Those who want to do business in Africa need to spend time there to fully understand what is needed and how best it will work there. Western entrepreneurs can not develop a product in their own country and expect it to be useful or successful. Africans want to work hard but need the right product and tools.
The most successful businesses are those that really look at what is needed, for example cold storage for produce, and come up with a long-term, viable solution. In order for mushroom farming to be successful, the farmers need to be able to store them long enough to make it to market. With technology reaching farther and farther, farmers are able to use the internet to sell their goods. Ultimately, Western investors need to work with local feet on the ground to continue to develop partnerships that will help all parties involved.
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Ganesh Natarajan is the Founder and Chairman of 5FWorld, a new platform for funding and developing start-ups, social enterprises and the skills eco-system in India. In the past two decades, he has built two of India’s high-growth software services companies – Aptech and Zensar – almost from scratch to global success.