizations Changing the Lives of Nigerian Women and Girls

$
0
0
Click to view slideshow.

Awesome Treasures Foundation: Founded by Jumoke Adenowo, Awesome Treasures is a faith-based organization supporting the overall growth and development of women leaders in Nigeria. Well known for its Woman of Purpose summit, Awesome Treasures connects women with one another and helps them to find their purpose. Website || Twitter || Facebook

 

Click to view slideshow.

AWP Network:  Founded by Mary Olushoga, AWP, which stands for African Women Power Network is one of the leading platform for African entrepreneurs. AWP has launched several initiatives to include the AWP Network Agropreneur Project, a training program helping women farmers hone their entrepreneurial skills, increase farming productivity, and household income. AWP also launched the DREAM project – a pitch competition for secondary school students in Lagos.

Website || Twitter || Facebook || Instagram

 

Click to view slideshow.

DAWN: founded by Semhar Araia, the Diaspora African Women’s Network (DAWN) supports talented women and girls of the African diaspora focused on African affairs. Members of this organization are referred to as DAWNERS.   Website || Twitter || Facebook

 

Click to view slideshow.

KIND Nigeria: Founded by Hafsat Abiola-Costello, the Kudirat Initiative for Democracy promotes leadership development for young women. The organization aims to remove barriers to women’s public participation and end violence against women. Website || Twitter || Facebook 

 

Click to view slideshow.

Mirabel Rape Crisis Center: Founded by Itoto Eze-Anabais, the Mirabel Center is an initiative of Partnership for Justice, which supports victims of rape and sexual assault. The center provides survivors an opportunity to gain access to free forensic medical, legal and counseling services. Website || Twitter || Facebook

 

Click to view slideshow.

Moremi Initiative: provides mentoring, research and advocacy support through the MILEAD program which trains young African women and girls who take part in a year-long development program. Website || Twitter || Facebook

 

Click to view slideshow.

Nigerian Women Fund: founded in 2011 and led by Olufunke Baruwa, the Nigerian Women fund aims to increase the representation of women in Nigerian governance at all levels and address the growing concerns of the gender imbalance in elective and appointive positions. Website || Twitter || Facebook 

 

Click to view slideshow.

She Leads Africa: founded by Yasmin Belo-Osagie and Afua Osei, SheLeads Africa is dedicated to empowering the next generation of African Women entrepreneurs. Its flagship program, the Entrepreneur Showcase shines the spotlight on women driving Africa’s growth through leadership, commerce and innovation. At this event, participants compete for $15,000 in cash prizes, media features in international news outlets, and exclusive meetings with top investors. Website || Twitter || Facebook || Instagram

 

Click to view slideshow.

 

WAAW Foundation: founded by Unoma Okorafor and well-known for its summer camps and scholarships for African girls in STEM, the WAAW Foundation is on a mission is to empower girls throughout Africa by increasing the pipeline of girls in Science, Technology, Engineering and Math (STEM) fields. Website || Twitter || Facebook || Instagram

 

Click to view slideshow.

Wellbeing Foundation: Founded by Toyin Saraki, Wellbeing foundation is dedicated to educating women on maternal, newborn and child health information. Well known for its hashtag #MaternalMonday, the organization seeks to empower women and improve their chances of accessing quality health services and improving health outcomes. Website || Twitter || Facebook 

 

Click to view slideshow.

WiMBiz: founded in 2002 by 14 individuals who identified a serious issue concerning women in the workplace and in business, particularly in the areas of leadership capacity building and avenues for networking for growth. WimBiz is well-known for increasing the proportion of women in senior positions in corporate organization and on boards. Website || Twitter || Facebook

 

Click to view slideshow.

WITIN: founded by Martha Alade, Women in Technology in Nigeria (WITIN) aims to educate, inspire and equip women and girls to pursue and retain careers in STEM and to embrace the emerging tech market. Website || Twitter || Facebook 

 

Click to view slideshow.

WTEC: founded by Oreoluwa Somolu-Lesi, WTEC, which stands for Women’s Technology Empowerment Center is a non-profit organization working to encourage Nigerian girls to use technology to empower themselves socially and economically. Well known for its technology camp, the organization prides itself in introducing young girls to technology and helping to develop their bright minds. Website || Twitter || Facebook

 

Click to view slideshow.

WOWE: founded by Tori Abiola, Montgomery West Africa organizes the Women of West Africa Entrepreneurship Conference (WOWe). Abiola organizes Women’s Entrepreneurship Day and the very well attended annual WoWe festival and entrepreneurship conference. Website || Twitter || Facebook 

 

 

 

 

 

 

 

 

 


Filed under: Business, Education, Events, Interviews Tagged: Africa, African youths, Afua Osei, Awesome Treasure, Awesome Treasures Foundation, AWP Network, business, business support, collaboration, competition, DAWN, development, education, Hafsat Abiola - Costello, Inspiration, Itoto Eze - Anabais, Jumoke Adenowo, KIND Initiative, Kudirat initiative for Democracy, Lagos, leadership, leadership development, marketing, Martha Alade, Mary Olushoga, Mirabel Center, Montgomery West Africa, Moremi Initative, Moremi Initiative for Women’s Leadership, my voice matters, Nigeria, Nigerian governance, Nigerian women fund, Olufunke Baruwa, Oreoluwa Somolu-Lesi, Partnership for Justice, progress, Semhar Araia, SheLeads Africa, small business, STEM, sustainability, technology, The AWP Network, Tori Abiola, Toyin Saraki, Unoma Okorafor, Waaw Foundation, Wellbeing Foundation, WimBiz, WITIN, Woman of Purpose Summit, women, women and girls, women entrepreneurs, Women's Technology Empowerment Center, Yasmin Belo-Osagie, Young Entrepreneurs, young voices, youth, Youths

Founder of the AWP Network to Speak During Global Entrepreneurship Week in Lagos, Nigeria

$
0
0
Click to view slideshow.

Mary Olushoga, Founder of the AWP Network will speak during Global Entrepreneurship Week in Lagos, Nigeria.

Global Entrepreneurship Week is the world’s largest celebration of the innovators and job creators who launch startups that bring ideas to life, drive economic growth and expand human welfare.

The Women Entrepreneurship Day event is brought to you by the Joan Agha Foundation in partnership with the Enterprise Development Centre.

The Joan Agha Foundation is a non-governmental organization that addresses the needs of the indigent persons in society through educational scholarships awarded to brilliant indigent students, women empowerment, youth empowerment, medical aid schemes, counselling and advocacy.

