Spotlight Ethio Magazine Issue 10 : simplebooklet.com

SPOTLIGHTETHIO.COMVOLUME1 ISSUE 10CONTENTSEDEN LIFE:OPTIMIZING LIESTYLE SERVICES pg. 03This company is revolutionizing how Africans access top-notch lifestyle services.ACCELERATING AFRICA’S SHIFT TO RENEWABLE ENERGYAfrica is making significant strides toward a cleaner, more sustainable future with the launch of the Africa Energy Transition Catalyst Program.pg. 04HOTEL PICKSpg. 05pg. 06AFRICA’S MINERAL WEALTH TO SUPPORT ENERGY TRANSITIONThe continent has a unique opportunity to capitalize on its abundant critical mineral reserves amidst the global shift towards clean energy.pg. 07DINING PICKSSee how this startup is connecting those without internet access to crucial services.BRASTORNE: BRIDGING AFRICA’S DIGIAL DIVIDEpg. 08Africa has begun tapping into this growing market, as a source of raising capital.CARBON CREDITS AS A STRATEGIC TOOLpg. 09pg. 10SATELLITE DATA TO SOLVE LOCAL ISSUESWhy these African countries are implementing space initiatives to help solve pressing problems. Our selection of Top 5 Leaders and the results they produced within their business ventures.BUSINESS LEADERSpg. 12FEATURE STORY: DR. SANGU DELLEpg. 13pg. 17A selection of four trailblazers across the African continent.AROUND AFRICApg. 18EVENTS TO WATCHpg. 19ACHIEVERSOur selection of Top 5 entrepreneurs on the horizon in their respective fields.pg. 20DIAMOND CLASSpg. 21CONTACT02JULY 2024OUTSIDE THE BOX: MOCHESANE MPALIpg. 11INSIDE

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STARTUP STORYEden Life, an innovative Nigerian startup, is revolutionizing how ambitious individuals and businesses access top-notch lifestyle services. By offering chef-cooked meals, food delivery, laundry assistance, beauty services, and home cleaning, Eden Life ensures its users enjoy convenience and quality daily.Expanding its horizon, Eden Life recently launched Eden Marketplace, an e-commerce platform designed to simplify online shopping. With categories spanning groceries, pharmaceuticals, and electronics, Eden Marketplace aims to rival major players like Jumia and Konga. It addresses common e-commerce challenges, such as substandard goods, delivery delays, and timely vendor payments, offering a superior shopping experience.Since its establishment in 2019, Eden Life has not only raised an impressive $2.16 million but also delivered over 150,000 services in Nigeria. These milestones, coupled with an outstanding 80% retention rate over the past year, underscore the scale of Eden Life's achievements. The company's success has propelled its expansion into Kenya, where it now offers beauty and wellness services in Nairobi. This expansion was facilitated by acquiring Lynk, a Kenyan tech company that connects informal workers with job opportunities.Eden Life was founded by Nadayar Enegesi (CEO), Prosper Otemuyiwa (CTO), and Silm Momoh (Product Lead), who bring a wealth of experience from their previous collaboration at Andela. Their collective expertise and shared vision are the driving forces behind Eden Life's growth and impact in the lifestyle services sector.EDEN LIFE:OPTIMIZING LIFESTYLE SERVICES IN AFRICA SPOTLIGHTETHIO.COM 03JULY 2024

