Africa’s leading technology
entrepreneur, Leo Stan Ekeh, has presented what he called a blueprint for
budding and potential business investors in Africa, underscoring the fact that African
entrepreneurs must apply at least 40 per cent common sense, 20 per cent
spirituality and 40 per cent knowledge of the business to succeed on the
continent, reports ITRealms.
In a keynote address delivered at
the Africa Summit organized by Nottingham University which held in the United
Kingdom (UK) on June 15th 2018, he said, at a mentorship session with a
cross-section of African/International students of the institution, that Africa
is a continent on the rise.
He also noted that technology is
bound to resolve some of the contemporary problems faced by African economies, nevertheless,
Ekeh lamented the high failure rate of start-ups on the continent, an anomaly
he attributed to the desire by entrepreneurs to take pleasure before pains.
“Success for an entrepreneur in
Africa does not come cheap. This is because the continent is still struggling
with a lot of infrastructural deficiencies, many of which technology will help
resolve soon. To succeed in the peculiar business terrain in many African
economies, an entrepreneur requires 40% common sense – especially since common
sense is not by any chance, common; 20% spirituality which is important in view
of the highly religious nature of Africans and 40% knowledge of the particular
business one is investing in.
“It is, however, worrisome to see
the high failure rate among start-ups on the continent. A lot of young African
entrepreneurs are not ready to take pleasure before pains. As a result, they
get too excited at the first sign of business break through and allow
sentiments take over.”
Noting that African entrepreneurs
must connect spiritually with their true origins, Ekeh submitted that Africa’s
booming population which is expected to gross over 25% of the entire world’s
population by 2050 is one that is overwhelmingly dominated by youths, thereby
making Africa more important than ever to the global economy and arguably the
world’s most attractive continent.
“Africa has for long been held
back by its quality of leaders, many of whom are partially analogue due to
their age and originating circumstances. This is not entirely their fault
though as it is caused by a number of factors beyond their direct control.
However,
things are changing. There is a conscious interest in most African countries in
the calibre and status of leaders that take office. Also, the current
generation of youths have the benefit of better education and global exposure
as a result of the internet-mediated world we live in. With the right
leadership in place and technology accorded its rightful place as the driver of
its future development, Africa may just be the continent for smart investors to
bet on.
“It must be noted though that
Africa needs investors with the right conscience to help change its narrative
for good; investors who are interested in growing the economy, in creating
employment opportunities and empowering local talents in the various
communities and urban centres and not venture capitalists or angel investors
who are only keen on milking the continent for profit and short-term gains,” he
stated.
Also speaking on his decision to
acquire e-commerce giant Konga, Ekeh revealed that the company is one of the
examples of a corporate organization with a conscience, noting that Konga is
bound to hit a market valuation of over $4b by 2022, going by the structures
the new management is putting in place, many of which will empower millions of
Nigerians and Africans, by extension and which will be one of the biggest
success stories out of Africa.
Ekeh who reminisced on his time
as a boarder at Nottingham University in the mid-1980s and from where he
proceeded to Cork City University to conclude his postgraduate degree in Risk
Management, also paid respects to one of his former tutors, Prof Bob Carter who
passed on in 2012.
In his reaction, Managing
Director, Nottingham Africa Summit, Victor Udeozor expressed appreciation for
the rich contributions and interventions delivered by Ekeh at the summit.
While voicing the desire for many
other successful entrepreneurs in the mould of Ekeh to emerge from Africa, he
enjoined attendees and students, many of whom are looking forward to investing
in Africa, to draw deeply from the experience and useful insights provided by
Ekeh in making a success of their ventures.
Chuks Egbune/GEE
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