I was introduced to Pule Taukobong, founder and chairman of African Angels Network (AAN), during his visit to the NMBC (National Minority Business Council) Global Entrepreneurship Center in New York City on the eve of his departure for Johannesburg, South Africa, in October.
“I am based between Johannesburg and New York City. Given my currently travel schedule though, I feel like I’m based out of a suitcase!” he joked.
Taukobong went to the Entrepreneurship Center to discuss a collaboration that would allow AAN-invested companies to have a New York presence and to benefit from mentoring provided by the Center’s business leadership, as well as other key Center services.
As co-founder of AfricaStrictlyBusiness.com, I was invited to meet one of Africa’s ‘cheetahs,’ the term used by Ghanaian economist George Ayittei to describe the generation of “new and angry entrepreneurs and professionals” in Africa who “brook no nonsense about corruption, inefficiency, ineptitude, incompetence, or buffoonery.”
Africa’s future lies on the backs of these “cheetahs,” Ayittei argues, rather than on the ‘hippo generation’ of “African leaders, intellectuals or elites…wedded to the old ‘colonialism-imperialism’ paradigm with an abiding faith in the potency of the state;” who could not “care less if the whole country collapses around them, but are content as long as their pond is secure.”
Indeed, the term ‘cheetah’ seems befitting of Taukobong, whose personal motto is “Go forth and set the world on fire,” attributed to St. Ignatius, the hermit priest of Spain who founded the powerful Society of Jesus (Jesuits).
Taukobong is pictured above (l.) with Ben White of Venture Capital for Africa (VC4Africa) at DEMO Africa 2013, the premier platform for the best and brightest companies in Africa to launch their products in front of a global audience.
In a follow-up email from Johannesburg, he reiterates the motivation and vision behind AAN.
“AAN is an angel investment firm that encourages, invests in and supports entrepreneurs in Africa, primarily in the TMT (Technology, Media and Telecoms) and Design sectors. Our primary focus is at the early and startup stage of development, where traction is just beginning. Furthermore, we match our entrepreneurs with resources, mentorship, expertise and goodwill from our network.
“My approach to angel investing is a bit different from how it has traditionally been done. Yes, I have a for-profit view to the investments we make and seek to work with the best entrepreneurs, but we are also very focused on creating jobs and fostering the inclusion of women.
“I’ve created an investment holding company – like Warren Buffet’s Berkshire Hathaway – that has a long-term sustainable view to investing in early-stage entrepreneurs/companies in Africa. I feel this approach is what is needed at this early stage, as our ecosystem is still at an infant stage.
“I then spend a lot of time finding the entrepreneurs solid mentors/angels who are specifically related to the industries in which the entrepreneurs operate. All of these angels then dedicate their time and resources to making our entrepreneurs excel. Personally, I also help with a lot of the sales and marketing strategies for the companies we are invested in.
“Challenging, but an awesome journey so far!”
AAN’s portfolio includes startup stars Wabona.com (South Africa), Fora.co, (Nigeria), ENZIFootwear.com (Ethiopia), Bambisana Media Consortium (South Africa), and CrowdBnK.com (Britain).
Wabona.com is an online subscription video-streaming service that delivers African movies, TV shows and documentaries to markets in the African Diaspora and within Africa. Referred to as ‘the Netflix of Africa, it racked up 1.2 million mobile downloads in eight months, with 430,000 registered users via the MXit platform in Southern Africa.
Its AAN mentors are a Netflix director Michael Spiegelman and African-American actor Malik Yoba.
“This is the first startup I invested in,” says Taukobong. “When they made the TV series Yizo Yizo available via mobile, they had 45,000 downloads in one week!”
Fora.co, an education technology company, partners with top universities and organizations worldwide to enable access to high-quality digital learning content for young African students and professionals via innovative online, offline and mobile technologies.
ENZIFootwear.com sees itself as a premium fashion brand that firmly puts style, creativity and ethics at the heart of East African design and manufacturing. Its collection of footwear and apparel, all made in Ethiopia with high quality materials sourced in the region, already sells in Asia and Europe.
“You can even buy a pair of their sneakers via your paypal account right now at their website. Jay-Z was recently given a pair of these at a fashion show in Paris,” says Taukobong.
ENZIFootwear’s AAN mentor is Kwesi Blair, a former footwear buyer for Saks 5th Ave.
Bambisana Media Consortium develops and releases free media mediums to youth, specifically in the knowledge and resources sphere. It sells advertising, campaign management, and creative solutions.
All of its content is grounded in a commitment to remain positive, empowering, educational, inspirational, and relevant to the needs of a successful youth of Africa. The hope is that this content will bring successful youth together, sparking ideas and action and helping to create a better and more sustainable world.
“It’s the first medium I’ve come across that talks very well to this market segment. I’m working hard to help them get more recognition and advertising partners that want to communicate with their audience,” Taukobong says.
The company currently has 25,000 subscribers in Cape Town alone, where it is based. Taukobong is moving half the team to Johannesburg this December, and is also helping with partnership across the continent.
“I’ve also set them a target of 500,000 subscribers by the end of next year. Imbo Mag is just one of the assets BMC has. I know we can grow the rest of their portfolio too,” he says.
CrowdBnk has built a digital fundraising marketplace, regulated by Britain’s Financial Conduct Authority, for anyone to support or invest in an idea or a business in return for rewards or equity. It is now undergoing Series A funding, the first round of financing after seed capital.
“I strongly believe that they have the leading crowdfunding for equity platform, and this would work very well in Africa,” Taukobong says, adding that AAN is working with CrowdBnK on its Africa expansion strategy.
With its non-traditional business model, AAN clearly has set out to be a top player, and influencer, on Africa’s investment landscape.
“Exciting times,” affirms Taukobong.