The Enterprise Development Centre (EDC) of the Pan-Atlantic University was set up as a direct response to providing a holistic business development and support services to small and medium enterprises (SMEs) in Nigeria. Established in January 2003, EDC started as Enterprise Development Services (EDS), providing capacity building programs and a variety of wrap around services such as advisory services, mentoring, experts-in-residence, network meetings, access to market & information, implementation of organizational plans and more. EDC is the host of the Global Enterpreneurship Week in Nigeria.

“The Womentrepreneur- Opportunities on the Horizon”

Date: Thursday November 19, 2015

Time: 10.00am – 2.00pm

Venue: Oriental Hotel, Lagos, Nigeria

Register here: GEW 2015

 

 

 

 

 

 

 

 


Filed under: Business, Education, Events, Interviews Tagged: Adenike Adeyemi, Adesuwa Onyenokwe, Africa, African youths, AWP Network, business, business support, change, Chioma Agha, collaboration, competition, development, education, Enterprise Development Centre, entrepreneur, Entrepreneurs, Entrepreneurship, girls, Global Entrepreneurship Week, growth, idea, Innovation, Inspiration, Joan Agha Foundation, Kate Henshaw, Lagos, Laila Jean St Matthew-Daniels, leadership, marketing, Mary Olushoga, my voice matters, Nigeria, program, progress, Risikat Akiode, Sandra Aguebo, small business, Sola Babatunde, solutions, South Africa, strategy, support, sustainability, technology, The AWP Network, women, women and girls, women entrepreneurs, women entrepreneurship day, Young Entrepreneurs, young voices, Youths

AWP Exclusive: Pictures from the African Women Innovation & Entrepreneurship Forum

$
0
0
Click to view slideshow.

Irene Ochem, Managing Director of ICO Conferences & Events Limited convened the African Women Innovation & Entrepreneurship Forum (AWIEF) a platform established to discuss the role of African women in shaping the Continent’s economic future, as well as to proffer solutions to the challenges they face starting, growing or scaling a business.

The event which took place at the Oriental Hotel in Lagos, September 7 to 9 included speakers such as Obiageli Ezekwesili, former Vice President Africa Region – World Bank, Grace Ongile, Ndidi Nwuneli, Fatoumata Ba, Njideka Harry, Zainab Saleh amongst others. The event was well attended and included panel discussions, various exhibitors and insightful workshops.  

Based on the success of this recent forum, ICO Conferences & Events Limited is already planning the 2016 edition – set to take place in September. Stay tuned.

To learn more, visit: AWIEF

DSC_0935 Irene Ochem Obiageli Ezekwesili DSC_0170 DSC_0786 DSC_2212OE&YOUTH

 

 

 

 

 

 

 


Filed under: Business, Education, Events, Interviews Tagged: Africa, African Women Innovation & Entrepreneurship Forum, African youths, AWIEF, AWP Network, business, business support, challenge, change, collaboration, competition, development, education, entrepreneur, Entrepreneurs, Entrepreneurship, Fatoumata Ba, Grace Ongile, ICO Conferences & Events Limited, idea, Innovation, Inspiration, Irene Ochem, Lagos, leadership, marketing, Mary Olushoga, mobile technology, my voice matters, Ndidi Nwuneli, Nigeria, Njideka Harry, Obiageli Ezekwesili, program, progress, small business, solutions, South Africa, strategy, support, sustainability, technology, The AWP Network, women, women and girls, women entrepreneurs, Young Entrepreneurs, young voices, youth, Youths, Zainab Saleh

Daughter of Music Icon, Late Sonny Okosun Launches Media Company

$
0
0

Adesua OkosunAdesua Okosun, daughter of late Sonny Okosun – singer, guitarist and composer well-known for his fusion of reggae, highlife, Afro-funk, traditional melodies and rhythms – just launched her media company.

My company – Young Africa Media is currently funding a sister company called “This Is Africa Productions.” Young Africa Media and This Is Africa Productions focuses on African stories and our goal is to become a creative media house that will produce high quality projects in film, music and animation.

 

How did you come up with the name of your business?

The name, ‘Young Africa Media‘ is influenced by freedom fighters of the past. People like Ojukwu, Fela Thomas Sankara and others, these people started a revolution at the ages of 27 to 30. They changed lives, fought against oppression, government, poverty and did so knowing that this might result in exile or death, but it did not stop them. ‘Young Africa Media‘ is about that revolution we once had. A revolution that had nothing to do with corruption but everything to do with giving every man and woman a chance to achieve their dreams and stand up for what is right.

Who inspired you to start this company?

I was lucky to have a father like Sonny Okosun. I saw someone who had nothing from his youth become a success until his death. My father was the only person I knew for a while who did what he loved and was happy pursuing his dreams. Later on after college, I began meeting more Africans like him. Their stories and the journey it took to get to where they are was so inspiring that I thought, wouldn’t it be great if everyone knew about these people. They are doctors who come from the slums of Lagos and now running the show at Johns Hopkins University hospital. People who never had a chance in Nigeria, Ghana, or Ethiopia and who are not only living their dreams, but are out there changing lives and motivating others everyday.

We Africans are so used to hearing the negative stories about ourselves that we in fact start to believe these stories. It is high time we also believe in the positive side of us. For instance in the United States, we Nigerians are among the most educated immigrant group. There are people out there in Nigeria, South Africa, Angola, who have no education in engineering or IT but can fix or build a car, can build and design computers. I want to promote the true image of Africans, the hardworking men and women who believe in the growth and the success of their people. History has shown that we are fighters. We fight for what we want and this is what we have been doing for centuries. I believe that we should continue to fight until the world accepts us for who we really are.

Who is your target market?
My focus is on people ages 21 to 35. I am choosing to work with this population because they are the future. This population I believe is easily influenced by the media. They are surrounded by technology every day; Not just that but I can easily reach out and stay connected with them.
How have you financed the idea?
I have financed this project with my money. I see Young Africa Media as “my baby.” I am willing to risk my finances to see it grow. Apart from the financial support from friends and family, the one thing that has made my project grow is the support that I receive from the people around me. Their support is way more important to me than the money. In the future, I hope to find investors willing and interested in producing entertainment content made by Africans for Africans.

What is your competitive edge? What sets you apart from your competitors?
One thing that sets me apart from other competitors is that I am not only showcasing the usual “celebrities,” I am glorifying the everyday man and woman, the local heroes of our community. Of course doing segments on musicians and actors would get me more attention, but I feel as though no one has ever really focused on the everyday people. If you look at BellaNaija for instance, the blog focuses on the everyday woman about to get married or engaged. If they only focused on celebrities, it would be another boring blog. Focusing on the average Joe is what makes me stand out. You do not have to be a WizKid, as long as you are doing something amazing with your passion, then I am there with my camera filming you.

