Business Ecosystem Development

Sharing some thoughts on fundraising after a couple of days at AFSIC - Investing in Africa in London, talking with lots of funds, DFIs, and entrepreneurs. Let’s say you’re running a great business — 5 years old, $10m in revenue, $2m profit, growing 50% year-on-year. A solid foundation. You want to scale. You’re looking to raise, say, $2m–$5m in equity. Who writes those tickets? First thought: VC. DFIs have VC arms. They fund VC funds. But almost every VC I’ve spoken with — both at DFI and fund level — applies the same unit economics as Silicon Valley: they need 10x ROI potential on every deal to make the portfolio math work. Spoiler alert: that’s nearly impossible in the African context. GPT tells me there have only been nine unicorns in Africa. Nine! Nearly all in Egypt, South Africa, and Nigeria. So if you’re in one of the other 50 countries — and you’re not doing fintech or remittances — forget about it. Then you might think: okay, growth equity. Solid business, great traction, strong team. NOPE. You’re still way too small. You’d need a $50m–$100m valuation just to get a meeting. So what’s left? A handful of family offices, angels, and foundations. Tiny pockets of capital. How can it be that there’s almost zero institutional equity for growing, profitable, real-economy businesses in Africa? Even when those businesses feed populations, educate children, provide healthcare, and create tens of thousands of jobs. Doesn’t matter. Financial metrics alone are the gatekeepers. And yet, we somehow expect businesses — the only real engine of job creation we know — to deliver 450 million new jobs in Africa by 2035… with no institutional backing? I don’t think this is an issue of “unit economics.” It’s easy to see how backing these businesses could generate solid, repeatable returns. It feels more like an issue of imagination, vision, and especially leadership from capital allocators and market shapers. So what am I missing? Would love to hear others’ thoughts.

The Buy Canadian movement has become a formidable force in just a few short months. And it may be more than a reactionary fad amid U.S. tariffs. This moment provides a unique window of opportunity for businesses to expand across Canada. Households are flocking to purchase locally sourced items, businesses and various levels of government are pursuing Canadian vendors for procurement projects and interprovincial trade barriers are being rapidly removed. Travels to US by Canadian residents have dropped to pandemic levels from early 2022. But as emotions run high, it remains vital to look at the big picture. There are industries whose supply chains are simply too intertwined, where untangling them would be akin to trying to unscramble an omelette. Even if all Canadians prioritize Canadian-made goods and services, it won’t completely offset the economic toll of tariffs. Therefore, Canadian businesses will still need to rely on exports to the U.S. and other countries for growth. While trade uncertainty presents monumental challenges, it is also an opportunity for Canadian businesses to de-risk and diversify their customers and suppliers—a sombre lesson from the COVID-19 pandemic that rings even truer today. Full post: https://lnkd.in/gwx_QtkB

Where is crypto going next? Analysis of 1,000+ job postings from 17 crypto unicorns signal evolution from a retail playground and monkey jpegs into institutional-grade financial infrastructure. Here's what the industry is hiring for: 🏦Enterprise roles underscore paths to becoming B2B infrastructure ↳Enterprise product teams: CoinTracker building "0-1 initiative" for enterprise with dedicated engineering teams ↳ProServ channels: Multiple companies targeting CPAs, law firms, and financial advisors ↳Sales armies: Hiring of institutional sales managers across major markets ↳Self-custody infrastructure: Anchorage is developing solutions that let institutions maintain control while using crypto rails 🤝Partnerships become the new moat ↳Banking relationship managers at Bitpanda and Gemini to "manage relationships with global institutions" ↳Partnership roles at CoinDCX focus on "sourcing, acquiring, and onboarding business partners" ↳White-label infra teams at Paxos are building systems to power enterprise stablecoins 🌎Geographic expansion and cross-border frontiers building payment corridors via stablecoins ↳Regional stablecoin teams: Bitso is building dedicated teams for peso (MXNB) and real (BRL1) backed tokens ↳APAC expansion: Nearly every unicorn is establishing Singapore/Hong Kong presence ↳Regulatory navigation: Country-specific compliance roles (Bulgaria for Bitpanda, Australia for KuCoin) enable market entry ↕️Vertical specialization signals maturation as horizontal platforms move into offering tailored, industry-specific solutions ↳Institutional trading: Fireblocks and Matrixport are building specialized prime brokerage capabilities ↳Government services: Chainalysis is creating teams with security clearances for law enforcement ↳Real estate: Multiple companies hiring for tokenized property initiatives 🔒Security & compliance underpin adoption ↳Regulatory strategy roles: Ledger's "Head of Regulatory Affairs Americas" tasked with "influencing favorable digital asset regulation" ↳Fraud prevention infra: Trust & Safety teams at Gemini focused on APP fraud and UK banking requirements ↳Compliance automation: Multiple companies hiring for AI-powered AML and KYC systems The most interesting signal? Most of these roles don't even mention "crypto" in their titles or descriptions anymore. They're hiring for "payment specialists," "institutional sales," and "banking relationships." Crypto is moving from trying to replace the financial system to becoming the upgrade path for it. P.S. CB Insights August launch just 10x'd our hiring insights coverage. Uncover insights about companies’ strategy and product investments based on their job openings. Check it out.

