Inspired by competition
Josephine A. Okot’s Victoria Seeds was the sole Ugandan company among the ten finalists of this year’s annual Legatum African Entrepreneurship Awards held in Nairobi on December 8, beating more than 3,300 companies. Recognized as the “Most Outstanding Woman Entrepreneur”, she got to rub should shoulders with the elite of African and international business, including international businessman Sir Richard Branson, founder of the Virgin Group. Okot told The Independent that the experience was just what her team needed to survive 2011:
What made you compete?
It had been a difficult year. We had drought, floods, then runaway inflation. Our team was disheartened, and the competition was a good opportunity to inspire them. I thought the preparations, networking and the prospect of winning would give us something positive to look forward to, while also improving the profile of our company.
You lost the big cash award with US$ 100,000, but won recognition for Coca Cola’s “Most Outstanding Woman Entrepreneur”, with US$ 50,000. Are you happy with that?
I think this is the last time I’m accepting an award a “woman entrepreneur” in such a competition. Victoria Seeds competed on its merit, regardless of the gender of its leader. It’s not fair to be recognized only as such. Also, I don’t want to focus on the money. It is not the main reason we competed. We have won many other awards without cash, which were much more rewarding.
Will you compete again?
I think I will go for bigger, more global competitions. We need greater recognition of the need to invest in value-adding sectors that are central for the survival of our people. High-value seeds are the lifeblood of farmers, who make 70-80% of Africa’s population.
What lessons did you learn?
I learned a lot from fellow entrepreneurs – especially the other nine finalists. Stories of their success against adversity inspired me to continue on the path I have taken. The Convergence Seminar taught us to innovate, use opportunities, improve efficiency and develop our communities, even as we make money.
Has it changed the way you think about and manage your business?
No. Simply reinforced what we were already doing at Victoria Seeds – that you cannot grow a business without building the community in which you operate, especially when you work amongst rural women farmers, who are predominantly poor.
I understand the networking was extensive. Did you come away with any valuable business connections?
Social networks are invaluable capital, for anyone, but especially in business. There were over …. Business leaders from East Africa and beyond and we had opportunity to network extensively. I don’t have any immediate deals, but I’m confident it will generate returns at a later date.
What qualified Victoria Seeds up to the finals?
Victoria Seeds is just 7 years old but has all the qualities the award organizers considered essential for an African business to succeed. Most important are passion, tenacity, commitment to employees and engagement with communities.
This year has been tough for many businesses. How has it been for Victoria Seeds?
2011 has been a difficult year for all businesses, but especially for agriculture. The high cost of borrowing has been especially scary. Our business is capital-intensive, yet we have been borrowing at interest rates of 30% or more. That has stifled any kind of growth.
How do you plan to go through 2012?
We will use our networks to seek cheaper financing. We are following up with 15 international financial institutions that addressed us in Nairobi that said they are willing to lend at much lower rates than commercial banks. We will also minimize costs – without undercutting the quality of our products or security of our employees. The poor economic climate in the region today is mainly driven by food shortage. Governments in the region must invest in agro in-puts, ensure that quality seed reaches farmers in time and that critical extension services are reaching farmers.
What advice do you give fellow small and medium-sized businesses?
I say work hard. Don’t give up just because it’s tough. Think beyond Uganda, to a regional and global market. Also, be ethical. Run your business professionally, and seek to benefit the community with which you do business – be it your workers, buyers or suppliers.
Subscribe to this comment's feed