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GROWTH OPPORTUNITYAfrica is making significant strides toward a cleaner, more sustainable future with the launch of the Africa Energy Transition Catalyst Program (AETC). This ambitious initiative, supported by a $7.88 million grant from the Sustainable Energy Fund for Africa (SEFA), aims to dramatically increase renewable energy generation by integrating large-scale projects at both national and regional levels.The AETC consolidates the African Development Bank's commitment to accelerating a Just Energy Transition (JET) for Africa—a shift to a fair, inclusive, low-carbon economy, and generates valuable employment opportunities without leaving anyone behind. Over two phases, the program will bring together six key energy transition projects, driving transformative change across the continent's energy landscape.A central component of the AETC is the Mega Solar Initiative, a collaborative effort involving Power Africa, the governments of Botswana and Namibia, and major international financial institutions. In its first phase, this initiative aims to procure 300-500 megawatts of solar power in Namibia and Botswana, setting the stage for further regional collaboration and economic growth. Beyond energy production, the Mega Solar Initiative will drive technology transfer, job creation, and capacity building across African industries.The program's impact extends beyond energy generation, offering a comprehensive blueprint for Africa's sustainable future. Through partnerships with the African Energy Commission, the AETC will develop a Continental Energy Transition Framework and Roadmap, guiding the continent toward greener energy solutions. This includes financing feasibility studies for offshore wind sites and crafting robust energy transition investment plans.The AETC exemplifies Africa's broader ambition for a just and sustainable energy transition, marked by strategic action and transformative change. By fostering collaboration, driving innovation, and prioritizing inclusivity, the program is set to lead Africa toward a greener, more prosperous future.ACCELERATING AFRICA’S SHIFT TO RENEWABLE ENERGY SPOTLIGHTETHIO.COM 04JULY 2024

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06Sub-Saharan Africa has a unique opportunity to capitalize on its abundant critical mineral reserves amidst the global shift towards clean energy. According to the International Energy Agency, the demand for nickel, cobalt, and lithium will surge dramatically between 2022 and 2050. With the region holding about 30% of the world’s proven critical mineral reserves, this boom could significantly transform its economy if managed well. Countries like the DRC, South Africa, Gabon, Ghana, Zimbabwe, and others are already key players in global mineral production, positioning the region to benefit substantially from rising demand.Beyond merely extracting these valuable resources, the region can maximize its economic gains by developing local processing industries. Locally processing raw materials can drastically increase their value, create high-skilled jobs, and boost tax revenues, contributing to poverty reduction and sustainable development. For instance, raw bauxite can be transformed into aluminum, increasing its market value from $65 to $2,335 per ton. However, current infrastructure limitations mean many minerals are exported in their raw form, missing out on potential economic benefits. Attracting foreign direct investment and fostering a stable, predictable investment environment through policy reforms can help develop these local processing capabilities.A coordinated strategy is essential for leveraging the full potential of the region’s critical minerals. Countries fostering cross-border collaboration and integration can create a larger, more attractive investment market and develop regional value chains. Additionally, domestic reforms to strengthen financial markets, improve access to finance, and ensure accountable resource management are crucial. These combined efforts could transform SSA into a leading hub for critical minerals, supporting the global transition to clean energy while driving regional growth and development.HOW AFRICA’S MINERAL WEALTH CAN POWER THE ENERGY TRANSITION SPOTLIGHTETHIO.COMECONOMIC UPDATE JULY 2024

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DINING & ENTERTAINMENT07Le Jardin Hemingways Nairobi Brasserie8 Boulevard Hassan II, Abidjan Ivory CoastLe Jardin offers a a treehouse-like terrace with a stunning 180° view of the Ebrié lagoon and the Plateau, where the warmth of Ivorian hospitality enhances the experience of discovering traditional local cuisine.Karen Mbagathi Ridge, Nairobi, KenyaHemingways Nairobi caters to every palate with hearty breakfasts, Indian Ocean seafood, traditional English teas, homemade pasta, premium steaks from their Josper oven, and a global selection of cocktails and wines.6111 Manchinchi Road, Lusaka, ZambiaLocated in the Neelkanth Sarovar Premiere Hotel, Copper Pot restaurant offers a rich fusion of traditional Zambian cuisine and international flavors, featuring a diverse menu that caters to every palate.Copper Pot Restaurant102 Manyani E Rd, Nairobi, KenyaThai Chi by Sarova offers a captivating fusion of Thai and Pan-Asian flavors, featuring artful presentations, elegant Zen-inspired décor, and a tranquil ambiance, transporting diners to culinary worlds from Kenya to Thailand and Japan.Thai Chi by SavoraDINING PICKS SPOTLIGHTETHIO.COMJULY 2024

