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Growth and Talent in East Africa

Picture this: a tropical island, white sand beaches, bustling outdoor markets, and a burgeoning tech hub. It's not the Bahamas or Barbados. Instead, this episode takes us 11,000 kilometers away from the Caribbean, to Zanzibar, an autonomous archipelago of Tanzania and home of our guest Daniel Yu. The CEO of Wasoko, Africa's fastest-growing company in 2022, sits with Rasheed to discuss the ongoing political and social conditions that are positioning Zanzibar as a prime destination, not just for tourism but business as well. Talent is everything. The right people can make or break companies and even entire countries. Daniel gives a rundown of some of the positive developments that are making Tanzania the second most exciting African economy to watch (his first choice is Kenya). The current President of Zanzibar, Hussein Mwinyi has prioritized policies to encourage growth, from the structure of his government to the acquisition of the necessary expertise, be it local or the diaspora. Within Wasoko, Daniel has applied hiring practices that are more appropriate for the region, such as focusing less on raw credentials and paying attention to interpersonal skills and outward professionalism. He is also in favor of upward mobility, noting the progression of some employees from interns to managers, unseen almost anywhere else. At the industry level, Daniel discusses the influx of capital to e-commerce companies in East Africa and the tech sector in general. Wasoko, Daniel's company is a B2B e-commerce facilitator which seeks to connect the more informal small business landscape. The prevalence of his primary clients is noted to be a symptom of a lack of more structured economic opportunities and very closely mirrors the conditions in the Caribbean. In many ways, Zanzibar is a close analog to the islands of the Caribbean. It faces similar challenges which require diverse solutions. Tune into this fascinating episode where we talk about everything from the political landscape to workplace culture and gain valuable insights from a very unexpected locale.