Spotlight Ethio Magazine Issue 7 : simplebooklet.com

INSIDESPOTLIGHT ETHIOVOLUME1 ISSUE 7CONTENTSWELETA:ETHIOPIA’S FIRST E-SIGNATURE APPpg. 03As the first of its kind, this app is transforming the traditional contract process in Ethiopia.A NEW PLAYER IN ETHIOPIA’S MOBILE MONEY MARKETMarking a significant milestone, Safaricom's M-Pesa mobile money service has officially launched in Ethiopia.pg. 04HOTEL PICKSpg. 05pg. 06A SHIFT IN INDUSTRY INVESTMENT TRENDS A report reveals a remarkable shift in where investors are focusing their attention in East Africa.pg. 07SUCCESS TOOLBOX: MASTERING THE ART OF SUCCESSHere is a blueprint for achieving peak potential in any field, with actionable insights to forge your path to mastery, inspired by the renowned book, "Mastery".pg. 08DINING PICKSSee how this award-winning startup is revolutionizing the service economy. GOODAYON: A DIGITAL SPACE FOR THE GIG ECONOMYpg. 09Dive into the profile and trends of these mega-companies.AFRICA’S BILLION-DOLLAR COMPANIESpg. 10pg. 11BOOST IN INTERNAL AFRICAN TRADEFive powerhouse African banks align to a ground-breaking Pan-African payment system.Our selection of Top 5 Leaders and the results they produced within their business ventures.BUSINESS LEADERSpg. 13FEATURE STORY: RAHEL BOON-DEJENEpg. 14pg. 18A selection of four trailblazers across the African continent.AROUND AFRICApg. 19EVENTS TO WATCHpg. 20ACHIEVERSOur selection of Top 5 Achiever’s in their respective fields.pg. 21DIAMOND CLASSpg. 22CONTACT02INSIDEOCTOBER 2023OUTSIDE THE BOX: BIRUK TEKESTE pg. 12

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STARTUP STORYViditure Technology Solution Plc is transforming the traditional contract process in Ethiopia with Weleta, the country's first digital signature application.Using its patented technology, Weleta offers online document creation and digital signing for Android and iOS users, improving the way contracts are made in the country. This innovation accelerates business operations by providing immediate access to vital documents and minimizing turnaround times for swift decision-making. Its innovative feature of video agreements even eliminates the need for physical presence, further simplifying contract signing.Leveraging Ethiopia's 2020 Electronic Transaction Proclamation, which legally acknowledges digital signatures, Weleta boosts accuracy, reduces manual processing, and phases out the need for physical documents. Plus, with video (and audio) agreement capabilities, the need for physical presence is truly a thing of the past.“We are hopeful that this app will bring convenience and improved efficiency to businesses and individuals across Ethiopia and beyond and spark huge interest in the market,” said Kebron Dejene, Founder and CEO of Viditure Technology Solution Plc.WELETA:ETHIOPIA’S FIRST E-SIGNATURE APP SPOTLIGHTETHIO.COM 03OCTOBER 2023

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GROWTH OPPORTUNITYSafaricom's M-Pesa mobile money service has officially launched in Ethiopia, marking a significant milestone in the Kenyan telecom giant's ambitious African expansion and challenging the dominance of Ethio Telecom's Telebirr. With a foothold established just last year, Safaricom has rapidly garnered over 2 million active users in Ethiopia and seeks to replicate its success in Kenya. Since its Kenyan debut in 2007, M-Pesa has revolutionized mobile money services, expanding to multiple African nations and becoming Safaricom's primary revenue driver.This move follows Ethiopia's 2019 decision to open its telecom sector, previously monopolized by state-run Ethio Telecom. With a consortium of international investors, Safaricom entered the Ethiopian market in October 2022 after being awarded a license in May 2021 as the country's first private sector-led telecom operator. As Safaricom eyes the potential of Ethiopia's youthful 120 million populace, they also brace for intense competition from Ethio Telecom, which reported a whopping 34 million subscribers for its Telebirr service.Mobile money services are popular in East Africa, enabling customers to send and receive money and pay for goods and services. With M-Pesa, Ethiopian users can send money within the country and receive money from within and abroad, pay merchants, buy airtime, transfer to their bank accounts, and send money from their bank accounts to their M-Pesa. A NEW PLAYER IN ETHIOPIA’S MOBILE MONEY MARKET SPOTLIGHTETHIO.COM 04OCTOBER 2023

