One of the worlds celebrated scientists and Nobel Prize (Physics) laureate, Albert Einstein is credited for saying, “If you can’t explain it simply, you don’t understand it well enough.” In present day’s fiercely competitive and fast paced world, entrepreneurs are increasingly required to master the art of the elevator pitch to convey their business idea in a clear, succinct and compelling manner to potential investors, mentors or clients.
The elevator pitch denotes the rare opportunity entrepreneurs have to ignite interest in their business idea or product. It is a brief, persuasive speech that does not last longer than a short elevator ride of 15-to-30 seconds, hence the name. In an article written in the America business magazine, Forbes, Kristi Hedges states that, “There’s a well-told adage that you only get one chance to make a first impression. From personal relationships to business meetings, we’re taught that people form opinions of us in a few moments, and that we should be ready to show our best at all times.” On both sides of an exchange, and with every new encounter, one is evaluated and yet another person's impression of us is formed.
In business, making good first impression with potential investors, mentors or clients allows one to, “Maximise their connection in a minimal amount of time and start making valuable additions to their network from the get-go,” says author and coach in the leadership and life skills space, Todd Dewett. He goes on to say these first impressions can be nearly impossible to reverse or undo, making the first encounters extremely important, for they set the tone for all the relationships that follows.
Budding local entrepreneur Tumelo Mapila has adopted Einstein’s wisdom and the culture of making impressive first impressions as one of his personal and business life’s enduring lessons and guiding principles. Mapila lives by the ethos of author and motivational speaker, John Calvin Maxwell who asserts that, “Your network is your net worth.”
Building and nurturing strong business networks is important for supporting personal and enterprise advancement as it earns entrepreneur’s social capital, which compares to money in the bank. A strong network can help one build visibility, connect with influencers, and open up doors for new opportunities. “Networking is a valuable way of expanding one’s knowledge and learning from the success of others, gaining new perspective and fresh insights, as well as raising one’s profile, expanding one’s sphere of influence and meeting prospective business partners, suppliers, customers and staff,” says Mapila.
Growing up in Botswana’s thriving democracy and burgeoning economy, Mapila was acutely aware of the contradictions presented by the opportunities the prosperous country availed to its citizens and the hardships and sacrifices his doting civil servant mother endured to give him and his siblings a decent life. With a taste for the refined things in life, the young man was very clear, from a very tender age of the type of life he wanted to live. Having watched the rough and tumble experienced by his entrepreneur uncle and the amazing rewards he enjoyed for his patience and hard work, Mapila was convinced he was not cut out for the 8am to 5pm work regime. He concluded that, entrepreneurship was where he belonged.
The road to entrepreneurship is however, never easy and at one point Mapila joined the heart-wrenching ranks of the country’s youthful job seekers in the unemployment trenches. “This was one of the lowest points of my life from which I suffered bouts of depression,” he states. He goes on to say it was at this point that his uncle threw him a lifeline when he took him under his wings and helped him establish his own company. The mentorship provided invaluable guidance and lessons that helped him develop and grow his entrepreneurial skills.
Bitten by the entrepreneurial bug at an early age, Mapila went on to overcome the initial stumbling challenges and become the founding CEO of All Bosses (Pty) Ltd. The company offers research consultancy services that engage innovative data collection and analytic technologies. All Bosses flagship service offering is Focus Surveys, a dynamic and robust intelligent data collection and analysis reporting service.
Businesses – in general and startups in particular – face a myriad of challenges. The lack of business experience and the wherewithal to get the right exposure and make the essential business networks can stifle and may even kill off a budding enterprise. American policymaker, academic and director of the project on Technology, the Economy, and National Security (TENS) at the Massachusetts Institute of Technology, David Edelman says, “It’s a false economy to put your faith in customers discovering you unless you make a concerted effort to grow them with a proper structured plan to promote your startup.”
This is one lesson Tumelo learnt earlier on in his entrepreneurial journey of self-discovery. He learnt that in present days highly competitive business world, an international outlook and collaborative approach are some of the critical requirements that underpin a vibrant startup ecosystem. He testifies that, “Networking and brand awareness are two of the critical business development components that have promoted and grown this enterprise.”