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STARTUP STORYThe company offers a suite of products—mAgri, Mpotsa, and Vuka—that empower users by providing access to vital services without needing expensive smartphones or data plans. This approach has proven particularly beneficial for farmers, who have experienced a 250% yield increase using Brastorne's platform. Building on its success, Brastorne plans to expand further into other African countries, including Ethiopia, Madagascar, and Guinea. Through partnerships with telecommunications companies, Brastorne continues to advance its mission of connecting the unconnected and fostering a more digital economy in Africa.Brastorne Enterprises, founded in 2013 in Botswana, aims to bridge the digital divide in Africa by connecting those without internet access to crucial services. Co-founders Thato Stimela and Naledi Magowe created the company to address the needs of the 300 million feature phone users across Africa, who often cannot afford smartphones or mobile data. By leveraging USSD (Unstructured Supplementary Service Data) technology, Brastorne provides app-like services without needing the internet. This allows users to access trade, market prices, information, and chat functionalities on basic feature phones. Brastorne's impact is evident in its rapid growth and positive influence on marginalized communities. Since its inception, the company has expanded to over 1.8 million users across Africa, with over 1 million in Botswana alone and 350,000 active monthly users. Brastorne's innovative approach to connecting rural areas with essential information, markets, and community services has earned it significant recognition, including winning the 2022 AYuTe Africa Challenge.BRASTORNE:BRIDGING AFRICA’S DIGITAL DIVIDE SPOTLIGHTETHIO.COM 08JULY 2024

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09Carbon credits are emerging as a strategic tool for combating climate change. They allow companies and countries to offset their carbon emissions through the purchase of credits derived from projects that reduce or capture greenhouse gases. In recent years, Africa has begun tapping into this growing market, viewing carbon credits as a potential source of raising capital.African nations, known for their abundant natural resources and innovative sustainable projects, are positioning themselves to play a significant role in global carbon markets, with the ACMI aiming for Africa to sell $100 billion worth of carbon credits per year by 2050. Although it's estimated that Africa currently uses less than 2% of its annual carbon credit production potential, recently, several countries have pushed to make deals, including Ethiopia, Rwanda, Gabon, Kenya, Ghana, and Senegal.One key area where carbon credits are making a difference in Africa is in clean energy solutions, such as providing alternative cooking fuels. Companies like Koko in Kenya are creating bioethanol-based stoves that reduce carbon emissions and improve air quality and health outcomes for millions of people. These companies generate carbon credits by reducing greenhouse gases and selling them on global carbon markets, allowing them to reinvest in cleaner technologies and make them more accessible to local consumers.ARE CARBON CREDITS AFRICA’S NEXT MAJOR EXPORT OPPORTUNITY? SPOTLIGHTETHIO.COMDespite the benefits, challenges remain for Africa's carbon credit market. There are concerns about the legitimacy of some carbon credits, with reports indicating that many projects do not result in tangible reductions in emissions. Furthermore, the risk of double counting and ethical considerations around external companies managing large tracts of African land for carbon credits adds another complexity layer. To ensure carbon credits become a meaningful and equitable source of revenue, African nations must focus on transparency, fairness, and genuine environmental impact, creating a stable foundation for this burgeoning industry.ECONOMIC UPDATE JULY 2024

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HOW SATELLITE DATA CAN HELP TACKLE AFRICA’S PROBLEMS SPOTLIGHTETHIO.COMThe African Union emphasizes the significance of a unified space strategy to surmount developmental hurdles and infrastructure gaps, heightened by climate change’s impacts. African space initiatives are not just about innovation and international cooperation. They also promise substantial economic and safety benefits through detailed land surveillance supported by artificial intelligence and policy-making informed by satellite data. Kenya recently launched the Taifa-1 satellite, joining a cohort of African nations embracing space programs to address pressing issues like climate change, food shortages, insecurity, and telecommunications. Its first Earth observation satellite is set to provide critical data on afforestation, land use, and more, aiding in strategic planning for food reserves, among other interventions.Thirteen African countries— including Ethiopia, South Africa, Egypt, Algeria, Nigeria, and Morocco— have initiated space programs, contributing to a continent-wide space economy valued at $19.5 billion in 2022, with expectations to rise to $22.6 billion by 2026. These programs are instrumental in gathering data to inform governmental decisions on agriculture, urbanization, and environmental management, underscoring satellites as pivotal tools for local problem-solving and technological advancement. According to the WEF, data collected from space could unlock $2 billion annually in benefits for the continent.GROWTH OPPORTUNITY 10JULY 2024

