the pride of Africa's women entrepreneurs
By Lionesses of Africa Operations Department
This is the last of our 3 part look at investment into women’s business that, as the number clearly show, are more of a rounding error rather than the 30 or 50% equality with men that is necessary for the world to truly prosper.
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by Lionesses of Africa Operations Department
This is the second of a three-part look at the fund management industry as it pertains to our inspirational 1.7 million members of Lionesses. We left last weekend with the shocking discovery that male attractiveness made a large difference in choice for both male and also female investors.(here). This week we look at one of the hot topics, that of the lack of female ‘cheque writers’ (i.e. actual investment decision makers) within the VC/PE industry and suggest a way to solve this.
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by Lionesses of Africa Operations Department
This is a three-part look at the fund management industry as it pertains to our inspirational 1.7 million members of Lionesses of Africa. We start by looking at the current state of play. Then we will look at what everyone says is the obvious solution (such as more women in decision-making positions within the fund management industry) and then finally offer some of our suggestions as to what the solution might look like, or at the very least, what tools we need to move the dial forward. As usual, these are not academic articles, as we inject a more chatty approach to life. However, where necessary, we do direct to the source (many are academic and so peer reviewed) for your interest. We do not suggest that for one minute we have all the answers. However, if our views bring about #lesstalkmoreaction (our evening prayer), and actually start to close the funding gap, or increase the investment into the ‘missing middle’, we shall sleep a little easier. We would welcome your feedback, suggestions and even offers of assistance, because the current situation has been allowed to fester for too long, constricting too many inspirational businesses. Enjoy!
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by Lionesses of Africa Operations Department
“Cry, the Beloved Country, for the unborn child that is the inheritor of our fear. Let him not love the earth too deeply. Let him not laugh too gladly when the water runs through his fingers, nor stand too silent when the setting sun makes red the veld with fire. Let him not be too moved when the birds of his land are singing, nor give too much of his heart to a mountain or a valley. For fear will rob him of all if he gives too much.” This from ‘Cry, the Beloved Country’, an incredible book by Alan Paton of life in South Africa in the years leading up to the iniquitous and horrific Apartheid laws that came in to being during the year 1948, the same year this incredible book was published. An immediate worldwide bestseller, it dealt with themes of fear, and from that darkness came hope, love and learning.
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by Lionesses of Africa Operations Department
Garry Kimovich Kasparov (one of the greatest Russian Chess Grandmasters that has ever lived) was asked by The Economist magazine how to beat Putin (here) and he started by pointing out that where people get it wrong about Putin was that he was not playing Chess with the world, but Poker. Chess, he said was transparent, every single thing you need to know about the game is always in front of you. Nothing else. “Chess is a 100% transparent game. Information that is available for me at the board, is also available for my opponent and visa versa…A game that is far more consistent with Putin’s capabilities…is Poker.”
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by Lionesses of Africa Operations Department
It was John Elkington who in 1994 originally coined the phrase ‘Triple Bottom Line’ to change the thinking within business from the view that ‘business is in the business to do business’, to, in his words “…provoke deeper thinking about capitalism and its future” (here). The trouble was (as John himself admitted here) that this quickly became an accounting add-on, and with that, for many (not all, as he highlights ‘heroes’ Denmark’s Novo Nordisk, Anglo-Dutch Unilever, and Germany’s Covestro), the tick boxes appeared and behind the smoke and mirrors, double counting, and dare we say it, being ‘economical with the truth’, the talk just increased, leaving the entire purpose - positive impact at scale through the transformation of capitalism, in the dust.
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by Lionesses of Africa Operations Department
We have always been slightly troubled by the Parable of the Talents from the Book of Matthew (a Talent was worth around 6,000 Denarii, which given a single Denarii was a payment for a day’s work in the fields, this was about 20 year’s labour!). With our background in Investment Banking one could be forgiven for thinking we too would understand the rewards for the servants who turned this huge sum into something far larger, and the servant who buried it away to ensure that he lost none before his Master returned, being scorned (it actually says: “…cast the worthless servant into the outer darkness. In that place there will be weeping and gnashing of teeth.” - Yikes!).