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06The 2023 Deloitte Africa Private Equity Confidence Survey reveals a remarkable shift in where investors are focusing their attention in East Africa, a trend driven by recent global events and regional opportunities. Previously, green energy and technology led the charge, but now the spotlight is on the agriculture and food and beverage sectors. This shift comes as the Russia-Ukraine conflict and the impacts of climate change underline the necessity for self-sufficient and sustainable food production systems, with a notable fact being that 95% of Africa's food production relies on rainfall.In light of the substantial amount of imported packaged food in the region, there is a burgeoning opportunity for local agricultural enterprises to flourish, satiating local demands with homegrown products.But it's not just agriculture catching investors' eyes; the financial services industry is also A SHIFT IN KEY INVESTMENT SECTORS IN EAST AFRICA SPOTLIGHTETHIO.COMpromising—it is showing to be ready to nurture small businesses with improved payment and credit systems, thus fostering economic inclusion in a largely informal sector. This sector stands on the cusp of a revolution spearheaded by a wave of fintech startups, which, owing to Africa's impressive mobile adoption rates, received the highest funding in 2022, painting a vibrant picture of Africa's digital future.ECONOMIC UPDATE OCTOBER 2023

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SELF-DEVELOPMENT TOOLSIn the pursuit of greatness, Robert Greene's "Mastery" stands as a beacon, delineating the pathways forged by legends, and presenting a master blueprint to success. Drawing from rich narratives and biographies, the book provides a comprehensive guide to achieving the pinnacle of your field. Here, we distill the essential takeaways to carve a practical route to mastery.Apprenticeship Phase: Learning the RopesThe book's exploration of mastery begins with the fundamental stage of apprenticeship. This phase is all about immersing oneself in the learning process, absorbing the knowledge, and honing the skills required in your chosen field. It echoes the early years of the tech maestro, Steve Jobs, who began as a technician at Atari, absorbing and learning that laid the foundations for future innovations. Practical Takeaway: Identify mentors and resources in your field to commence your journey of focused learning. Set aside dedicated daily hours to learn and practice, building a solid foundation for your career.Emotional Intelligence: The Unsung HeroAn often underrated yet potent tool in the journey to mastery is emotional intelligence. Greene emphasizes the significance of understanding human behavior and emotions, a trait exhibited by icons like Oprah Winfrey, who turned empathetic understanding into a global media empire.Practical Takeaway: Enhance your emotional understanding by actively listening to others, reading widely, and understanding different perspectives. Embrace empathy and open dialogue in your professional and personal relationships.The 10,000-Hour Rule: Building ExpertiseInspired by the renowned 10,000-hour rule, Greene underscores the transformative potential of dedicated practice. Icons like The Beatles and Bill Gates embody this principle, having devoted immense time to perfecting their craft.Practical Takeaway: Craft a regimented schedule to practice your skills daily. Note your progress and set realistic milestones to keep track of your journey toward mastery.The Dimension of CreativityTowards the end of the journey to mastery, the book introduces the concept of the "dimensional mind" and "creative intuition." It's the stage where skills meet creativity to birth something truly unique and magnificent. It showcases legends like Albert Einstein, who went beyond conventional bounds to redefine scientific principles.Practical Takeaway: Foster creativity by constantly challenging the status quo. Engage in brainstorming sessions, and don't be afraid to venture into unexplored territories in your field."Mastery" is more than just a book; it's a blueprint for achieving peak potential in any field. It unravels the tapestry of great minds and their journeys to success, offering a practical guide filled with actionable insights to forge your path to mastery. SPOTLIGHTETHIO.COMMASTERING THE ART OF SUCCESS 07OCTOBER 2023