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OUTSIDE THE BOXAs sustainability becomes a cornerstone of business strategy, companies worldwide are racing to innovate and lead the charge. Among these trailblazers is Lema Agrivest, a semi-organic hydroponics farming enterprise set to revolutionize agriculture in Lesotho and Africa. In an exclusive interview with Spotlight Ethio, founder Mochesane revealed how the company seamlessly merges sustainable technology with modern farming techniques. This innovative approach not only boosts agricultural productivity but also creates a positive social, environmental, and economic impact, setting a new standard for the industry.The Business Case for SustainabilityIn today's business landscape, sustainability is more than just a noble goal; it's a strategic necessity, according to Mochesane. "Sustainability is no longer an optional add-on but a critical component of business strategy," he asserts. By embedding sustainable practices into their models, Mochesane believes businesses can attract and retain consumers who prioritize environmental and social responsibility, thereby building a loyal customer base. He also highlights that proactively adopting these practices helps businesses stay ahead of increasingly stringent environmental regulations, mitigating risks and ensuring long-term operational stability. This forward-thinking approach not only supports a healthier planet but also paves the way for innovation, resilience, and lasting success.Innovating Agriculture with HydroponicsMochesane's agriculture journey began in childhood, when he lived with his grandparents in Mapoteng, Lesotho. After a detour into Information Technology and a stint as a software developer, he rediscovered his passion for farming in 2019, driven by rising food inflation and a desire to cut costs by growing his own food. This personal endeavor led him to explore urban farming techniques, inspiring the creation of Lema Agrivest to help others grow their own food and tackle the challenges of limited arable land and climate change.Hydroponics, a method of growing plants without soil using nutrient-rich water, became a cornerstone of Lema Agrivest's approach. "It offers numerous benefits, including twice as fast plant growth, 90% space and water efficiency, and significant water conservation," explains Mochesane. This innovative solution helps address food insecurity by allowing year-round cultivation, even in drought-prone areas and urban centers. Additionally, this soil-free method reduces the need for herbicides and pesticides, promotes biodiversity, and requires less transportation, further reducing the carbon footprint.Driving Africa’s Economic DevelopmentThe rise of hydroponics in Africa is driven by the urgent need for sustainable agriculture, the challenges posed by climate change, and rapid urbanization. While the market is still in its early stages, it is steadily growing through numerous pilot projects and increased investment. Economically, these practices increase productivity, lower costs, enhance yield stability, and open new market opportunities. "Adopting this technique can also create new job opportunities in urban farming, technology maintenance, and supply chain management," notes Mochesane. For instance, Lema Agrivest has created 37 jobs and trained over 5,000 individuals in hydroponics through various programs. This initiative not only drives economic growth but also empowers communities with the knowledge and tools to implement sustainable practices, painting a promising picture of the future. SPOTLIGHTETHIO.COM 11OUTSIDE THE BOXMOCHESANE MPALIJULY 2024

