good morning 35 years ago I completed my tertiary education with degrees in
tertiary education with degrees in
tertiary education with degrees in electronic engineering and digital
electronic engineering and digital
electronic engineering and digital electronics and seven years ago I left a
electronics and seven years ago I left a
electronics and seven years ago I left a company called Accenture after 25 years
company called Accenture after 25 years
company called Accenture after 25 years of meritorious service as they as they
of meritorious service as they as they
of meritorious service as they as they say and at that time I probably still
say and at that time I probably still
say and at that time I probably still now Accenture was the largest technology
now Accenture was the largest technology
now Accenture was the largest technology management consulting and outsourcing
management consulting and outsourcing
management consulting and outsourcing company in the world and two years ago I
company in the world and two years ago I
company in the world and two years ago I completed a four-year tenure as the
completed a four-year tenure as the
completed a four-year tenure as the pioneer minister of communication
pioneer minister of communication
pioneer minister of communication technology and so I hope you’ve seen a
technology and so I hope you’ve seen a
technology and so I hope you’ve seen a common theme or thread along the 35
common theme or thread along the 35
common theme or thread along the 35 years of my adult life and so if
years of my adult life and so if
years of my adult life and so if somebody said if I said to you today
somebody said if I said to you today
somebody said if I said to you today that you know I am passionate about
that you know I am passionate about
that you know I am passionate about technology you’d probably say of course
technology you’d probably say of course
technology you’d probably say of course you are of course she is but the truth
you are of course she is but the truth
you are of course she is but the truth is that you know technology at many
is that you know technology at many
is that you know technology at many times frustrates me it annoys me it
times frustrates me it annoys me it
times frustrates me it annoys me it irritates me and I must admit that I’m
irritates me and I must admit that I’m
irritates me and I must admit that I’m not particularly a murd of the
not particularly a murd of the
not particularly a murd of the disruption and distraction that comes
disruption and distraction that comes
disruption and distraction that comes with technology particularly mobile
with technology particularly mobile
with technology particularly mobile phones but be that as it may you know I
phones but be that as it may you know I
phones but be that as it may you know I have been immersed in this world of tech
have been immersed in this world of tech
have been immersed in this world of tech for the last 35 years and what that has
for the last 35 years and what that has
for the last 35 years and what that has done it has really shaped one of the
done it has really shaped one of the
done it has really shaped one of the fundamental belief that I have and that
fundamental belief that I have and that
fundamental belief that I have and that belief is that technology is going to be
belief is that technology is going to be
belief is that technology is going to be a major part or key contributor to the
a major part or key contributor to the
a major part or key contributor to the myriad of problems that we have in this
myriad of problems that we have in this
myriad of problems that we have in this country and in the continent of Africa
country and in the continent of Africa
country and in the continent of Africa technology’s going to be a major a major
technology’s going to be a major a major
technology’s going to be a major a major contributor and sometimes these problems
contributor and sometimes these problems
contributor and sometimes these problems are called grand challenges or grand
are called grand challenges or grand
are called grand challenges or grand challenges of Africa the grand challenge
challenges of Africa the grand challenge
challenges of Africa the grand challenge of inadequate poor infrastructure the
of inadequate poor infrastructure the
of inadequate poor infrastructure the grand challenge of youth unemployment
grand challenge of youth unemployment
grand challenge of youth unemployment despite the fact that we have this youth
despite the fact that we have this youth
despite the fact that we have this youth bulge the grand challenge of a lack of
bulge the grand challenge of a lack of
bulge the grand challenge of a lack of access to education and also the quality
access to education and also the quality
access to education and also the quality of that education the the grand
of that education the the grand
of that education the the grand challenge of widespread poverty I could
challenge of widespread poverty I could
challenge of widespread poverty I could go on about the Grand Challenges it
go on about the Grand Challenges it
go on about the Grand Challenges it because faced with but let us just
because faced with but let us just
because faced with but let us just consider for a moment how technology has
consider for a moment how technology has
consider for a moment how technology has democratized access to financial
democratized access to financial
democratized access to financial services regardless of where you live
services regardless of where you live
services regardless of where you live how much you earn you can have access to
how much you earn you can have access to
how much you earn you can have access to technology so the power of mobile phone
technology so the power of mobile phone
technology so the power of mobile phone payments insurance all of that let us
payments insurance all of that let us
payments insurance all of that let us also look at the broken value chains
also look at the broken value chains
also look at the broken value chains across many industries in Africa taken
across many industries in Africa taken
across many industries in Africa taken the agricultural industry and look at
the agricultural industry and look at
the agricultural industry and look at the path technology to fix those value
the path technology to fix those value
the path technology to fix those value chains we’ve seen that in Nigeria where
chains we’ve seen that in Nigeria where
chains we’ve seen that in Nigeria where basically technology has enabled farmers
basically technology has enabled farmers
basically technology has enabled farmers in rural areas to get fertilizer at the
in rural areas to get fertilizer at the
in rural areas to get fertilizer at the right price at the right time in the
right price at the right time in the
right price at the right time in the right quantities and how technology is
right quantities and how technology is
right quantities and how technology is helping in Nairobi where a few years ago
helping in Nairobi where a few years ago
helping in Nairobi where a few years ago the cost of a banana in Nairobi was
the cost of a banana in Nairobi was
the cost of a banana in Nairobi was actually more that’s coming from 200
actually more that’s coming from 200
actually more that’s coming from 200 kilometres away was more than the price
kilometres away was more than the price
