Accelerating the growth of African Ventures
Frank Deya Podcast
0:00
0:00

Full episode transcript -

0:11

Yeah, okay. Yeah, it was a weekend. Ah, slow for sure. Yes, but I guess that's expected, considering all circumstances

0:31

through his. Yeah, quite has changed, but too much everything.

0:36

Everything has changed.

0:38

Everything is just Yeah. I'm curious to know from your end, if you think this is a change that this temporary or we'll have to adopt a new way of doing things completely going forward

0:52

Uh, I definitely think that I don't know. I think it's one of those that's a bit uncertain, but I think we considering that we beat bigger plagues with minimum resources. Yes, in the past. And we have advanced in technology and health care. Believer will get over it so sooner than data.

1:18

That's true. And, uh, what exactly are you doing to keep yourself safe from contracting the virus? E

1:28

thinkit's just the same instructions. Just one. Um, I have decided that I'm only reading information from the World Health Organization. Yes, on the unjust government updates, because the first few days was a bit difficult. Sift in between fake news and the actual news, and that was very bad for, like, hysteria and panic. But so by controlling the type of information that I'm consume me. That's the first thing that I had to do. And then, um uh I guess, uh, for me,

I think it's not very difficult. Okay, I think it's it's a bit difficult. It's a hodge, uh, way to deal with things. So Okay, so I'll talk about my habits. So one information, ah, of wind, the amount of information I'm consuming about the virus itself. Okay. Practicing all the, you know, social distancing and washing my hands And,

you know, looking on observing my own personal, um, health to see if you know, you know, showing any any symptoms, considering I was at an airport two days after we had our first case here. Um, but so far so good. Unfortunately, I also have allergies, so sneezing and coughing is a norm. Ah,

3:8

maybe thoughts who might have any time, his keys?

3:11

Yeah. Oh, my goodness. That's why I had to start only consuming, specific type of information. Because you start reading all these things about how people Yeah. And so? So that was One second thing is I have still stuck to my routine in terms off the time that a week up on the time I go to bed because I figured if I do, you know, take this as a holy day. Yeah, it might be a bit difficult for me to readjust when things are back to normal. So I still wake up at my time, do a bit of yoga in the morning. Ah, and then start my day in terms off working remotely. Um,

I do facilitate a lot of incubate incubators. Uh, and so I have some sessions that was supposed to be in person, so I'm hard to do them online, which has been a bit of a learning experience. Uh, and then the final thing is just, um, looking at my business and seeing how this moment can you know what I can do to prepare for what happens next in terms of supporting this Mrs having conversations with investors, having conversations with the right stakeholders in the space just to see, you know, what's the general mood? Should we all be suddenly innovating around health care and education? Or can we continue with our, you know, business saying those are the three things?

Um, yeah, controlling my information, maintaining my routine and just, uh we are working,

4:49

working from home. Um, you mentioned the allergies and the tremendous me of a friend who's in Botswana. So, uh, but three weeks ago should trouble to the U. S. And she fought back to Botswana shoes us to quarantine self quarantine. A solution for both. 10 days. Mouth when I had cholera a few days. It's crazy. Something that would wish on anyone Toby on self warranted. Because, yeah, time you feel something in your body, it takes you are losing it.

I was just thinking about me. This is it. Yeah. Yeah, it's unfortunate, but I think she's She's Well, um, yeah, there's not been any recorded cases so far on okay. Should be okay. Yeah,

5:46

I think we all will be, um, in the long in the long run. Now, the question is, how long is that going to take? Only underestimating the extent of this virus. So there's certain things. And so what I realize is I am not a doctor. I don't know how to treat it. I just know how to prevent, you know, the biggest spread. So I just need to have my own civil responsibility to ensure that I'm not a party to making this harder for our doctors.

6:24

So yeah, way to go. And I think when you mentioned, uh, controlling the sources of information, it's very vital because a lot of the misinformation that has been going around, especially in Africa, of considering the location have been applauded. And almost, well, very few doubts is those ah, lot of belief in quite a lot of people that this virus is not going to any black. Sure, Yeah. Kind of belief that has spread and people really out got into ticket in. Which is very unfortunate, considering that will be part of the reason it's not got in here.

