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Entrepreneurship in Africa Africapitalism
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00:01Sous-titrage Société Radio-Canada
00:57Thank you.
01:00This is something you have to listen in financial services, in power generation, in oil, gas, agribusiness, real estate, and
01:09this is what's left.
01:11And with this holding, Tony is also the chairman of United Bank of Africa, which operates in 20 African countries
01:21in New York, London, Paris, and Dubai,
01:25and the chairman of Transcorp, which is Nigeria's largest listed conglomerate.
01:31But more importantly, or at least as importantly, Tony, you have established the Tony Elemoulou Foundation, an Africa-based and
01:42African-funded philanthropy dedicated to catalyzing entrepreneurship across Africa.
01:49It's safe to say that with all your various involvement, you are probably the one who can best speak about
01:59Africa.
02:00First of all, my dear friend, I'm extremely happy to welcome you, and I thank you. Thank you for coming.
02:07Thank you, Maurice. Good to see you again, too.
02:10So, maybe one word about Africa. Today, a lot of people have various opinions regarding Africa, but mainly it is
02:26complex, it is difficult.
02:28There are wars in many regional revolution, not so much democracy, and a country where there is mainly basic resources.
02:40One of the reasons why I have created Africa Tech is to show that there is another Africa, an Africa
02:47which is hidden, that people don't know very well.
02:50And I thought that maybe you can tell us a little bit more about the Africa of today.
02:56Thank you, Maurice. And good afternoon, everyone.
03:01I am pleased to be here, and congratulations and thanks to you and your co-finders for making this possible.
03:09The glass is always half full. It depends on what you see. You can see empty glass or you can
03:15see water.
03:17But as a business person, an entrepreneur, and philanthropist who invests in people and in businesses across Africa,
03:30I know for a fact that there is nowhere you get the kind of returns on investment that you make
03:37in Africa.
03:38I know that we have the people and we have other resources to make it work.
03:43Africa is 54 countries. Africa is a continent. Africa is not a country.
03:49But most times, people see Africa as a country.
03:53And so in a continent of the four countries and also with over 1.2 billion people,
04:02you will see all kinds in terms of people's behaviors, in terms of challenges, as well as opportunities and prospects.
04:11If you look at our demography on the continent, we have the younger demography in the world.
04:17And that pertains huge market for business.
04:22That also is huge market for labor and the right labor.
04:28That also is a huge market for innovation.
04:32And in what we do at the Tony El Melo Foundation, we say that we want to create our own
04:39Steve Jobs out of Africa.
04:41And we know that we have energetic people who are very intelligent, dedicated, and want to make a difference.
04:47If you look at Africa from the point of view of investment, as I said earlier,
04:52there's nowhere you make the kind of returns on investment that you make in Africa.
04:56I speak as someone who invests in Africa.
04:59We have investment in businesses in over 24 African countries.
05:04And we make huge returns on investment.
05:08In 2013, our group invested in power sector.
05:12We invested in power generation.
05:15I don't know anywhere in the world where you invest in power generation.
05:18We've got highly capital intensive that you break even and start making profit from year two, year three.
05:24It's only in Africa that that happens.
05:26So we do have a lot of opportunity.
05:28But we also have challenges.
05:30But the challenges are not daunting.
05:32They are not the kind of things that will make you not want to invest in Africa.
05:35If you talk of crime, growing up, I used to read the Guinness Book of Records.
05:43And they would tell you the number of crimes that occur in New York every minute.
05:50But that does not stop you from visiting New York.
05:52That does not stop you from investing in New York.
05:54So it's about risk and returns.
05:57Risk and rewards.
05:58And just let us know.
06:00And that's why I'm happy that you created this platform for people to know that in Africa, we have challenges.
06:07But we have more opportunities, more prospects, and more progress than the challenges that we have on the continent.
06:14So Africa is open for investment.
06:16The young ones in Africa want to be integrated into the global economic system.
06:23And all of us have that responsibility to make it happen.
06:25You coined the term of Africa capitalism.
06:31And a few minutes ago, we had a conversation with Mark Benioff.
