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2006/11/25 Wharton African Business Forum RevisitedShort notes on things I learnt [especially from Alan Patricoff's keynote] at the Wharton African Business Forum.
Organizations working in Africa, that I would like to find out more about:
A lot of African countries, notably Egypt and Nigeria have started a one stop shop center for starting businesses, especially for expatriates.
Things are changing gradually all across Africa - infrastructure probelms, geo-politcal issues. However, entrepreneurs are not defeated by obstacles. Knowledge have to exploit opportunities.
Exit strategy for venture funds and private equity in Africa, 5-10 years time horizon, M&A or Capital (over the counter) markets.
Double bottom line - profit and social impact.
30% IRR required for exit.
Corporate gorvernance, minority rights, making a difference, job's value add beyond wealth creation.
Risk minimization, strong local relationship, understanding of capital markets, investment banking, rule of law.
In Africa, perception is worse than reality.
China and Africa - Agriculture, Forestry and Oil
Risk taking vs. Failure // Cultural change needed, if you fail you dont loose your house or everything you own.
Private Equity - Sectors; Agriculture, Power
Africa needs to celebrate its sucesses. The next wave of entrepreneural star e.g. Dangote
3 questions key to the art of the pitch (PE)
1) What returns are you projecting?
2) How do you see it happening? (assumptions)
3) Put yourself in the investors shoes (the people factor)
Key deals/ who is who
Cell Tel - $40Mil invetment into $200 Mil
MTN - Africa Capital Investment. MTN Nigeria, valued at $5Bil (13 times earnings).
Structure your exit at the time of investment. Dangote Sugar, upcoming IPO on the Nigerian Stock Exchange.
There are about 6 viable exchanges in Africa by western standards.
Nigeria @ $30 Bil Capitalization
South Africa @ $600 Bil.
Ghana... (don't know/remember the other three, probably Egypt)
Other foreign listing of African equities - London AIM, Canada OTC, Dubai
Career - IFC, World Bank, IMF, Infrastructure Funds - www.careersinafrica.com
I know most of this note, does not make sense, but it is written to trigger things in my memory. :)
Other interesting links.
Actis - a leading private equity investment company in Africa.
2006/11/21 Intellectual Knowledge vs. Experiential KnowledgeMost of what we know, we do in an intellectual form. That is, through some sort of codification, you create an internal model of a perceived reality. In contrast, some things we have experiential knowledge of, having lived through or experience the thing with our five senses.
However, when it comes to concept, ideas, philosphy and higher mental activities, I will argue that intellectual knowledge cannot be divorced from experiential knowledge.
Let me give you an example, I will posit, that ones' experience of love (experiential knowledge) is shaped by ones' mental perception (intellectual knowledge), hence there is no way to divorce the two as being distinct.
How about things that are not conceptual for example places. You have either been or not to Tokyo. Surely it can be argued that no matter how much you study or know about the japanese culture or even tokyo itself. It is not a susbtitute for actually being there, the sights, the sounds the smell etc.
In spite of this, I would want you to consider the quality of experience that two people who spent the same amount of time doing exactly the same things in Tokyo might have. If one person have done extensive multi-years study of Tokyo and the other person have not even heard of the place.
Can you really seperate perception from reality?
Just consider it :) 2006/11/16 is it my fault? or am I born that wayFriends that have engaged in intellectual discourse with me, will know how important the nature and nuture argument affects my thinking.
There are several things I want to blog about today and all of them have the slight undertone of nature versus nuture.
First, I have been thinking about Nigeria a lot lately and no denying it, I think I am part of the brain drain. The question is do I want to go back?
Essentially the answer is the classic "it depends".
Fundamentally, I want to go back however I dont think I will ever fully go back because in a way I am a misfit in the ethical mores of Nigeria. As a society, Nigeria is morally corrupt (yes I am willing to debate this one) and my values don't quite fit. Hence my recent thinking is maybe I am meant to be a bridge, one leg in one leg out, so I can help change the mores.
Second, I think of Nigerian political leadership and of course I feel angst - the existence of Dare Obajanso in the confines of my environment increases this angst. But the more I think about it, the more I think the leadership, though bad is not the problem, the problem is followership. Nigeria has the leadership, Nigeria deserves. The question then is - how do you change the followership and not the leadership?
Third, there political environment of Nigeria is boiling again, there are these new deal guys - Pat Utomi et al. who thinks they represent change and progress and the old guard is back again, with Babangida throwing his hat back in the ring.
Here simply is my solution, anyone over the age of 40, should not be allowed to hold a public office. Anyone wanting to hold public office, has to open their finances to the public and sign a contract forfeiting all the on and giving up their citizenship if ever convict(ed) of corruption.
In addition, every leader should state what they plan to do, why and how they plan to do it especially financing thier projects. Then they should give interim timeline e.g. if this much is not done by this time (2 years or less) I will retire.
Fourth, this is my answer to the followership question - lets start a think tank on the Nigerian followership issues.
None but ourselves can free our minds [Bob Marley]
2006/11/7 Investors Business DailyAs I no longer blog as much as I used to, it is often hard to find some of the features of spaces. For example, dealing with "categories" just before I wrote this blog was a pian in the arse.
Anyways, I started getting copies of Investors Business Daily again, I like the newspaper, but I simply don't have the time to read it.
This time around though -- I think I will try the eIBD. There was an Ad for a trial at the back, somethign tells me they are well aware that newspapers are dinosaurs.
my favorite part of the paper is:
2006/11/3 Right song, Right TimeA friend of mine has this expression as their IM tag and I like it.
"After silence, that which comes nearest to expressing the inexpressible is music"
Sometimes the right music just find you, and it has an illuminating effect. One came to me recently, this sad song always seems to find me, so now I am going to learn to play it on my guitar.
I would've given you all of my heart But there's someone who's torn it apart And he's taken just all that I had If you want, I'll try to love again Baby, I'll try to love again but I know The first cut is the deepest I still want you by my side The first cut is the deepest I still want you by my side The first cut is the deepest |
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