Recent Interview In Le Matin (2017)
Despite the presence of major e-commerce players, this sector is struggling to take off in some African countries. What are the obstacles to the development of this sector in the continent?
Despite all the positive indicators in African markets (consumer spending is up, the middle class is booming, 6 of the top 10 fastest growing economies in the world are in Africa), we are still a few years away from a mass adoption of online purchasing by consumers.
That’s why at Waystocap we are helping African businesses access world markets first, via the Internet, and later we will tackle other parts of the pan-African Internet opportunity.
The obstacles that currently exist are Internet connectivity and payments online. Waystocap is solving these problems by targeting a market that largely is already online: businesses; and we handle payments by creating new structures to mitigate risks of non- payment (trade insurance), and we use sophisticated financial instruments to create liquidity for buyers.
What were the reasons for your choice to target the entire continent through your platform?
Africa is where I grew up. My team and I have been doing business in Africa for the last 25 years. From working with generals in Guinea, as the only woman in the room; to helping Moroccan companies enter new markets. The continent of Africa is predicted to grow 5x in the next 30 years; the youth and entrepreneurial spirit of the continent is inspiring and we believe the next wave of innovation and development will come domestically from Africa; we want to be a part of that story. That is why we focused our efforts here, in the countries we know.
We knew we had to target the entire continent to truly capture the enormity of the opportunity we are facing, as Africans.
Why did you decide to go to the United States to raise money?
Silicon Valley approached us. We already had contacts through friends in the United States, and they encouraged us to talk to American investors when we told them about what we are doing with Waystocap.
Although we would have preferred to work with local investors. The experience that American investors have been able to provide us, has helped hugely. Similar to Alibaba (our Chinese equivalent), who also raised from American investors, we found that Americans because of their experience with technology and marketing are able to provide early financing as they understand at risk capital.
What are the keys to success in the search for funding?
To have a clear vision and a compelling message. We want to bring the Internet to African business; we are doing this by creating an online marketplace where business can discover, trade, and finance the products they want.
Other key factors if you are looking for funding are: have a great team, build a great product, focus on a large market, and make sure you have had an insight that is unique. Do not work on ideas that are simply a small optimization of others.
In a search for funding you need to way up also what type of investor you are looking for, and what they will bring to you as well. Money alone will not make your company succeed.
Your advice for entrepreneurs.
Keep fighting for what you believe in. Just because it looks easy, believe me, it is not. Make sure you take on ideas that suit you, or your area of knowledge or you have a unique insight. You will have to be willing to make big sacrifices with little knowledge of what might be the outcome; so tenacity is a key skill if you want to be a successful entrepreneur.
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