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DINING & ENTERTAINMENT08Meskott Culinary Experience Shaheen RestaurantKind George IV St, 4 kilo, Addis Ababa, EthiopiaMeskott is Addis Ababa latest addition to the rare scene of fine dining, promising a selection of international cuisine and an immersive bar in a refined and cultured space. Taitu St, Addis Ababa, EthiopiaBe ready for intense flavors as tantalizing curries and spice-infused Tandoori dishes dazzle the palate in this authentic Northern Indian restaurant, located inside the Sheraton. Entoto, Addis Ababa, EthiopiaNestled in the forest you'll find the open air Castel Wine Bar & Grill at Kuriftu Entoto.Watch out for the Rope Course literally overhead, this experience is truly like no other.Castel Bar & GrillJFK Building, Alexander Pushkin St, Sar Bet, Addis Ababa, EthiopiaIn this hands-on coffee experience, guests can choose which coffee to have roasted onsite by which roaster, or enjoy pastry and dining options at any of the four locations in the city.Garden of Coffee Café-RoasteryDINING PICKS SPOTLIGHTETHIO.COMOCTOBER 2023

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STARTUP STORYCo-founder and CEO Al Abreha had the idea after realizing the lack of digital presence and connectivity for high-demand services was ripe for building a highly scalable platform. Alem launched the platform in September 2020 after Tigist Afework joined as Co-Founder and COO. With over 50,000 downloads, 15,000 gig workers, and 50,000 connections made over two years, the award-winning startup is well on its way to revolutionizing the service economy. GoodayOn aims to disrupt the traditional marketing industry in Ethiopia by positioning small and medium-sized (SME) businesses and gig workers for success.GoodayOn's online marketing platform provides a digital presence for SMEs and independent gig workers to connect with employers quickly and efficiently. It covers a wide range of services such as domestic help, tutors, nannies, barbers, painters, electricians, brokers, salespeople, and catering.In addition to solving the problem of finding service providers, GoodayOn is a high social impact platform, creating market access for the large masses of gig workers in the low-economy class who are often left out of the digital community.GOODAY ONLINE: A DIGITAL SPACE FOR THE GIG ECONOMY SPOTLIGHTETHIO.COM 09OCTOBER 2023

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10Africa is home to many large companies: at least 345 companies have annual revenues of at least $1 billion, and collectively, they produce revenues of more than $1 trillion, according to a new report by McKinsey & Co.About 230 of these companies were started in an African country, often by a local entrepreneur. Between 2015 and 2021, homegrown companies performed slightly better than foreign companies in Africa, with a revenue growth rate of 5.5% and 4.4% per year, respectively.Sixty percent of Africa's large companies are based in South Africa, Nigeria, and Egypt, so the continent's smaller, faster-growing nations represent a promising next horizon for new business growth. These large companies operate in all major sectors on the continent, but 70% of the revenues they generate come from just six (out of 12) subsectors: oil and gas, mining, retail and consumer goods, financial services, manufacturing, and telecommunications.The report estimates that large companies in Africa could increase their revenues collectively by more A LOOK AT AFRICA’S BILLION-DOLLAR COMPANIES SPOTLIGHTETHIO.COMthan $550 billion by 2030 with ambitious strategies to access new markets, strengthen productivity, increase operational efficiency, and play a role in society.ECONOMIC UPDATE OCTOBER 2023

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A MOVE TO EMPOWER INTERNAL AFRICAN TRADE SPOTLIGHTETHIO.COM(58.5%), North America (30.4%), and Europe (68.5%), according to the UN Conference Trade And Development Handbook of Statistics 2022. However, with burgeoning digital connectivity and regional integration, Africa's digital economy is poised to scale up to an impressive $180 billion by 2025, as per a report by Google and IFC.Five powerhouse African banks—Access Bank, Ecobank, KCB, Standard Bank, and UBA—are aligning their operations with the Pan African Payment and Settlement System (PAPSS), a game-changing initiative by Afrexim Bank.PAPSS, a centralized payment solution, empowers these banks to process cross-border transactions in their local currencies. It fosters seamless trade payments across the nearly 40 countries covered by these five banks and supports trade under the Africa Continental Free Trade Area.Adding to this momentum, Kenya is stepping forward with plans to abolish Visa requirements for African citizens traveling for business, a significant move towards enhancing trade dynamics and unity in the continent. Furthermore, talks are in progress between Ethiopia, Kenya, Rwanda, Uganda, and several others to liberalize air transport, paving the way for a single, integrated air transport market in Africa.Currently, intra-African trade stands at a mere 12.5%, a stark contrast to figures from Asia GROWTH OPPORTUNITY 11OCTOBER 2023