Recently, some Canadian VC friends and I were having a conversation over dinner that (surprise, surprise) veered into the territory of the U.S. vs. Canada in terms of where you’d want to found a startup these days. Strangely, the conclusion we reached would have been more or less the same if we’d had the conversation five or ten years ago. Here’s what we more or less agreed on. If your ambition is to land thousands of customers, optimize funnels, and scale a SaaS playbook, you’ll probably have a much easier time of things if you start out in the U.S. You see, SaaS startups usually need velocity, brand saturation, and a giant domestic customer base to thrive. On these fronts, Canada will never compete with America. But if your goal is to build a deep tech company, one that serves a smaller set of high-value, often technically sophisticated customers, Canada may well be the better launchpad. Allow me to explain why. Deep tech doesn’t primarily scale through sales teams. It scales through research partnerships, public funding, and capital efficiency. And Canada has built an ecosystem around exactly that. It has a rich network of academic institutions and government programs that make early R&D not only possible but also affordable. It rewards patience. It supports ambition. And it stretches capital in a way that allows real technology to mature before the market catches up. So consider your geography based on your business model. If it’s volume, maybe head south. If it’s high-value complexity and defensibility, join us here in the north! #canadianbusiness #startups #deeptech

Can entrepreneurship be the spark that transforms Africa's challenges into opportunities, propelling the continent towards a future defined by progress, equality, and sustainability? 💡 As we delve deeper into this quest for transformation, we uncover the remarkable ways in which entrepreneurial spirit can reshape the continent's destiny. This article explores the strategies and principles that hold the power to unleash a revolution of positive change through entrepreneurship, paving the way for a brighter future for Africa and its people: 1. Redefining Entrepreneurship as a Force for Good: Challenge the traditional notion of entrepreneurship solely for profit. Encourage entrepreneurs to embrace social and environmental responsibility, emphasizing the potential for businesses to drive positive change. 2. Inclusive Entrepreneurship: Ensure that entrepreneurship opportunities are accessible to all, regardless of gender, socioeconomic background, or location. 3. Sustainable Business Models: Promote sustainable business practices that not only consider profitability but also the long-term impact on society and the environment. Sustainable businesses are better positioned to weather economic challenges and contribute to lasting change. 4. Social Innovation: Champion the development of businesses focused on solving pressing social issues, such as healthcare, education, and poverty alleviation. Entrepreneurship should be a force that addresses the most critical challenges facing Africa. 5. Collaborative Networks: Encourage entrepreneurs to form collaborative networks that amplify their impact. By working together, entrepreneurs can tackle larger and more complex problems, creating a ripple effect of positive change. 6. Access to Capital: This includes supporting microfinance initiatives, angel investor networks, and venture capital funds that prioritize socially responsible enterprises. 7. Education and Skills Development: Invest in entrepreneurship education and skills development programs at all levels of society. Equipping individuals with the knowledge and skills to start and manage businesses is essential for fostering a culture of entrepreneurship. 8. Government Policies: Advocate for policies that promote entrepreneurship, including tax incentives, streamlined business registration processes, and intellectual property protection. 9. Celebrating Role Models: Highlight successful entrepreneurs who have made a significant positive impact on Africa. Their stories serve as inspiration and show what is possible when entrepreneurship is harnessed for good. 10. Measuring Impact: Establish clear metrics for measuring the social and environmental impact of entrepreneurial ventures. This data can drive accountability and guide future efforts towards positive change. Together, let's embark on this transformative journey and build a brighter, more prosperous Africa for generations to come. African Impact Initiative #Womeninleadership #Impact