06:39And Mark talked a little bit about stakeholder capitalism.
06:45And one day you said capitalism, the way I see it, it's much more than just an investment.
06:56So can you tell us a little bit more?
06:58And can you elaborate a little bit on this Africa capitalism?
07:05It's Africa capitalism.
07:06So I grew up in Africa, born, bred in Africa, and I've always worked in Africa.
07:14I've come to realize that we do have a lot of opportunities.
07:21I've come to realize that no one but us Africans who develop Africa.
07:26I've come to realize that we must stand, show confidence in our continent for others to even follow.
07:34And I've realized that in the 21st century, we should show interest in development from a different point of view.
07:42And so all of this, and also investing in Africa, seeing first hand the power of investments,
07:49seeing first hand how investment can help transform societies, communities,
07:55and help alleviate poverty and improve the quality of living and livelihood.
08:00That made me to come up with this concept.
08:04And this thinking that, first, Africans must show confidence on the continent,
08:11invest in the continent to help propel development of the continent.
08:15Two, that our governments must play their own role by creating the right environment
08:20that will enable all of us, private sector, to do well.
08:23Three, that the success of private sector translates to success for everyone and not just the investors themselves.
08:31Or that is what it should be, and no longer about selfish interests or selfish investment.
08:37And then finally, that friends of Africa who want to support Africa to develop in the 21st century
08:42should rethink how to intervene in Africa.
08:46That the days of sitting outside of Africa and formulating policies and programs that you think would be good for
08:52Africa is gone.
08:53If you want to actually create people who will become, in the future, self-reliant and self-independent.
08:59This led to this whole philosophy of Africa in that we need to invest, first, long-term in Africa.
09:09Two, in key and strategic sectors of the Afghan economy that will help us to drive the sustainable development.
09:19And three, that by so doing, we don't only make profit for ourselves, but make profit for everyone.
09:27And so it's a call on people to invest long-term in Africa, in key and strategic sectors that will
09:34help us to create economic prosperity.
09:37Because economic prosperity will help us to alleviate poverty, will help us to create jobs,
09:43will help us to involve our women in the life, in the economic activities of the continent.
09:49So that is it. So when you, as a private sector person, invest in sectors that don't help to catalyze
09:56economic development and growth,
09:58you need to rethink.
09:59And as a private sector, you need to make investments that help to achieve this.
10:04So investment in our young ones.
10:06It's African capitalists.
10:07It's your investing in our young ones because the future of our continent belongs to them.
10:11And investment in electricity, because access to electricity is so poor in Africa, helps us to develop Africa.
10:20So those are the kinds of investments that we need to make.
10:24And government must also play their own role in helping us to drive development,
10:29helping us to succeed in our economic efforts.
10:36When you are doing so, what is the reaction of the shareholders when they see that you are not looking
10:46only for the short-term profit,
10:48but for building a company for the long term?
10:52You are listed.
10:54So how do you manage the expectation of your shareholders?
10:58I think it's an enlightened self-interest.
11:02Shareholders are very wise now, wiser than ever before.
11:07And they know that it's about shared prosperity, mutual destiny.
11:11If you do well as a company, you must do good so that you will continue to remain in business.
11:18So shareholders, they will ask you, what sustainability efforts are you pursuing?
11:23What are you doing to help the environment?
11:25What are you doing to help people?
11:27I am a democratizer.
11:29I believe in prosperity for one, prosperity for all.
11:34And that is what we're beginning to see in Africa and the rest of the world.
11:41People are no longer as selfish and self-centered as it used to be before.
11:45People are realizing that if you go alone, you might, you will suffer.
11:51What we do at the Tony El Melo Foundation is the expression of our belief in our young one.
11:59It's also the realization that it's not just about us alone.
12:04It's not about the money we have in our bank accounts, bank balances.
12:11It's about the legacy that we make.
12:14It's about the impact we create.
12:15And in our only two ways, we're helping to catalyze this kind of behavior across the continent.
12:20So people, it's not just about the progress of prosperity you create for yourself and your family alone.
12:26It's about what you do for everyone.