kilometres away was more than the price of a banana in the US which is coming
of a banana in the US which is coming
of a banana in the US which is coming from several hundred kilometers away
from several hundred kilometers away
from several hundred kilometers away from Latin America or even in Nigeria
from Latin America or even in Nigeria
from Latin America or even in Nigeria had the price of six Tomatoes in Lagos
had the price of six Tomatoes in Lagos
had the price of six Tomatoes in Lagos today is actually more than the price of
today is actually more than the price of
today is actually more than the price of fixed matters in a can that has been
fixed matters in a can that has been
fixed matters in a can that has been imported from Italy look at the perfect
imported from Italy look at the perfect
imported from Italy look at the perfect nor do to solve that problem
nor do to solve that problem
nor do to solve that problem how about access to education how
how about access to education how
how about access to education how technology can actually improve access
technology can actually improve access
technology can actually improve access and improve the quality of education how
and improve the quality of education how
and improve the quality of education how about power
about power
about power how off grid solar power solutions can
how off grid solar power solutions can
how off grid solar power solutions can bring power to millions of Africans that
bring power to millions of Africans that
bring power to millions of Africans that will have to wait for god knows how long
will have to wait for god knows how long
will have to wait for god knows how long before the National Grid gets gets to
before the National Grid gets gets to
before the National Grid gets gets to them and there many examples of this
them and there many examples of this
them and there many examples of this innovations that are going on across the
innovations that are going on across the
innovations that are going on across the world I mean I can mention some of these
world I mean I can mention some of these
world I mean I can mention some of these names you’re familiar with you know
names you’re familiar with you know
names you’re familiar with you know trigger cooper-cooper giving mobile in
trigger cooper-cooper giving mobile in
trigger cooper-cooper giving mobile in laser paste that flutter wave these are
laser paste that flutter wave these are
laser paste that flutter wave these are all entrepreneurs that are trying to
all entrepreneurs that are trying to
all entrepreneurs that are trying to solve these grand challenges in in
solve these grand challenges in in
solve these grand challenges in in Africa but it’s not been done at at
Africa but it’s not been done at at
Africa but it’s not been done at at scale today they’re probably about a
scale today they’re probably about a
scale today they’re probably about a thousand or so companies in the tech
thousand or so companies in the tech
thousand or so companies in the tech industry in Africa across across Africa
industry in Africa across across Africa
industry in Africa across across Africa and probably in the last two or three
and probably in the last two or three
and probably in the last two or three years we’ve had about half a billion
years we’ve had about half a billion
years we’ve had about half a billion dollars of capital come in to support
dollars of capital come in to support
dollars of capital come in to support these to support these companies and
these to support these companies and
these to support these companies and let’s look at some of these signature
let’s look at some of these signature
let’s look at some of these signature investments I’ll call them around these
investments I’ll call them around these
investments I’ll call them around these companies so we have you know the very
companies so we have you know the very
companies so we have you know the very very widely
very widely
very widely nouns them widely disseminated
nouns them widely disseminated
nouns them widely disseminated investment of Mark Zuckerberg
investment of Mark Zuckerberg
investment of Mark Zuckerberg in and Ella about a month or so ago
in and Ella about a month or so ago
in and Ella about a month or so ago jakmob Alibaba was in Nairobi and I
jakmob Alibaba was in Nairobi and I
jakmob Alibaba was in Nairobi and I think also in in Rwanda in in Kigali
think also in in Rwanda in in Kigali
think also in in Rwanda in in Kigali where he announced the twenty million
where he announced the twenty million
where he announced the twenty million dollar fund for to support African
dollar fund for to support African
dollar fund for to support African entrepreneurs and most recently the CEO
entrepreneurs and most recently the CEO
entrepreneurs and most recently the CEO of Google was in Nigeria and at the end
of Google was in Nigeria and at the end
of Google was in Nigeria and at the end of that visit made this announcement of
of that visit made this announcement of
of that visit made this announcement of twenty million dollars to support
twenty million dollars to support
twenty million dollars to support entrepreneurs now why is it that these
entrepreneurs now why is it that these
entrepreneurs now why is it that these these are all fantastic announcements
these are all fantastic announcements
these are all fantastic announcements but why is it that these are men that
but why is it that these are men that
but why is it that these are men that have and these are men by the way these
have and these are men by the way these
have and these are men by the way these are men that have significant amounts of
are men that have significant amounts of
are men that have significant amounts of capital at their disposal but why is it
capital at their disposal but why is it
capital at their disposal but why is it that they choose to invest only small
that they choose to invest only small
that they choose to invest only small amounts of that capital in a continent
amounts of that capital in a continent
amounts of that capital in a continent as large as Africa in a country as large
as large as Africa in a country as large
as large as Africa in a country as large as Nigeria please don’t get me wrong
as Nigeria please don’t get me wrong
as Nigeria please don’t get me wrong like I said these are very good
like I said these are very good
like I said these are very good investments as my eight-year-old mother
investments as my eight-year-old mother
investments as my eight-year-old mother would say butcher wall Aladdin shoreline
would say butcher wall Aladdin shoreline
would say butcher wall Aladdin shoreline you know it’s up to a wealthy man to
you know it’s up to a wealthy man to
you know it’s up to a wealthy man to dispose of his wealth as he as he proves
dispose of his wealth as he as he proves
dispose of his wealth as he as he proves as he wants to but why is it that very
as he wants to but why is it that very
as he wants to but why is it that very small amounts of capital the world is
small amounts of capital the world is
small amounts of capital the world is awash with capital billions of dollars
awash with capital billions of dollars
awash with capital billions of dollars why is that only a very small amount of
why is that only a very small amount of
why is that only a very small amount of capital is coming into this this
