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The why behind Asaqeni


As I document my entrepreneurial one of the fundamental questions I need to answer is: Why? Why am I doing this? Why did I choose to work on this specific project and not something else? This article will talk about the problem on a macro level as well as the desired outcomes.


The problem

Some days back I was joking with a friend about how someone who left our city, Bulawayo 30 years ago, would probably return and find it virtually the same, if not worse. They definitely wouldn't get lost and neither would they be in awe of what's been built in their absence. Mainly because nothing significant has been built in the City since then.


Some background

Just to put things into perspective- Bulawayo was once considered the industrial hub of Zimbabwe. It's strategically positioned to connect Zambia, Mozambique, South Africa and Botswana. Thus the National Railways of Zimbabwe (NRZ) is headquartered here. We had huge engineering companies like O'Connolys, Hogarths, Nimr & Chapman and Matabeleland Engineers thriving because they supplied the NRZ with inputs, spares and accessories. These included coaches, train wheels, springs etc. They also used to export goods to satisfy foreign demand.

I remember how when I was young there were companies like (World Radio Systems)WRS and Supersonic which made electronic items like TV sets and radios. Yes, at one point we used to make those locally, but those companies have all disappeared. We had about 4 major department store brands. These included Meikles, Woolworths, OK and Haddon and Sly. We had about 5 working escalators 30 years ago, and today, only one of those still works.

A WRS sticker on a Zimbabwean made TV set
The WRS logo. This was a Zimbabwean electronics company which made TV sets

Every few years we bid farewell to more industry giants, and watch their old buildings turned into churches or eventually subdivided into small cubicles for use by small scale retailers (cellphone spares & accessories,  hair, clothing, groceries etc.). 

We have a common phrase in my native tongue- "imali iya emalini" which loosely translated means money attracts money (or money follows money). With that in mind, it becomes even harder for new corporations to set up shop in the city as they lack the necessary structures needed to support their endeavours. While a lot of this can be attributed to the economy, I find it sad that we haven't been able to see the birth of a single major corporation from Bulawayo in over 30 years. Most new ventures are merely existing brands reinforcing their market position.

Our local entrepreneurs are often stuck in survival mode. The goal is to meet the coming month's rent and so, instead of focusing on strategic objectives, their focus is finding a way around the exchange rate, while navigating the legislation and politics of the land.


Common patterns

While there has been a lot of growth and development on the continent in the the past 30 years, this dormancy isn't just unique to Bulawayo. It is a common thread in a lot of countries. Oftentimes the capital city experiences significant growth, but that growth is often limited to those hubs.

According to Statista 75% of Sub-Saharan Africa's working population are self employed. In 2020 that was about 453 million people. An estimated 10 million people join this group every year. However as stats reveal, the continent has been lagging far behind when it comes to accessing capital or building global brands. A recent report estimates the amount of global venture capital received by the African continent at less than 0.5% since 2012. Out of almost 1000 unicorns created within that same period, Africa has created less than 10. To put that into context, in 2021 an average of 2 companies were achieving unicorn status per day. Only about 4 were African.

This raises a number of questions.

With over two thirds of the population engaged in informal trading or self employment, why aren't we churning out unicorns by the numbers?

What are African entrepreneurs doing differently, that's limiting their growth?

What needs to be done to help African entrepreneurs build the next generation of global corporations?

I've had the privilege to work with thousands of SMEs and bear testament to the potential they possess. There are many who do amazing things albeit on a small scale. Many have found it a challenge, to scale their businesses. While many SMEs cite funding as a key challenge, they need assistance with a lot more. Oftentimes they are unaware of the opportunities available to them. I attribute this mainly to a lack of exposure. Just like I had no clue about the numerous options available to scale my tech startup.

If the richest person you know is one who owns your local grocery store, then that subconsciously becomes your ceiling. 


There could be a way

We believe the solution can be summed up in 6 key aspects. These are:

Strategy- grooming growth oriented entrepreneurs

Education- both knowledge and skill

Community- linking individuals with like minded people, customers, investors etc.

Equipment- providing the right tools, facilities and resources to help entrepreneurs get things done

Exposure- this is probably the most overlooked aspect of entrepreneurial development but one we feel needs attention.

Capital- in all its abundance remains elusive to African entrepreneurs. Many are unaware of its availability, while others are ill prepared to access it.


Lighting that spark

One thing I've always found intriguing is that it doesn't require an army of entrepreneurs with super-funding-powers and all sorts of business guns to save the day. All it takes is one individual with a dream as well as the discipline and patience to see it through. That is who we intend to connect with and support. I am not naive to think everyone can easily build a successful corporation, but I believe if we can spark a flame of curiosity in the right mind, then couple that with the right tools and resources, it gives more people a fair chance at success.


The vision

So our goal with Asaqeni.com is to create a platform to cater to all those needs, whether explicitly or implied. Our primary purpose is to create a streamlined way of thinking about business, with a heavy bias towards growth and scalability. In simple terms, I want the user to get to a point where they say "Hmmm! I never thought about that... this could be huge... let me DO IT."

We believe that this is key towards building the next league of major corporations. We believe scalable businesses can be built across all sectors. So we hope to support individuals from all walks of life and help them build sustainable businesses doing whatever they love. We are building a solution to an African problem, but with a global vision of helping entrepreneurs regardless where they are located.

We want to help Ellen who enjoys baking, to build a chain of Confectionery outlets. We want to help Sam whose passion is DIY, to scale his little sidehustle into a major furniture outlet. We want to help Likhwa who is keen on helping aspiring entrepreneurs to build a world class app, and hopefully become the next unicorn.

When more entrepreneurs around us get the opportunity to shine, this inspires and encourages those around them to do the same. It's no coincidence why Silicon valley continues to churn out unicorns by the hundreds. In Africa, Nigeria is leading the pack. With the emergence of Flutterwave and other African unicorns, more African entrepreneurs are emboldened to take action. Remember, all it takes is one person to make a difference. 


That is the logic and rationale behind Asaqeni. I hope this article gave you some insights on the problem we are solving, what inspired it, the size of the opportunity and an overview of our strategic objectives. Now I'm curious... how big do you think we could get? Are we onto something? What are you working on? Let me know in the comments.

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