12:28Because we are realizing and others are following suit that prosperity for all is what will give us the security
12:37that we need.
12:38It's what will create the harmony that we need.
12:40It's what will create the peace that we need.
12:41And that is what is good for legacy and for everyone.
12:45So this is what led you to create the foundation?
12:51Because the foundation has a slightly different role, if I understand well.
12:57Can you tell us a little bit?
12:59That intercession of business and philanthropy is important.
13:05We have long realized that in our group.
13:07And that's why about 13 years ago, we founded the Tony El Melo Foundation.
13:12Because we realized, looking at our own life story, we, I in particular, I'm a child of luck.
13:21Luck.
13:22And I ask myself, you know, since it's no longer about the prosperity you create for yourself or your family,
13:31but the prosperity you create for everyone, what legacy am I leaving behind?
13:36You know, the luck that I benefited from, am I democratizing that luck?
13:42Am I creating opportunity for others to consider themselves lucky?
13:46That was why in 2010, we founded the Tony El Melo Foundation to help young African men and women
13:53who are ambitious, who are determined to succeed, who are energetic,
13:57but who lack the means and opportunity to even prove their concept, to give them support.
14:03$5,000 non-refundable city capital.
14:06Everyone, we select 1,000 of them every year on our own.
14:12I'll give them this $5,000 non-refundable city capital.
14:16We train them.
14:16We appoint mentors for them.
14:18We create networking opportunities and platform for them.
14:21And they've been doing well.
14:23They've been succeeding.
14:25We're excited by their successes.
14:27We're also preaching this to others.
14:30And we today have been able to mobilize a lot more support for young African entrepreneurs through this program.
14:38So that is what I was talking about before on African capitalism.
14:42It's no longer about African sitting and don't organizations come to Africa to give you money to invent different sectors.
14:48But this is all saying, we need to develop entrepreneurs.
14:54We know how to develop entrepreneurs.
14:57Let's partner to develop more.
14:59We have put our money into it.
15:01Come, let's work together.
15:02And quite a number of world organizations are coming together.
15:07UNDP is our partner.
15:09ICRC is our partner.
15:12The European Union, European Commission is our partner.
15:16Google is our partner.
15:18And the U.S. government and all of these people are working with us.
15:22You have everyone.
15:24No, we don't have a publicist yet.
15:31I would like to come back to the program that you have developed.
15:37In 2015, you committed 100 million U.S. dollars to create 10,000 entrepreneurs across Africa.
15:47over the next 10 years, which means 2025.
15:52There is still two years and something left.
15:56How the program is working?
15:59Are you happy with the result?
16:01How many entrepreneurs have you already been able to help and create and develop?
16:08And do you feel happy with that program?
16:12I think talking about happiness as a business person, I think my colleagues and I have done very well in
16:22terms of success in business.
16:25But what gives us greater satisfaction, happiness, and pride is what we have done in imparting lives in young African
16:34entrepreneurs, young African men and women.
16:37We have today imparted or supported over 18,000 beneficiaries, each of them with non-refundable seat capital of $5
16:47,000, men and women.
16:50In fact, it's even last year we had more females, 70% females than 30% men.
16:57That's good.
17:00Madame, Monsieur, 75%.
17:0470% last year were women.
17:07That's really impressive.
17:08And 30% men.
17:09When we started, it was 70% male and 30% female, but it's reversed.
17:15But that shows a lot.
17:16Women are being encouraged.
17:19They are stepping forward.
17:21And they are doing very well.
17:23The program is succeeding.
17:25But apart from those who have collected, who have benefited financially, who have trained over 1 million young African entrepreneurs,
17:34we have what, talking of technology, tech for good.
17:39We have over 1 million young African that we have trained on our digital connect, digital platform called TF Connect.
17:47TF Connect, we train young African entrepreneurs on how to manage business.
17:54So that when they get money, because capital is not about everything.
17:57In addition to capital, besides capital, you need to know how to run businesses.
18:02You need to know how to adopt certain discipline and philosophy that have helped successful people.