capital is coming into this this
capital is coming into this this continent I have I have a thesis and
continent I have I have a thesis and
continent I have I have a thesis and that is because in the eyes of the world
that is because in the eyes of the world
that is because in the eyes of the world Africa is seen as a continent of great
Africa is seen as a continent of great
Africa is seen as a continent of great possibilities infinite possibilities
possibilities infinite possibilities
possibilities infinite possibilities great potential but it’s also a
great potential but it’s also a
great potential but it’s also a continent of experimentation you
continent of experimentation you
continent of experimentation you experiment you put a little toe in the
experiment you put a little toe in the
experiment you put a little toe in the water you can paddle a little bit but
water you can paddle a little bit but
water you can paddle a little bit but you know for God’s sake don’t put your
you know for God’s sake don’t put your
you know for God’s sake don’t put your whole body in because if you do you know
whole body in because if you do you know
whole body in because if you do you know if you’re lucky you’ll come out one or
if you’re lucky you’ll come out one or
if you’re lucky you’ll come out one or two limbs are missing but if you’re not
two limbs are missing but if you’re not
two limbs are missing but if you’re not lucky you know you’re in there nobody
lucky you know you’re in there nobody
lucky you know you’re in there nobody ever sees you as easier again but the
ever sees you as easier again but the
ever sees you as easier again but the truth of the matter is that you know
truth of the matter is that you know
truth of the matter is that you know this is our quantities our country this
this is our quantities our country this
this is our quantities our country this is our continent you know we are you
is our continent you know we are you
is our continent you know we are you know they say they’re sharks in the
know they say they’re sharks in the
know they say they’re sharks in the water you know we are the Sharks in that
water you know we are the Sharks in that
water you know we are the Sharks in that water you know it’s our continent to
water you know it’s our continent to
water you know it’s our continent to develop as we want so if it is our if it
develop as we want so if it is our if it
develop as we want so if it is our if it is our continent why do we allow the
is our continent why do we allow the
is our continent why do we allow the narrative about Africa and Tech in
narrative about Africa and Tech in
narrative about Africa and Tech in Africa to be written by people other
Africa to be written by people other
Africa to be written by people other than us I travel around the world I
than us I travel around the world I
than us I travel around the world I speak on panels I go to investor
speak on panels I go to investor
speak on panels I go to investor meetings and the narrative around tech
meetings and the narrative around tech
meetings and the narrative around tech in Africa is still stuck on a fantastic
in Africa is still stuck on a fantastic
in Africa is still stuck on a fantastic innovation in Pisa in Pisa was
innovation in Pisa in Pisa was
innovation in Pisa in Pisa was introduced about 10 or 15 years ago
introduced about 10 or 15 years ago
introduced about 10 or 15 years ago based on USS
based on USS
based on USS like I said a fantastic innovation that
like I said a fantastic innovation that
like I said a fantastic innovation that has resulted in financial inclusion for
has resulted in financial inclusion for
has resulted in financial inclusion for many millions of Africans in the eastern
many millions of Africans in the eastern
many millions of Africans in the eastern part of Africa and also travelling
part of Africa and also travelling
part of Africa and also travelling across the rest of Africa but that
across the rest of Africa but that
across the rest of Africa but that narrative is still stuck on in pacer and
narrative is still stuck on in pacer and
narrative is still stuck on in pacer and the wonders of and pacer to transform
the wonders of and pacer to transform
the wonders of and pacer to transform this to start this revolution but I
this to start this revolution but I
this to start this revolution but I wonder can we know do better than that
wonder can we know do better than that
wonder can we know do better than that can we not have several other innovation
can we not have several other innovation
can we not have several other innovation that everybody’s talking about that have
that everybody’s talking about that have
that everybody’s talking about that have come out of Africa and I’ve scaled to
come out of Africa and I’ve scaled to
come out of Africa and I’ve scaled to the rest of the world I think we can and
the rest of the world I think we can and
the rest of the world I think we can and I’ve mentioned a few of those I think
I’ve mentioned a few of those I think
I’ve mentioned a few of those I think would be the scale the the the scalable
would be the scale the the the scalable
would be the scale the the the scalable innovation that we’ll see in the very in
innovation that we’ll see in the very in
innovation that we’ll see in the very in the very near future and so I got to
the very near future and so I got to
the very near future and so I got to thinking how do we get this revolution
thinking how do we get this revolution
thinking how do we get this revolution that that has been started by these 1000
that that has been started by these 1000
that that has been started by these 1000 or so tech companies how do we get that
or so tech companies how do we get that
or so tech companies how do we get that revolution to really scale and that
revolution to really scale and that
revolution to really scale and that thinking was again influenced by a book
thinking was again influenced by a book
thinking was again influenced by a book that I read fairly recent it’s called
that I read fairly recent it’s called
that I read fairly recent it’s called small great things by a u.s. author
small great things by a u.s. author
small great things by a u.s. author called the Jodi Picoult and the book is
called the Jodi Picoult and the book is
called the Jodi Picoult and the book is centered around race in the US and it
centered around race in the US and it
centered around race in the US and it talks about it’s a fictional story and
talks about it’s a fictional story and
talks about it’s a fictional story and it’s centered around an african-american
it’s centered around an african-american
it’s centered around an african-american a woman who is faced with very serious
a woman who is faced with very serious
a woman who is faced with very serious life-changing race issues and you are
life-changing race issues and you are
life-changing race issues and you are the small things that she did that had a
the small things that she did that had a
the small things that she did that had a great impact in both her life and the
great impact in both her life and the
great impact in both her life and the lives of the people around her and I
lives of the people around her and I
lives of the people around her and I started to think what are the small
started to think what are the small
