9 episodes

The Flip is an editorial-style podcast exploring contextually relevant insights from entrepreneurs and investors changing the status quo in Africa. The name The Flip comes from the opportunity to flip the script – question some of the pervasive narratives on entrepreneurship, challenge the ubiquity of Silicon Valley thought leadership, and champion the entrepreneurs building a future inspired by Africa. Produced and hosted by Johannesburg-based entrepreneur and American expat Justin Norman. Sayo Folawiyo is the executive producer and b-mic.

The Flip Justin Norman

    • Entrepreneurship

The Flip is an editorial-style podcast exploring contextually relevant insights from entrepreneurs and investors changing the status quo in Africa. The name The Flip comes from the opportunity to flip the script – question some of the pervasive narratives on entrepreneurship, challenge the ubiquity of Silicon Valley thought leadership, and champion the entrepreneurs building a future inspired by Africa. Produced and hosted by Johannesburg-based entrepreneur and American expat Justin Norman. Sayo Folawiyo is the executive producer and b-mic.

    Context Matters - What Alternative Financing Models are Appropriate for This Ecosystem?

    Context Matters - What Alternative Financing Models are Appropriate for This Ecosystem?

    To solve problems on the continent, entrepreneurs are building sustainable, impact-driven, infrastructure-building, tech-enabled, for-profit companies - how should these companies be funded?
    In this episode - our third and final episode of our three-part series on venture investing in Africa, and the final episode of Season One, as well, we take a first principles approach to fundraising in Africa, and dive deeper into the opportunities for entrepreneurs to leverage different types of capital and funders to achieve their business' objectives.
    1:45- We define Venture Capital in the Silicon Valley sense, from Stratechery's What Is a Tech Company?
    2:48 - A discussion with LifeBank's Temie Giwa-Tubosun, on building a solution in the healthcare space - as a proxy for our exploration into impact-driven, for-profit startups in Africa
    6:24 - A discussion with MDaaS Global's Genevieve Barnard Oni and Oluwasoga Oni on building tech-enabled, brick and mortar diagnostic centers in Nigeria, and being told by one investor that they weren't "tech enough"
    10:31 - If the businesses being build to solve problems across Africa are not "tech enough", and if venture capitalists fund tech companies, then what fundraising models should we use? We hear from LaunchLab's Josh Romisher on the variety of investment vehicles used to fund off-grid solar home system ventures. 
    14:01 - Exploring innovative finance models with the Bertha Centre for Social Innovation and Entrepreneurship's Tine Fisker Henriksen.
    18:41 - If we're re-thinking investment models, should we also be re-thinking the very nature of finance for emerging markets? With Founders Factory's Lwazi Wali.
    22:12 - How might we imagine new, yet-to-be -determined models for Africa? Perhaps with the help of a history lesson from Alex Lazarow, global venture capitalist and author of Out-Innovate: How Global Entrepreneurs - from Delhi to Detroit - Are Rewriting the Rules of Silicon Valley.
    25:17 - As always, Sayo and I share our thoughts.

    • 31 min
    In Pursuit of Scale - The Strategies of Africa-Focused Venture Investors

    In Pursuit of Scale - The Strategies of Africa-Focused Venture Investors

    Venture Capitalists, generally speaking, are looking to fund high-growth ventures that have the potential to scale and achieve virtually infinite returns. But achieving that scale is hard, even more so in Africa, where there are market size questions, fragmented markets, and regulatory considerations. As a result, venture investors are looking for a specific type of founder and entrepreneur - one who has demonstrated the potential to pull it off and achieve the growth and scale investors are seeking.
    In the African early-stage ecosystem, with its funding scarcity, limited track record, talent shortage, and expansion challenges, how do venture investors reconcile their quest for funding high-growth ventures in this environment?
    2:24 - defining venture capital, courtesy of Stratechery's Ben Thompson and his blog post What is a Tech Company: https://stratechery.com/2019/what-is-a-tech-company/
    3:59 - VCs are looking for scale, and talent capable of achieving the desired scale, with Microtraction's Chidinma Iwueke & Dayo Koleowo + TLCom Capital's Ido Sum
    8:14 - a discussion on scarce deal flow and a lack of investable startups, with Dayo & Digest Africa's Peter Kisadha 
    10:46 - 4Di Capital's Justin Stanford + Ido talk about the need to balance their portfolios to account for the realities of the African market...
    11:46 - ...but a balanced portfolio doesn't mean lesser return expectations
    13:35 - how venture builders like Founders Factory Africa & Lwazi Wali are supporting entrepreneurs through their journey to scale
    16:14 - GreenTec Capital Partner & Maxime Bayen on their results for equity initiative
    17:58 - Lwazi + Startupbootcamp Africa's Zachariah George & global venture capitalist Alex Lazarow on achieving incentive alignment through initiatives like corporate VC and evergreen funds
    23:32 - a discussion with Justin & Sayo on venture investing in Africa