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12TOP LEADERSTOP LEADERSDR. AISHA PANDORDr. Aisha R. Pandor is an entrepreneur and the Founder of SweepSouth, Africa’s first and largest online platform for booking, managing, and paying for home services. To date, she has raised over $20 million in venture capital funding, establishing herself as one of the few black female tech startup CEOs internationally to achieve such a feat. She is also a founding partner of E4E Africa, a VC firm, and the co-founder and CEO of Pandora Biosciences, a health tech company focused on women’s health. “Success in business means having the perseverance to navigate unique challenges and the vision to leverage our continent’s immense potential.”“If we continue doing the right things in Africa, we can create a very exciting and competitive global market here.”PATRICE MOTSEPEPatrice Motsepe is a renowned South African mining magnate and billionaire, known for founding African Rainbow Minerals, a leading mining company. As the first black African to be listed on Forbes' billionaires list, Motsepe is celebrated for his business acumen and his commitment to economic empowerment and social development in Africa. Additionally, he serves as the president of the Confederation of African Football, highlighting his influence beyond the business sector into the realm of sports and philanthropy.IRENE KIWIAIrene Kiwia is a visionary entrepreneur and tech trailblazer hailing from Tanzania, at the helm of several ground-breaking tech initiatives dedicated to empowering women and youth. Irene’s leadership roles include co-founding and serving as the Chief Growth Officer at Adanian Labs, a Pan-African tech venture studio. She is also the founder of Twaa, a global networking platform for women, and eCOBbA, an AI-driven FinTech platform geared towards savings and investment groups.STRIVE MASIYIWAStrive Masiyiwa is a Zimbabwean entrepreneur and philanthropist, renowned for founding Econet Wireless, a leading telecommunications company in Africa. His visionary leadership has not only revolutionized the telecommunications industry across the continent but also fostered economic development and digital innovation. Beyond business, Masiyiwa is deeply committed to philanthropy, particularly in education and healthcare, earning him a place on TIME magazine's list of the 100 Most Influential People in the World.MICHELLE NTALAMIMichelle Ntalami has carved out a remarkable niche as the co-founder and driving force behind Marini Naturals, Africa's first quality organic haircare line dedicated to natural hair. Under her leadership, Marini Naturals has become a global player in the haircare industry, extending its reach beyond Kenya to 10 African countries, as well as making inroads into American and European markets. “We are the generation tasked with the opportunity to effect lasting change for multiple generations. To do so, we must act, think, and evolve with a borderless Africa mindset.”“The opportunity is in the problem. The moment I see a problem, I immediately begin to think about the opportunities that can be created by trying to solve it..”SWEEPSOUTHAFRICAN RAINBOW MINERALSADANIAN LABSECONET WIRELESSMARINI NATURALS SPOTLIGHTETHIO.COM “For you to be a truly successful brand or business, you need to follow the Triple P promise—people, planet and profit.”JULY 2024

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13Dr. Sangu Delle:Africa’s Multifaceted Visionary and Business Leader Africa's rapid technological adoption presents a unique opportunity to address the continent's most pressing challenges. From financial inclusion to healthcare, innovative tech solutions can significantly enhance quality of life and economic stability. African countries must embrace these advancements, understanding that technology is not just an option but a necessity. "In certain markets, generative AI is a sexy thing. For us in Africa, we do not have a choice," Dr. Sangu Delle says in an exclusive interview with Spotlight Ethio.Dr. Sangu Delle is a dynamic force in the African entrepreneurial ecosystem, blending innovation with a deep commitment to social impact. His ventures, CarePoint and Golden Palm Investments, have significantly shaped the continent's future. CarePoint, a tech-forward healthcare company operating across Africa since 2017, is revolutionizing healthcare by ensuring advanced solutions reach underserved communities. Meanwhile, Golden Palm Investments Corporation, a venture capital firm active since 2006, invests in sectors such as healthcare, technology, real estate, and agribusiness, and has seeded major startups like Andela, mPharma, and Flutterwave, collectively raising over $1.5 billion in venture financing.Before establishing his successful ventures, Sangu held stints at Valiant Capital Partners, Morgan Stanley, and Goldman Sachs. In addition to his business ventures, Sangu serves on several boards and advisory committees, including Andela, the Harvard Medical School's Global Health and Service Advisory Council, and Ashesi University. His philanthropic endeavors include founding the Sangu Delle Foundation, which focuses on education, mental health, and job creation. Sangu's academic credentials are as impressive as his professional achievements, holding degrees from prestigious institutions: a Bachelor's in African Studies and Economics from Harvard College, an MBA from Harvard Business School, a Juris Doctor from Harvard Law School, a Master's in International Human Rights Law from Oxford University, and a PhD in Economic Anthropology and African Studies from the University of Birmingham. He is the author of "Making Futures: Young Entrepreneurs in a Dynamic Africa", and is a TED Fellow, a Tutu Fellow, and an Eisenhower Fellow. His numerous accolades include being named a Young Global Leader by the World Economic Forum, highlighting his exceptional contributions to business and society and positioning him as a leading figure in Africa's economic and social renaissance. SPOTLIGHTETHIO.COMAn Exclusive Interview with Spotlight EthioJULY 2024