started to think what are the small great things that we can do as a
great things that we can do as a
great things that we can do as a community to ensure that this tech
community to ensure that this tech
community to ensure that this tech revolution the narrative around this
revolution the narrative around this
revolution the narrative around this tech revolution is written by us
tech revolution is written by us
tech revolution is written by us the narrative around this tech
the narrative around this tech
the narrative around this tech revolution is driven by us and we can
revolution is driven by us and we can
revolution is driven by us and we can build and scale this you know emerging
build and scale this you know emerging
build and scale this you know emerging technology industry technology
technology industry technology
technology industry technology revolution that way that were seen today
revolution that way that were seen today
revolution that way that were seen today and the word that came to my mind was
and the word that came to my mind was
and the word that came to my mind was communities how do we build competitive
communities how do we build competitive
communities how do we build competitive focused communities that will work
focused communities that will work
focused communities that will work together and help us to move from this
together and help us to move from this
together and help us to move from this fledgling technology industry to one
fledgling technology industry to one
fledgling technology industry to one that really skills and delivers on the
that really skills and delivers on the
that really skills and delivers on the promise of technology to solve many of
promise of technology to solve many of
promise of technology to solve many of Africa’s grand challenges it’s a fairly
Africa’s grand challenges it’s a fairly
Africa’s grand challenges it’s a fairly simple idea and I got to thinking there
simple idea and I got to thinking there
simple idea and I got to thinking there and I can think of our four communities
and I can think of our four communities
and I can think of our four communities that we can build that that will change
that we can build that that will change
that we can build that that will change the way we’re looking at technology and
the way we’re looking at technology and
the way we’re looking at technology and change the narrative
change the narrative
change the narrative the first one is communities of
the first one is communities of
the first one is communities of communication how do we can we work to
communication how do we can we work to
communication how do we can we work to write the narrative that tells the real
write the narrative that tells the real
write the narrative that tells the real and the factual
and the factual
and the factual truth about what is happening in
truth about what is happening in
truth about what is happening in technology in Africa and widely
technology in Africa and widely
technology in Africa and widely disseminate that information to the
disseminate that information to the
disseminate that information to the world at large and let that narrative be
world at large and let that narrative be
world at large and let that narrative be told by us who are right in the middle
told by us who are right in the middle
told by us who are right in the middle of this of this technology revolution
of this of this technology revolution
of this of this technology revolution how do we build communities of knowledge
how do we build communities of knowledge
how do we build communities of knowledge knowledge that is about the local
knowledge that is about the local
knowledge that is about the local context our culture the nuances what
context our culture the nuances what
context our culture the nuances what works what doesn’t work in this
works what doesn’t work in this
works what doesn’t work in this environment so that when investors come
environment so that when investors come
environment so that when investors come into this country or into this continent
into this country or into this continent
into this country or into this continent they weren’t informed about what we’re
they weren’t informed about what we’re
they weren’t informed about what we’re doing and how we’re doing it and why
doing and how we’re doing it and why
doing and how we’re doing it and why we’re doing this in that particular way
we’re doing this in that particular way
we’re doing this in that particular way how about communities of skill that’s an
how about communities of skill that’s an
how about communities of skill that’s an area that is still lacking how do we
area that is still lacking how do we
area that is still lacking how do we build communities of skills that are
build communities of skills that are
build communities of skills that are required to power this revolution that
required to power this revolution that
required to power this revolution that we’re seeing software development
we’re seeing software development
we’re seeing software development there’s a big gap and that gap will
there’s a big gap and that gap will
there’s a big gap and that gap will continue to widen every every year and
continue to widen every every year and
continue to widen every every year and we have to get to the point where we’re
we have to get to the point where we’re
we have to get to the point where we’re not important skills building our
not important skills building our
not important skills building our industry by building other industries
industry by building other industries
industry by building other industries outside of this country
outside of this country
outside of this country we’re not important skills to build our
we’re not important skills to build our
we’re not important skills to build our energy by developing those skills in
energy by developing those skills in
energy by developing those skills in country and continent to for this
country and continent to for this
country and continent to for this revolution that is going to solve the
revolution that is going to solve the
revolution that is going to solve the Grand Challenges of of Africa and
Grand Challenges of of Africa and
Grand Challenges of of Africa and finally how do we build communities of
finally how do we build communities of
finally how do we build communities of capital capital that is backed by people
capital capital that is backed by people
capital capital that is backed by people that have business building capacity
that have business building capacity
that have business building capacity business building knowledge that will
business building knowledge that will
business building knowledge that will support the growth of these companies
support the growth of these companies
support the growth of these companies and ensure that they do actually deliver
and ensure that they do actually deliver
and ensure that they do actually deliver on the promise of solving the grand
on the promise of solving the grand
on the promise of solving the grand challenges of Africa as I mentioned
challenges of Africa as I mentioned
challenges of Africa as I mentioned these communities I know you know these
these communities I know you know these
these communities I know you know these communities in a sense will learn from
communities in a sense will learn from
communities in a sense will learn from each other feed on each other share best
