![Unlocking Africa’s Abundance in AI Era – Ndubuisi Ekekwe – Tekedia Capital Open [Video] Unlocking Africa’s Abundance in AI Era – Ndubuisi Ekekwe – Tekedia Capital Open [Video]](https://tkcdn.tekedia.com/wp-content/uploads/2025/02/08113151/unlocking.jpg)
The recorded session
Meeting summary for Unlocking Africa’s Abundance in AI Era
Overview: Tekedia, the speaker (Ndubuisi Ekekwe), emphasized the importance of understanding numbers in business and the role of technology, particularly AI, in advancing efficiency and innovation. He discussed the evolution of societies and the potential of AI in various industries, while also highlighting the need for clarity on business objectives and the importance of government investment in supply chain development. The conversation ended with discussions on the transformative impact of AI on governance and education, and its potential in the energy sector and building a technology hub.
Understanding Numbers in Business Growth: Tekedia discussed the importance of understanding numbers in business and how this understanding can lead to identifying opportunities and solving market frictions. He emphasized that the world is made up of numbers and that businesses are created to overcome these frictions. He used the example of a restaurant business to illustrate how businesses can help customers overcome market frictions. Tekedia also highlighted the importance of capabilities, knowledge, and tools in creating products and services that meet customer needs. He concluded by stating that advancing these capabilities can advance a business.
Evolution of Technology and Innovation: Tekedia discussed the evolution of technology and its impact on business and society. He emphasized that the world is driven by numbers and the ability to make sense of them. He highlighted the advancements from the abacus to computers and the internet, and how these have enabled global connectivity and transactions. Tekedia also discussed the role of artificial intelligence (AI) in advancing efficiency and utilization of factors of production. He explained that AI is an extension of previous technological advancements, helping to make sense of large data sets. He also touched on the importance of innovation, distinguishing it from invention. He suggested that innovation is the process of translating new ideas into commercialized products and services that can solve market frictions.
Accelerated Society and AI Evolution: Tekedia discussed the evolution of societies from an invention society to an innovation society, and now to an accelerated society. He highlighted the role of AI and autonomous systems in this transition, noting that Africa is still in the invention society era. Tekedia also pointed out that while AI is transforming industries in Western Europe and the US, it presents an opportunity for Africa to participate productively. He emphasized the importance of understanding the business model and the need for the workforce to evolve to work with AI systems. Tekedia concluded by stating that technology is not the goal, but rather the strategic business objective is key.
AI Potential and Industry Applications: Tekedia discussed the potential of AI in various industries, emphasizing the importance of understanding the foundational systems in AI and how to extract value from them. He highlighted the three critical levels in AI: foundation models, language models, and generative AI labs. Tekedia also explained the concept of the “smiling curve” in the context of banking, where companies can position themselves at the edges of the curve to capture more value. He advised that while it’s unlikely for most companies to compete at the level of OpenAI or Google, they can still drive improvements in their own sectors through AI.
AI for Strategic Business Objectives: Tekedia discussed the importance of understanding the strategic objectives of a business and how AI can be used to accelerate those objectives. He emphasized that AI is not the end goal, but rather a tool to facilitate business objectives. Tekedia also highlighted the need for clarity on what a business wants to achieve, as AI can facilitate that. He mentioned that there are many people, including those in Africa, who have mastered fundamental elements in generative AI. He also suggested that AI could be used to create employment and drive new investment opportunities, particularly in the healthcare sector. The conversation ended with a discussion on how AI could be made inclusive to benefit people in remote areas.
Building Africa’s Food Supply Chain: Tekedia discussed the challenges of building a supply chain for food services in Africa, emphasizing the need for government investment and a cooperative effort. He highlighted the importance of tagging and documenting crops and produce in village markets to enable digital transactions and create jobs. He also addressed the issue of food waste in Africa, suggesting that more attention should be given to post-harvest storage and preservation. Adam, a startup founder, expressed interest in sending his pitch deck for an agritech project, while Michael, a farmer, sought AI alternatives for crop monitoring and disease detection. Tekedia advised Michael to consider cooperative farming and suggested that AI could be more effective in this context once the cooperative spirit is revived.
AI’s Impact on Governance and Education: Ahmed discussed the transformative impact of AI on various aspects of life, including governance and education. He highlighted the potential for AI to unify the educational system and increase productivity. Ahmed also expressed optimism about Africa’s future, suggesting that it could become a hub for skilled labor due to its population and the potential for AI-driven production. Lawrence asked about how AI could be utilized in the energy sector and in building a technology hub as a service. Tekedia responded by emphasizing the need for a shift in the energy sector from generation to distribution, and advised against building their own chips, suggesting instead to focus on software to capture more value from partnerships.
Good People, the first Tekedia Capital OPEN for the year will be on Saturday, Feb 8 2025, at 4-5pm WAT. It is a free and open event, and everyone’s invited. Our topic is “Unlocking Africa’s Abundance in the AI Era”.
Last year, Tekedia Capital invested in close to 30 companies in four continents, covering quantum computing (Conductor Quantum, UK), AI-infrastructure insurer carrier (Corgi, USA), B2B fashion (Shoptreo, Nigeria), travel finance (Moreto, Mexico), HNI wealth management (Paasa, India), and others. In our investments, we always look for how companies can build competitive advantages in markets, and compound them over time. Increasingly, we have seen that AI can cushion positive positioning, creating a new basis of competition within sectors, for success.
In this presentation, I will explain what the AI redesign means for Africa, and how we can unlock the promises, and win for the continent. The best banks of the future will not be banks that use AI, but AI companies which offer banking services! That means, the way we look at technology creation, and fixing market frictions, must fundamentally change.
- Event: Tekedia Capital Open
- Speaker: Ndubuisi Ekekwe
- Topic: Unlocking Africa’s Abundance in AI Era
- Date: Sat, Feb 8, 2025
- Time: 4-5pm WAT
- Zoom: click here
Meanwhile, the next investment cycle of Tekedia Capital begins in April 2025. If you are building an AI company that is designed to transform a physical space market friction (not clicks and likes) or become a foundational AI infrastructure company in a sector [example: a microfinance bank of 10 staff running 99% on AI, or Nigeria’s first legal AI infraco to support what lawyers/judges do via subscriptions, etc ], we have funds for you.
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Register for Tekedia Mini-MBA (Feb 10 - May 3, 2025), and join Prof Ndubuisi Ekekwe and our global faculty; click here.