He says the story of his company’s life began with the establishment of Focus Surveys in 2013. After a difficult and painful start, the company got a break when it was engaged to do data collection and analyses for the country’s premier business to business (B2B) exhibition and conference, The Global Expo in 2015. That being their first major job, they went all out to make a bold statement and prove to the client that they were more than capable to execute the task on time and within budget. Mapila boasts that their final submission to client was exceptional to the extent that they were later invited to present their report to The Global Expo executive committee which affirmed their credibility and assured them of future jobs.
Mapila’s first encounter with Botswana Innovation Hub was through the company’s technology entrepreneurship development programme, First Steps Venture Centre (FSVC) when in 2013 he participated in one of the programmes pitch sessions. The pitch sessions accord entrepreneurs the opportunity to present their business ideas to prospective investors, mentors and collaborators. “Participation in the FSVC pitch sessions gave us increased confidence and launched us further into the local and regional market,” he says.
Botswana Innovation Hub is an innovative and networked company that promotes technology, entrepreneurship and commercialisation on a purpose built Science and Technology Park. Around this, Botswana Innovation Hub is building opportunities in tenancy, membership, a globally-connected innovation ecosystem, and world-class client services. Emboldened by the roaring success of their maiden participation in the FSVC pitch session, Mapila enrolled Focus Surveys into the technology entrepreneurship development programme and went on to benefit from an array of the programmes service bouquet. These include, hot desking, business advisory, brand activation and publicity, technology entrepreneurs coaching and mentoring, and match making which connects start-ups with the right business partners.
In March 2017 Botswana Innovation Hub collaborated with DEMO Africa in an initiative that sought to provide local entrepreneurs with the opportunity to pitch at the DEMO Africa competition which was held in South Africa that year. DEMO Africa is a product of a partnership between The U.S. Department of State, Microsoft, DEMO, USAID and Startup Weekend called Liberalizing Innovation Opportunity Nations (LIONS@FRICA) Partnership. LIONS@FRICA seeks to connect African startups to the global ecosystem though its flagship programme, DEMO Africa.
Focus Surveys participated in the DEMO Africa grand finals in September 2017 and emerged victorious in the prestigious local pitching competition. The company went on to participate at the DEMO Africa competition in South Africa where although they did not emerge in the top five finalists of the of the fiercely contested regional competition, Mapila’s sterling performance at the DEMO Africa competition earned his company a slot on the LIONS@FRICA Innovation Tour which was held earlier this year in Silicon Valley, California from February 10th till 18th 2018. An Angel Investor was convinced by Mapila’s Elevator Pitch and saw the relevance and growth opportunity in Focus Surveys and pledged to sponsor the company to participate in the prestigious StartUp Grind competition.
The LIONS@FRICA Innovation Tour is focused on knowledge sharing with leading Silicon Valley stakeholders and networking opportunities that are intended to yield deeper engagement between the company and potential partners. While in the U.S., the company participated in a series of events including StartUp Grind, and other curated side events across the Silicon Valley ecosystem. This presented Mapila with multiple opportunities to pitch his company’s products, services and technologies to select groups of investors, industry leaders, diaspora groups and expert panels.
Prior to the Silicon Valley excursion, Mapila had participated in another pitching competition organized through the Botswana Innovation Hub partnership with the Southern Africa Innovation Support Programme (SAiS). In that competition known as SLUSH, Mapila put up an awesome performance as always and went on to win the local edition of the SLUSH 2017 pitching competition. He proceeded to represent the country at the finals of the global pitching competition in Helsinki, Finland. SLUSH is a startup and tech event that facilitates founder and investor annual meetings with the aim of building a world-wide startup community that helps the next generation of great, world-conquering companies move forward.
Mapila’s journey to success is testimony that a refined Elevator Pitch can open business opportunities and that indeed one’s network is their net worth. The exposure of an enterprise earns it social capital which is an essential resource in the knowledge-based economy and as DEMO Africa executive producer, Harry Hare affirms, “The entries this year certainly kept up with the DEMO Africa spirit to produce innovative and creative ideas that are bound to transform the technology landscape and we are excited by the growth of innovation and technological advancement in Africa as portrayed by our finalists.”
