Only 6% of Kenyan start-ups in 2019 that received over 1m USD of funding were led by locals. It is clear the investing space is disproportionately skewed to expats whilst local entrepreneurs seem to be crowded out. In this discussion with Efayomi Carr, we explore in detail why the ecosystem of funders, investors and entrepreneurs leads to this and what needs to change. We discuss the bias towards trusted networks but also why Efayomi believes change is arising and why he would caution judging too quickly.
Efayomi speaks from a place of experience, having worked in 2 start-ups (Jumia, Lori), 2 Venture Capital funds (Quona Capital, Flourish Ventures) and a Private Equity fund (8 Miles). Efayomi also adds that investing in local start-ups and hiring locally is not as easy as it seems from the outside. He knows because he has tried. These are questions he is continuing to grapple with but with a rich appreciation for quite how brave and hard-working entrepreneurs are. This conversation challenged my opinions and I hope it might do the same for you.
Disagree with Efayomi? How could he source local leaders better? Share any thoughts you may have on social media (Insta: thedevelopmentdilemma; Twitter: @dev_dilemma, email: thedevelopmentdilemma@gmail.com) and share and subscribe. Feel free to email your thoughts to Efayomi: efayomi@flourishventures.com. Music credits: Juliani, 'Kama sa Sisi'
Instagram: thedevelopmentdilemma; Twitter: @dev_dilemma; Music credits: Juliani, 'Kama sa Sisi'
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