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Global Dreams Born from Local RootsSangu's journey is profoundly influenced by three pillars: a love for learning, community, and faith. His early immersion in books, starting at age two, set the foundation for a lifelong passion for reading and learning. "Books were my passport before I could even travel," he explains, highlighting how reading allowed him to experience diverse cultures and ideas. His father, a voracious reader, nurtured this intellectual curiosity and led to Sangu constantly engaging with literature, from philosophy to science, shaping a global perspective that transcended his immediate environment. "Books have really been transformative—it allowed me to globalize my perspectives, dreams, and aspirations."Community has also played a crucial role in shaping Sangu. His father's journey as one of four educated children out of 86 siblings and his mother's fervent focus on education despite not attending college instilled in him a deep appreciation for learning. He also notes that his pursuit of multiple degrees is not just due to his intellectual curiosity but also as a recognition of the historical limitations faced by his people in Northern Ghana since colonial times. Lastly, faith has been a cornerstone of his resilience and determination, giving him the strength to pursue ambitious dreams and overcome criticisms and obstacles.14FEATURE STORY SPOTLIGHTETHIO.COM“Books were my passport before I could even travel. It allowed me to globalize my perspectives, dreams and aspirations.”“We strongly believed that technology would be a huge disruptor, offering a leapfrogging opportunity to solve many of our problems.”Tech Disruption and the Accidental VCsIn 2006, Sangu founded Golden Palm Investments with a vision rooted in Africa's development and socioeconomic trajectory. He analyzed global economic data spanning a millennium to identify megatrends, including urbanization, shifts in income and consumer preferences, and globalization. Believing that Africa would follow similar patterns, he began incubating businesses in various sectors, including financial services, real estate, agriculture, and healthcare. Another big thesis of his revolved around technology: "We strongly believed that technology would be a huge disruptor, offering a leapfrogging opportunity to solve many of our problems." Given that the team needed more technical expertise for a tech company at the time, they realized that their involvement would be best suited as investors and general business support for growth. They began leveraging cash flow from other businesses to invest in promising tech companies, thus becoming "accidental venture capitalists".Recognizing their knack for tech investments, Sangu's firm sold off most operating businesses except healthcare, which aligned with the technology thesis. This venture, known as CarePoint, aimed to leverage technology to improve healthcare quality and affordability. "We really believe that we could use technology to both improve the quality of care and the financial performance of care," Sangu explained. Sangu passionately describes how providing the best care creates a positive cycle of improved health outcomes, customer satisfaction, and business growth. With over $30 million raised, CarePoint has expanded to 65 hospitals and clinics across Africa and serves a million patients annually.Sangu's dedication to healthcare is also deeply personal. He was inspired by the loss of a cousin due to a misdiagnosis, which fueled his passion for building a healthcare system in Africa that prevents needless deaths. With a mission to build Africa's healthcare future, CarePoint aims to bring high-quality, affordable care to 100 million Africans by 2030.JULY 2024