What challenges do you face or have you faced thus far?
Initially, it was difficult for someone who has never been on camera to accept my invitation for an interview. Many people did not want to be interviewed. It took them a while to respond or accept my request. However, once I scheduled the first interview, it became easier to get more people to agree to be interviewed. Now my biggest challenge is to stay consistent and get more people to tell their stories. I notice that Africans like to hide a lot. It is a funny situation, its like we are brainwashed to the extent that even when we are doing something incredible, we still want to hide. I can never understand that concept. More of us need to step outside of our comfort zone and chase our dreams.

What key things have you learned since starting this idea?

  1. Believe in yourself. People can see the confidence and when they see it, they will follow suit.
  2. I am the leader of my life. No one can dictate my success for me. When you wait on people to get you to the success that you are seeking, you will be waiting a lifetime.
  3. Do not depend on others or blame them either.
  4. Lastly, I’ve learned that it is okay to make mistakes and bad investments.
Click to view slideshow.

What five (5) things do start-up entrepreneurs need to know?

– Do it yourself, no matter how hard it is. It is crucial for people to see you doing it first before they will ever reach out to help you.

– The worst thing anyone can say to you is “No.” The word “No” is something I am used to. It should not stop anyone from reaching out or going after their dreams. Send that email, make that phone call, create that proposal. “No” is just a word, it does not mean that it is the final answer for your future.

– Do not only seek financial support; seek emotional and spiritual support. Sometimes that is all people have to offer and this type of support is what you will need when you get rejected over and over again. Those moments when you feel as though you cannot do it anymore, these “friends” or “supporters” will come in handy and their words or prayers will be the motivation you seek.  Money is not everything.

– There is no such thing as a day off. Every chance you get to do something for your business, do it. Some of us are still working the usual 9 to 5 jobs to pay our bills while we try to build a business on the side. Use every spare time that you have from your regular job and work on your business. If it means that you need to send out an email or make a phone call, do it – it goes a long way.

– Pray or find time to talk to God. It might sound repetitive, but it has really changed my life. Taking 10 to 15 minutes of your day to say “thank you God” or to ask for patience, motivation, anything – It helps, it helps a lot. This is not about religion, it is about building a relationship with God while going through the entrepreneurial journey.

 

 

What advice do you have for youths looking to start an idea but say ‘there is no money’?
My dad used to say to me, “it doesn’t hurt trying, what’s the worst that could happen?” That is the best advice I could give anyone, it never hurts trying. By trying you can work hard to make something out of nothing. You cannot just sit there and talk about your idea, you have to do what you need to do for your business.

How do you think African youths can continue to support each other?
African youths need to believe in themselves first before helping others. You cannot show support to others when you do not even support your own dreams. Believe in yourself first, believe in your dreams, motivate yourself, so that you can motivate others. Not everyone is a leader, but everyone has a role to play in the world. Do not sit by and be idle to the problems of your country, wake up and do something.

 

How many jobs have you created so far?
I have created two (2) jobs since launching January 2015. I am currently seeking interns interested in film production and social media marketing. One of my goals is to provide jobs for animators, film editors, actors, musicians and producers.

How has technology enhanced your business idea?
Technology is a big addition to my project. I use various social media platforms like Facebook, Instagram, Youtube and off course my website to promote my project. I am always on my computer looking for individuals to interview and I find people on Facebook or Instagram.

How can we support and improve innovation in Africa?
We can support innovation in Africa by supporting the local mechanics, the local technicians who live down the street. These people are beyond intelligent; they are able to create products with the little available resources that they have. Also, African governments should provide opportunities, scholarships and a better education system. We Africans need to stop looking outside when it comes to innovation because we have so much talent but we are NOT utilizing it.

 

Website: Young Africa Media

Phone: (703) 731-0757

Email: adesuaokosun [at] gmail.com

 

 

 

 

 

 

 

 

 

 


Filed under: Business, Education, Events, Interviews Tagged: Africa, African youths, Angola, awards, AWP Network, business, business support, challenge, change, collaboration, competition, development, education, entrepreneur, Entrepreneurs, Entrepreneurship, Ethiopia, Ghana, girls, growth, idea, Innovation, Inspiration, Lagos, leadership, marketing, Mary Olushoga, mobile technology, my voice matters, Nigeria, program, progress, small business, solutions, Sonny Okosun, South Africa, strategy, support, sustainability, technology, The AWP Network, women, women and girls, women entrepreneurs, Young Africa Media, Young Entrepreneurs, young voices, youth, Youths

4 African Women Entrepreneurs Selected for the Women’s Venture Xchange Initiative

$
0
0

Women's Venture Xchange

The Global Entrepreneurship Network has selected four (4) women to travel to Nairobi, Kenya, for the Women’s Venture Xchange – a one-month mentorship and networking program for high-growth women entrepreneurs based in Africa.

Each Xchange participant was selected based on the likelihood of the company’s successful regional expansion, the uniqueness of the individual’s concepts and goals while in the program. The entrepreneurs are Annet Ayamba, Hyasintha Ntuyeko, Nobukhosi Ndlovu and Linda Mukangoga.

Ayamba is founder and managing director of Your Choice Agro Processors based in Kampala, Uganda. Her company processes, packages and distributes soya millet, soya rice, karo, peanut butter and other food products. Products made by Your Choice Agro Processors are manufactured by a 3,000-woman co-op based in Eastern Uganda.

Ntuyeko is founder and CEO of Kasole Secrets Co. Ltd., which manufactures and distributes sanitary napkins made out of bamboo. The company also informs children about menstrual hygiene and sexual education. Based out of Dar es Salaam, Tanzania, the company currently provides sanitary napkins to 17 different regions in Tanzania and hopes to open a factory soon.

Ndlovu is founder and managing director of Nutrie Foods. Nutrie Foods produces predominantly peanut butter products, as well as small grains and dried fish. The Harare, Zimbabwe-based company employs 30 people, and Nobukhosi hopes to compare best practices with fellow agriculture entrepreneurs while in Nairobi.

Mukangoga is the founder of Haute Baso, a clothing and accessories company based in Kigali, Rwanda. The company harnesses the creative talents of women across Rwanda to design and sell unique high-end fashion items. Haute Baso will have its ecommerce business running soon, and they are hoping to open new workshops Rwanda.

More than 80 entrepreneurs applied for the initiative, which also includes travel and accommodations in Nairobi. The program begins with Global Entrepreneurship Week and runs through December. The Xchange program is being run by the Global Entrepreneurship Network, the Case Foundation, the Mara Foundation and the U.S. State Department.

