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Welcome to Episode 56 of the BIG5D Podcast, a production of BigFive Digital and the Africa B2B Tech Report.
Today we have a real talk about #Startuptruth with Keshni Morar, the managing director of Founder Institute’s South African chapter. Keshni is an advisor to startup founders — when pressed for one label to describe herself she chose venture builder.
Keshni is a former founder herself. In 2017 she launched the B2B retail SaaS platform Styld, which she left in 2020. Keshni is also an angel investor and is on the investment committee for Jozi Angels. And she is the founder and managing director of Investable, a support organization for early-stage investors.
Our conversation mainly focused on her work advising startups, This conversations was triggered by a recent LinkedIn post Keshni wrote under #Startuptruth.
However, we do get into other issues. For example we discuss the recent failure of the Nigerian fintech Okra and the role the “ecosystem tax” plays in building companies in Africa. Keshni also has a lot to say on this topic on LinkedIn.
Keshni also shares her views on how AI is impacting how tech businesses are being built.
In the aforementioned LinkedIn post, Keshni recalls a tech startup (which shall remain unnamed) that adopted a less than conservative approach to managing the money it raised from investors.
Keshni writes on LinkedIn that this particular founder’s approach to having fresh VC funding was “like a lottery winner at a Ferrari dealership.”
She then shared examples of where the money went.
• Premium office in the "startup district" ✓
• Full-stack dev team hired instantly ✓
• Swag budget that'd make Google blush ✓
• "Team building" trips to Bali ✓
While comical on one level, Keshni’s post revealed that at least some founders still need better mentorship on the responsible stewardship of investor capital.
“Funding isn't revenue,” Keshni wrote. “It's borrowed time.”
In this clip from our interview, Keshni expands on what she observed from the startup that triggered her post and contrasts this with the attitude she has when raising money.
In this clip, Keshni reflects on one founder attribute that many value but that she argues can be a red flag, at least when it isn’t paired with a strong foundation in financial responsibility.
Our conversation did not focus solely on founder financial responsibility. We also asked Keshni for her views on the overall health of Africa’s tech ecosystem. Here she shares one “glimmer of hope” that she has observed.
Episode 56 Timestamps
Here are time markers for some of the highlights of our conversation with Keshni. We encourage you to listen to the full podcast (or watch it on YouTube). However, if you prefer to skip around, these timestamps offer a good sense of what Keshni had to say.
Who is Keshni Morar? {02:38}
Founder wellness trips are not a business expense {05:30}
Founders have to deliver, they can’t just be good storytellers {17:05}
What is the “ecosystem tax”? {25:35}
How AI is accelerating startup creation {32:55}
The health of Africa’s tech ecosystem {38:35}
Watch this conversation on our YouTube channel.
Or find us on your favorite podcast player.
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About the BIG5D Podcast
The BIG5D Podcast is a weekly podcast featuring in-depth conversations about tech and business in Africa with the leaders who are building, investing in, or taking to market the digital products and services designed to make the continent’s businesses more successful.
This podcast is a BigFive Digital and Africa B2B Tech Report production. The podcast is produced and hosted by BigFive Digital Chief Content Officer Charles Laughlin.
The BIG5D Podcast has a clear ambition. By any measure, we want this to become the No. 1 show about tech and business in Africa. We can’t get there without your support.
The BIG5D Podcast is available here on Substack as well as on Apple Podcasts, Spotify, YouTube, or wherever you listen. Please follow, comment, rate, and review the BIG5D Podcast. Your engagement helps others discover us so they too can learn from the amazing builders and thought leaders we feature on the show.
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