“It feels like winter is here, and it’s going to be a long, cold winter for many companies.” So said Maëlle Gavet, CEO of Techstars, one of the world’s largest pre-seed investors.
That was last year. And for the entrepreneurial ecosystem in Africa, this season has now morphed into a winter wonderland, only this time it is devoid of the joy and romance often associated with the cozy charm of Christmas. And winter.
For both businesses and enterprise support organizations, funding has become one giant question mark.
And while things don’t feel quite the same, we have not been slowed down at TBN Africa. We are crowning this year with celebration:
Like elsewhere in Africa, SMEs are responsible for generating approximately 60 percent of all jobs in the country. And because 90 percent of these SMEs operate in the informal sector, they do not have access to financial services or growth support.
And that’s where TBN comes in…
At the end of July, on account of the nation-wide riots, we were prepared to call off our Impact Investment Summit at a moment’s notice.
For two long months we oscillated between a miracle and a disaster waiting to happen. With very limited visibility on what could possibly happen, we were out at sea – on a wing and a prayer. But it did happen.
We hosted over 300 investors and entrepreneurs in Nairobi. A postcard from heaven reminding us that fortune favors the brave.
Enter December: We kickstarted TBN South Africa. Behind the deceptive veneer of affluence, post-apartheid South Africa has not been spared: 1 in every 5 South Africans (13.2 million people) is living in extreme poverty (subsisting on less than $2 a day), with 8.4 million South Africans jobless.
Like elsewhere in Africa, SMEs are responsible for generating approximately 60 percent of all jobs in the country. And because 90 percent of these SMEs operate in the informal sector, they do not have access to financial services or growth support.
And that’s where TBN comes in. We go where enterprise solutions to poverty are most needed. Beyond teaching our people how to fish, we help them get nets and then go on to find them a place at the river to fish.
Will you actively join us in our quest to support our rapidly growing entrepreneur community and go further afield to two other African countries in 2025?
From the team and I, Merry Christmas and our very best wishes for a profitable year!