You know, he tr so hard yet is because of the lack and the fact that you don't have a lot of movement in the continent, as I bet this is like Europe of the U. S. Yeah, getting the heat of the moment. So getting the rights of motion is very vital to ensure that chances of survival for people. Yeah. Yeah. Um how do you think this is going to impact you? You, you know, African startups going forward. Maybe in the foreseeable couple of months,

7:54

E think that's a good place to start the conversation, because it's something that I would say for the past one week within my network. This is a conversation that we had in death and in passing. What we really started realizing is on this I would mention, 01 of the sessions I had yesterday with those with hearty estate founders who are looking to set up their businesses. And I think this, J. P. Morgan said. One thing. There's two decisions that form the human mind, and that's the good one on the real one on sometimes I feel entrepreneurs are stuck in the good one, which is already we have this savior mentality and we're doing good and we forget the real one. And everyone here is How is your business actually performing you? Do you? Do you know, do you have enough money flowing in your business to handle a crisis like this?

Or are you actually generating revenue? I feel like there's, ah, sometimes a disconnect when you look at our business models, not only for African entrepreneurs but just entrepreneurs in general. Um, because we we we get a lot of our inspiration on running businesses from the Bill Gates and the villain masculine. All this people who have defied norms. Sometimes we're stuck in this lovely bubble off. I'm defying gloves. I'm a rebel. But when the rubber meets the road case in Point Corona, we're in panic mode because we're saying, Wait, um, I actually running a business or this is a hobby or my,

um, I call them Am I a pitch preneurs? Do you have a little story off which problem you're solving? But when we go deeper, the certain things that need to be realigned So one of the things is definitely, I would say, for entrepreneurs in small businesses, I think this is the time to think about how to collaborate better to reduce your constant become more efficient. Um, this is the time to build company policies that make you a better working organization. For example, do we have we building companies that will be able to pay people when we have an outbreak? Or do you have a policy that allows your employees to work from home? I think one of the interesting things that have gained from a lot of the founders in my network is a lot of them. Elect. This is not different from my usual way of doing things.

Because a lot of us do work remotely on, Really? You know, a stock within our spaces to build and no work, but yes, I think the biggest one for me is just we need to take a dip, you know, get a bit more serious with how we look at our business. Is our business ones airtight on day survive with or without funding? And then that brings me to the second thing off how the pandemic is affecting startups. Yes, definitely on on on investment, huh? And this is a conversation we just had two days ago with techstars. We had a Comcast with the different female founders in the space off venture building and venture investment. And one of the biggest thing is So how is this going to change?

How investors, um, react to the uncertainty and the recession and the global economy? Taking a dive? Yeah, the biggest. I mean, we've had this conversation with investors were in the middle off signing term shit sheets. Who are people who are very interested in investing. A certain start off that we have on off course, they'll give you the assurance off or great. We're definitely going to still invest. But at the end of the day, an investor is still a human being, and this is their personal money sometimes. Or this is a group,

um, of people who have put together a pull of funds to invest in start ups. So I think one it's gonna be a little bit harder for startups to raise money at least this year. Yeah. Um, unless you're in the this, you know, the gaming space, the ed text based, the health tech space. Maybe it might be a good time for videoconferencing space. Maybe that's a good time for investor putting money. But even still, I think it might be a bit harder for people to raise money. And so I would say, for a start up found out it would be great for you,

too. I keep having these conversations with your investor or potential investor so that you can become memorable in the midst of this all. I think the biggest thing is not necessarily to say hi. We're raising money. I think it's not to get them more aware about what you're doing and, yeah, I think, yeah, that's that. And then finally, it's an opportunity for startup founders to talk to their customers or the people that they think of their customers because people are on their phones, People are at home. People are not necessarily sticking to their routine. So this is the time that you can actually call someone who's your customer and ask them, What do you think of my product? What can I change about it?

This certain things that you could do in terms of reflection on how the business books. But all in all of this, just assumptions based on what we d'oh. I think once being in us in the start up world, we live in the world of assumptions. Yes, On validating those assumptions, I e

14:11

think that you've lied the assumptions, so to speak, because as it is right now, I think for the first time, um, the entire wild his entire globe exist. Um, forecast on one particular problem a while, efforts seem to be driven towards into this problem and I have a solution someone will come up with that might, you know, lessen the impact of the virus spread and eventually getting things back to normal would be considered appropriate by, you know, would be investors. Or even maybe potential founders. Orbit brings brainstorming some of these salute. So I think this would be a good time to for chasm. Building ventures are basically tweaking that.