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by Lionesses of Africa Operations Dept
A new year, a new look, new thoughts, drive and direction…all these plans you had as you sat deep into the evenings during the quiet festive season. You get back into the office with (if you have been lucky enough to see the Ocean) the grains of sand still scratching between your toes and… nothing has changed.
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by Lionesses of Africa Operations Dept
Last weekend we gave you some homework for the holiday period - to check up on and if necessary re-find your ‘WHY’. To give it a dust down, a service, to bring it back into the centre of your business, to never forget that it is the Soul upon which your business is built.
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by Lionesses of Africa Operations Department
And so with little or no fanfare, December ’22 arrives. Where did the year go, indeed where did the last 2 years go from early 2020 when we had to look on a map to find this new place Wuhan, to now, Covid; PPE issues; the Ever Given ship that blocked the Suez; Supply Chain issues; a war; grain, sunflower oil and gas problems; to inflation and interest rates rising, all having been deep in our lives for the past 24 months. We could be forgiven for just finding a calm corner of our warehouse and falling asleep for a month in an effort to regain some energy for the battles ahead in 2023.
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by Lionesses of Africa Operations Department
Last weekend we looked at our latest South African Women Entrepreneurs Job Creators Survey launched by the Lioness Data Unit (sponsored by ABSA and once more working with New York University to dissect the information), announcing (amongst other things) that of the 1,340 women entrepreneurs surveyed in RSA, they employed a massive 8,503 people, mostly women, and because of this have an incredible impact across their local communities. A clear sign of the multiplier effect of Lionesses (here).
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by Lionesses of Africa Operations Department
“In the last two decades a large number of African countries have registered solid growth in per capita GDP. What is deeply worrying is that in most cases the impact of this growth on poverty and employment has been limited. Africa has the lowest elasticity of poverty reduction with respect to growth of any developing area of the world. And, despite growth, it is not creating enough good jobs.”, this was in 2015 in a paper entitled Aid, Employment and Poverty Reduction in Africa (here) by John Page and Abebe Shimeles for the AfDB’s excellent ‘African Development Review’ (‘ADR’) which brings study and analysis of development policy in Africa to the fore.
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by Lionesses of Africa Operations Department
“Historically, no known human society has created shared prosperity purely through redistribution. Prosperity comes from creating jobs that pay decent wages. And it is good jobs, not redistribution, that provide people with purpose and meaning in life.” So wrote Daron Acemoglu (here), Professor of Economics at MIT, and co-author of ‘Why Nations Fail: The Origins of Power, Prosperity and Poverty’ (here). Purpose and meaning in life, now there is a deep subject that cannot be answered in a single article, but certainly if we limit it to how we can look to create this environment for our employees and our businesses, then perhaps that would be a start.
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by Lionesses of Africa Operations Department
How can one truly compare the funding of male founded companies with those female led? To simply state that there is an iniquitous relationship between funding for male dominated companies and those female - which at first (second and third) glance does appear to be the case, opens one up to the answer that perhaps one is comparing apples with pears. That it just so happens that of the particular set of companies funded, the male dominated companies are ‘better’, more ‘fundable’ than female ones, more ‘noticeable’, or ‘better educated’ (obviously, ‘better’ in all these contexts is very, very subjective - just ask Richard Branson who left school at 16), but there is no doubt (here from ‘Africa: the Big Deal’), that at least a top western university on the cv makes a huge difference to funding success.
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by Lionesses of Africa Operations Department
It has been 30 years since the Rio Climate Summit, when a global system was set up to bring countries together on a regular basis to try to solve the climate crisis. On Nov 6th the COP27 meeting in Egypt starts. Usually we wait with bated breath as to what the ‘great and the good’ pledge on behalf of their countries and how this will reduce the warming of the world to a level at which we as a species can continue to survive on this beautiful planet we call home. Alok Sharma, the President of COP26, summed up the agreement a year ago as one that was “on life support”. He wrote (here) “The 1.5°C limit lives. We brought it back from the brink. But its pulse remains weak.” Bringing back from the brink is a good description as just before the end of COP26 brinkmanship was taken to a new level when China and India both refused to sign the agreed text pledging to ‘phase out’ coal, instead insisting at the last moment that it be changed to ‘phase down’.
