Hello Change-Maker!
It’s said that every Tuesday is a Choose Day! If we ever have to choose anything, it would be to celebrate the spirit of African entrepreneurship. We celebrate you.
Do you know, according to the African Development Bank, 22% of Africa’s working-age population is starting businesses? This makes Africa the world’s entrepreneurial hub. But with unequal access to capital and media opportunities, African startups are often foreshadowed and undercapitalized. It is time we change this narrative.
Here is The Rundown of what is in today’s newsletter:
Africa Today: African News & Stories
Generating a winning business idea in 5 easy steps
Inside Africa: Spotlight on Botswana
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African News & Stories
Botswana and De Beers announce a new diamond sales deal which gives Botswana a bigger share of rough stones from the joint venture.
On 23 August Zimbabwe heads for elections
The United Bank for Africa (UBA) Plc, has signed an agreement with the Africa Continental Free Trade Area (AfCFTA) Secretariat to invest $6 billion as funding for African Small and Medium Enterprises within the next three years.
Nigerian startup Zuvy, an invoice financing and software company, has secured US$4.5 million in debt and equity funding to scale across the country.
15 Kenyan startups selected for Standard Chartered $175k Women in Tech programme
Ghana’s Mazzuma raises funding to roll out AI-based smart contract generator
South African viral consumer rewards app Maholla and internet service provider (ISP) ikeja have partnered in a bid to provide the township youth with equitable access to high quality, cost-effective internet services.
6 African tech startups have been named by the World Economic Forum (WEF) among its selection of the 100 most promising Technology Pioneers of 2022 – companies that are shaping industries from healthcare to retail and many more.
Generating a Winning Business Idea in 5 Easy Steps.
The potency of your ideas set the stage for creating a thriving venture that addresses market needs and stands out from the competition.
We have written some steps which you can easily follow to maximize your chances of creating an innovative concept that has the potential to captivate customers and achieve long-term success.
Step 1: Embrace Curiosity and Research:
You need to cultivate a curious mindset and be open to exploring new opportunities and challenging existing norms. The power to question is the bedrock of all human progress. Conduct market research to identify trends, gaps, and customer pain points. Research is formalized curiosity. By understanding the needs and preferences of your target audience, you can uncover valuable insights that will guide your idea-generation process.
Step 2: Identify a Niche or Problem to Solve:
Successful business ideas often revolve around solving a specific problem or catering to an underserved niche. Look for areas where there is a demand for innovative solutions. Focus on identifying pain points, inefficiencies, or unmet needs within your industry or target market. Addressing these challenges can position your business idea as a valuable and unique offering.
Step 3: Leverage Your Expertise and Passion:
Utilize your skills, expertise, and personal passions to generate a winning business idea. Reflect on your areas of strength and consider how they align with market demand. Passion and knowledge in a particular field can give you a competitive edge and help you create a differentiated product or service. Your genuine enthusiasm will resonate with customers and set your idea apart from others.
Step 4: Brainstorm and Innovate:
Engage in brainstorming sessions to generate a wide range of ideas. Encourage creative thinking and explore unconventional possibilities. Consider utilizing brainstorming techniques such as mind mapping, SCAMPER, or SWOT analysis to stimulate idea generation. Embrace innovation and think outside the box to come up with unique and compelling business concepts.
See our newsletter on using SCAMPER here.
Step 5: Validate and Refine:
Once you have a list of potential business ideas, it's essential to validate and refine them. Seek feedback from trusted advisors, industry experts, and potential customers. Assess the feasibility, market potential, and scalability of each idea. Refine and iterate on your concepts based on the feedback received. This iterative process will help you narrow down your options and select the most promising business idea.
Spotlight: Botswana
Botswana is one of Africa's most popular and exclusive safari. It has Africa’s Highest Concentration Of Elephants with approximately 130,451 elephants. It is also home to well-known landmarks such as the Okavango Delta, the Kalahari Desert and the Chobe National Park.
It is bordered by South Africa, Namibia, Zambia and Zimbabwe and is home to over 2.6 million people.
The Kalahari Desert covers over 80% of Botswana resulting in its climate being mostly arid to semi-arid.
Botswana has maintained one of the world's highest economic growth rates since 1966.
Botswana is the world's largest diamond-producing country by value and the second largest by volume. Other minerals mined include nickel, copper, coal, soda ash, gold silver, semiprecious stones, and granite.
The word for many citizens in Botswana is Batswana. One citizen is a Motswana.
The current President of Botswana is Mokgweetsi Eric Keabetswe Masisi
The pula is the currency of Botswana. The word pula literally means "rain" in the local Setswana language. It is the 5th strongest African currency.
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If you have anything to share. please reach out to us by sending an email to [email protected]
Until next time, continue hustling!