Yeah, you know, solving the problem at hand, which is impacting everyone s o could be moving from brick and mortar to e commerce candle. You know, service delivery. Yeah, Digital. Getting all money into a digital wallet and Presumptions. Exactly. Anything in in health health care technology that would enable a screaming testing and just trying to look at how human got socially and what enable them to still feel like it's doing that, doing the same thing they've been doing over and over. But please example, can we build a platform that would enable groups of people in different places to watch a movie and have compositions, that sort of thing? Yeah,

from their homes. And I think, Yeah, it's it's valid that enterpreneurs will need to think through this problem and find solutions around it. E

16:29

Thanks. So, um but I guess all in all the self isolation and quarantine, and all the measures have been taken a great for the environment. Um, hopefully, we'll be able to maintain this after, but again, we're human beings and we tend to forget too fast, but just to add and in terms of how, then can we support startups and other smaller businesses in the time of Corona? I think the biggest thing is coming up with a clear communication strategy. Um, for talking to all the stakeholders with the new business Is that your employees? Is that your partner's this ethical soldiers who work in your company? This are your customers, your investors?

I think a communication channel is key to keep that relationship alive. You would see, even in the personal life that we have or our social life, uh, you start seeing people having conversations, say, who is this person really, my friend? Because now we don't talk anymore just because we don't see each other or you know. So there's a lot off reflection on who's important and who isn't on. Maybe this is the time to get rid of the dead contracts and ditto. Think of what the new ones look like. Yes, be clear. Be consistent. Um,

yeah. Andi, just think of the future. What does it look like? And do, like a scenario modeling for your business and say, Okay, if this happens if we don't get out of this and the next X amount of time, this is what we'll do if we don't. And I think, um, collaboration is key for me. I think that is where I've managed to Stacey in realizing that there's someone in my network who needs this kind of support, and I'm willing to do it for them on Just get things moving. So maybe it's the time for founders not to be loners. This is the Yeah,

this is the time I can get Frank on a phone call. Yes, because because we're always so busy. And now you can get thio, you know, take a chill pill and see. May can we have a conversation for 30 minutes on eggs and why? And yeah, it's

18:52

so there's probably a silver lining, right?

18:56

I am a very optimistic person. Um, and I'm all the solution driven. Uh, so I try and see that, but off course there's the whole annihilation of the human race as it is, which is sitting in the back of our heads way have had a lot of this doomsday scenarios in a lot of the movies that we watch, so I yeah, but I think all in all this this more that can be done by government to support small businesses, at least in Africa, because I've seen in other countries that, you know the taxpayer isn't as brutal as our taxpayer. Yes, governments are offering, you know, waivers and they're offering extra wages for small business owners on. That makes me think about our own government who haven't said anything about small businesses.

So it's one thing to say that you are sending out a decree for banks, and all this place is to, you know, think about small business owners but called Ground Whitney different. I

20:11

know one of the one of the biggest concerns people have is if, um, we might if it so happens that we find ourselves in a position whereby we have to have a complete lock down, I'm considering that our entire economy, Iran's or is being run by small businesses will live from hand to mouth. Are we ready to mitigate the facto off that getting someone who works in construction. Oh, baby looks in the construction business, um, to stay at home for a week. How'd you come to feed? You know how, exactly? It's I think it's important for the government. Come out now while things are still kind of normal and the common solutions. Let's start finding ways Allione before you know things get out of hand.

21:12

Yeah, I think that's definitely something that government needs to consider uneven you bigger employers. And I think this is the opportunity for a lot of this. People thio, uh, change their narrative, especially toward small businesses. I think small businesses started very oppressed by the system and policy. And there there's no one thing I mean in terms of public health. We're having daily updates on that in terms of the economy we're having almost every other day. We're having updates from the central bank, but they're already saying anything about businesses. What next? So we're just in limbo on hoping that this dies out. But at some point, if we're indoors too long, then I foresee that this is gonna be bigger than what it has been for the past one week. Um, yeah. So,

22:6

uh, do you do you see a particular oh, maybe a specific opportunity for social entrepreneurs at this point?