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Leveraging AI in HealthcareAI is a major strategic initiative at CarePoint, driven by the urgent need to address Africa's healthcare challenges. Sangu highlights the stark reality: "Africa is about 18% of the global population, responsible for more than 25% of the global disease burden, with only 3% of global healthcare workers and 1% of healthcare expenditure." Partnering with Microsoft AI for Health, CarePoint is using AI to combat chronic non-communicable diseases like hypertension, diabetes, and cancer, which are rapidly increasing in Africa.Sangu underscores the critical role of AI: "In certain markets, generative AI is a sexy thing. For us in Africa, we do not have a choice." He warns, "By the time we finish training the doctors and nurses we need, hundreds of millions of people could die." AI helps optimize Africa's limited human capital, enabling efficient use of healthcare resources. For example, AI in CarePoint's dermatology practice can quickly assess common conditions and analyze millions of patient records to predict and manage diseases.. Golden Palm’s Investment PhilosophySangu highlights the unique approach of Golden Palm Investments, contrasting it with the "spray and pray" strategy common among venture firms, where investments are scattered across numerous businesses in the hope that a few will succeed. With limited initial capital, Golden Palm had to be prudent and focused, reinvesting cash flow into existing companies or high-quality new ventures with good returns. Their strategy for investing in early-stage companies prioritizes three key factors: people, ideas, and market viability. He emphasizes the importance of diligence, particularly in assessing the people behind the business through their personal relationships, to gauge their character, resilience, and integrity. Sangu explains, "Anyone can come and do a nice interview, but what is their character? What kind of leader are they going to be?"Sangu further explains what demarcates his company's approach from the rest: "In our field, you can't just sit behind a computer and do a spreadsheet analysis; you need to conduct hands-on, differentiated research on the ground to truly propel your portfolio companies, and that's exactly what we do at Golden Palm. We have much experience scaling businesses in Africa and many relationships, so we try to leverage all of that to assist our portfolio companies."The Critical Drivers for Africa’s GrowthSangu emphasizes that Africa's future hinges on three key pillars: health, education, and jobs. He asserts that "Health is the best foundation" because, without healthy citizens, people can't go to work and school, making economic projections meaningless. Second is education, which should extend beyond formal schooling to include vocational training and training for in-demand skills. Finally, job creation is crucial, as it provides the means for healthy, educated individuals to apply themselves productively. He points out the urgency, given Africa's rapidly growing population, which is "expected to grow from 1.3 billion to 2.5 billion by 2050, reaching 4 billion by the century's end." With 70% of the world's youth expected to be in Africa, Sangu stresses the importance of intentionally building infrastructure that supports health, education, and job creation. "If we do not tackle those three things, we're in trouble," he warns.When asked which sectors are poised for growth, Sangu believes "the greatest growth opportunities in Africa will come from solving our biggest problems." He points out that financial inclusion is a major challenge, with "over 80% of the population unbanked," making financial services, banking, and fintech crucial growth sectors. Additionally, infrastructure, healthcare, and education present massive challenges and opportunities. He also highlights the potential in agriculture, import substitution, supply chain and logistics, transportation, and connectivity.15FEATURE STORY SPOTLIGHTETHIO.COM“In certain markets, generative AI is a sexy thing. For us in Africa, we do not have a choice.”“The greatest growth opportunities in Africa are going to come from solving our biggest problems.”JULY 2024

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He also observes that urban centers like Lagos, Accra, Nairobi, and Addis often share more similarities with each other than with their own rural areas when building a business. Ultimately, Sangu advises approaching business in Africa with "nuance and humility," acknowledging both the obstacles and the vast growth potential. “Africa is not a monolith.”“I'd rather trust a smart team with a mediocre idea than a mediocre team with the best idea, because a smart team can pivot and execute effectively.”16FEATURE STORYThe Essence of a Meaningful LegacySangu hopes his legacy reflects his faith and personal relationships. "Was I a good believer? Was I a good father? Was I a good friend? Good son?" he asks, emphasizing that these roles are what truly matter to him. He believes that everything else is irrelevant in the grand scheme of life, noting, "Sometimes we take ourselves too seriously and we're too vain." SPOTLIGHTETHIO.COMFor more interviews go to www.SpotlightEthio.com Navigating Africa’s Diverse MarketsHaving spent time in 47 African countries, Sangu emphasizes the importance of recognizing the diversity of Africa's business landscape. "Africa is not a monolith," he asserts, highlighting its 54 countries and over 3,000 languages. He believes that, like Europe, Africa can benefit from uniting under common parameters to create a larger single market, enhancing its global competitiveness. "The idea of the African Union actually predated the European Union," he notes, lamenting that Kwame Nkrumah's vision of a unified continent in the 1950's was never fully realized.Despite the challenges of different languages, currencies, policies, and legal systems, Sangu sees excellent opportunities: "If there's one thing we could learn from the companies in telecom and financial services, it's that this hasn't stopped them from building wildly profitable businesses on a Pan-African basis." .Realistic Approach to African BusinessAs interest in doing business in Africa grows among people from abroad, Sangu offers crucial advice for aspiring entrepreneurs eyeing the continent. "It’s a very tough market and it’s important to not over-romanticize the challenges," he warns, urging clear-eyed realism. He stresses the importance of thorough homework, being well-funded to weather macroeconomic shocks, and having strong governance. He also emphasizes the critical need for a capable team, noting, "I'd rather trust a smart team with a mediocre idea than a mediocre team with the best idea, because a smart team can pivot and execute effectively."He further cautions about the exposure to macroeconomic risks and emphasizes the necessity of having mitigants, especially if you’re earning capital in a local currency or investing in dollars. "Africa has greater returns than most people assume, but it's not the greatest risk-adjusted return," he explains. Passion and genuine commitment are essential, as building a sustainable business in Africa requires more than just a desire to make an impact. Success demands resilience and a willingness to face significant challenges, but for those ready to navigate these obstacles, the entrepreneurial possibilities and social impact are immense.JULY 2024