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OUTSIDE THE BOXIn a world brimming with melodies and rhythms, Ethiopia boasts a distinct and rich musical heritage. However, before the inception of platforms like Hope Entertainment, the nation's burgeoning artists faced significant challenges in showcasing their unique tunes to a broader audience. Biruk Tekeste, the founder of Hope Entertainment, delved deep into his journey in an exclusive interview with Spotlight Ethio, shedding light on the challenges and triumphs that have shaped one of the most influential entities in the Ethiopian music industry.Elevating the Ethiopian Music Industry to New HeightsHe began by highlighting a glaring void: "The Ethiopian music industry lacked proper infrastructure, support, and platforms for artists to showcase their talent and reach a wider audience." Under his guidance, Hope Entertainment was envisioned as the bridge to fill this gap, emerging as a music production and artist management powerhouse.Since its establishment, Hope Entertainment has not only filled the void but dramatically transformed the Ethiopian music scene. Boasting over 2.6 million subscribers on its YouTube channel, it stands as one of the leading forces on the platform, working with budding and renowned artists from Teddy Afro to Yared Negu. The rise of Hope Entertainment facilitated an unparalleled platform for local artists, amplifying their reach nationally and internationally. Yet, its share of challenges accompanied such rapid growth and influence. Biruk recalls the initial struggle of establishing trust and credibility, "It took time to build relationships with artists, stakeholders, and the audience." Yet, through dedication and unwavering passion, Hope Entertainment exceeded its ambitious initial goals and played a pivotal role in redefining the Ethiopian music industry. Global Ambitions and Artist Advocacy in the Digital AgeWith the global music scene currently witnessing an increasing embrace of African music, particularly the vibrant beats of Afrobeats, Biruk is optimistic about the prospects of Ethiopian music. "Ethiopian music has its own unique sound and style, and while it may take time, I do believe that it has the potential to gain equal popularity on the global stage," he asserts.However, the age of digital music has brought with it its share of complexities, particularly around artists' pay from online streams and downloads. On this issue, Biruk emphasizes, "It's crucial that artists receive fair compensation for their work, as it allows them to continue creating music and contributing to the industry. Finding a balance between accessibility for listeners and fair remuneration for artists is essential."As for the vision of Hope Entertainment in the next decade, Biruk remains forward-looking and ambitious, "We envision Hope Entertainment expanding its reach even further, both domestically and internationally. We aim to continue promoting Ethiopian music globally, discovering and nurturing new talents, and creating more platforms and opportunities for artists to succeed." With such unwavering dedication and a clear vision, Hope Entertainment isn't merely a beacon for Ethiopian music; it embodies the transformative power of passion and persistence in reshaping an industry. SPOTLIGHTETHIO.COM 12OUTSIDE THE BOXBIRUK TEKESTEOCTOBER 2023