22:19

I think this is the right, um, my business being an impact business and looking at the opportunity for that, I think Africa is a good space for impact on dhe. It's just an execution, but it's gonna be very difficult for social entrepreneurs as well, because, ah, lot of this, um, the people at the last mile are people who can't afford to be indoors on. We are really constrained on physical contact on that interaction. So my it's just the people who are in the social entrepreneurship space need to really think fast on their feet on How will they, especially on how to decimate information to the people that they're willing to make, you know, create impact? For how will this information get to them?

How we create a system that allows your business thio create impact at the last mile on dhe, there's ah, this business is that I've seen in Europe and in the States who say, for example, the model was if you buy a cup of coffee, then you get to give a gift to someone who needs It s o in my in my head. I'm like it Be nice to have those kind of, you know, things happening Where if I'm swiping at car four and them it on sweeping X amount of money, am I buying? You know, bread and milk for someone else. Do we have that kind off, um, thought process and thinking about the people that are supported when we're talking about social entrepreneurship? So I think the issue is yes.

This is an opportunity for people in the social entrepreneurship space to create change and make an impact. But also how then do you get to this people? So coming up with a community, you know, a communication channel for this? Um, I watched a video off someone in western Kenya who was in a motorcycle with a megaphone on Do you know, giving this public service announcement on how people should take care of themselves during Corona. And for me, that's a social entrepreneur for me, because he's on his back is on his own. He is communicating to the people in the language that they understand. Now, if we're sitting in our houses, not figuring out how to communicate. Then for me,

it would be a bit, uh I don't know. I don't want to call it pretentious, but I wouldn't find it in good. Just if the social entrepreneurs will come out after all of this is done. Um, you know, I look at the one Gary Math. I want Gary Mukai. Even if the government was out there looking to beat her up, she still went out and fought for the environment and protected our spaces. So I think we need to move beyond our business model canvases and all of this and get out. Not really. Get out. I don't know. So very, very weird places,

25:32

Scully, to get me to take initiative despite the challenge and, uh, bring up, you know, something that will be able to impact society at large.

25:43

Yeah, So I guess it's just it's an opportunity for people to think outside the box. I think that's the thing. This corona virus is gonna make a lot of us think outside the box like I am. If I was gonna teach kids how to code kids in which have a slum that we like talking about to code. How am I going to do it now? Don't this mean still need it? How am I going to do it s o? This is an opportunity to just get out of the box. Stop being comfortable. Stop talking about the same thing on your pitch. Bie rial. I think that's the thing I'm getting. Can we just be real? This this is an opportunity for us to just get down back to reality. That means getting better.

26:29

I think you've already taken the initiative. And this is something I think you did before the syntax in every escalated, you started a project called Business Club Membership. Yeah, expound on what exactly it is and what it's doing.

26:50

I think, uh oh, yeah, that's a good place to then, uh, engaged this conversation on. So business is just a couple of us were like, What is the best way that we can support small business owners? So we started that in towards the end of the conversation, started just as soon as it started the year. And then in February, we were able to mobilize a lot off the founders and business owners on The goal for the business club is to start thinking of how to engage amongst each other, one around information on how you Andi this comes back to also when ah, Kenyan or in most of us when we want to start businesses the first place we go to his Google. And when you go on Google on, you know, tips on how to start a business tips on how to do X y z we never really find local locally viable dental nation s O.

The content that were able to access is never home grown yet. We do have people who are management consultants, service providers in the space who are really good at that. So this is one a place for us to consolidate that information that homegrown information on find the best way to share it with business owners from a central place. Okay, so that was one of the things so do building the club was about getting two sides of the, um, off the scale one the business owners to the service providers. But from a due diligent point of view, So how can we be able to say hi? Um cooperative Bank of Kenya. We have 200 businesses. This business is already due diligent. Can we have access to the money that can help them grow? But for that to happen, we need to facilitate those conversations.