each other feed on each other share best
each other feed on each other share best practices ideas they can hunker down
practices ideas they can hunker down
practices ideas they can hunker down when challenges come and really face
when challenges come and really face
when challenges come and really face those challenges they can open up to new
those challenges they can open up to new
those challenges they can open up to new ideas new opportunities new skills new
ideas new opportunities new skills new
ideas new opportunities new skills new entrants and basically build that strong
entrants and basically build that strong
entrants and basically build that strong ecosystem that we always talk about
ecosystem that we always talk about
ecosystem that we always talk about that’s gonna deliver on this on this
that’s gonna deliver on this on this
that’s gonna deliver on this on this promise I know that as I speak right now
promise I know that as I speak right now
promise I know that as I speak right now many of those communities will resonate
many of those communities will resonate
many of those communities will resonate with some of you whether in terms of
with some of you whether in terms of
with some of you whether in terms of resonates with your passion or
resonates with your passion or
resonates with your passion or resonating with the skills that you have
resonating with the skills that you have
resonating with the skills that you have so what I’d like to challenge you with
so what I’d like to challenge you with
so what I’d like to challenge you with at the end of this is to think about how
at the end of this is to think about how
at the end of this is to think about how you can be the starter of any of these
you can be the starter of any of these
you can be the starter of any of these communities that will fall this
communities that will fall this
communities that will fall this revolution or be a contributor to any
revolution or be a contributor to any
revolution or be a contributor to any one of these communities where there’s
one of these communities where there’s
one of these communities where there’s capital knowledge skills or
capital knowledge skills or
capital knowledge skills or communication so that we can together
communication so that we can together
communication so that we can together make this revolution a scalable
make this revolution a scalable
make this revolution a scalable revolution that will solve the grand
revolution that will solve the grand
revolution that will solve the grand challenges of Africa and assure that we
challenges of Africa and assure that we
challenges of Africa and assure that we do deliver on the promise of tech for
do deliver on the promise of tech for
do deliver on the promise of tech for Africa thank you thank you so much just
Africa thank you thank you so much just
Africa thank you thank you so much just a few questions so thank you again I I
a few questions so thank you again I I
a few questions so thank you again I I was very privileged to meet you
was very privileged to meet you
was very privileged to meet you a couple of years ago in Silicon Valley
a couple of years ago in Silicon Valley
a couple of years ago in Silicon Valley where you were sort of you’d gone on
where you were sort of you’d gone on
where you were sort of you’d gone on this tour right to build out the
this tour right to build out the
this tour right to build out the blueprint for what we now see many years
blueprint for what we now see many years
blueprint for what we now see many years later and congratulations on on the
later and congratulations on on the
later and congratulations on on the successes of that right one of those
successes of that right one of those
successes of that right one of those being some of the funds that have come
being some of the funds that have come
being some of the funds that have come out of it angel invest in the angel
out of it angel invest in the angel
out of it angel invest in the angel investing layer as well that also is
investing layer as well that also is
investing layer as well that also is quite successful something that’s a key
quite successful something that’s a key
quite successful something that’s a key ingredient but I love that you talked
ingredient but I love that you talked
ingredient but I love that you talked about you know scale right when you when
about you know scale right when you when
about you know scale right when you when you talk to you know some of the larger
you talk to you know some of the larger
you talk to you know some of the larger funds right the money is here there
funds right the money is here there
funds right the money is here there seems to be quite a lot of money but
seems to be quite a lot of money but
seems to be quite a lot of money but then the biggest pain points that I hear
then the biggest pain points that I hear
then the biggest pain points that I hear is that they’re not finding that
is that they’re not finding that
is that they’re not finding that connection with the right sort of ideas
connection with the right sort of ideas
connection with the right sort of ideas and the right sort of solutions that
and the right sort of solutions that
and the right sort of solutions that they that resonate with them what has
they that resonate with them what has
they that resonate with them what has been your experience in that right in in
been your experience in that right in in
been your experience in that right in in terms of now looking for an alternative
terms of now looking for an alternative
terms of now looking for an alternative path for that narrative I mean what
path for that narrative I mean what
path for that narrative I mean what we’ve seen is that when you look at
we’ve seen is that when you look at
we’ve seen is that when you look at venture capital for instance you need a
venture capital for instance you need a
venture capital for instance you need a very big denominator you need to be
very big denominator you need to be
very big denominator you need to be looking at thousands of companies to
looking at thousands of companies to
looking at thousands of companies to find the 10 or so that will that that
find the 10 or so that will that that
find the 10 or so that will that that will you don’t hit the jackpot and so
will you don’t hit the jackpot and so
will you don’t hit the jackpot and so what we’re finding is that while there
what we’re finding is that while there
what we’re finding is that while there are there it’s growing but they really
are there it’s growing but they really
are there it’s growing but they really are not enough company so it’s true when
are not enough company so it’s true when
are not enough company so it’s true when it’s it’s not 100% true but when they
it’s it’s not 100% true but when they
it’s it’s not 100% true but when they say they can’t they can’t find the
say they can’t they can’t find the
say they can’t they can’t find the companies that resonate with them it’s
companies that resonate with them it’s
companies that resonate with them it’s part of what I was saying
part of what I was saying
part of what I was saying there are thousands at least a thousand
there are thousands at least a thousand
there are thousands at least a thousand or 1500 companies today now we intelecom
or 1500 companies today now we intelecom
or 1500 companies today now we intelecom capital we know quite a few of them