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13TOP LEADERSTOP LEADERSBETHLEHEM TILAHUN ALEMUBethlehem Tilahun Alemu is a globally recognized and awarded serial entrepreneur who founded soleRebels, the world’s fastest-growing African footwear brand. She is also behind many ventures, including premium leather brand Republic of Leather and Garden of Coffee. Among her several recognitions, she was inducted into the Global Business Hall of Fame in 2022 and listed by Forbes as one of the World’s 100 Most Powerful Women."I believe that for us to properly create prosperity, we must be at the forefront of, and in full control of the commercialization of our culture, realizing all the gains from the same."“My overall view is the long-term fundamentals of the Ethiopian economy are still attractive despite some of the short-term challenges it has faced.”ZEMEDENEH NEGATUZemedeneh Negatu is a renowned businessman, currently serving as the Global Chairman of Fairfax Africa Fund, a US-based investment firm focusing on Africa. Formerly, he was a Managing Partner at Ernst & Young Africa and played a pivotal role in various high-profile transactions across the continent. Recognized for his corporate finance and investment expertise, Zemedeneh has received numerous awards and is celebrated for promoting investment in Africa, particularly Ethiopia.DR. REDIET ABEBEDr. Rediet Abebe is a trailblazer who is redefining the intersections of artificial intelligence and inequality to utilize technology as a powerful tool to bridge socio-economic gaps. She co-founded Black in AI, an organization that aims to increase Black representation in artificial intelligence and Mechanism Design for Social Good (MD4SG). Rediet is currently a Junior Fellow at the Harvard Society of Fellows and an Assistant Professor at UC Berkeley.SAMUEL ALEMAYEHUSamuel Alemayehu is a Stanford-educated serial entrepreneur and the Co-founder and General Partner at C1 Ventures, a firm dedicated to fostering carbon-negative and resource-efficient industries through science and technology investments. He also co-founded Cambridge Industries, which develops waste-to-energy projects in Africa. He is recognized as a Young Global Leader by the World Economic Forum and is currently an active angel investor and advisor in over 50 companies.CHEF YOHANISChef Yohanis Gebreyesus is the Managing Director of CY Dynamics and a globally celebrated chef known for his innovative approach to Ethiopian cuisine. Many know him from his famous weekly cooking shows on Ethiopia's national television network. He currently owns two restaurants (Weyra and AsaBet) and is also the author of a critically acclaimed and award-winning cookbook.“Fortunately, the last few years have seen the increased presence and inclusion of Black and African researchers in the field of AI.”“Let’s change the world through technology and products that empower the individual and sustain the village.”SOLEREBELSFAIRFAX AFRICA FUNDBLACK IN AIC1 VENTURESASABET SPOTLIGHTETHIO.COM“I strive for professionalism in my craft because people will always respect a person who is serious and professional about his work, irrespective of the field.”OCTOBER 2023

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14RAHEL BOON-DEJENE:A Visionary and Leader in Social Entrepreneurship In a world often polarized between profit and altruism, Rahel stood at a crossroads during her MBA program in 2008, reluctant to commit to a path misaligned with her core values. A crucial moment arose from a transformative conversation with a professor, introducing her to a then lesser-known concept – social entrepreneurship."It was a pivotal moment," Rahel shares, "I realized I didn't have to choose – I could be a catalyst for social change while making a profit. It's a tough industry to find a balance between doing well and doing good, but there is a way," says Rahel Boon-Dejene in an exclusive interview with Spotlight Ethio.This revelation ignited Rahel's journey, prompting her to become a pioneer in social entrepreneurship in Holland and a forerunner in the outsourcing industry in Ethiopia. She founded and leads R&D Group, a trailblazer in Ethiopia's service export sector and a subsidiary of her Dutch firm, RBD Consultancy. R&D Group offers diverse services to boost the profitability and performance of established organizations and start-ups. As one of the only companies in Ethiopia that merges training with job placement, it serves as a hub for skilled professionals and operates with a solid purpose-driven ethos. Additionally, Rahel is an International Partner at WBAF Angel Investment Fund and a Board Member at the African Diaspora Policy Centre, a leading African diaspora think tank in Europe.Rahel's odyssey into social entrepreneurship stemmed from early lessons in justice, humility, and entrepreneurship, ingrained long before concepts like SDG gained prominence. Her father's resilience, commitment to justice, and entrepreneurial spirit were critical in shaping her values, complemented by her mother's kindness and stepmother's financial independence. Rahel's childhood involvement in her family's small shop taught her commerce and showcased her father's acts of sharing, even in scarcity. Facing hardships after relocating to the Netherlands at a young age and witnessing societal injustices left unaddressed by NGOs and the private sector during a subsequent return to Ethiopia, Rahel's resolve to effect change only intensified. SPOTLIGHTETHIO.COMAn Exclusive Interview with Spotlight EthioOCTOBER 2023