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AROUND AFRICA17Sandra Chukwudozie Tosin EniolorundaSandra Chukwudozie serves as the CEO and Founder of Salpha Energy, a prominent renewable energy company specializing in technology-driven solutions. Their ambitious goal is to empower 30 million people in Africa with clean and affordable energy access by 2030. Tosin Eniolorunda is the CEO and co-founder of Moniepoint, a comprehensive digital financial platform for businesses in emerging markets. Notably, it is ranked as Africa’s second-fastest growing company and has already empowered over 3 million businesses since 2019. Ralph Menz is the CEO and co-founder of NaaSika, an award-winning platform offering digital financial services tailored for the informal sector and youth across Africa. Their innovative solution revolves around leveraging chatbots integrated into widely-used messaging platforms like WhatsApp, Telegram, and Facebook Messenger. Ralph Menz Jade Oyateru is the co-founder of Uncover, a skincare brand that uses a data-driven approach to create products tailored for African skin, using African ingredients. The startup has demonstrated significant growth, raising over $1 million in funding and capturing a notable market share in Kenya’s skincare industry with plans to expand throughout Africa. Jade Oyateru AROUND AFRICA SPOTLIGHTETHIO.COMJULY 2024

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BOARDWALK EVEMegawatt Africa 2024MegaWatt Africa 2024 on July 16th to 18th in Nairobi, Kenya will spotlight key sectors of Africa's energy landscape, including solar, wind, and power equipment, bringing together pioneers and experts in sustainable energy. Running alongside the Africa Build Show, this event offers a dynamic fusion of energy and construction innovations, providing unparalleled opportunities and partnerships shaping Africa's power industry.Connected Banking Summit EthiopiaThe 15th Edition Connected Banking Summit – Innovation and Excellence Awards 2024 in Addis Ababa, Ethiopia on August 14th will unite global executives and industry leaders to drive the future of banking through digitization and financial inclusion. This summit will feature discussions on the transformative impact of artificial intelligence, machine learning, and other technologies, providing an unparalleled networking platform for key industry players and innovators.FundHerBiz SummitThe FundHerBIZ Summit on August 9th, 2024 in Nairobi, Kenya will bring together women entrepreneurs, CEOs, founders, and finance experts to network and explore sustainable funding alternatives for women-led businesses. Partners include investors, banks, entrepreneurship support organizations, and venture capital firms, making it a key event for advancing female entrepreneurship.Township Economies Conference & ExpoThe Takealot Township Economies Conference & Expo on July 30th to 31st, 2024 in Kempton Park, South Africa, is a pivotal event for Township entrepreneurs to explore support services and address challenges in the informal market sector. This conference aims to inform strategies for improving support, enabling entrepreneurs to overcome obstacles and grow their businesses, thereby strengthening the overall economy.18BOARDWALK AVE SPOTLIGHTETHIO.COMJULY 2024

Spotlight Ethio Magazine Issue 10

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