#ASVLS21: The Learnings & Reflections

I was avidly looking forward to the 5th annual Africa Shared Value Leadership Summit (ASVLS) on the 8th — 9th of November 2021 at the Maslow Hotel in Sandton, South Africa and I fittingly experienced it to its fullness; learning from and connecting with admired leaders of industries, affluent business executives and budding entrepreneurs, investors and SDG advocates.

This year’s theme: One Africa One Voice — is truly a reflection of the Summit. All sessions communicated the essence of the theme in light of Africa’s Economic Growth & the Africa Continental Free Trade Area (AfCFTA), Entrepreneurship, Gender Equality & Inclusion, the Sustainable Development Goals (SDGs) and #BuildingBackBetter.

Considering my work with the Ghana Tech Lab to help bridge the access to finance gap of startups developed and deployed from the Tech Lab’s incubator and accelerator programs, the #ASVLS21 presented an incredible opportunity to engage various actors of the entrepreneurship and innovation ecosystem in Africa, to learn of their work, and to celebrate the remarkable strives of young entrepreneurs and innovators on the continent.

In that regard, it was an honour to facilitate a session during one of the panel discussions that focused on African Entrepreneurs themed: Overcoming Barriers as an Agile African Entrepreneur. On the panel was Bless Ama Satsi — Co-founder & CEO of Kuanijom, Edmund Amu — Co-CEO & Head of Clinic Department at Kenoch HG Herbal, Francescah Munyi — Founder & CEO of KOFAR Kenya Limited and Benedict Chibuikem Okpala — Co-founder & Chief Innovation Officer of Kiru Energy.

Below are key learnings and reflections of the Summit and from the panel discussion:

First, Governments must build systems and develop policies that encourage entrepreneurship. Existing research suggests that small businesses create about half of new jobs in Africa, but some research suggests that they also have high failure rates… The European Union asserted during one of its gatherings in 2012 that, for developing countries, the expansion of the private sector, notably Micro, Small and Medium-sized Enterprises (MSMEs) is a powerful engine of economic growth and the main source of job creation.

Not to undermine the efforts of my Government, but as a Ghanaian, it seems there’s very little my Government does to sustain MSMEs — more so Startups — to realize the needed benefits for employment and economic development. Reflecting on my conversations with the entrepreneurs on the panel and with some great minds at the #ASVLS21, I noticed that the challenge of Governments in Africa is their inability to develop policies that work or fosters the growth of the entrepreneurship ecosystem; so below are my recommendations which is basically from my observations and reading:

  • Governments must prioritize entrepreneurial activities. The formulation of effective policies for entrepreneurial ecosystems requires the active involvement of Government Ministers working with senior public servants and successful entrepreneurs to act as ‘Institutional Entrepreneurs’ to shape and empower entrepreneurship-oriented policies and programs.

Second, PURPOSE is the most important attribute of an Entrepreneur. The need for meaning and impact is inherent in every entrepreneur; however, for such an entrepreneur to bring that meaning to life and make a difference in society, they must have a strong “WHY” behind what they do or intend to do.

It is not about how skilled the entrepreneur is, though skill is important; it is not also about how connected the entrepreneur is, though entrepreneurs need to build value-adding relationships; the real difference is the uncompromising “WHY” behind what an entrepreneur does. Because of my practice and observations, I strongly believe there will be no force in life to stop an entrepreneur with a strong “WHY”, except the inevitable…

Reflecting on my conversation with my panellists who are co-fellows of the first and second cohort of the Purpose Playbook Training under the Shared Value Africa Academy, I have concluded the journey of an entrepreneur — “the stronger the WHY of an entrepreneur, the better his/her chances of success”.

Without a sense of purpose, no company, either public or private, can achieve its full potential. — LARRY FINK, CHAIRMAN & CEO OF BLACKROCK

The easy part of an entrepreneur’s life is to start a business, the hardest part is to sustain the business for growth and profitability. This is the reason why an entrepreneur needs an overwhelming drive, which comes from a deep sense of purpose.

From the panel, I noticed that the sense of purpose (i.e. the WHY) of an entrepreneur resonates from somewhat of a pain in their life that they want to overcome or from a noble desire to serve others by rendering their innovative product or service. Indeed, this is nothing different from the life of the successful entrepreneurs we admire. The WHY can come from something supposedly negative (a pain) or something outrightly positive (a desire to serve).

Moreso, as a result of their sense of purpose, these entrepreneurs are driven to create something bigger than themselves. Intrinsically, there is an incredible balance regarding the economic advancement of these entrepreneurs and the need to address the needs of their community. Herein lies the umbrella philosophy of Creating Shared Value.

We define purpose as a company’s reason for being that simultaneously helps solve a societal problem and creates significant financial value for the company. — FSG & SHARED VALUE INITIATIVE

In recent times, business leaders have come to understand that purpose and profit are delicately interwoven. And as Africa and the World’s active population is being led by the Millennials and Generation Zs (i.e. people born between 1983 and 2003), businesses cannot think about profit without purpose. The case for having both has become far more compelling than ever. Business is truly about creating economic value and value for society; hence, Profit with Purpose.

In conclusion, considering the need to #BuildBackBetter my desire is for the Government, private sector and society to make a success of the AfCFTA, as well as work together towards Africa’s economic recovery by developing new structures conducive to the development of entrepreneurship and innovation among young people.

My Session During The #ASVLS21 — How Entrepreneurs Are Breaking Down Barriers

--

--

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
ANDREWS AKOTO-ADDO

Part-time Writer | Social Innovator | Designer & Manager of Purpose Driven Initiatives