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A Springboard in Sports Analytics Fifteen years ago, while advising ORTEC—a leading Dutch software company that provides data-driven solutions for various industries—Rahel spotted an opportunity in the emerging field of sports analytics. "ORTEC was analyzing data for Ajax Amsterdam, a professional football club, but was struggling to find affordable, consistent talent for the task," says Rahel, With a knack for pinpointing societal gaps and addressing them through business innovations, she initiated a groundbreaking project. Rahel explains, "I saw young people graduating in Ethiopia with no practical experience. So we devised a solution-driven value proposition to solve both problems, and everyone bought into our social value." Rahel elucidates that, for her, this was the key difference between a traditional business and a social enterprise: "You start from a societal problem and build a business strategy around it. For us, it all had to do with young people in mind."This venture involved partnerships between Ethiopian universities and ORTEC, establishing an ecosystem that served a threefold purpose. It offered Ethiopian youth internships and part-time roles as a gateway into the professional world, catered to ORTEC's data needs affordably, and supplied analytics that trimmed soccer clubs' scouting expenses. Simultaneously, this brilliant approach provided Rahel a platform to test this outsourcing model with less personal risk. 15FEATURE STORY SPOTLIGHTETHIO.COM“For me, the key difference between a traditional business and a social enterprise is that you start from a societal problem—and then you build a business strategy around it.”“We need to shift from brain drain to brain gain. By collectively promoting Ethiopia as an ideal outsourcing destination, we can leverage our tech-savvy, trainable, and abundant youth. It’s essential we build a pool of senior professionals because, after all, we are competing globally.”R&D Group: Bridging Profit and PurposeWhat started as a summer project to give students practical experience evolved to accommodate training components in analytical and soft skills (like leadership and communication) to fill the gap left by traditional educational institutions. This paved the way for diversifying into various outsourcing and outstaffing solutions across different industries and countries. Together with Wondwesen Zewdie, Rahel co-founded R&D Group as Africa's largest and only women-led sports technology company and one of Ethiopia's first outsourcing companies. Their pioneering journey was marked by hard-won battles, including years spent convincing the government to introduce necessary regulations for outsourcing.Guided by a 'problem-first' approach, R&D Group gradually grew, adding multiple sub-functions. Alongside outsourcing and talent development, the enterprise champions entrepreneurship through business acceleration, bolstering them with essential systems and connecting them to financial institutions. In an effort to pave the way for the next generation of leaders and businesses, they strive to implement initiatives that were previously unavailable to them, aiming to expedite business growth based on their own experiences and global best practices.But amid a "global talent war," Rahel underscores that "we need to shift from brain drain to brain gain. By collectively promoting Ethiopia as an ideal outsourcing destination, we can leverage our tech-savvy, trainable, and abundant youth." But Rahel is optimistic, drawing inspiration from the increasing number of viable business ideas burgeoning in Ethiopia. "I think we have a potential to leapfrog very, very fast, and I can't wait for that to happen." OCTOBER 2023