– See more at: Women’s Venture Xchange

 

 

 

 

 

 

 

 

 

 

 

 

 


Filed under: Business, Education, Events, Interviews Tagged: Africa, African youths, Annet Ayamba, AWP Network, business, business support, Case Foundation, challenge, change, collaboration, competition, development, Eastern Uganda, education, entrepreneur, Entrepreneurs, Entrepreneurship, girls, Global Entrepreneurship Network, growth, Harare, Haute Baso, Hyasintha Ntuyeko, idea, Innovation, Inspiration, Kasole Secrets Co. Ltd, Kigali, Lagos, leadership, Linda Mukangoga, Mara Foundation, marketing, Mary Olushoga, mobile technology, my voice matters, Nigeria, Nobukhosi Ndlovu, Nutrie Foods, program, progress, Rwanda, small business, solutions, South Africa, strategy, support, sustainability, technology, The AWP Network, U.S. State Department, women, women entrepreneurs, Women's Venture Exchange Africa, Young Entrepreneurs, young voices, Your Choice Agro Processors, Youths, Zimbabwe

Founder of AWP Network Honored by the Council of Young African Leaders

$
0
0

The Council of Young African Leaders (CYAL) hosted its 5th annual CUNY Young African Leadership Symposium (YALS) at John Jay College of Criminal Justice in Manhattan, New York, November 6 – 7, 2015. This year’s theme, Transforming Africa through Partnerships, focused on the importance of public-private partnerships and explored ways the African diaspora can continue to engage with the Continent in the areas of development.

At the event, Mary Olushoga – Founder of the AWP Network was honored along side MacDella Cooper  CEO of MacDella Cooper Foundation, Bisila Bokoko – Entrepreneur and Wale Ajibade –  Executive Director of African Views Organization. 

CYAL partnered with the CUNY University Student Senate to provide a platform for African youths to lead the way in formulating Africa’s solutions.

Click to view slideshow.

 

 

Mary Olushoga, Macdella Cooper, Bisila Bokoko, Wale Ajibade Mary Olushoga, Macdella Cooper, Loukman Lamany, Bisila Bokoko, Wale Ajibade Mary Olushoga, Founder - AWP Network Divine Muragijimana, Mary Olushoga MacDella Copper Bisila Bokoko Divine Muragijimana, Wale Ajibade Divine Muragijimana, Bisila Bokoko Divine Muragijimana, Macdella Cooper

 

Photo credit: Charly Buxx

 

 


Filed under: Business, Education, Events, Interviews Tagged: Africa, African youths, awards, AWP Network, Bisila Bokoko, business, business support, challenge, change, Charly Buxx, collaboration, competition, Council of Young African Leaders, CUNY University Student Senate, CUNY Young African Leadership Symposium, CYAL, development, Divine Muragijimana, education, entrepreneur, Entrepreneurs, Entrepreneurship, girls, growth, idea, Innovation, Inspiration, Lagos, leadership, MacDella Cooper, marketing, Mary Olushoga, mobile technology, my voice matters, Nigeria, program, progress, small business, solutions, South Africa, strategy, support, sustainability, technology, The AWP Network, Wale Ajibade, women, women and girls, women entrepreneurs, YAL, Young Entrepreneurs, young voices, youth, youth unemployment, Youths

Founder of AWP Network at the H.O.P.E. Foundation Enlightenment Series

$
0
0
Click to view slideshow.

November 21, 2015 – Founder of the AWP Network, Mary Olushoga served as a coach and mentor to youths during Covenant University’s H.O.P.E. Foundation Enlightenment Series. Also present at the session were Femi Taiwo – Executive Director, H.O.P.E. foundation and Chima Michael Oleru – Founder, AfrikInterns. The enlightenment series was created to train young people in Nigeria on how to create value and gain the skills needed to enhance their careers and employability.

The event was well attended and provided an opportunity for young people to receive coaching as well as network and connect with one another. Here are a few quotes from the event.

”You can not sell yourself if you are not good at what you do – how can you?” – Mary Olushoga

“Value cannot be rejected nor disregarded, value is no respecter of gender or age.” – Femi Taiwo 

”I interned at BusinessDayNG, today i am heading the IT team at BusinessDayNG’.’ – Chima Oleru #LeveragingOnInternships

“People always talk about passion but the core of this is how do you find your passion.” #HopeEnlightenmentSeries with Mary Olushoga

“Discovery of purpose, gifts, talents is the discovery of value.” – Femi Taiwo

“I noticed a lot of people in Nigeria wait until they can’t get a job before they start entrepreneurial pursuits.” – Mary Olushoga

“The first person who actually invested in you was the ONE who created you . There is so much value in YOU.” – Femi Taiwo

”So much talent in Nigeria but fewer jobs which is why I preach the gospel of entrepreneurship.” – Mary Olushoga

”Its great to find your passion but it costs a lot to build on your passion” – Mary Olushoga #HopeEnlightenmentSeries

Coaching Session Femi Taiwo, H.O.P.E. Foundation Chima Oleru, AfrikInterns Mary Olushoga, AWP Network Capture6

Photo Credit: Hope Foundation

 

 

 

 

 

 

 

 

 

 

 

 

 


Filed under: Business, Education, Events, Interviews Tagged: Africa, Africa. Nigeria, African youths, AfrikInterns, AWP Network, business, business support, BusinessDay Nigeria, challenge, change, Chima Michael Oleru, collaboration, competition, development, education, entrepreneur, Entrepreneurs, Entrepreneurship, Femi Taiwo, girls, growth, H.O.P.E Foundation, HOPE Foundation, idea, Innovation, Inspiration, Lagos, leadership, marketing, Mary Olushoga, mobile technology, my voice matters, Nigeria, program, progress, small business, solutions, South Africa, strategy, support, sustainability, technology, The AWP Network, women, women and girls, women entrepreneurs, Young Entrepreneurs, young voices, youth, youth unemployment, Youths

Harvard MBA Grad On Why African Entrepreneurs Need Market Creating Innovations

$
0
0
Efosa Ojomo

Efosa Ojomo

Efosa Ojomo – Harvard MBA grad, engineer and co-founder of Poverty Stops Here writes about why more African entrepreneurs need more market creating innovations.

Successful market creating innovations typically have the following attributes:

Business models and capabilities that target non-consumption.

An enabling technology that provides improving levels of performance at progressively lower cost.

A new value network.

An interdependent architecture.

Capital that is patient for growth and impatient for profits.

An emergent strategy.

Executive support (typically at CEO level).Creates jobs faster than the forces of efficiency can eliminate them.

Creates jobs faster than the forces of efficiency can eliminate them.

 

Market creating innovations are difficult to pursue so we are developing a list of attributes that will help entrepreneurs and investors better seek out these opportunities and manage their development. So far, we have identified the following attributes of market creating innovations that we hope prove helpful. In future posts, I will write about the importance of these attributes and specific sector opportunities that exist in Africa and other developing regions in the world.