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by Lionesses of Africa Operations Department
“The pen has been in their hands…” - Jane Austen.
We have recently been drawn to the brilliant book by the award-winning author, Caroline Criado Perez, entitled INVISIBLE WOMEN: Exposing Data Bias in a World Designed for Men’, ‘IW’ (here). We assumed it would contain many of the statistics we have seen in the world of finance (such as only 2% of VC funding going to US Start ups in 2021 and 82% to all-male founding teams here and not much better in Africa where there is a far greater ratio of women entrepreneurs to male). Therefore, we were pleasantly surprised to note that this book deals very much with the mundane, our day-to-day lives and how bias, indeed any bias (unconscious or otherwise), makes a huge difference in the long run (as any Casino knows too well). However, as we shall show through her investigations and other studies, this is far from mundane, instead deadly serious and is something we all must take very seriously indeed for our businesses and most importantly, our employees.
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by Lionesses of Africa Operations Department
“What is more important - the journey or the destination?”
To which there is only one answer - “The Company”.
Steve Jobs famously encouraged people to pick up the phone and call people from whom they wanted help (you can see his interview here). He says that he never found anyone who did not want to help him when he asked. Indeed we are often encouraging this, simply asking what is the worst that could happen? Pointing out that if you don’t ask it is an automatic “No!”, but if you do ask, the worst is that they say “No!” and they might say “Yes!” and from our experience and certainly it seems from Steve Job’s experience, this is very rare. For those who are thinking that no one would have turned down Steve Jobs (fair point), his story starts as a 12 year old when he called up the owner of Hewlett-Packard, a Mr Bill Hewlett at his home, to ask him to help him build a ‘frequency counter’. Mr Hewlett said yes and sent over all the necessary bits and pieces, following which he offered a job on a production line to the young Steve.
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By Lionesses of Africa Operations Department
Just over 50 years ago, a throw-away comment that there were no great women painters sparked the famous reply from Linda Nochlin in her 1971 essay: “Why have there been no great women artists?” (here). Today in 2022, we seem no nearer to a level playing field in Art, as a recent exposé of art prices by Doctor Helen Gorrill, shows (here). Dr Gorrill was driven to research pricing in the Art world following comments made by the painter Georg Baselitz who claimed "women couldn't paint!”, using as his proof the lower price their artwork commanded in comparison to that of men (here). That is not to say he doesn’t appreciate any women painters, being a self proclaimed fan of artist Artemisia Gentileschi (17th Century), although as we show later it would indeed be a brave man to say she couldn’t paint…
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by Lionesses of Africa Operations Department
We have often warned in the past of cold winds rushing across from the West towards Africa. With one foot in the UK/EU and one foot firmly in Africa we have been lucky enough to see early the impact of various events in both regions and have been able to react quickly to warn our membership. Just in the last few years we have had articles at the early stages of Covid when we saw the tragic events unfolding first in China and then in Italy; and then when businesses rushed to go online, when home deliveries became the only answer, when the supply chains started to clog up, when the US yield curve inverted, when the war started in Ukraine and when inflation started to rear its ugly head. How we respond to such events define our lives and our businesses for many years, but (and this is why we send out these warnings) to respond early or to plan for such events gives us a massive advantage.
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by Lionesses of Africa Operations Department
We have been reading far too much bad news from the global economy recently. So in an attempt to lighten our load, we reached deep into our collection of reading material thinking there must be something brighter. Sadly it seemed as if fate was working against us as nothing light and entertaining appeared, rather an article by the legendary investor and co-founder of the massive tech investing firm ‘a16z’ Ben Horowitz appeared. This was guaranteed to be serious stuff from a business guru who never lets a fear of telling it straight get in the way of any positive mood he might have at the time - so much for our wish for a bit of light reading! He is the author of one of our favourite business books - ‘The Hard Thing About Hard Things’ (here) which is described as follows: “There are lots of people talking about how great it is to start a business, but only Ben Horowitz is brutally honest about how hard it is to run one.” Note the ‘brutally honest’ - you have been warned!
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