capital we know quite a few of them
capital we know quite a few of them because we’ve spent you know the last
because we’ve spent you know the last
because we’ve spent you know the last few years literally growing around
few years literally growing around
few years literally growing around around the continent but the investors
around the continent but the investors
around the continent but the investors are coming in from outside how much time
are coming in from outside how much time
are coming in from outside how much time do they have they fly into these cities
do they have they fly into these cities
do they have they fly into these cities for a day two days they meet you know
for a day two days they meet you know
for a day two days they meet you know what I’ll call the poster children of
what I’ll call the poster children of
what I’ll call the poster children of the tech industry and they say oh
the tech industry and they say oh
the tech industry and they say oh there’s there’s not enough but there is
there’s there’s not enough but there is
there’s there’s not enough but there is more than that and that is why it takes
more than that and that is why it takes
more than that and that is why it takes people that are in
people that are in
people that are in Continent on the ground that actually
Continent on the ground that actually
Continent on the ground that actually are talking to these entrepreneurs
are talking to these entrepreneurs
are talking to these entrepreneurs almost on a daily basis for us to get
almost on a daily basis for us to get
almost on a daily basis for us to get them to get to the point where there are
them to get to the point where there are
them to get to the point where there are many companies that are doing things
many companies that are doing things
many companies that are doing things that resonate with what we want the
that resonate with what we want the
that resonate with what we want the challenge that we’re trying to solve may
challenge that we’re trying to solve may
challenge that we’re trying to solve may not resonate with the foreign investors
not resonate with the foreign investors
not resonate with the foreign investors but they resonate with what we want to
but they resonate with what we want to
but they resonate with what we want to what we want to solve and so therefore
what we want to solve and so therefore
what we want to solve and so therefore there’s that need for local venture
there’s that need for local venture
there’s that need for local venture capital and local funds that to support
capital and local funds that to support
capital and local funds that to support these people one of the things when you
these people one of the things when you
these people one of the things when you look back into history right say of how
look back into history right say of how
look back into history right say of how Silicon Valley developed right one of
Silicon Valley developed right one of
Silicon Valley developed right one of the key things was it really developed
the key things was it really developed
the key things was it really developed out of an incentivization right by the
out of an incentivization right by the
out of an incentivization right by the government where they said we wanted to
government where they said we wanted to
government where they said we wanted to be leaders in specific kinds of
be leaders in specific kinds of
be leaders in specific kinds of Technology from semiconductors and
Technology from semiconductors and
Technology from semiconductors and things like that those funds sort of
things like that those funds sort of
things like that those funds sort of birthed right the first sort of
birthed right the first sort of
birthed right the first sort of successes right
successes right
successes right and those now birthed a myriad of other
and those now birthed a myriad of other
and those now birthed a myriad of other startups that grew to be the Microsoft
startups that grew to be the Microsoft
startups that grew to be the Microsoft and then you know later on the Internet
and then you know later on the Internet
and then you know later on the Internet companies now we all know and love today
companies now we all know and love today
companies now we all know and love today we might not be seeing that as much
we might not be seeing that as much
we might not be seeing that as much right I know that you you were
right I know that you you were
right I know that you you were instrumental in building out one of
instrumental in building out one of
instrumental in building out one of those kinds of funds from a governmental
those kinds of funds from a governmental
those kinds of funds from a governmental point of view one thing that has been
point of view one thing that has been
point of view one thing that has been suggested right is having fund of funds
suggested right is having fund of funds
suggested right is having fund of funds right where you sort of incentivize
right where you sort of incentivize
right where you sort of incentivize again right a bit of an environment
again right a bit of an environment
again right a bit of an environment where people just take a chance on
where people just take a chance on
where people just take a chance on certain ideas dave McClure right off I
certain ideas dave McClure right off I
certain ideas dave McClure right off I wanna start up said he passed on uber
wanna start up said he passed on uber
wanna start up said he passed on uber right and that’s what I’m his biggest
right and that’s what I’m his biggest
right and that’s what I’m his biggest like you know because it just it just
like you know because it just it just
like you know because it just it just didn’t make sense to him is there a
didn’t make sense to him is there a
didn’t make sense to him is there a place for you know helping some of the
place for you know helping some of the
place for you know helping some of the funds to sort of be incentivized to take
funds to sort of be incentivized to take
funds to sort of be incentivized to take more risk on on ideas that maybe don’t
more risk on on ideas that maybe don’t
more risk on on ideas that maybe don’t seem like those that resonate with them
seem like those that resonate with them
seem like those that resonate with them yes because there’s like a buffer I
yes because there’s like a buffer I
yes because there’s like a buffer I think that’s a very important point
think that’s a very important point
think that’s a very important point there there is there should be a fund of
there there is there should be a fund of
there there is there should be a fund of funds and there is a role as you said
funds and there is a role as you said
funds and there is a role as you said there’s a role for government to play in
there’s a role for government to play in
there’s a role for government to play in everything that is happening right now
everything that is happening right now
everything that is happening right now very much a you know not another hands
very much a you know not another hands
very much a you know not another hands on role but a role that would help to
on role but a role that would help to
on role but a role that would help to ensure that we can’t take a risk on some
ensure that we can’t take a risk on some
ensure that we can’t take a risk on some of these some of these people I mean
of these some of these people I mean
