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Interview with Ben White, VC4AFRICA,
Date Published: Wednesday August 19, 2009
VC4Africa is a platform for connecting entrepreneurs with possible partners and investors. It is a community of people dedicated to building businesses on the continent. Nairobist interviewed Ben White, Founder VC4AFRICA to learn more about their efforts to connect African entrepreneurs with possible investors.
Why VC4Africa and who is your target Audience?
VC4Africa is focused on bringing together entrepreneurs and investors. There are so many entrepreneurs in Africa with good ideas. They need to be made visible to the world. The more visible they are the more likely the right partner/investors can be identified. It's about linking to the right information, the right contact or the right lead on new business.
Why is Africa now an attractive market for investors?
Africa is a continent with a billion people. The rising middle class is real. Africa increasingly holds consumer power and this opens new opportunities for business. This is not about 'now is the time to get into Africa' or 'yesterday would have been better.' This is about servicing a billion people in a constant and consistent effort to improve lives.
Is Africa ready for Venture capital and private equity investments?
Why not? Why would the continent not be ready for venture capital or private equity investment? I think it's short sighted to think that this isn't something that has been happening for years. To this extent VC4Africa only aims to make the subject more accessible. Getting more people involved.
Are there any other particular challenges to Venture Capital and private equity investment in Africa and how do you help resolve them?
It all comes down to people. It is about getting the right persons around the table. People who speak the same language and share in the same vision. It's when people misalign their expectations that things go awry. Yes, there are elements about doing business in Africa that make it unique. But the same can be said for Japan, Slovenia or Brazil. Each market has its unique characteristics but with the right people, strategy and execution anything is possible.
What tangible results will VC4Africa achieve? How will you measure VC4Africa's success?
VC4Africa connects people every day. Many members exchange e-mails and connect on Skype. Business plans are exchanged and ideas are discussed.
People post items to the site and other members comment and share their opinion. This interaction and exchange is about building a viable network for business.
We also organize VC4Africa Meetups, informal Barcamp style meetings. In June 2009 we held the first meeting in Kampala, Uganda and in August 2009 we held a second meeting in Nairobi, Kenya. We are working on similar events in London, New York and San Francisco.
These events are about getting members in the area together in an informal environment to discuss mutual business interests. No agenda, no speakers and no fees. Just simple networking. You find that many members know each other through the VC4Africa network and increasingly members do business together. This is what it's about.
What are the various techniques you have used for promoting and developing VC4Africa's readership?
We keep it simple. Members find VC4Africa because they are looking for dedicated entrepreneurs, partners and investors. They share the good word with friends and colleagues and in this way we have been able to grow the network virally. This also means we attract serious people.
How has the emergence of new technologies enabled VC4AFRICA's existence?
New technologies afford us opportunities to break down traditional barriers to entry. We can now take discussions that took place in the halls of expensive conferences and bring them online for free. We can now connect an entrepreneur in Tanzania with an investor in London without having to fly them across the world.
We can show the potential of the continent without having to publish thousands of brochures. Each member can decide how involved they want to be and in which ways they would like to participate.
The social networking tools we use help to make members and their interests visible to the rest of the VC4Africa network. Members are able to pull a needle out of the haystack and this is where we can make a lot of progress with something like VC4Africa.
What has new media done to the power of media creation in Africa?
This is only the beginning. The continent is in the midst of an ICT explosion so watch carefully :)
Do you think new media has a role to play in solving real user problems in Africa? (Economic, social and political)?
Technology is not a solution but a tool. Real problems need to be solved by people with real solutions. To this extent technology acts only as an enabler. It serves as a platform that helps to facilitate action. For VC4Africa it's about getting inspired people together and I am convinced that they will take care of the rest.
What's your background? What did you do before founding VC4Africa?
Previously I worked to set up Africa Interactive and AfricaNews.com. This is a pan African network of reporters, photographers and film makers. Now about 600 individuals spread across 36 African countries. The idea here is to counterbalance forces like CNN with an African perspective.
What is your proudest moment as VC4Africa?
Think this moment is still coming.....
Are there any other projects you are working on?
I am always working on projects. Next step is to mobilize funds for actual investment.
Any last words or advice for our readers?
Happy networking and feel free to reach out: ben@vc4africa.com
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