In the 1900s, only extremely wealthy people in the United States could afford automobiles so when Henry Ford informed his partners and investors that he wanted to develop cars that the average American could afford, understandably they were skeptical. In fact, Alexander Malcomson, Detroit’s largest coal dealer and Ford investor, sold his stake in the Ford Motor Company because he did not agree with the direction Henry Ford was taking the company.

Malcomson’s banker and uncle, John Gray, put in $10,500 into the venture but was skeptical about the long-term viability of the automobile business. Unfortunately he died in 1906, but Henry Ford bought his stake in the business in 1919 for more than $26 million. While it is easy to look back at these investors as shortsighted because of the obvious potential of automobiles, it is also important to appreciate how difficult it is to convince investors to pursue market creating innovations (MCIs).

MCIs pull people from non-consumption of a particular product or service to consumption by developing a profitable business model targeted at the majority of people who, historically, could not afford the product or service. These products typically start out simple and affordable. Our research suggests that by investing in market creating innovations, entrepreneurs and investors reap outsized returns, create jobs, and engender economic growth that stimulates national development.

For example, when Henry Ford decided to democratize automobiles in the 1900s, less than 10% of U.S roads were paved. But a massive effort to develop American roads went underway shortly after with funds from gasoline taxes. In this case, as it is with most others, the innovation caused the economic development and infrastructure spending.

 

Market Creating Innovation’s Competition

One of the biggest reasons it is hard to invest in MCIs is that investments in MCIs are always in competition with investments in sustaining and efficiency innovations. Sustaining innovations improve existing products on the market by adding features that appeal to some of the most demanding customers. Examples of sustaining innovations are improvements made in the latest version of the iPhone or Samsung smartphones versus previous versions.  Those innovations, while important, typically have marginal effects on a company’s and an economy’s long-term viability.

Efficiency innovations, as the name implies, improve the efficiency of a company’s operations. Sometimes it involves leveraging technology that enables the company to produce more products with less staff.
With efficiency and sustaining innovations, the markets are typically defined thereby making targeting these markets more comfortable for investors and entrepreneurs and making metric for success easier to develop. The markets for MCIs are not defined so metrics for success or failure are difficult to develop.

Sustaining and efficiency innovations are important but they do not have the kind of impact on job creation, economic development, and investor returns as MCIs. For example, before Henry Ford democratized automobiles, there were more than 1,000 automobile manufacturers in the United States. Most of them focused on sustaining and efficiency innovations that were targeted at the richest members of society and as such, had limited impact on the U.S economy when compared to Ford Motor Company.

Market Creating Innovations

As the table shows illustrates, these different types of innovations have different impacts on capital, payback periods, a firm’s strategy, and other factors that investors consider when making investments.
*Payback period depends on varying factors including the complexity of the product and regulatory environment. The main message is that MCIs typically take longer to come to fruition.

Contact Efosa here: Senior Researcher, Forum for Growth and Innovation

 

 

 

 

 

 

 


Filed under: Business, Education, Events, Interviews Tagged: Africa, African youths, AWP Network, business, business support, challenge, change, collaboration, competition, development, education, Efosa Ojomo, entrepreneur, Entrepreneurs, Entrepreneurship, Forum for Growth and Innovation, growth, idea, Innovation, Inspiration, Lagos, leadership, marketing, Mary Olushoga, mobile technology, my voice matters, Nigeria, program, progress, Senior Researcher, small business, solutions, South Africa, strategy, support, sustainability, technology, The AWP Network, women, women and girls, women entrepreneurs, Young Entrepreneurs, young voices, youth, Youths

Founder of AWP Network at Global Entrepreneurship Week in Lagos, Nigeria

$
0
0

Global Entrepreneurship Week is the world’s largest celebration of  innovators and job creators who launch startups that bring ideas to life, drive economic growth and expand human welfare.

The Joan Agha Foundation (JAF) partnered with the Enterprise Development Centre at PAN-Atlantic University to organize Enterprise Women’s Day which took place on Thursday, November 19, 2015 at the Oriental Hotel. The well-organized event included panel discussions on topics such as “Bras, Business & Bottom line,” “Platform for Change,” and “Women Who Mean Business.”

Influential speakers at the event included Adesuwa Onyenokwe – Publisher of Today’s Woman, Adenike Adeyemi – Executive Director at the Fate Foundation, Aisha Ahmad – Head of Retail Banking at Diamond Bank, Mary Olushoga – Founder of AWP Network, Sandra Aguebor – Founder of The Lady Mechanic, Nneka Isaac-Moses, Managing Director of Goge Africa, Henrietta Onwuegbuzie – Academic Director at Lagos Business School among others.  The event was well attended with over 250 women entrepreneurs.

See pictures from the event here:

Click to view slideshow.

 

Mary Olushoga, Founder, AWP Network Mary Olushoga, Founder, AWP Network Mary Olushoga with Adenike Adeyemi, Executive Director, FATE Foundation IMG_0216 Speakers at the Event

 

 

 

 

 

 

 

 

 

 

 


Filed under: Business, Education, Events, Interviews Tagged: Adenike Adeyemi, Adesuwa Onyenokwe, Africa, African youths, Aisha Ahmad, AWP Network, business, business support, change, Chioma Agha, collaboration, competition, development, Diamond Bank, education, Enterprise Development Centre, entrepreneur, Entrepreneurs, Entrepreneurship, girls, Global Entrepreneurship Week, Goge Africa, growth, Henrietta Onwuegbuzie, idea, Innovation, Inspiration, Joan Agha Foundation, Kate Henshaw, Lagos, Laila Jean St Matthew-Daniels, leadership, marketing, Mary Olushoga, my voice matters, Nigeria, Nneka Isaac-Moses, program, progress, Risikat Akiode, Sandra Aguebo, Sandra Aguebor, small business, Sola Babatunde, solutions, South Africa, strategy, support, sustainability, technology, The AWP Network, The Lady Mechanic, women, women and girls, women entrepreneurs, women entrepreneurship day, Young Entrepreneurs, young voices, Youths

How One Company Defied the Odds and Is Grossing Almost $1 Billion in Nigeria

$
0
0

Business

Nigeria in 1988 — Not a premier investment destination

In 1988 Nigeria was not a premier investment destination. Life expectancy for the country’s 91 million people was 46 years; gross domestic product (GDP) was about $23 billion; GDP per capita was about $256; 78% of people lived on less than $2 per day; about 37% of people had access to sanitation while roughly 58% had access to improved water source;

Nigeria had experienced six coups in its short 28 years of existence as a republic; it was also under military rule in 1988 so technically and literally, anything could happen. In fact, in 1993 Nigerians unhappily welcomed General Sani Abacha, one of the most corrupt and brutal dictators Nigeria would ever know, to rule the country. In short, if you were an investor, Nigeria was just not the place to go.

