Eva Warigia: Be mindful of your network, it is the base of your success
Eva Warigia is a jack of many trades with a passion for Africans and their economic advancement. As one half of the executive directing team of the East Africa Venture Capitalists Association, representing over sixty firms, she uses her knowledge of finance and strategy to position East Africa as a thriving investment hub. In this interview, she talks about her leadership position, and how she’s working with stakeholders to promote investment in East Africa. At what point in your life did you first learn about your field of work and what drew you to it? I probably came across private equity in 2011. At the time I worked for a technology and corporate advisory firm as a strategy analyst focusing on helping businesses fundraise. It was there that I got to interact with the different structures of funding. [bctt tweet=”My docket as one half of the leadership of EAVCA is in leading the advocacy and intelligence – @eva_hawa” username=”SheLeadsAfrica”] You are one of the two executive directors of the East African Venture Capitalists Association (EAVCA) what exactly do you do? EAVCA is a member association for private equity and venture capital firms who are interested in deploying capital in East Africa. As a trade organization, we represent the interests of member firms deploying private capital in the region, which constitutes Ethiopia, Uganda, Rwanda, Kenya, and Tanzania. We are the interface between the region’s stakeholders, the general public and the investors. Our activities largely involve advocacy for the private capital sector, research, and intelligence for investors considering the region for investment. Being the foremost networking platform for East Africa to advance thought leadership in the PE and VC space, and finally, conducting training for the sector. We also nurture the local professionals, as well as building awareness with the sector stakeholders. My docket as one half of the leadership of EAVCA is in leading the advocacy and intelligence. This entails working with the sector stakeholders to create partnerships that promote investment inflows in East Africa.Internationally, less than 10% of venture capital funds go to female entrepreneurs. Is this situation just as bleak in East Africa? This is also the case in East Africa. There was a time when female-led enterprises were not as visible as they are now, especially on the funding front. Emerging trends for conscious investment (particularly gender lens investing) mean that the tide is slowly turning to acknowledge that female-led enterprises are equally lucrative. Furthermore, women are more deliberate in their business planning and less likely to take investment capital for personal use. What does EAVCA do to ensure that besides women-owned businesses there is diversity in general in businesses being considered for funding? From 2018, EAVCA became more deliberate in local engagement by working with trade associations, incubators and accelerators to grow local awareness of PE and VC as alternative sources of capital. We are also ensuring we carry out industry-specific research showcasing opportunities that exist in East Africa. One such research was on the opportunities available for fin-tech investing in East Africa, which we launched in March this year. This allows investors deeper access to sectors that have probably been on their radar but whose information may be hard to come by. [bctt tweet=”I think it is important for technical entrepreneurs to find partners who will help them with the business side of their enterprise or product – @eva_hawa” username=”SheLeadsAfrica”] What are some of the mistakes you have seen female entrepreneurs make while interacting with venture capitalists, and what can they do to better pitch their businesses to investors? While I would not categorize this as a mistake, I think it is important for technical entrepreneurs to find partners who will help them with the business side of their enterprise or product. Far too many entrepreneurs are struggling to raise capital by themselves without the tools or skills to approach this. Thankfully, there are programmes and incubators that equip entrepreneurs with the skills needed to begin thinking of their vision as a commercial venture. There is quite an array of accelerators available for African entrepreneurs such as MEST Africa which is available in Ghana, Nigeria, South Africa, Kenya, and Cote d’ Ivoire or Growth Africa for East Africans. There are also institution backed programmes like the Trade and Investment Hub (the Hub) by USAID, which is available in East, West and South Africa, or the Stanford Seed Transformation Programme in Ghana and Kenya. Finally, we have philanthropy backed incubators also committing to support the initiative by Africa’s entrepreneurs such as the Tony Elumelu Foundation or Africa Netpreneur Prize by the Jack Ma Foundation. EAVCA has been led by women from its inception. Can we interpret that to mean Africa doesn’t share the same discouraging international statistics when it comes to women’s leadership in VC firms? As an association, we are privileged to have women as the champions of the industry in East Africa. For the VC and PE funds, the bulk of fund managers are still led by men although we have a growing number of women taking up that space. I believe it is important for women to support each other in male-dominated industries such as ours and share their journeys so that we can all learn from each other. How has working at EAVCA changed your perception of Africa’s potential to be an economic and innovation hub in the future? I have always been an Afro-optimist and firmly believe in Africa’s value and ability to influence the future! Working with EAVCA has furthered my confidence in our potential as a continent. I interact each day with people who are as passionate about Africa as I am and who are effecting positive change within their different spheres. I am able to see how it is all shaping out from my bird’s eye view at the Association and it just fuels me to want to do more! What is the favorite part of your job? Every day, I meet people that are clear about