And you come up with a guide for businesses. And this is because this was also inspired by the fact that a lot of the people who run this business is do not have the privilege that you and I have off Internet off having access to networking events. These are people who just got into business. Um, you know, two. Um, maybe they just stumbled upon it or just life took them to starting a business on so so on most of the time, because there's a gap in that information on how to set up how to run, how to grow a business. Then we miss out on all this opportunities. You walk into the Women Enterprise Fund. They say we have all this money. We can give it to you because you're not viable. You walk to the Youth Enterprise Fund, we have 200 plus 1,000,000 that has not been used because we can give it to you because you're not you know your high risk,

You go to the bank. Oh, sorry. We can give you this money because so because off all this road books that have been created by existing in a traditional world, how then can we create an informed epicenter off businesses that have the same needs beyond just meeting each other and sharing a laugh here there. Can we then understand what these people, especially around access to finance and access to markets? What do we need to do to them? Support these businesses in accessing ex opportunities because they're there? So it's one of the goals that we had on also coming up with a business directory that we've already started putting together where you can you can start seeing who's doing what what are they, how what's the synergy that can be? You can be found from this pool of people. So that's definitely one of the things that we've been working on as the business club. In seeing how how can I access someone in logistics? This is everybody who's in logistics. This is how they operate.

This is how legit they are, because also we have the challenge off. How do you know the right person to conduct business with eso creating that center point off access to other people who are doing something that can help your business grow faster on. So I'm finally beyond that is start offering, um, meeting opportunities because also, you need to be around people that think like you on this is beyond off course. I love going to panel discussions. I love attending talks. I love attending conferences, but sort of bringing it back in and realizing that sometimes I might not know everything, creating an environment where we're able to share amongst us for on our experiences and put it out there. What I must add is we have the business Kenya website. Um, that already has a lot off. It's been there for over five years,

and we're beginning to start to use this platform for visibility because this is also another thing that small businesses do not have the privilege for. If I do not know somebody in X mainstream media, then no one will even know that I'm doing something remarkable that's from and that so that's also we're gonna use the means off, you know, having this website to give visibility to businesses that are doing something interesting on do you? I think that's the best way that we can grow as a unit. So for business, I think the goal for us is people build the people. So we've built the people over 200 In less than a month we've been able to mobilize over 200 entrepreneurs on we have more who are interested, not mobile, not activated yet. In fact, we have almost the same number who are like, great. You just let me know when this starts and I can't be able u S o using that approach to them. Activate access.

That's how I can summarize business access to legal access to finance access to markets, access to government, access to policy, access to share because also beyond the many worlds of Nairobi, how well do we interacted businesses in Nakuru in Mombasa, in consume? How How can we foster that relationship that then we have off course when I go to target all the 80% of small business owners in the country. But we can even if we target 20% of that number, then we can begin having a ripple effect on a you know, ah, voice that's unified in one way or another, This can influence policy if a tow back of my head. This is one of the things that have you know, Karuna has affected for me because I'm like, we were gonna have our first meet up e. I don't know if I want to do it online.

I don't know if online is enough for the first meeting off all this amazing people with amazing minds. So there's a bit of that and and in my head, I'm like, these are the people who would have ignited a conversation for policy to be shifted or adjusted to accommodate small businesses. Off course, we have other people in the in the space we have asset, which is an association of start up S m E enablers in Kenya, which has been put together. But for that to even move, we also need to have a consolidated voice more from the business owners as well toe plug into this resource. So there's a lot of resources, but there is no communication. No one's talking to each other. So what? We decided the business club was going to be. Let's talk amongst us.

Let's figure out what our voice is. Let's figure out the value. And then now we can project this to all these key stakeholders. You know, we're looking at the chamber of Commerce. We're looking at the ministries we're looking at. Ah, uh, cabs were looking at Capsa. All this people who can play different roles to make running a business in Kenya easier.

35:34

Yeah. Yeah. Thank you. Yeah, you really very impressive progress in just a month getting over 200 businesses on, uh, you know, at least to start to engage. And, uh, you know, the statistics that we've been reading about the past couple of years is that over 80% of small businesses barely see past the third bath D e feel whatever you're bringing together with the business club. Uh huh. Try to lower that's number and small businesses able to survive beyond every Yeah, that's true. Yeah. So?

