34 countries. 120 Million consumers in Africa. Cellulant.
In the beginning, Ken bootstrapped the company & survived off Bolaji's credit card for a long time before the business became sustainable.
Ken attributes growth of the business to good faith from early investors.
It is difficult to be a master of your craft when you're running 2 or more things at once.
There are many other companies that can do what Cellulant can do.
Key is to get the right people, get them on-board, and make it your business to know what their growth & ambition plans are. That's how you keep them.
The guy wasn't fired. Why? Because that to him was like school fees. The guy learnt a valuable lesson, and never lost Cellulant money again.
Idea is to get great entry level staff for Cellulant, and will join as FullTime Staff in 2019.
338 people in 38 markets. More than 100 of these are women.
$1.5M in Series A - 2011, $6M in Series B - 2014 from 2 institutional investors, $47.5M in Series C - 2018 from TPG & Other season investors in the ICT space.
The last round took almost 24 months (2 years) from inception to deal close.
Many dropped off along the way because of bad story-telling. Ken says he lost a lot of investors & left money on the table because of poor story-telling.
If we're going to solve Africa's problems, we can't be doing 'small things'. Side hustle mentality won't cut it. You face the same problems despite the size of the company.
Everytime you shift your 'status', your business also grows.
Growth makes you resilient.
Grow yourself and the business follows.
The receivership hit them hard & they had to restructure. Senior Management at Cellulant took a salary break for about 8 months to maintain cash-flows.
Basically, as the lead entrepreneur in your business, you'll have to make heavy sacrifices.
He believes in consistency and that's how he knows he'll build a Billion Dollar Business in the next few years.
Leaders such as him are built against the backdrop of amazing teams and great talent that believes in his vision and backs his dream.
(Don't get this math but.. I'll try someone here).
The payments space is still very fragmented and this allows for multiple opportunities for everyone in the space.
All positive signs are driving digitization.
You need to be intentional about your talent acquisition. Keep the great guys, improve the not-so great ones.