Focus Surveys latest feat confirms Mapila as master of his craft. The young man knows his story and he can break it down for you clearly and convincingly in less than a minute. He is the undisputed national champion of The Elevator Pitch. Having conquered the local and regional scene, Mapila has now joined the elite global league where he hobnobs with the world’s best at Silicon Valley. Thanks to FSVC for identifying, developing and nurturing this technology-oriented startup business to grow into international markets.
Mapila concludes, “I am grateful for the opportunities received through Botswana Innovation Hub’s technology entrepreneurship development programme. The many pitch sessions we have participated in, including The DEMO Africa and SLUSH competitions have helped us polish our pitching skills and provided invaluable experiences that exposed us to different networks and a globally connected innovation ecosystem.”
The UK based research entity, Fitch Solutions Group recent forecasts indicate that household spending in Botswana could increase, following the recent decline in inflation.
In the recent statement Bank of Botswana Monetary Policy Committee (MPC) noted that headline inflation decreased significantly from 4.6 percent in June to 1.5 percent in July 2023, breaching the lower bound of the Bank’s medium-term objective range of 3 – 6 percent and added that the fall in inflation was mainly due to the dissipating impact of the earlier increase in domestic fuel prices in the corresponding period in 2022. “Furthermore, inflation fell on account of the downward adjustment in domestic fuel prices effected on June 21, 2023. Inflation is forecast at 1.2 percent for August 2023 and the MPC projects that inflation will remain below the lower bound of the objective range temporarily and revert to within the objective range from the first quarter of 2024 into the medium term.”
In the recent forecasts Fitch Solutions Group noted that easing food and transport costs are expected to support strong demand for goods and services over the second half of 2023 and 2024 and boost consumer spending. “Our outlook for consumer spending in Botswana over 2023 is positive, with downward food and transport price pressures supporting easing inflation over H223 and presenting tailwinds to spending. Over 2024, we believe the Bank of Botswana will begin its rate cutting cycle due to inflation returning to a downward trajectory over Q423 and Q124, driving spending over the year.”
According to the entity household spending is expected to grow by 5.1 percent. “We forecast real total household spending (2010 prices) will grow by 5.1% y-o-y over 2023, an acceleration from 4.8% y-o-y growth in 2022. This will take real total spending up to BWP62.4bn. We project the positive growth trajectory to continue over 2024, with consumer spending growing by 4.4% y-o y.”
Researchers from the entity indicated that inflation in Botswana has begun easing due to declining food and non-alcoholic drinks, as well as transport price pressures. “In June 2023 inflation slowed to 4.6% y-o-y in June 2023, down from 12.7% y-o-y in June 2022. We believe the lagged impact of central bank monetary policy will feed through to downward inflationary pressures over the remainder of H223 and into Q124, presenting tailwinds to spending. Our Country Risk team forecasts inflation to average 6.3% y-o-y over 2023, before ending the period at 4.2% y-o-y. Over 2024, inflation will average 4.1% y-o-y, returning to the central bank’s target rate of 3-6%.”
The researchers stated that 2023/24 national budget shows that around BWP15.0bn (USD1.15bn) will be allocated towards strengthening human capital and skills development in the country, while BWP10.3bn (USD792.3mn) will be allocated for health. “This decreases the need for consumers to pay for these services out of their wages. The effects that increasing level of investment by the government into skills development and improving the health of citizens on the disposable income outlook is threefold. Firstly, the investment decreases the need for consumers to pay for these services out of their wages, and thus boosts the level of disposable income. Secondly, citizens enter the workforce with a higher level of skills and can thus command a higher wage/salary, and thirdly, with improving levels of health and access to health services, workers are able to return to work quicker and overall this improves their wage prospects and the general productivity of the labour force. These factors will provide a boost to the longer-term employment outlook in Botswana.”
Fitch Solutions Group meanwhile noted that unemployment, high interest rates and income inequality is a key risk to the consumer outlook during the second half of 2023 and 2024. “High unemployment, elevated interest rates and persistent income inequality will, however, present downside risks to demand, limiting spending growth.”