So, so far. How's the engagement going? They understanding what you're trying to do, and they impact that, Billy, you know, come out of it for them going forward to the seat. Because I think one of the reasons maybe a lot of businesses feel is because not many people who engage in tempera new worship really how the the right resources the right skill to run a business so far from your engagement from the 200 speaking. Do you think that you're able to see them? I'm going for it, e

37:9

think one of the things that have been able to identify as, ah, bigger because we did a bit off surveys and asking, What value would you like to get? And from this set up, I think the biggest one was in terms of information and capacity building, because as a small business, you are possibly the only person running the business or a very small teen. And sometimes you get off overwhelmed and you're also stock in trying to pay your own bills, keep the business afloat. And this is one of the factors that lead to the business collapsing. And one of the biggest things I've seen as a response and feedback is that we want to know more. We want this guidebook. We want access to people who we can trust, people who are you know, who know what they're doing. So one of the things is creating that pipeline off trust,

interest, transparency, which is something that we're really lacking in our in our general ecosystem, that I will probably work with ex person because they're recommended by another person on, and that's the only level of trust that I would have. But making this more transparent and accessible is something that we've seen that the businesses are very hungry for. Andi would definitely be play a huge role in reducing that time from three years event, you know, one year on, maybe even know years. We want to see the businesses survive. We wanted to see for a scenario where a business can have a merger with another business. You know, that's how business is done, that I will be able to see that Frank is doing something that is complimentary toe what I'm doing. And if we work together,

haven't actual merger. We can actually do this so much better. Yes, get more of our businesses into the Ai po, you know. Yeah, that's that's the direction that we want to look into in making business. Um, you know, much easier than what it is right now, and I'll give a scenario off. People say Who's running? I don't know. Maybe someone who's in the auto industry selling cars or, you know, yeah,

maybe selling cars. So this guy's really good at setting cars, and then someone you know comes and says, Hey, I can build a platform for you to sell the cause better and faster. Then what does this person do? He doesn't spend another six months trying to build this for their own company. Yet there is ex other enterpreneurs sitting on the other side who already has a working platform who can consolidate and put all these people with different auto, you know, cos just back for so you start seeing the fact that everything is so decentralized. Then things take much longer and the frustration is even higher. So by by making this, you know, a bit more transparent, I think it would be much easier for people to focus on what they're really good at and not, you know,

start relearning angry, you know, rethinking their wheel, which is something we, as Kenyans and good at myself included. When I was starting, I know someone who can you do this? I'm like, Yeah, of course I couldn't do it. And then I go like all Google and Mike. Can I do this? How do you do this? And then it takes me, like, three months to deliver and yes,

on. And I'm lucky sometimes that I am able to deliver, so as that Ah, chronic Kenyan problem off. Yeah, of course I can do it as we can treat but realizing if I can work with this person, the next person who can do this in a week, then we are more efficient. Eso eso That's how I envisioned the club growing in terms of transparency in terms of visibility in times off, you know, highlighting the amazing people out here who are brilliant at what they're doing and then engaging the service providers and government to mobilize resources for growth. Yeah, e,

41:39

I think we're that in certain quarters were known as the hustle a nation if someone is bringing a business opportunity to you, Um, you don't say no to it. Even if you don't have a clue what so ever how to go about it. Just stick it down your fig that would

42:2

you eat it and the excess tria

42:5

I think that that attitude has made a lot off. People mistrust each other when it comes with the kind of business are engaging into something new with people. You don't know me, as most people have failed in delivering, you know, and I have been talking to a friend who's been looking for software developers for him. A platform has been working on for about two years, and he keeps telling me that every time he throws money of these people, they make grand promises. But never, never is almost give alarm is actually side and the potential. Luke, you just don't be looking at the right place. So I think if business as a platform can enable trust amongst parties, women don't know each other, make a business from more seamlessly. And yeah, a lot of engagement because I know there's also a lot of people who like to do things but very skeptical about who's the right. How can I trust them is like a rating system. We check an act for two and a forum where people can buck me up as someone who's very good at my particular field. I think that way we'll be able to build a lot of trust and create more business opportunities for our local enterprises.

43:33

Yeah, I think so too. We'll see how all of this goes. But generally think in terms of what the business team is doing, putting together proper communication strategy and it's you know how best will be communicate the mid term and the long time gold to Then he build, build this network. I guess the biggest challenge is off course where we are now. And we were really dependent on a lot off the conversations being offline. That one line, because online we do already have a very vibrant way of communicating. Eso is there way that we can move this off line. So I guess in terms off, the team is thinking about how can we do this differently if we're going to be stuck indoors for a while?

