5 THINGS YOU NEED TO BE INTENTIONAL ABOUT BUILDING IN YOUR PURSUIT OF SUCCESS ARE:
February 5, 2024
There are moments in life when we get the chance to witness the future unfolding before us, to see raw potential and ambition as it’s moulded into something capable of shaping entire communities, economies, and even continents. One of those moments for me was being a judge at the ALX Ventures Demo Day during the Ghana Entrepreneurship & Startup Week. The day was a true testament to the power and potential of young African entrepreneurs who are determined to build the future right here in Africa.
When I received the invitation, I remember asking Stephen, the program coordinator, if he was sure he wanted me to be a judge. Having served as a judge for over six years on the Kosmos Innovation Center Agritech Challenge, I have become known for being a critical and tough evaluator—especially when it comes to businesses seeking investment. My approach may be demanding, but my reasons are rooted in a deep commitment to seeing African businesses succeed against all odds.
Why I Am Tough on Startups
- Overcoming the Odds in Africa
In Ghana, and across Africa, entrepreneurs face many challenges that are often absent in other parts of the world. From inadequate infrastructure to complex regulatory landscapes, African entrepreneurs must work at least ten times as hard as their counterparts in countries with more effective systems in place. When I evaluate a business, I look for resilience and adaptability, because success here requires more than a good idea—it requires grit and tenacity.
- The Power of the Private Sector for Economic Freedom
Africa’s path to economic freedom depends heavily on building a strong private sector. This means we need African entrepreneurs who can build global, scalable businesses right here on the continent. Incubation programs like ALX Ventures provide startups with resources and support, but this opportunity is just the beginning. To create lasting impact, these startups must push themselves further, innovating and competing on a world stage. It’s my belief that holding them to high standards is one way to help prepare them for the challenges that lie ahead.
- Recognizing the Reality of Competition
Many startups enter the pitch room believing their ideas are revolutionary and hard to replicate, underestimating how quickly competitors can emerge and improve on their concepts. I push founders to think critically about their competitive edge, urging them to go beyond initial ideas to truly understand and protect what makes their businesses sustainable.
- Valuing the Investor’s Commitment
Ultimately, these startups are seeking investment—someone’s hard-earned money. It’s essential they demonstrate not only a deep hunger for success but also a clear vision of the value they bring to the table. Investors are looking for ventures that can scale and thrive in a competitive global landscape, and African startups must be prepared to show why they’re the best investment choice.
The Results: Inspiring Faith in Africa’s Potential
Despite my reputation for being a tough judge, I was invited to participate, and I’m grateful for it. The startups did not disappoint. Their pitches were filled with vision, innovation, and the readiness to tackle Africa’s unique challenges. Each entrepreneur’s commitment was a reminder that African startups hold the key to turning our continent’s fortunes around.
By the end of the day, my faith in the potential of African startups was renewed. The ALX Ventures Demo Day was more than just a showcase of ideas—it was a glimpse into a future where African entrepreneurs lead the way in creating solutions for local and global challenges alike. I left with a strong belief that these young founders have what it takes to drive Africa’s economic transformation.
A Final Word of Thanks
Thank you, ALX Ventures, for the opportunity to serve as a judge, and congratulations to all the startups that pitched. I look forward to seeing your journeys unfold and watching as your efforts contribute to a stronger, more economically independent Africa.
With tough love and high hopes, we can continue building Africa’s future—one bold venture at a time.