But the executives at Tolaram Group paid little to no attention to those statistics. In 1988, Tolaram began importing instant noodles into Nigeria. Since then the company has vertically integrated in-country and has grown their Indomie Noodle® instant noodle sales to a staggering $700 million a year. A packet of noodles cost about 18 cents. They sell more than 4.5 billion packets of noodles per year. In 1988, Nigeria did not have an instant noodle market. How was Tolaram able to set up and sustain operations in one of the most difficult countries to do business? After assessing Tolaram’s strategy, I cannot help but highlight the following attributes and impacts of their business — business model targeting non-consumption, interdependence, patient capital, and job creation and tax revenue.

 

Business Model Targeting Non-consumption

Tolaram entered Nigeria with a mission to target non-consumption. The company’s vision is to “bring affordability and quality to the lower socio-economic segments” in the country. In order to execute on that vision, Tolaram developed a business model that allowed it sell its product profitably for as little as ten cents (due to inflation and currency depreciation, Indomie instant noodles now sell for 18 cents). Tolaram developed the necessary distribution infrastructure and relationships in order to get its product to as many Nigerians in virtually every corner of the country as possible. In order to target non-consumption in a country without the necessary infrastructure — roads, reliable electricity and water supply, etc. — Tolaram had to integrate across multiple components in its value chain. In our language, we say Tolaram had to build an interdependent architecture. Most market creating innovations, especially in emerging markets, have to build interdependent architectures because most of the components they need are usually not available.

 

Interdependence

Whenever a product* or the delivery of that product is not good enough**, the company providing the product has to create an interdependent system. In other words, the company has to integrate across multiple components in the value chain. It does this so that it can manage the interfaces across the different components in the system. Consider Tolaram. The poor state of infrastructure in Nigeria necessitated Tolaram to integrate across the multiple components in its value chain. The company has had to provide its own electricity; manage a fleet of more than 2,000 trucks for its logistics; and build a palm oil factory (palm oil is one of the products needed to make instant noodles).

 
Creating an interdependent system can be expensive, especially when compared to a modular system. In modular systems, there are other players (either the government or private enterprises) that provide the necessary components to build or deliver a product. For example, if Tolaram were set up in the United States, the company could leverage electricity, water supply, and logistics from existing companies or government entities. This would greatly reduce its cost of doing business.

 
Interdependence, while typically more expensive, is not all bad. The fact that Tolaram has had to develop these components has enabled it offer those products to other companies in Nigeria. Tolaram now has 17 manufacturing plants in Nigeria (including noodles, flour, palm oil, seasoning, etc.); a packaging company; and a logistics company. Building an interdependent system enables companies to offer products to other companies once they satisfy their demand.

 

About the Author:

Efosa Ojomo is an engineer, Harvard MBA grad and co-founder of Poverty Stops Here.

 

 

 

 

 

 

 

 

 

 


Filed under: Business, Education, Events, Interviews Tagged: Africa, African youths, AWP Network, business, business support, challenge, change, collaboration, competition, development, education, Efosa Ojomo, entrepreneur, Entrepreneurs, Entrepreneurship, Forum for Growth and Innovation, growth, Harvard, idea, Innovation, Inspiration, Lagos, leadership, marketing, Mary Olushoga, mobile technology, my voice matters, Nigeria, Noodles, program, progress, Senior Researcher, small business, solutions, South Africa, strategy, support, sustainability, technology, The AWP Network, Tolaram Group, women, women and girls, women entrepreneurs, Young Entrepreneurs, young voices, youth, Youths

How One Company Defied the Odds and Is Grossing Almost $1 Billion in Nigeria (Part 2)

$
0
0

 

Click to view slideshow.

Patient Capital

Tolaram entered the Nigerian market in 1988 but it took 20 years for the company to gross $100 million. Tolaram spent the first several years figuring out their profit formula. The company was patient for growth, but impatient for profit. Because market creating innovations enter uncharted and untested territory, entrepreneurs and investors must exercise patience as they figure out the right profit formula for their business. This is easier said than done because capital has options.

 
Once Tolaram figured out the right profit formula, the company has been executing like a well-oiled machine. As the graph below shows, Tolaram has grown at a compound annual growth rate of 36% since 2001. One of the hallmarks of a market creating innovation is remarkable growth once entrepreneurs discover the right profit formula. Because the innovation addresses an important job that has historically gone unaddressed, the growth of the enterprise, once the profit formula is uncovered, tends to be explosive.

Ojomo Graph

Job Creation and Tax Revenue

Today Tolaram employs more than 10,000 people across 17 manufacturing plants in Nigeria. The company has invested more than $350 million building these plants, an investment that also created jobs in the country. Because Tolaram had to integrate across multiple components in the value chain, the company necessarily had to hire people to fill those positions. Consider the company’s logistics operations. Tolaram had to employ truck drivers, maintenance technicians for the trucks, human resource staff, training staff, etc. If  Tolaram ever decides to sell its logistics services to other companies, it would have to hire sales, customer service representatives, and a host of other staff in order to fulfil its obligations.

Tolaram is not in the business of creating jobs, however. It is in the business of selling Indomie instant noodles. But in order for Tolaram to take advantage of the vast non-consumption that exists in Nigeria, the company has to hire people. This is the power of targeting non-consumption. It leads to both economic growth and job growth.

Tolaram also provides about $100 million to the Nigerian government in taxes annually. These funds can be used to improve the much needed infrastructure in the country. Understandably there is a chicken and an egg problem with infrastructure and innovation. Entrepreneurs want infrastructure so they can better innovate.

Most governments in developing countries complain about their inadequate budgets so investing in infrastructure takes a back seat. Entrepreneurs and investors can indirectly engage in nation building by investing in market creating innovations in their countries. It has worked in the United States, South Korea, Japan, and other prosperous countries.

Nigeria in 2015 — Still not a premier investment destination. Or is it?

Nigeria has changed a lot since 1988. But in many ways it has remained the same. For example, Nigeria is now a democracy but it is still not a premier investment destination today. About 82% of Nigerians live on less than $4 per day; Foreign direct investments (net inflows) in Nigeria in 2014 was about $4.6 billion, down from $8.4 billion in 2011.

Nigeria ranks 136/174 on Transparency International’s Corruption Perception Index; Nigeria ranks 169/189 on World Bank’s Ease of Doing Business Index; Nigeria does not have adequate transportation infrastructure (roads, rail, air, etc.) to support a thriving logistics business; Nigeria generates roughly 5,000 megawatts of electricity for more than 174 million people (Romania generates four times that amount for about 20 million people).