44:19

Yes. Yeah. So, um, finally, tell Romo is best to be the founder and executive director of Mama Ventures. Yeah. Could you take us through the journey of Mama Ventures? Why is it who does it sound house on? What kind of impact of you had? Uh, yeah,

44:48

Well, Mama, I think this one, uh, yeah, So I I I founded Mama Ventures in 2016 on Dhe. This is from transitioning from a world of public health and in my public health rule. One of the biggest things I needed to do was create programs that are centered around sustainability. Because in the nonprofit world around 2013 2014 there's a lot of conversation on How can we begin to make communities more sustainable and less dependent on funding and, you know, grants from different governments and different donor agencies. So that really did create, um, the best foundation for Mama to grow and start, because it did expose me to a bigger opportunity off, um, within the community.

There's a certain mindset that had already existed, and so I had to make the call. Should I try and change mindset in the nonprofit space, or do I just transition and see where bigger need is for the type of programs that I was creating? And so the bigger need was definitely around the nonprofit, the for profit space with the startups, because at that time I did a bit about nine months of research. This is in 2015 before he starts decided to start on having conversations started founders both locally, regionally and globally, on the challenges that they face in setting up and around sustainability on off course impact. And so one of the biggest things is the number that you just mentioned previously that 80% off small business owners do not get to see their third year on. Guy went deeper to find out why, and this was off course between the idea and market. A lot happens. There is there is lack of information. There is no knowledge off the partners that are needed.

There is a lot. So what my team and I did has been designed on entrepreneurship to kits that then we would use with founder. So how I did that is I would I used to run, um, dedicated networking events where we would have found us coming on. We do thematic T. It seems like marketing, branding, legal finance, everything that you know, we kind of need when you're starting, and from here then would be able to identify solo founders and have this conversation with them. Take them through the two kids on, see if we can actually reduce the time that it takes them to get to market so that it has been the goal for Mama from the beginning. How can we help solo founders get to market faster and more efficiently on in a more cost effective way? So after that,

then we realized it was a bit hard. We were getting overwhelmed with seeing solo founders, Okay, because the numbers were growing, the interest was growing, our team was severely understaffed, and we had to rely on external consultants as well. And so instead of getting a bit overwhelming, so in 2017 um, going to 2018 then we started working with different accelerator programs. Nyla being one of them in in running the same program now in a more classroom setting. So we would, uh, take up after 30 entrepreneurs and take them through three months of this program and see how we can help them get to market faster. And within this two years or 2017 18 19 and now twenties. The biggest challenge for me was also starting to identify what exactly do we need to do as Mama beyond the facilitation and supporting and you know,

the training and consulting for different accelerators. Incubators? What is the one thing that cuts across this space is? So we finally opted to brand ourselves as adventure builder. Oh, or rather, our company builder. I want the products that we had designed and validated was a risk, an impact assessment tool so start ups are able to get a risk score. Kaj. That tells them how risky they are on give them interventions on what they can improve in their business to then get to market faster on, even if it's not to get to market, then also attract the right type of investment of the right time. Because as a venture builder, a lot of our conversations are also linked to invest investors was we build companies that get invested in. That is how we make our money in terms of some companies give us ah percentage of their company shares,

and then others gave us a percentage off the the investment raised. So those are the two ways that we do get our revenue on. So one thing that cut across for both start ups and the investor was a risk, an impact assessment, too, so that's become one of our biggest products for individual founders that we had hunted for found us who approaches and founders who we worked with in, um, accelerators and incubators. At the moment, we're handling two programs, one being the Tec Tec Bridge Invest, which is originally from Norway on. Now who set up a Harbin Mombasa. We have AH satellite project in Nairobi and they also have one in Kampala, then the 2nd 1 being Africa. Yes,

which is more social entrepreneurship program, that is, look is based in Nairobi, So using the risk an impact assessment told is a precursor. Then you start seeing more interests not only on the investor side, the investors and more happy because they're saving, you know, up to $5000 on up to three years off, looking for the right in business by working with us and then the startups are also more motivated to actually build on, identify where they need to grow. What point? So you start seeing more people. They're excited about building about setting up about, you know, talking to investors. It's and we've been able to our track record,