The research entity noted that the level of unemployment in Botswana remains high, at 23.8% of the labour force in 2023 and added that this is slightly below the 24.1% average in 2022. “However, despite decreasing from a peak of 24.9% and 24.7% in 2020 and 2021 respectively, unemployment has not returned to the pre-pandemic level of 22.6% in 2019. Weak investments in agriculture and manufacturing will keep employment limited with low economic diversification and high-income inequality exacerbating the risk of social stability.”
Minergy Limited, the Botswana Stock Exchange listed mining company operating Masama Coal Mine in Medie near Lentsweletau, has decided to part ways with mining contractor Jarcon, the company announced on Tuesday.
In a circular to the market Minergy revealed that it has issued a notice to terminate its mining contract with Jarcon Opencast Mining Botswana (Pty) Ltd. In the notice, Minergy Coal will terminate the mining contract in 30 days.
The company, financial backed by state owned Mineral Development Corporation (MDC) and Botswana Development Corporation (BDC), said termination of the mining contract is “in line with the strategic intent of the Board of Directors and the financiers of Minergy, to stabilise operations and bring the business to sustainable profitability”.
During this transition period, arrangements have been made to ensure business continuity and minimal disruption in coal supply to clients, by inter alia using stock holdings available.
The market was further informed that the process of appointing a new mining contractor is at an advanced stage and a final decision will be communicated in due course.
Minergy operates a privately developed coal mine in Medie near Lentsweletau, the company has been facing financial challenges recently leading to operational slow down early this year due to unsettled debt to mining contactor. MDCB later came to the rescue, bailing out the company to ensure business continuity.
According to letters to employees dated 25 August 2023, seen by this publication, Jarcon, Masama’ s mining contractor has warned its employees of possible job cuts as Minergy financial challenges persists, citing reduction in demand for coal and fall in prices for the product.
Last week Minergy announced that Chief Technical Officer at Mineral Development Company Botswana Mr Matthews Bagopi has been seconded to Minergy Coal as interim lead following the resignation of Minergy Chief Executive Officer Mr. Morné du Plessis.
Minergy said du Plessis tendered his resignation to pursue other interests. Mr. du Plessis will however remain available and dedicated to Minergy during his notice period ending 30 November 2023.
Bagopi is tasked with ensuring augmented management capacity at the mine and ensure business continuity.
An alumnus of Camborne School of Mines, Mr. Bagopi is described as a seasoned mining professional with over 30 years of experience in the industry in various mining commodities, starting his career at graduate level and ascending to executive management.
Mr Bagopi has been instrumental and at the leading edge of developing coal markets for Botswana coal at Morupule Coal Mine in the region as well as internationally.
He brings forth a well-established network of strategic partnerships and collaborations in the industry, ranging from operations, technical, commercial and business development, projects development, having paved the path for the development of MCM corporate strategy, before joining the MDCB as Chief Technical Officer, overseeing technical aspects of MDCB’s mining investment.
Masama has capacity to produce 1.5 million tonnes of coal per year and is the smaller of two coal mines currently in operation in Botswana, the other being the state-owned Morupule Coal Mine, with 4.2 million tonne capacity.
Minergy’s latest annual report shows that as of June 2022, the company owed the mining contractor 79 million pula after a debt restructuring exercise. It also owed BDC 125 million pula and MDCB some 295 million pula.
Strong demand, mostly from Europe due to the fallout from Russia’s invasion of Ukraine, drove Minergy’s exports up 53% in the half-year to Dec.31, boosting its earnings and helping it to reduce debt.
However, weakening coal prices and logistical challenges it faces when hauling coal from landlocked Botswana to export markets have impacted Minergy’s earnings.
Dr. Malebogo Kebabonye, Bomaid Chief Clinical Services Officer
The healthcare system is a crucial and yet fragile one, in any scenario we look at it within. The reality we face is an overburdened healthcare system, taking an even greater toll since the COVID-19 pandemic. The pressure gaps and issues we face are now clearer than ever before to see, and the time to act is now. At the same time, as we look at this healthcare crisis, we recognise it is not for Botswana alone to experience, not to solve – this is a global phenomenon we are seeing in many markets. But how are we solving for it? And is the onus on healthcare providers alone?