𝐂𝐚𝐧𝐚𝐝𝐚’𝐬 𝐞𝐧𝐭𝐫𝐞𝐩𝐫𝐞𝐧𝐞𝐮𝐫𝐢𝐚𝐥 𝐬𝐜𝐞𝐧𝐞 𝐣𝐮𝐬𝐭 𝐠𝐨𝐭 𝐚 𝐰𝐚𝐤𝐞-𝐮𝐩 𝐜𝐚𝐥𝐥… 𝐚𝐧𝐝 𝐠𝐮𝐞𝐬𝐬 𝐰𝐡𝐚𝐭? We’re answering it in style! The U.S. tariffs? Sure, they’re a challenge. But if there’s one thing about Canadian entrepreneurs, it’s that we don’t wait around for things to fix themselves. Instead, we build, we innovate, and we turn roadblocks into launchpads. And that’s exactly what’s happening right now. 𝐂𝐚𝐧𝐚𝐝𝐚’𝐬 𝐄𝐧𝐭𝐫𝐞𝐩𝐫𝐞𝐧𝐞𝐮𝐫𝐬 𝐀𝐫𝐞 𝐒𝐭𝐞𝐩𝐩𝐢𝐧𝐠 𝐔𝐩 Instead of relying too much on the U.S. market, Canada is doubling down on itself, and the results are exciting: ✅ 𝐓𝐡𝐞 𝐁𝐮𝐲 𝐂𝐚𝐧𝐚𝐝𝐚 𝐌𝐨𝐯𝐞𝐦𝐞𝐧𝐭 – A growing push to support homegrown businesses, ensuring that Canadian entrepreneurs get the funding, mentorship, and opportunities they need. ✅ 𝐌𝐨𝐫𝐞 𝐋𝐨𝐜𝐚𝐥 𝐈𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭 – VC firms and government initiatives are stepping up to pour more capital into Canadian entrepreneurs, so they can scale without depending on cross-border deals. ✅ 𝐄𝐱𝐩𝐚𝐧𝐝𝐢𝐧𝐠 𝐭𝐨 𝐄𝐮𝐫𝐨𝐩𝐞 & 𝐀𝐬𝐢𝐚 – Instead of just looking south, entrepreneurs are finding new markets in Europe, Asia, and beyond, reducing reliance on the U.S. and creating global opportunities. ✅ 𝐓𝐞𝐜𝐡 𝐇𝐮𝐛𝐬 & 𝐀𝐜𝐜𝐞𝐥𝐞𝐫𝐚𝐭𝐨𝐫𝐬 𝐨𝐧 𝐭𝐡𝐞 𝐑𝐢𝐬𝐞 – Cities like Toronto, Vancouver, and Montreal are becoming powerhouse innovation hubs, attracting global talent and investment. ✅ 𝐒𝐭𝐫𝐨𝐧𝐠𝐞𝐫 𝐋𝐨𝐜𝐚𝐥 𝐒𝐮𝐩𝐩𝐥𝐲 𝐂𝐡𝐚𝐢𝐧𝐬 – Entrepreneurs are partnering with Canadian manufacturers, service providers, and tech talent to build world-class products without extra trade headaches. This moment is less about “problems” and more about new possibilities. And the game is changing fast. Canada is even cutting interprovincial trade barriers to make it easier for businesses to grow nationally. More access, fewer restrictions, bigger wins. This moment isn’t about setbacks, it’s about a stronger, smarter, more resilient business ecosystem. Because at the end of the day, it’s not just about where we do business, it’s about how we build. And right now, Canada is proving that when things get tough, we don’t panic, we innovate. What are you seeing in the business landscape? Drop your thoughts below! #Entrepreneurship #Innovation #Resilience #CanadianBusiness #BuyCanadian #ScaleUp #TechHubs #GlobalMarkets

Tech giants like Google, Amazon, and Salesforce are flooding into Toronto for 1 reason the U.S. refuses to address. When I first compared North American tech hubs, Toronto wasn't even on my radar. Now it's outpacing Seattle, Boston, and Austin. The reason is simple. One simple policy difference, i.e., immigration. Canada can bring tech talent to Toronto in just 30 days, while the US visa process often takes years with no guarantee. Global companies noticed this advantage. Google opened its Waterloo AI lab in 2016, Uber launched its Advanced Technologies Group office in 2016, Amazon announced major expansion plans in 2017, and Netflix established its content hub the same year. But it's not just immigration. Toronto's success came from three strategic moves: 1️⃣ Early investment in AI research (led by Geoffrey Hinton, the "godfather of AI") 2️⃣ Strong university-business partnerships that commercialize innovation, like the University of Toronto's partnerships with Google's Vector Institute 3️⃣ Consistent government support for tech education and entrepreneurship, including the $125 million Pan-Canadian Artificial Intelligence Strategy As a corporate commercial lawyer who's worked across borders, I've seen firsthand how policy shapes business landscapes. Sometimes the biggest competitive advantage isn't technology itself, but who can access the talent to build it. Is your business considering Canada for your next tech expansion?

