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The Malian diaspora counts between four and six million people, many of whom have benefited from a good education and rich experiences, that could help develop high-potential businesses in their home countries.
However, starting and running a business in Mali isn’t easy. That’s why Pape Wane, a Malian reality TV producer, decided to partner with local business incubators to launch the Diaspora Entrepreneurship competition in order to identify, promote, and support members of the diaspora community who can seize business opportunities in Mali, while also understanding the unique challenges of the local ecosystem.
Using the codes of reality TV, the competition has strived to resonate with Mali’s youth by increasing their awareness of entrepreneurship’s potential to address the country’s socio-economic challenges.
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Ukraine is not a newcomer to the world of science and technology. One positive legacy from the country’s Soviet history is a talented and technically qualified workforce that persists even today. Eighty percent of 19-25 year-old Ukrainians are enrolled in universities, the country has one of the largest pools of IT developers and programmers in the world – 90,000 strong – and its high-skilled diaspora has spread through Europe and North America. As a result, the country has a booming ICT sector, estimated at $2.5 billion in exports in 2015, and is home to globally competitive startups such as Looksery, which was bought by Snapchat for $150 million in 2015, PetCube, and others. On the surface, the country has the ingredients and the potential to be an innovation-driven economy.
Sensors in elevators that alert government agencies to public safety risks; data from school bags to keep children safe; garbage trucks with the smarts to save cities money… The Internet of Things (IoT) will change everything. That is the conventional wisdom. We set out to look for evidence of this change in the government. How fast is it coming? Is it real? And our findings were mixed – sobering, but also encouraging.
On the plus side, we found government agencies keen to apply IoT to improve their business environment or reduce the burden on businesses while simultaneously increasing compliance. On the downside, very few IoT initiatives have been scaled beyond pilots, the business models to sustain IoT infrastructure are under-developed, and the policy landscape is woefully inadequate. There’s significant potential but it requires systematic, informed work by the government, private sector, and civil society.
In the decade since mobile money first sparked international interest in African innovation, hundreds of tech hubs have sprung up across the continent; global giants like GE have rushed in to build innovation centers; and the venture capital industry has steadily grown. Nevertheless, the continent’s tech scene continues to face challenges.
The rise of African innovation has inspired thousands of new start-ups, and this trend will continue into the foreseeable future. Existing acceleration programs, however, still leave growth-stage companies in need of additional support to secure investment and scale their businesses across borders. With many of the continent’s acceleration programs lacking in quality, we hoped to introduce an innovative post-acceleration program, XL Africa.
After infoDev launched its mLabs in Kenya, Senegal, and South Africa in 2011, they introduced incubation programs that successfully supported the creation of over 100 start-ups that raised close to $15 million in investments and grant funding, and developed over 500 digital products or services. As these ecosystems and start-ups have matured, more needs to be done to improve the marketability of these companies to global and local investors.
While chocolate is a sweet treat for consumers around the world, its producers face many challenges. Every year, more than five million family farmers in countries like Côte d’Ivoire, Cameroon, Indonesia and Brazil produce about four and a half million tons of cocoa beans, according to the World Cocoa Foundation. Farm-level input providers, financial institutions, chocolate manufacturers, development organizations and more are coming together to create digital solutions to improve access to finance and boost agricultural productivity for a sustainable and climate smart cocoa supply chain.
Last week, the World Cocoa Foundation’s partnership meeting brought together key stakeholders from small scale farmers to large multinationals including Cargill, Nestle, and Mars, under the theme “Accelerating Sustainability Through Technology and Innovation.”
To spark the industry into further innovation and collaboration, infoDev partnered with the WCF to sponsor the second annual Chocothon, a two-day hackathon where three teams came together to “hack” the cocoa supply chain and generate new creative solutions to the common challenges cocoa farmers and suppliers face. The Future Food Institute, the International Trade Center, and Valrhona, a premium chocolate manufacturer, were all heavily involved in the Chocothon as mentors and a number of us from infoDev joined in the excitement. Given their experience with cocoa supply chain partners, Valrhona’s co-sponsorship and engagement provided valuable insights to guide the ‘choco-hackers.’
3-1-0 Three minutes to complete the online loan application, one second for approval and with zero human touch for SME loans. This is the marketing slogan used by Ant Financial, one of China’s largest online lenders with more than 400 million active users.
Digital finance is a cost-effective route to financial inclusion for many unbanked and underserved consumers in emerging markets. But digital finance is also still developing and maturing, with many open questions on the impact it will have. One of the most important of these is whether digital finance will ultimately help consumers to make better financial decisions over time.
October 31 is World Savings Day, a day which emphasizes the importance of savings to economic development, and provides a good occasion to look at how fintech may help solve the challenge of savings.