of these some of these people I mean some of the funds in are some of the
some of the funds in are some of the
some of the funds in are some of the investors in our fund are the Africa
investors in our fund are the Africa
investors in our fund are the Africa Development Bank and while they’re
Development Bank and while they’re
Development Bank and while they’re looking for a return they’re not looking
looking for a return they’re not looking
looking for a return they’re not looking for a fantastic return their motive is
for a fantastic return their motive is
for a fantastic return their motive is to catalyze this revolution that they
to catalyze this revolution that they
to catalyze this revolution that they see and by giving us funds is to enable
see and by giving us funds is to enable
see and by giving us funds is to enable us to put money to put
us to put money to put
us to put money to put behind there are things that are quite
behind there are things that are quite
behind there are things that are quite risky you know people don’t understand
risky you know people don’t understand
risky you know people don’t understand this technology that well if we can put
this technology that well if we can put
this technology that well if we can put funds behind it some of them will feel
funds behind it some of them will feel
funds behind it some of them will feel some of them would succeed but there’s
some of them would succeed but there’s
some of them would succeed but there’s nothing better than an entrepreneur that
nothing better than an entrepreneur that
nothing better than an entrepreneur that has failed once because you know he’s
has failed once because you know he’s
has failed once because you know he’s gonna shake himself down it’s gonna
gonna shake himself down it’s gonna
gonna shake himself down it’s gonna start all over again and that’s the kind
start all over again and that’s the kind
start all over again and that’s the kind of culture we’re trying to build well
of culture we’re trying to build well
of culture we’re trying to build well back some that fail and the Africa
back some that fail and the Africa
back some that fail and the Africa Development Bank is one of them you know
Development Bank is one of them you know
Development Bank is one of them you know it’s a bank that is focused on Africa
it’s a bank that is focused on Africa
it’s a bank that is focused on Africa development in Africa growth in Africa
development in Africa growth in Africa
development in Africa growth in Africa and so they’ve taken that kind of that
and so they’ve taken that kind of that
and so they’ve taken that kind of that kind of risk that you’re talking about
kind of risk that you’re talking about
kind of risk that you’re talking about which is it’s you know it’s it’s very
which is it’s you know it’s it’s very
which is it’s you know it’s it’s very difficult just telling the entrepreneurs
difficult just telling the entrepreneurs
difficult just telling the entrepreneurs out there just as difficult as it is for
out there just as difficult as it is for
out there just as difficult as it is for you to raise funds imagine is just as
you to raise funds imagine is just as
you to raise funds imagine is just as difficult for us to raise funds for our
difficult for us to raise funds for our
difficult for us to raise funds for our own for our own fund it’s tough because
own for our own fund it’s tough because
own for our own fund it’s tough because in out around Africa is you know that
in out around Africa is you know that
in out around Africa is you know that narrative of experimentation $500,000
narrative of experimentation $500,000
narrative of experimentation $500,000 $100,000 but not a billion dollars which
$100,000 but not a billion dollars which
$100,000 but not a billion dollars which is really what we need right now to
is really what we need right now to
is really what we need right now to build this industry one thing that
build this industry one thing that
build this industry one thing that resonates with me quite a lot right is
resonates with me quite a lot right is
resonates with me quite a lot right is the fact that when you when it all boils
the fact that when you when it all boils
the fact that when you when it all boils down right to it you see that technology
down right to it you see that technology
down right to it you see that technology is just a tool right it’s a tool for
is just a tool right it’s a tool for
is just a tool right it’s a tool for solving the problems that are closest to
solving the problems that are closest to
solving the problems that are closest to you right as an ecosystem as a person
you right as an ecosystem as a person
you right as an ecosystem as a person right
right
right say Mike Zuckerberg in just that little
say Mike Zuckerberg in just that little
say Mike Zuckerberg in just that little dorm right that sees that that pain
dorm right that sees that that pain
dorm right that sees that that pain point right and then all of a sudden you
point right and then all of a sudden you
point right and then all of a sudden you see that those pain points resonates
see that those pain points resonates
see that those pain points resonates with other people within that ecosystem
with other people within that ecosystem
with other people within that ecosystem and then you know your birth the growth
and then you know your birth the growth
and then you know your birth the growth of that that that company and then you
of that that that company and then you
of that that that company and then you you find that those pain points are
you find that those pain points are
you find that those pain points are shared by other ecosystems even outside
shared by other ecosystems even outside
shared by other ecosystems even outside of your own country building out those
of your own country building out those
of your own country building out those kinds of companies here sometimes is a
kinds of companies here sometimes is a
kinds of companies here sometimes is a bit hard right because what Africa does
bit hard right because what Africa does
bit hard right because what Africa does is we sort of wait right we want you to
is we sort of wait right we want you to
is we sort of wait right we want you to prove this new technology right oh what
prove this new technology right oh what
prove this new technology right oh what we don’t understand what social
we don’t understand what social
we don’t understand what social networking is right or when a Facebook
networking is right or when a Facebook
networking is right or when a Facebook comes on the scene it’s like Oh show us
comes on the scene it’s like Oh show us
comes on the scene it’s like Oh show us what this is this is amazing right we
what this is this is amazing right we
what this is this is amazing right we don’t understand what mobile is and then
don’t understand what mobile is and then
don’t understand what mobile is and then all of a sudden a few years later it’s
all of a sudden a few years later it’s
all of a sudden a few years later it’s that enabler right that helps us to
that enabler right that helps us to
that enabler right that helps us to connect but now we’re starting to see
connect but now we’re starting to see
connect but now we’re starting to see about four or five technologies that are
about four or five technologies that are