actually in six months, So we've cut down three years, amount of time. It takes a Kenyan started to get to market from three years to our averages. Six months. So in six months of the startups that we work with are already in market. Already have users have a prototype are even in the process of raising money. Well, that's impressive. Yeah. Uh, Andi. Yeah. And the final thing that we've just set up is a women in tech program in Wonder Ship with different players on Dhe. It's a very interesting one. I may not be able to reveal everything about that,

but it definitely us is the question around the gender gap in technology. So we've seen a lot off women in tech programs, but, uh, when you get down and dirty, you don't really find much going on. So we decided to set up something that's very action oriented. That's very company builder oriented on product oriented. So we're very excited about that as well.

53:6

Is Mama forecast open through all kinds of businesses? Are is a particular, um, area, But you you're looking at

53:18

I think, uh, to answer. That question has taken me two years. It's taken me over two years to answer that question, but because the most exciting type of businesses that we like focusing on is idea stage businesses. Okay, uh, in technology eso tech, early stage idea stage. In fact, if you don't have a prototype hell, the best person for us to work with on then. Um, But beyond that particular set is then the S Evie's who need support in terms of just the general business. Ah, development service is because that's much easier for us because that's what we did in the 1st 2 years when we were starting.

So then something that we have mastered and we do very easily and very efficiently. So that also is a space on its own. So But the more the if you go into a website, you will definitely find that were very female, found a focused, very technology driven, very idea driven on impact. So that's the gist of what we focus on. So as long as you have an idea and you would like to introduce an aspect of technology in your business and you would like Thio, build a product that supports women or you have a predominantly female team, that's really, really exciting, But that's not to say that we don't work with other businesses on DDE on maybe to just cap it all. And I know I get this question a lot. Mama. Mama means female. So I only work with female businesses, you know? So

55:13

you Yeah, I wanted to ask if you leave them.

55:21

Oh, well, I mean, the name is definitely step. It stemmed from the nurturing aspect of a mother. So So, I mean, that's what we do. We do nurture businesses from when they're really young, and they need cleaning, and they need to be bottle fed and they need their diapers changed. That's how I describe until they're independent, able to eat on their own undoing, able to you do all these things on their own. Then we do set them off. Some of them still have attachment issues, so they still retain us. But that's the best way I can describe our business.

56:2

That's very impressive. Um, I think that's what you had to cover for now and less. Yes, Um, did to promote,

56:12

um I don't know. This is a promote anything, but what I What I do have to say is we'll be doing our 10 year a strategy launch. As soon as everything settles, you'll be able to hear more about all the things that we have found. We are in the process off building our impact fund in partnership with different investors that we've met along the way. So that's because we realized if we're gonna be adventurer builder, it's also important for us to begin investing in the business is that we build as the first people that interact with the idea. So we're setting that up. Just, uh, yes. Was still in the time of Corona still having those conversations with the investors, and, you know, it's a very tough one. Are you still in?

I was still doing this usedto. Yeah, So this, um but also, if there's any companies that need support in terms of human talent, human capital, we've run a global impact program for the past three years. That's actually very successful. And so how it works is we do support small teams with, uh, technical supports for their growth to get to the market faster. So if you're yeah, that's under Mama. Yeah, that's under Mama. We've run this for about two JIA to a three years,

actually. So first ever company to work with was three years ago in 2017 0 we've had different. And it's not just a student program. It's including business consultants who are willing to give their time and expertise in supporting small businesses and start ups in Kenya grew because our goal has is and has always been to get startups to market faster and efficiently S So that's one of the reasons why we have this as one of our programs. Uh, yeah. And in the time of Corona, the only thing I can promote is my time. If you want to start a business and you're struggling to be free to send me an email Oh, are paying me. I know. I'll give Give Frank my email address that he can be able Thio. Um, yeah, you can reach out for some free info way ordinating our time now because it's all we have.

59:0

That is really appreciated. Um, yeah. Thanks very much. Guitar Remo. Uh, Yuh with pleasure speaking with you and, uh, I hope to have you on again soon. Thank you so much,

59:16

Frank. I really, truly appreciate you having me here and yeah, in such tough times. Hey,

powered by SmashNotes