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The Keys for Africa's Rise in Global TalentInclusive AI: Tapping into African ResourcesRahel draws attention to the pressing issue of AI inclusivity, noting how African data remains largely unrecognized and underutilized. "We are sitting on AI data in Africa that is extremely valuable, but it has to be well categorized and ethically organized to avoid biases," Rahel says.Ease Brain Drain: Fostering Opportunities at HomeTo tackle the issue of migration, Rahel emphasized the importance of creating opportunities that allow Africans to work globally while residing in their home countries. This approach, she believes, would "foster dignity and prevent the loss of vital social connections while being economically prudent for individuals and governments alike."Education: Aligning with Global ExpectationsFurthermore, Rahel asserts that "we have to revamp our education system to be in tune with the dynamic global pace, nurturing a competent and dignified workforce, and overturning the perception of helplessness often associated with Africa." Collaboration and Leadership: The Cornerstone of ProgressRahel strongly believes in the power of collective action and growth. "It's time we foster a mindset rooted in hard work, discipline, and collaboration over individual competitiveness," she contends, underlining the role everyone, from parents to educators, plays in nurturing this mindset. With a long yet hopeful road ahead, Rahel perceives technology as a potential equalizer, granting access to opportunities even in rural areas, provided sufficient digital literacy exists. "We have the resources to be a self-sufficient continent. It boils down to cultivating the right mindset and fostering strong, visionary leadership." Leveraging the Diaspora’s True ValueAs an advocate for diaspora policy, Rahel firmly believes in leveraging the diaspora to foster economic and innovative growth in Ethiopia and the broader African continent. She parallels the success stories of Ghana and Ireland; Ghana has invigorated its economy through high-profile initiatives promoting tourism and investments. And Ireland became a global tech hub, attracting large corporations through a diaspora-educated skilled workforce. This dynamic mirrors Rahel's forward-thinking vision for Ethiopia, showcasing the untapped potential of engaging the diaspora in national development. Although a good start, she urges a move beyond remittances towards harnessing the diaspora's "innovative thinking, skill sets, education, and resilience." She sees a "golden opportunity" for Ethiopia to capitalize on global experiences to foster more profound, meaningful business relationships and exchange of expertise.At the heart of Rahel's vision is "Share", a platform she created under R&D Group and RBD that aims to foster reciprocal relationships between the diaspora and local professionals, potential investors, and entrepreneurs in Ethiopia. Envisioning a collaborative atmosphere rooted in trust and mutually valuable business propositions, Rahel imagines a space where diaspora members and local professionals can engage by offering mentorship, forging partnerships, and even making small-scale investments to support grassroots businesses (known as a crowdfunding investment). In addition, Rahel emphasizes the government's pivotal role in creating a conducive environment for the diaspora. She acknowledges recent regulatory reforms in the fintech and telecom sectors, which have "ignited innovation, encouraged homegrown solutions, and fostered competition." Next up, she says, is the financial sector. Rahel notes there is an urgent push for domestic banks to diversify and innovate in anticipation of the government's plans to welcome international players—a move that is expected to bring in vital liquidity. Looking even further ahead at a promising yet overlooked area, she notes that "there is currently no favourable and clear regulatory framework for innovative financial products like crowdsourcing, but it has an enormous potential to disrupt access to finance positively."16FEATURE STORY SPOTLIGHTETHIO.COM“We have the resources to be a self-sufficient continent. It boils down to cultivating the right mindset and fostering strong, visionary leadership.”OCTOBER 2023

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and demands. "It might not be now, but is it going to come?" she says, urging entrepreneurs to stay ahead by identifying potential future market trends. Rahel also underscored the indispensable value of mentorship and surrounding yourself with skilled people, encouraging entrepreneurs to "find someone who has navigated the same industry waters to provide guidance."Finally, for diaspora entrepreneurs, she says: "find a trusted partner with shared values, begin on a small scale to gauge the market, expect things to operate differently from what you're used to, and always remain open to learning." “Don't get emotionally attached to an idea. Ifit doesn't work, let it go and find another one.”“I aspire to create a world where Ethiopians and Africans can compete globally with dignity and equal opportunity.”17FEATURE STORYShe advises youth to have "a long vision and patience to help absorb the inevitable emotional upheavals" and to communicate their objectives clearly to their loved ones to facilitate understanding and support. Drawing from Stephen Covey's book, "Seven Habits of Highly Effective Leaders," she also encourages entrepreneurs to find their appropriate "level of control," a mantra that aids in avoiding the trap of wanting to solve everyone's problems. Beyond building businesses, Rahel’s genuine satisfaction comes from fostering individual growth, laying foundations for others to find inspiration and courage through her guidance. When asked about the legacy she wishes to leave, she says, "I aspire to create a world where Ethiopians and Africans can compete globally with dignity and equal opportunity. That would be enough if even just 20 people gain access to equal opportunities through my efforts." SPOTLIGHTETHIO.COMFor more interviews go to www.SpotlightEthio.com Idea to Impact: The Startup BlueprintAs a seasoned leader in the entrepreneurship space, Rahel mentioned a few critical ingredients for budding entrepreneurs to transform an idea into a viable business. She started with a significant reality check for the infatuated innovators, stressing that "you are not that unique—someone else has probably thought of the same idea." Rahel cautioned against becoming "emotionally attached" to a singular idea, encouraging a flexible mindset ready to pivot to other potential solutions when necessary.Second, she asserted that timing is crucial. "Being a pioneer doesn't serve you," Rahel speaks from experience, suggesting that prematurely entering the market could spell doom even for the most exceptional ideas. Delving deeper into the market dynamics, Rahel emphasized the invaluable role of client feedback in the early stages. "Entrepreneurs should seek the first interaction with potential clients," she advised, adding that "negative feedback might be the clearest signal to reevaluate an approach or idea." This step involves prototype testing to understand the market's readiness and adapt accordingly. Rahel insists on deep market analysis, locally and globally, to understand the trends Balancing Impact, Business, and LegacyEmbarking on a path of impact-driven entrepreneurship demands a nuanced understanding of the delicate balance between the "three P's: people, planet, and profit." She shares a hard-earned lesson: "You need to foster social well-being while maintaining financial viability; understanding the exact impact you intend to create is key."OCTOBER 2023

