Forbes magazine has recently published an article that highlighted entrepreneurship among millennials in Africa and the strides that the continent is making in a number of different industries.
Africa, according to the article, has, “an incredible wave of entrepreneurship transforming economies on the continent and young Africans are increasingly catching the entrepreneurial bug.”
The sectors of the market that millennial entrepreneurs engage in are extremely diverse. From investment companies, to marketing and promotions to retailers, African entrepreneurs have made significant strides in building business acumen.
Here are some examples of businesses that were reviewed in the article:
- Lee Grant, 32, is the founder of Leegra, a South African field marketing and promotions company engaged in sales, merchandising, promotions, product development and strategy.
- Moraa, 27, is the founder of Weza Tele, a Kenyan fintech startup that provides a number of value-added mobility solutions in commerce, supply chain, distribution and mobile payment integration.
- Olumide and Obanor, both 24, are the founders of Prepclass – a Nigerian academic solutions provider offering online test prep software, full-length tests, and a Cognitive behavioral therapy (CBT) experience similar to that of Nigerian university pre-entry exams.
One particular aspect that one of the businesses in the article shows highlights an important human factor that differentiates companies on a large scale.
When her mother was diagnosed with diabetes, Zommi, 21, set out to find alternative treatments to keep her mother healthy. She soon discovered the medicinal moringa oleifera tree, which grew in her region, and learned that the moringa leaves could reduce blood sugar levels to treat diabetes among other medicinal qualities. She partnered with moringa farmers who supplied her with the leaves and processed the leaves into moringa tea which she put into tea bags. Emerald Moringa Tea, the company she founded, sells this tea across Cameroon.
What this example showcases is an example of corporate social responsibility (CSR).
Corporate social responsibility is defined as the measure of a company’s impact on society. This could refer to work that contributes to helping the environment, pro-bono work for charities or anything else that contributes to the common good in one way or another.
Here are some of the benefits of CSR:
- 88% of consumers said they were more likely to buy from a company that supports and engages in activities to improve society.
- It provides access to investment and funding opportunities.
- It develops and enhances relationships with customers, suppliers and networks.
- Generates positive publicity and media opportunities due to media interest in ethical business activities.
When it comes to examples like Zommi, and Emerald Moringa Tea, the fact that there is an ethical story behind the founding of the company creates a unique selling point.
It hybrids the business into a corporation as well as a goodwill organization that touches the hearts of consumers, ultimately resulting in higher sales.
What other examples for CSR done right do you know? Leave your thoughts below!