The concept of value-based healthcare is fast becoming a go-to, and with good reason. However, it is not new. Indeed, it has been around for some time and has been a primary focus for work delivered by, for example, the World Economic Forum (WEF) and even the World Health Organisation (WHO). Value-based care ties the amount health care providers earn for their services to the results they deliver for their patients and aims at promoting quality of care over the quantity of services. There is less focus on frequency of healthcare interventions or doctor visits, and rather, priority is placed on the quality of care and the progress experienced for the customer or patient. Ultimately, this approach improves overall health and wellbeing of the population and has proven effective in such markets as Kenya, the US, the UK, and in the public sector of Botswana.
According to the World Economic Forum, “The widely accepted definition of value in healthcare is the health outcomes that matter to patients relative to the resources or costs required to deliver those outcomes. Value-based healthcare is an approach that aligns industry stakeholders (payers, providers, pharma/MedTech and policymakers) around a shared objective of improving patient health outcomes, providing autonomy and accountability to providers to pursue the best way to deliver healthcare for the money spent. The transition from volume-based to value-based healthcare will inevitably lead to more healthy societies while optimising resources
As Bomaid, we have adopted the Value Based Care approach locally, it is in line with one of our key strategic pillars of improving holistic wellness which is patient centred and anchored in Primary Health Care. It helps better manage healthcare costs which are ultimately borne by customers through annual subscription increases and other out of pocket expenses, recognising that medical providers alone are not the only agents of change in this space – medical aid providers are crucial to supporting the wider ecosystem growth and betterment.
Patient centered care or personalised care, on the other hand, focuses on the individual’s particular healthcare needs. The goal of patient-centered healthcare is to empower patients to become active participants in management of their care. Core to the principles of patient centred care is personalisation and individual accountability towards one’s own health. Value-based healthcare focuses on maximising patient healthcare outcomes and harnessing resources to better deliver on this while reducing inequity in health outcomes and promoting high impact interventions. This is, ultimately, what Bomaid strives to do in working towards delivering, first things first, health, happiness and holistic wellbeing.
So how do we deliver on a value-based healthcare sustainably and meaningfully?
It begins with mindset, yes. But this is swiftly followed by many tangible factors too: the right systems; the right infrastructure; the right resources; The right regulatory environment. It means putting holistic patient wellbeing and health first, as well as removing inefficiencies that would otherwise result in cost burdens on patients, as well as unimproved health outcomes – always being ill, never seeing real recovery.
The WEF further notes, “This high-cost burden can, in part, be the consequence of inefficiencies in the healthcare system, such as fragmented and uncoordinated care delivery, poor data governance, workforce shortages and underinvestment in preventive care. The OECD estimates that up to 20% of healthcare spending across its member countries is unnecessary or ineffective. Accordingly, spending more doesn’t always lead to improved patient outcomes. So, addressing these inefficiencies would help reduce costs and make healthcare more equitable and accessible.”
As we strive for healthier, happier people across the nation, how do we help leverage value-based care to ensure better healthcare outcomes are the only acceptable result, and that we help ensure quality and relevant, appropriate healthcare is equitable, accessible, and inclusive?
It is not for us to suggest our approach is by any means a silver bullet, but it is one worth exploring, because the global results speak for themselves. Now, how do we collectively mobilise in recognition of the fact that some discomfort for the industry now means progress for our patients and customers? This, after all, remains our priority.
Aligned to the Botswana Government through the Ministry of Health strategic agenda for Primary Health Care Revitalisation, the time is now to refocus the Private Health Care system towards a value based care to create sustainability and resilience in our health sector as a country.
Dr. Kebabonye ( Bomaid Chief Clinical Services Officer) is a public health specialist who joined Bomaid in 2023 as Chief Clinical Services Officer. In this role, she is mandated to develop and implement clinical strategies and policies which support the business in providing healthcare solutions, finding access to affordable leading-edge healthcare and innovations. This works to help enable healthier, happier lives through proactive and preventative products to attract younger healthier clients, whilst still providing reactive rehabilitation healthcare solutions.