But instead of viewing these challenges as show-stoppers, entrepreneurs should consider them opportunities. These opportunities will certainly be difficult to take advantage of, but if pursued using some of the management theory we are studying and developing at the Forum for Growth and Innovation at the Harvard Business School, entrepreneurs and investors can increase their batting averages.

This is not an exhaustive list of why Tolaram succeeded in Nigeria. But I hope it sheds some light on how they have been able to build a billion dollar business and impact the Nigerian economy.

About the Author:

Efosa Ojomo is an engineer, Harvard MBA grad and co-founder of Poverty Stops Here.

 

 

 

 

 

 

 

 

 

 

 

 

 


Filed under: Business, Education, Events, Interviews Tagged: Africa, African youths, AWP Network, business, business support, challenge, change, collaboration, competition, development, education, Efosa Ojomo, entrepreneur, Entrepreneurs, Entrepreneurship, Forum for Growth and Innovation, growth, Harvard, idea, Indomie Instant Noodles, Innovation, Inspiration, Lagos, leadership, marketing, Mary Olushoga, mobile technology, my voice matters, Nigeria, Noodles, program, progress, Senior Researcher, small business, solutions, South Africa, Startup, strategy, support, sustainability, technology, The AWP Network, Tolaram, Tolaram Group, women, women and girls, women entrepreneurs, Young Entrepreneurs, young voices, youth, Youths

The 2015 AWP Network Power List

$
0
0

The 2013 AWP Network Power List

The 2014 AWP Network Power List 

Be the change. Be Inspired. Be you.

Recognizing (40) African women with powerful, inspiring and influential voices.

Introducing Africa’s leading women!

At the AWP Network, we aim to encourage more African women with powerful voices who will continue to create programs and policies that support the development and growth of African women and girls.

Ameenah Gurib-Fakim

Ameenah Gurib-Fakim

(1) Ameenah Gurib-Fakim (Mauritius): Biodiversity Scientist and President of Mauritius is AWP Network woman of the year. Gurib-Fakim is the first woman elected president of the Republic. She is also managing director of CIDP Research & Innovation where she devotes her time to research the medical and nutritive implications of indigenous plants in Mauritius. In addition to all of her responsibilities, she is focused on helping Africa to develop as well as increase its science, research and development ecosystem.

(2) Catherine Samba-Panza (Central African Republic): lawyer and businesswoman, is the interim president of the Central African Republic. Samba-Panza is the first woman to hold the position.

(3) Saara Kuugongelwa – Amadhila  (Namibia): is the prime minister of Namibia. Prior to becoming prime minister, she served as minister of finance.

(4) Inonge Wina (Zambia): is vice president of Zambia and is the highest ranking female in the history of the country.

(5) Rebecca Alitwala-Kadaga (Uganda): lawyer and politician, is the first woman  elected speaker in the history of the parliament in Uganda.

(6) Oley Dibba-Wadda (The Gambia): is executive secretary of the Association for the Development of Education in Africa, an organization focused on education for leadership and change.

(7) Hanna Tetteh (Ghana): is Ghana’s minister of foreign affairs. Tetteh is responsible for overseeing the country’s foreign policy and international diplomacy.

(8) Amina J. Mohammed (Nigeria): is Nigeria’s minister of the environment. Prior to this role, Mohammed  served as special adviser to UN Secretary-General on post – 2015 development planning. She is also Founder of the Center for Development Policy Solutions.

(9) Ibukun Awosika (Nigeria): is the first female chairperson of First Bank Nigeria. Awosika is also founder of The Chair Centre Ltd., a market leader in office furniture manufacturing. She also sits on the Board of Trustees of Women in Management and Business.

(10) Jennifer Riria (Kenya): serves as chair and board member of Women’s World Banking. She is winner of the 2015 Ernst & Young Entrepreneur of the Year award and CEO of Kenya Women Holdings – a microfinance, banking and insurance group that works with 900,000 women and employs 2,800 people. Since its inception, Kenya Women Holdings has disbursed $1.3billion of loans.

(11) Gina Din Kariuki (Kenya): is 2015 winner of the CNBC Business Woman of the Year award and CEO of Gina Din Group, an indigenous strategic communications agency, helping companies to develop their brands and tell their stories.

(12) Leticia Osafo-Addo (Ghana): is founder of Samba Foods, a manufacturing company created to commercialize the production of pepper sauce popularly known as “Shito.”

(13) Mimi Alemayehou (Ethiopia): is managing director at Black Rhino Group and chair of Blackstone Africa Infrastructure LP. Prior to these roles, Alemayehou was appointed by President Obama as Executive Vice President of OPIC – the Overseas Private Investment Corporation.

(14) Natasha Sideris (South Africa): is founder of tashas restaurant. Sideris opened the first tashas restaurant in Atholl, Johannesburg. Since partnering with Famous Brands, another twelve tashas restaurants have opened countrywide and more recently, one in Dubai.

(15) Tara Fela-Durotoye (Nigeria): is founder of House of Tara International, a leading beauty and skin-care consulting firm. Durotoye is also founder of 14 schools that teach makeup as the key to business success.

(16) Monica Musunda (Zambia): is chief executive of Java Foods, a manufacturing company created to help change the eating habits of young Africans by offering affordable and nutritious food options made from local products.

(17) Bisila Bokoko (Spain): is founder of BBES, a business development agency that represents and promotes brands internationally. Prior to this, Bokoko was executive director of the Spain-US Chamber of Commerce.

(18) Iza Irame (Rwanda): investment banker and corporate leader, is CEO of African Alliance, a company focused on developing solutions in asset management and corporate finance.

(19) Blessing Okagbare- Ighoteguonor (Nigeria): made the Guinness Book of World record as the athlete with the most diamond league appearances.

(20) Chinwe Ohajuruka (Nigeria): is winner of the 2015 Cartier Women’s Initiative award and founder of Comprehensive Design Services, a company focused on building affordable, energy and resource efficient houses in Nigeria.

(21) Gail Mawocha (Zimbabwe): is founding director of Mustard Seed Africa, an organization whose focus is for the economic and social empowerment of rural women in Africa.

(22) Netumbo Nandi – Ndaitwah (Namibia): is Namibia’s deputy prime minister. Nandi–Ndaitwah also serves as Minister of International Relations and Cooperation.

(23) Nigest Haile (Ethiopia): is founder and executive director of the Center for Accelerated Women’s Economic Empowerment, the only organization in Ethiopia working to provide capacity building support services targeting women exporters.

(24) Nneka Isaac-Moses (Nigeria): is co-founder and leading producer at Goge Africa, a pioneer brand in travels, tours, culture and African exploration. Goge Africa began as a pan-African culture travel program anchored by Isaac-Moses and her partner.