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AROUND AFRICA18Bozoma Saint JohnIyinoluwa Aboyeji Bozoma Saint John is a Hall of Fame inducted Marketing Executive, author, and entrepreneur. She began her career at Spike Lee’s advertising agency, then became a senior marketing executive at Pepsi, Apple Music, Uber, Endeavor, and most recently Netflix.Iyinoluwa Aboyeji is the CEO and General Partner of Future Africa, an early-stage venture capital firm with a portfolio of 100 companies collectively worth over $6 billion. Before founding the Fund, he co-founded two billion-dollar businesses: Flutterwave and Andela.Theo Baloyi is the Founder and CEO of Bathu Shoes, one of South Africa's leading sneaker brands. He has several accolades, including GQ's Business Leader of the Year. Before launching this shoe brand in 2015, he was a Senior Associate at PwC in Dubai. Theo BaloyiBola Bardet is the Founder and CEO of Susu, a digitally enhanced full-service healthcare solution for the African diaspora looking to offer the best quality care to their families back home. She previously worked at JPMorgan Chase & Co. And is an MBA graduate from HEC Paris.Bola BardetAROUND AFRICA SPOTLIGHTETHIO.COMOCTOBER 2023

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BOARDWALK EVEGlobal Startup Awards Africa SummitThe Global Startup Awards Africa Summit is a prestigious event that spotlights Ethiopia's burgeoning startup ecosystem while fostering collaboration and innovation across the African continent. Beyond merely recognizing startup accomplishments, the summit sets a course towards a brighter future where innovation is the driving force for positive change. It will take place from October 25-26 at the Science Museum.Enkopa SummitEnkopa Summit is Ethiopia’s largest all-inclusive industry event centered around entrepreneurship, innovation, and tech event, establishing connections between dreamers, thinkers, innovators, do-ers, tech experts, policymakers, start-ups, coders, investors, and academia to make, accelerate, build, pivot, rethink, remake and collaborate on ventures transforming Ethiopia. Explore exciting panel discussions, expert presentations, start-up corners, and hacking sessions. The inaugural edition of the Enkopa Summit will take place on October 12 and 13 at the Millennium Hall in Addis Ababa.European Film Festival The European Film Festival (EUFF) is the longest-running foreign festival in Ethiopia. A bigger and bolder edition happens this year in Addis Ababa between October 27 and November 19 in different venues across the city. The EUFF will feature 8 short Ethiopian films, 20 award-winning European productions, Q&A with film personalities, workshops & masterclasses with film professionals, a short film competition, and live performances—all free-of-charge. DigiBank SummitDigiBank Summit is the leading event series for the digital banking community in key emerging markets. Join live at Haile Grand Addis Ababa on October 3 and participate in the digital banking wave sweeping Africa's largest transitioning economy. With top speakers from the continent and around the globe and networking opportunities with peers and suppliers, there's no better place to connect, learn, and innovate.19BOARDWALK AVE SPOTLIGHTETHIO.COMOCTOBER 2023

Spotlight Ethio Magazine Issue 7

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