The Sound of Accra Podcast
Listen to this episode next: "Meet Accra's Superfast Grocery Delivery Startup! X Konzoom Shop": https://open.spotify.com/episode/20jDEjYO5beSMjMEPoMYjL?si=d15f698052ab45e5 [https://open.spotify.com/episode/20jDEjYO5beSMjMEPoMYjL?si=d15f698052ab45e5] In this episode, Adrian explores how Deepankar Rustagi identified and capitalised on the invisible economy in West Africa to build a multi-million dollar platform to support the Ghanaian economy. We explore the significance of seeing overlooked markets, the importance of digital data and the strategic moves behind Omnibiz’s exponential growth. Key Topics: 1. The gap between physical local markets and their digital invisibility in West Africa 2. How a small insight Lagos in Portugal vs. Lagos in Nigeria sparked a transformative business idea 3. Deepankar’s strategy: observing the market deeply before building a data-centric platform 4. The massive informal trade economy in West Africa and its fragmentation 5. Omnibiz’s innovative model: a data platform that connects retailers, distributors, and brands without owning logistics infrastructure 6. The remarkable fundraising journey: from $50K seed to over $29M in total funding 7. Exponential growth: 71,818% revenue increase from 2020 to 2023 8. The importance of identifying blind spots and seeing opportunities with fresh eyes 9. Lessons for local entrepreneurs: ask what’s invisible in your market and how to digitise it 10. The broader impact: modernising West Africa’s economy from within, driven by data and innovation Special thanks to our Partners Send money to your loved ones. You should try Sendwave! Use our code TENI0 to get a £10.00 credit towards your first transfer: https://try.sendwave.com/kjap/3gju22h [https://try.sendwave.com/kjap/3gju22ha] Supercharge your media with AI thanks to Castmagic: https://www.castmagic.io/?via=adrian-daniels [https://www.castmagic.io/?via=adrian-daniels] Want to start your own podcast? We recommend Buzzsprout!: https://www.buzzsprout.com/?referrer_id=957388 [https://www.buzzsprout.com/?referrer_id=957388] Want to create and edit your own your podcast? We recommend Descript: https://descript.cello.so/Q8VoDhgOhCG [https://descript.cello.so/Q8VoDhgOhCG ] Timestamps 00:00 - Intro 00:26 - The physical market landscape in Ghana and West Africa's informal economy 00:55 - The gap between local businesses and digital recognition 01:22 - How Deepankar identified Lagos in Portugal as a data discrepancy and opportunity 02:18 - The meaning behind digital invisibility for millions of small businesses 03:17 - Deepankar’s decision to address these gaps rather than walk away 03:46 - Background of Deepankar: experience in FMCG, consulting, and local innovation 04:14 - The origins of We Connect and understanding digital discovery for small businesses 05:10 - The importance of observation and market insight in building successful startups 06:02 - The scale of West Africa's informal trade economy and its significance 07:00 - How Omnibiz connects retailers to brands through digital tools instead of logistics 07:29 - The platform's extensive network of brands and market presence in Ghana, Ivory Coast and Nigeria 07:59 - Omnibiz’s data-centric model inspired by Uber and Airbnb 08:20 - The strategic choice to build a backbone, not a logistics company 09:15 - Seed, Angel, Series A financial milestones 09:44 - Astonishing growth: 71,818% revenue increase during COVID period 10:40 - Impact of Omnibiz in transaction volume and profitability in West Africa 11:37 - The core lesson: seeing opportunities where others see only routine 12:04 - The importance of constant re-evaluation of local markets and blind spots 12:33 - Building digital infrastructure to unlock West Africa’s informal economy 13:04 - Outro Connect with Us Website: https://thesoundofaccra.com [https://thesoundofaccra.com/] YouTube: https://www.youtube.com/@thesoundofaccrapodcast [https://www.youtube.com/@thesoundofaccrapodcast ] Social Media: https://linktr.ee/thesoundofaccrapod [https://linktr.ee/thesoundofaccrapod] 📧 [https://emojipedia.org/e-mail] Contact Email: info[at]thesoundofaccra.com 🔗 Connect with Adrian 👥 Linkedin: https://www.linkedin.com/in/danielsadrian/ [https://www.linkedin.com/in/danielsadrian/] 🎙 About the Podcast The Sound of Accra Podcast was established six years ago by Adrian Daniels in January 2020, on the back of running networking events in Accra and launching a failed online platform for Ghanaian tourists, visitors and business people. The show spotlights Ghanaian Entrepreneurs, Founders and Creatives worldwide with the aim of leaving listeners with meaningful takeaways to apply to life, business and career. The mission is to showcase Global Ghanaian Excellence.
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