I had a chat with a VC earlier today, and also just stumbled on a post on LinkedIn which made me further ponder the realities of building in Africa. Most of the problems we solve in Africa are Wicked Problems.  Wicked problems are problems that are complex, multifaceted and deeply entangled in culture, macroeconomics and politics. These wicked problems are largely sustained by powerful informal structures (middlemen, cartels, cabals) who have vested interests. On the other side, you have eager founders with a pitch deck and VC money looking to disrupt the market through Platformization and Uberization - I am sure you get the point here. The problem is that Tech is a tool, an enabler, a pillar for scale, efficiency and productivity, but by itself it cannot tackle wicked problems, and this is where tech alone falls short. Also, the VC money expects scale and margin within a short runway without getting involved in the messiness of the hard and wicked problem. So you hear things like Asset-light, SAAS like models, Linear solutions, etc  But the actual frictions in the wicked problems are not just inefficiencies, they are livelihoods. That middleman or cartel isn’t a bug in the system, they are the SYSTEM. Tech can automate a function, but not the social trust that drives informal economies. Tech can map a process, but not the deep narrative of power and survival embedded in that process. So the new problem becomes this: you’re trying to disrupt someone’s business model that is based on disorder, and you want to do it with order and logic.  I will argue that in most African markets, the only way to build real value is to own or control some part of the assets within the ecosystem of the problem you are solving for. Success in most cases means blending tech, boots on the ground ops, and deep informal engagement (you won't see this on the pitch decks). My take is that, as founders building in Africa, we have to approach the journey like soldiers going to a war. The problems we are solving aren't just complex but entrenched in systems where the disorder is the business model. To win in Africa, you need to build with the cartels, not against them. Understand the gatekeepers. Respect the networks. Navigate the informality. The real disruption comes from working within the mess, not pretending it doesn’t exist.

Something’s shifted in the Irish startup ecosystem, and my portfolio reflects it. I’ve been investing globally for years. Historically, Irish-founded companies made up maybe one in every ten investments I backed. In the last year, it’s been over 50%. Not because I changed strategy. Because something else did. And it’s compounding. The founders I’m backing today are different, and it comes down to three things: Ambition. Access. AI. Ambition sets the ceiling. Access sets the floor. AI is the scaffolding that helps them climb faster. So what’s driving the shift? Ambition doesn’t appear out of nowhere. It builds when founders see people like them succeed. The exits of the last few years created proof points. The communities gave them access to the people behind those stories. Global ambition isn’t abstract anymore. It’s visible and achievable. Access is stronger too. More founders are plugged into the right networks earlier. They’re getting the playbooks, the warm intros, the mentors. The “how” that used to be locked away is now being shared freely. And AI is removing friction everywhere. Lean teams are doing the work of 20 with a team of 5. Capital efficiency has never looked this good. What I’m seeing: • Communities helping founders plug in faster • Alumni mentoring, investing, and giving back • First-time founders learning by osmosis • AI letting small teams out-execute incumbents One 19-year-old founder told me: “Patch helped me find my people” That says a lot. Brightflag’s exit is a signal. Glofox was another. But the real story is what’s happening beneath the surface. Quietly, steadily, and now visibly. Ireland still has work to do, but the flywheel is turning. And I’m excited to be backing more founders with global ambition, real access, and the tools to move faster than ever. Where else are you seeing this kind of compounding?

ERP Projects Fail for Many Reasons. Ignoring Integrations is the Fastest Way to Doom One. Too often, ERP projects run over budget, take too long and fail to deliver. The culprit? Overlooked integrations. I see this mistake all the time. Companies focus on ERP functionality but forget that no system operates in isolation. Data flows, third-party systems, and automations must be planned from day one—not as an afterthought. That’s why I put together a no-nonsense whitepaper on how to make ERP integrations work instead of becoming a hidden pitfall. 5 Practical takeaways from the whitepaper: 1. Define all data flows at project kickoff – Document dependencies between systems early. Surprises later = delays & cost overruns. 2. Master data first, transactions second – Sync customers, vendors, and products first. If your master data is broken, transactions will fail. 3. Set a realistic integration timeline – Sync integration tasks with ERP rollout. If integrations are late, the entire project stalls. 4. Test with real data, not fake records – Your ERP test system should mirror production. Otherwise, the first real transaction is your actual test. 5. Make integrations visible – Use visual mapping tools to align teams, avoid assumptions, and ensure all critical systems stay connected. Get the full whitepaper here: https://lnkd.in/dfNHA9nN ERP success is not just about the ERP—it’s about how well everything connects. Integrations First. Always. #ERP #Automation #iPaaS #PMO #ProjectManagement