about four or five technologies that are literally gonna change the rest of the
literally gonna change the rest of the
literally gonna change the rest of the world right in the next five to ten
world right in the next five to ten
world right in the next five to ten years right virtual reality augmented
years right virtual reality augmented
years right virtual reality augmented reality are official intelligence drone
reality are official intelligence drone
reality are official intelligence drone technology 3d printing right trillions
technology 3d printing right trillions
technology 3d printing right trillions of dollars worth of economic growth for
of dollars worth of economic growth for
of dollars worth of economic growth for the company for the countries that part
the company for the countries that part
the company for the countries that part dissipate do you sort of see a place
dissipate do you sort of see a place
dissipate do you sort of see a place again remembering that technology is
again remembering that technology is
again remembering that technology is just a tool right so VR might be that
just a tool right so VR might be that
just a tool right so VR might be that thing that’s far away but it’s a tool
thing that’s far away but it’s a tool
thing that’s far away but it’s a tool for solving local pain points is there
for solving local pain points is there
for solving local pain points is there you know a place for african startups to
you know a place for african startups to
you know a place for african startups to be looking at technologies that are part
be looking at technologies that are part
be looking at technologies that are part of the future global economic growth and
of the future global economic growth and
of the future global economic growth and start playing with it now right to solve
start playing with it now right to solve
start playing with it now right to solve agriculture and power issues and you
agriculture and power issues and you
agriculture and power issues and you know can AI even even solve traffic and
know can AI even even solve traffic and
know can AI even even solve traffic and in power so do you encourage that or is
in power so do you encourage that or is
in power so do you encourage that or is that technology that’s hey too far for
that technology that’s hey too far for
that technology that’s hey too far for you know we’re looking for absolutely
you know we’re looking for absolutely
you know we’re looking for absolutely not I mean I think that when you look at
not I mean I think that when you look at
not I mean I think that when you look at one of the biggest things that we’re
one of the biggest things that we’re
one of the biggest things that we’re talking about now is is big data and the
talking about now is is big data and the
talking about now is is big data and the ability to analyze and segment that data
ability to analyze and segment that data
ability to analyze and segment that data using machine based learning and
using machine based learning and
using machine based learning and artificial intelligence a certain extent
artificial intelligence a certain extent
artificial intelligence a certain extent and that opportunity is tremendous for
and that opportunity is tremendous for
and that opportunity is tremendous for for Africa where we have mobile
for Africa where we have mobile
for Africa where we have mobile companies that mobile phone companies
companies that mobile phone companies
companies that mobile phone companies that have you know I don’t know billions
that have you know I don’t know billions
that have you know I don’t know billions of gigabytes of data about each and
of gigabytes of data about each and
of gigabytes of data about each and everybody in this in this room today and
everybody in this in this room today and
everybody in this in this room today and that data is just sitting there and
that data is just sitting there and
that data is just sitting there and we’re not doing anything about it now
we’re not doing anything about it now
we’re not doing anything about it now we’ve seen companies across the content
we’ve seen companies across the content
we’ve seen companies across the content that are now using that data whether it
that are now using that data whether it
that are now using that data whether it is for for nano nano lending so you know
is for for nano nano lending so you know
is for for nano nano lending so you know I want to borrow 10 $10,000 for instance
I want to borrow 10 $10,000 for instance
I want to borrow 10 $10,000 for instance and I can you look at this data that I
and I can you look at this data that I
and I can you look at this data that I have on your mobile phone and your
have on your mobile phone and your
have on your mobile phone and your social network all of it and I can then
social network all of it and I can then
social network all of it and I can then decide whether or not you’re going to
decide whether or not you’re going to
decide whether or not you’re going to pay back 10,000 RS and through machine
pay back 10,000 RS and through machine
pay back 10,000 RS and through machine based learning it just confused to learn
based learning it just confused to learn
based learning it just confused to learn more about you and you know the first
more about you and you know the first
more about you and you know the first time given the launcher I these
time given the launcher I these
time given the launcher I these technologies are not that far-fetched
technologies are not that far-fetched
technologies are not that far-fetched basically and the one that excites me
basically and the one that excites me
basically and the one that excites me the most at this particular point in
the most at this particular point in
the most at this particular point in time is really the OP the protection of
time is really the OP the protection of
time is really the OP the protection of Big Data and all the technology that is
Big Data and all the technology that is
Big Data and all the technology that is layered on Big Data to deliver things
layered on Big Data to deliver things
layered on Big Data to deliver things that will solve the Grand Challenges of
that will solve the Grand Challenges of
that will solve the Grand Challenges of Africa agriculture finance all of those
Africa agriculture finance all of those
Africa agriculture finance all of those things is really around big desire so
things is really around big desire so
things is really around big desire so suddenly the economists this morning
suddenly the economists this morning
suddenly the economists this morning actually says it’s always been said but
actually says it’s always been said but
actually says it’s always been said but it said it had a picture of oil rigs and
it said it had a picture of oil rigs and
it said it had a picture of oil rigs and instead of Exxon Mobil and Chevron and
instead of Exxon Mobil and Chevron and
instead of Exxon Mobil and Chevron and all of that it had Google and Facebook
all of that it had Google and Facebook
all of that it had Google and Facebook and you know it says data is in your oil
and you know it says data is in your oil
and you know it says data is in your oil and in truth it is it really is thank
and in truth it is it really is thank
and in truth it is it really is thank you so much
you so much
you so much [Music]
”
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