Annemarie Musawale: I took my power back
[bctt tweet=”Being a single mom, academic writing seemed the best option in order to be home for my son & earn a living” via=”no”] Annemarie Musawale was born and raised in Nairobi, Kenya and she says, she’s never actually stepped one foot out of East Africa. Growing up this self-publishing author almost always had a book in her hand. Needless to say, she made up stories of her own. By the time she went to high school, Annemarie had pretty much read every book her classmates were just beginning to discover. Annemarie went to the University of Nairobi to pursue a BSc. Degree in Botany, Zoology, and Chemistry. Two years into the course, she was accepted to Makerere University to do BPharm. Leaving work as an active Pharmaceutical Technologist, 2009 was the year Annemarie Musawale became a full-time academic writer. In her own words, ‘Being a single mom, it seemed the best option in order to be home for my son when he needed me, and still earn a living. SLA contributor Rumbidzai had an opportunity to interview her and Annemarie had all these interesting stories to tell. How long does it take you to write a book? Unfortunately for me, writing my own books is not my day job. So I can only write in my spare time, which is very scarce these days. So on average, it can take me anything from six months to two years to write a book. I’m working on making time no matter what, to write daily but so far, I’m not there yet. Looking at the books or pieces you have written what is your ultimate goal? When I wrote “Single Motherhood Unplugged” almost eight years ago, it was a catharsis for me. A way to get my baggage off my back and let it go. I put the book up for sale because once it was written; I could not just throw it away. There were life lessons to be learned, a way for someone else to learn from my experience. So I let it go out into the world and find its audience. It is my one non-fiction book and I call it my ‘step-child’ because of how much I do not market it. The goal therefore with that book was…help someone else who was looking for answers. My other books are fictional in nature. They were written with a lot of love and I guess their goal has been achieved. To have someone read them, and enjoy the words; perhaps be touched by it. My ultimate goal, of course, is to make the New York Times Bestseller lists. My role model in this business is Diana Gabaldon because our paths are remarkably similar. Background in the sciences, Diana started out writing (in her late thirties) just to ‘try it’. She ended up creating characters it is difficult to let go of. Twenty years later, Diana is where I want to be, twenty years from now. [bctt tweet=”My ultimate goal, of course, is to make the New York Times Bestseller lists – Annemarie Musawale ” username=”SheLeadsAfrica”] For the sake of some of our Motherland Moguls who haven’t read your book, “Single Motherhood, what can they expect from it? They can expect it to be raw, painful to read even and completely truthful on what it is really like to have a baby on your own. I called it ‘unplugged’ because it is like those musical performances where the singer has just a stool and a guitar and whatever talent they have in their bodies. They present it to you and let you judge them on the merit of their work. In the book, I let people into my head and lay it bare for them to do with, as they will. It was a very difficult thing to do, but from the feedback I have gotten, there are people out there who needed to read it. So have a look at it with my blessing. Now that’s interesting! In your line of work is there anything you find particularly challenging? Well, the business of writing has its challenges as many writers can tell you. The first is marketing. Getting enough people to hear of your books so that they want to go look for them. The market is crowded and getting noticed is hard. Add to that the fact that my books are not the typical ‘African writers’ type of book. One of my Kenyan readers put it this way; “This book could have been written by anyone, anywhere. It is not confined by time or space.” And while I agree that that is true, I think that nobody but me could have conceived of these books the way I did. It was my unique perspective brought about by living in the ‘global village’ but residing in Kenya. For that reason though, my books don’t have a readymade market. They have too many elements that are foreign to the African psyche, and yet if it were written by a Westerner, most Africans wouldn’t have a problem with it. But the combination of being an African, writing a global book is a new idea. The upside of this is, my audience is not confined to those around me but is truly global. When I see that people from as far away as Japan, Ukraine, Russia, America, and Brazil…have clicked on my links and looked at my books…it makes me feel warm and happy. However, it also makes hosting book signings a bit difficult. When I began in this business, I was traditionally published. However, my publisher was very stingy with information to do with my book. They expected me to do the lion’s share of marketing (as most authors are expected to) without giving me feedback on what was working, what sales figures were or even paying me royalties. So I took my power back, took my books back and went the self-publishing route. This way, I have complete control