18:07For instance, we teach them what we call TOEA, what we do in our group that has helped us to
18:12succeed.
18:13So we do all of this to support them.
18:15So it's not just the 18,500 that have benefited directly from us.
18:19It's also the over 1 million young Africans that we have trained.
18:23And from our M&A reports, they tell us that, yes, capital is good.
18:30But more importantly, that they like the business education, the training, and the discipline, and the hand-holding, and the
18:36mentorship we provide for them.
18:38So I would say that the Tony El-Milu Foundation Entrepreneurship Programme has done very well.
18:43We have two years ago, we are now building, trying to build bigger coalition of like-minded global institutions so
18:53that we go beyond supporting thousands to millions.
18:58Africa, young entrepreneurs, young Africans, they want to succeed.
19:02They want to leverage technology for good.
19:04They want to make sure, and we also want to make sure that it's not just technology for good, technology
19:09for all, that all young ones have access to all of this.
19:15We want to create more prosperity so that our young people don't take to immigration.
19:20Our young people begin to see success and future for themselves on the continent.
19:25And when we say that the future of Africa belongs to young people, we want them to see it.
19:32We want them to see that, indeed, the global world and Africans, successful African, private sector Africans, actually care about
19:44their future.
19:45That's what we try to do at the Foundation.
19:47So, yes, I'm happy by what we have accomplished.
19:50But we can do a lot more because in a continent that, a continent of 1.3 billion people, 60
19:59% at the age of 30, and we are talking of 18,000 beneficiaries, is peanuts.
20:06We should be talking of millions.
20:08And until we achieve that, I won't say that we have done so much.
20:13Tony, one last question.
20:15I know that we are time out, but there is one question which is extremely important.
20:21You, I ask you to go back to 2015.
20:25I'm now asking you to go back much earlier when you were at the age of 15.
20:33You are now one of the most successful, if not the most successful African.
20:38You are an achieved man with a lot of success.
20:49When you think about the adolescent of 15 years ago, of 15 years old age, and you look at the
21:00room and you want to give a piece of advice, what would you say?
21:06It's not just a piece, some nuggets.
21:11First is, I want to say that discipline, hard work, tenacity, resilience, focus are extremely important for success in business.
21:30I believe we have tech entrepreneurs in this room, and even those who are not tech entrepreneurs.
21:37These principles apply to everyone.
21:41In my career, in my journey, it's been a journey of discipline, focus, making short-term sacrifices for a better
21:52future,
21:54working very hard, and being extremely resilient.
21:59Because I say to entrepreneurs, that journey is not linear, that journey is tough, it's a difficult journey.
22:06But you can't stop, you can't be scared, you can't be put off, you have to be resilient, you have
22:11to, at times, it can be challenging and daunting.
22:14You drop, you pick up, you start again.
22:16Keep your eyes in the long run.
22:18Just know that in the long run, most things, so long as you're determined and tenacious, things will come true.
22:25And for those also, since this Viva Tech platform, I say to people, those who do business entrepreneurs,
22:35who fail to embrace technology, are preparing or planning to fail, and as entrepreneurs, you should be building to last.
22:50I also say, and it's really for the young African entrepreneurs here, and also investors, who may be looking into
22:58Africa to invest.
23:01I invest in people and businesses across all, all 54 African countries, I see the potential in Africa.
23:13And I also have seen and realized, through my own experience, this transformative power of technology to lift Africa up,
23:23and to even help entrepreneurs and communities in coming up with solutions that can even make you more successful from
23:33financial point of view.
23:34So, please, do not be deterred by what you read.
23:40Do not be scared by what you see at times on televisions.
23:45We live in Africa.
23:47We have made good success in Africa, and you, too, can have similar opportunities.
23:55But the difference lies in how tenacious you are, in how focused you are, in how disciplined you are,
24:02and how you commit to the long-term, because short-term, to a large extent, short-term measures and approaches
24:09don't lead us far in life and in business.
24:12That's my advice.
24:15Thank you.
24:17Thank you very warmly.
24:19Merci.
24:21And please, a warm, warm, warm rose of applause.
24:32Thank you.
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