    • 30 min
    What Do Entrepreneurs Consider When Seeking Venture Capital?

    What Do Entrepreneurs Consider When Seeking Venture Capital?

    We talk so often of venture capital that it's more or less assumed that raising VC funding is an inextricable part of the entrepreneur's journey. But should it be? What are the purposes for taking in VC money, and what are the considerations? 
    1:24 - Keith Davies, ex-CFO and Partner at Zoona on the implications of taking VC money
    3:19 - Integrateme Founder Luke Dominique Warner on their strategic decision to not do a traditional round of VC fundraising 
    5:24 - EAVCA's Eva Warigia and VC4A's Ben White on attracting local businesses leaders and high net worth individuals to participate in early-stage investment as strategic investors, and connecting foreign investors with different skillsets to local opportunities 
    8:27 - Startups experience raising money for a strategic and specific purpose, with Farmcrowdy Founder Onyeka Akumah, as well as Keith and Luke
    10:31 - Riby Founder & CEO Abolore Salami + Keith on strategically and selectively soliciting investors 
    12:47 - Keith, Onyeka and Yoco's Marcello Schermer on considerations around timelines of raising money, from both foreign and local investors
    15:11 - Justin and Sayo breakdown the conversation around seeking VC funding, including Sayo's experience fundraising locally for his startup Kandua, and their view on the question of if a startup should be raising money in the first place 
     

    • 19 min
    1.2 Billion And Counting - How Do Entrepreneurs Look At Africa's Market Size?

    1.2 Billion And Counting - How Do Entrepreneurs Look At Africa's Market Size?

    One of the most exciting aspects of opportunities in Africa is a function of market size - over 1.2 billion people on the youngest and fastest-growing continent. But the conversation around total addressable market, and true market size opportunity is a lot more nuanced than Africa's topline population number.
    2:25 - GreenTec Capital Partner's Maxime Bayen discusses GSMA research on mobile adoption and digital literacy
    4:39 - The Subtext's Osarumen Osamuyi on how he thinks about market size and the exercises he uses to better quantify market opportunity
    9:41 - NALA's Benjamin Fernandes on their product's impact on addressable market and digital literacy 
    12:10 - Yoco's Katlego Maphai on how Yoco is targeting non-consumption
    14:27 - A discussion with Jehiel Oliver on market-creating innovations
    17:48 - Justin and Sayo discuss digital literacy
    21:21 - Justin and Sayo look further into expansion as a corollary to the market size conversation

    • 27 min
    Reaching The Masses - A Conversation On Distribution

    Reaching The Masses - A Conversation On Distribution

    In nuanced and fragmented environments, how are startups in African markets getting their products and services in the hands of their customers at the last mile?
    1:55 Maxime Bayen, of GreenTec Capital partners and formerly of GSMA, on mobile technology
    4:00 Keith Davies, formerly of Zoona, on agent networks
    5:24 Katlego Maphai, CEO of Yoco, on building trust offline
    6:36 Abolore Salami, CEO of Riby, on B2B2C business models
    8:11 Antonio Bruni, CEO of Picup, on last mile delivery
    13:50 Justin and Sayo discuss market size

    • 17 min
    On Leapfrogging

    On Leapfrogging

    Leapfrogging - what is it? What is it not? What is it good for and what are its limitations? We speak to Yoco's Head of Expansion, Marcello Schermer. 

    • 7 min

Customer Reviews

Prodi[jay] ,

Thought provoking

Great content and insightful perspectives from all the stakeholders in the ecosystem.

Solid paradigm shift. Thanks gentlemen

Skywalker412 ,

Such an informative and well thought out show!

Such an informative and well thought out show! Keep it up

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