(25) Sandra Aguebor-Ekperuoh (Nigeria): is the first lady mechanic in Nigeria and founder of The Lady Mechanic. The Lady Mechanic Initiative empowers and trains former sex workers, orphans, and victims of trafficking to become mechanics.

(26) Henrietta Onwuegbuzie (Nigeria): is one of the leading voices on entrepreneurship at the Lagos Business School. Onwuegbuzie is a member of the governing council of the African Forum in Brussels and sits on the board of a number of Nigerian companies.

(27) Adenike Adeyemi (Nigeria): is the executive director at the Fate Foundation, an organization focused on providing business education and support services to entrepreneurs. Adeyemi is a member of the human capital development commission of the Nigerian Economic Summit Group and a mentor for the Cherie Blair Foundation’s Women in Business Program.

(28) Tope Oshin-Ogun (Nigeria): is a multiple award-winning director and producer. Oshin-Ogun has worked on numerous projects to include, “The Apprentice Africa,” “Tinsel,” and “Fifty” to name a few.

(29) Itoto Eze-Anabais (Nigeria): founded the Mirabel Center, an initiative of Partnership for Justice, which supports victims of rape and sexual assault. The center provides survivors an opportunity to gain access to free forensic medical, legal and counseling services.

(30) Bethlehem Tilahun Alemu (Ethiopia): is founder of Sole Rebels, a footwear company showcasing indigenous Eco-sensible crafts and artisan talents. She is also founder of  ‘The Republic of Leather,’ a company focused on custom-design sustainable luxury leather goods.

(31) Adesuwa Onyenokwe (Nigeria): is an award-winning publisher of Today’s Woman magazine. Onyenokwe recently launched the talk show, “Seriously Speaking,” an interactive platform established to discuss and provide solutions to development issues facing Nigeria.

(32) Olufunke Baruwa (Nigeria): leads the Nigerian Women Fund, aimed at increasing the representation of women in governance. The organization also addresses the growing concerns of gender imbalance in elective and appointive positions.

(33) Suzana Moreira (South Africa): is founder of moWoza, a company providing informal cross-border trades in Southern Africa with a mobile information service on pricing and access to goods.

(34) Clarisse Iribagiza (Rwanda): is founder of HeHe Limited, a leading mobile technologies company that connects businesses to customers.

(35) Thato Kgatlhanye (South Africa): Anzisha Prize fellow and founder of Rethaka Trading, which repurposes plastic bags making them durable and environmentally friendly. The company recycles plastic shopping bags into solar powered schoolbags, which charge up during the day and provides light at night.

(36) Solome Lemma (Ethiopia): is a White House Champion of Change, co-founder of Africans in the Diaspora (AiD) – an organization created to unleash the philanthropic and intellectual capital of the Diaspora to advance sustainable development in Africa, and HornLight, a platform promoting dignified narratives on the Horn of Africa.

(37) Elizabeth Patterson (Ghana): is founder of Girls Education Initiative of Ghana, an organization providing educational access for girls with seen and unseen disabilities.

(38) Divine Muragijimana (Burundi): is co-founder of the Council of Young African Leaders, an organization focused on increasing the visibility, voices and public participation of young Africans in the Diaspora.

(39) Alice Aluoch (Kenya) – is a Vital Voices Leadership fellow and founder of Mfariji Africa, an organization providing sanitary towels and menstrual hygiene training to marginalized girls in Kenya to help them stay in school and complete their education. Aluoch also received the Startup Africa Social Entrepreneur of the year award.

(40) Tope Egbetokun (Nigeria) – is a Vital Voices Leadership fellow and founder of Business without Boundaries, an organization created to provide the leadership needed to jump-start, re-invent and transform every aspect of business and human capacity development. Business without Boundaries helps communities pay it forward through training, mentoring and leadership development for women, youth and girls.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


Filed under: Business, Education, Events, Interviews Tagged: Adenike Adeyemi, Adesuwa Onyenokwe, Africa, African Women Power Network, Alice Aluoch, Ameenah Gurib-Fakim, AWP Network, Bethlehem Tilahun Alemu, Bisila Bokoko, Blessing Okagbare, Catherine Samba-Panza, Chinwe Ohajuruka, Clarisse Iribagiza, Divine Muragijimana, Elizabeth Patterson, Gail Mawocha, Gina Din Kariuki, Hanna Tetteh, Henrietta Onwuegbuzie, Ibukun Awosika, Inonge Wina, Iza Irame, Jennifer Riria, Joanne Mwangi, Leticia Osafo-Addo, Mary Olushoga, Mimi Alemayehou, Monica Musunda, Natasha Sideris, Neha Misra, Netumbo Nandi – Ndaitwah, Nigeria, Nigest Haile, Nkosazana Dlamini-Zuma, Nneka Isaac-Moses, Oley Dibba-Wadda, Rebecca Alitwala-Kadaga, Saara Kuugongelwa - Amadhila, Sandra Aguebor-Ekperuoh, Solome Lemma, Suzana Moreira, Tabitha Karanja, Tara Fela-Durotoye, Thato Kgatlhanye, The African Woman Power Network, Tope Oshin-Ogun

Founder of AWP Network Recognized as Innov8tiv’s Top 100 Women Visionary Leaders To Watch In 2016

$
0
0
Mary Olushoga, Founder, AWP Network

Mary Olushoga, Founder, AWP Network

Mary Olushoga, Founder of AWP Network was recently recognized as Innov8tiv.com’s Top 100 Women Visionary Leaders To Watch In 2016.

Felix Omondi who gave the recognition stated, “the women selected peeked Innov8tiv’s interest throughout the year 2015, and if precedence is anything to go about, we should expect greater things from them over the next year. They have demonstrated leadership, innovation, ingenuity but most importantly the potential to positively impact the community around them.”

 

Click here to learn more: Innov8tiv’s Top 100 Women Visionary Leaders to watch in 2016

 

 

 

 

 

 

 

 

 

 

 

 

 


Filed under: Business, Education, Events, Interviews Tagged: Africa, African youths, awards, AWP Network, business, business support, challenge, change, Charly Buxx, collaboration, competition, CYAL, development, education, entrepreneur, Entrepreneurs, Entrepreneurship, girls, growth, idea, Innov8tiv, Innovation, Inspiration, Lagos, leaders, leadership, marketing, Mary Olushoga, mobile technology, my voice matters, Nigeria, program, progress, small business, solutions, South Africa, strategy, support, sustainability, technology, The AWP Network, Visionary, women, women and girls, women entrepreneurs, YAL, Young Entrepreneurs, young voices, youth, youth unemployment, Youths

Founder of AWP Network Featured in BusinessDay Nigeria

$
0
0
Viewing all 259 articles
Browse latest View live