| |||||||||||
| |||||||||||
Alan Patricof, the founder and managing director of Greycroft Partners LLC, kicked off the Columbia Business School's 14th Annual Private Equity and Venture Capital Conference with a speech expounding the opportunities of the developing world, particularly in sub-Saharan Africa.
"Sub-Sahara Africa has grown its GDP by an average of 5%," Patricof said. "Twenty of the fastest-growing economies in the world are in Africa." Additionally, he said, "Africa's stock market has also been one of the best-performing stock markets in the world. Last year Nigeria was up 75%, and Ivory Coast was up 76%." Although bullish on Africa, Patricof didn't gloss over the business challenges there, including inefficient ports, no tradition of equity ownership, poor exits and a lack of enforcement of laws. While citing that "exits have always been a problem in the developing world," he highlighted the micro-finance programs, the size of potential markets, natural resources, and the power of wireless communications and the Internet to speed development. "It's not unlikely that the next Skype or Google won't come out of Africa," Patricof commented. "With the Internet, anything is now possible. "Microfinance is making a difference, the natural resources industry is booming, and Africa has more indigenous biofuels than almost any other place on earth," he continued. "Property rights laws are starting to take hold. I think we're in a new cycle; we have democratically elected people in a lot of these countries. It's happening, but it's not here yet." Patricof speculated that "one day, when you call customer service, it might not be an Indian voice you hear, but an African one." Ending his speech, Patricof encouraged the business school students in the audience to "think about the developing world as a possible place to deploy your talents. "You have an opportunity to be pioneers; this is like the U.S. Wild West of the 1880s." - George White Columbia PE & VC Conference: LPs in tightening credit markeSee Columbia Business School PE & VC Conference schedule CategoriesComments
From: BouBacar BA,
Mr. Alan Patricof gave an excellent and very compelling speech. And, I personaly thank him for the effort.
Posted on:
March 14, 2008 4:27 PM
Private capital video
Categories
Blog roll
Archives
| |||||||||||
|
|
|
|
|
As a West African Woman Leader, I fully agree with Mr Alan Patricof. His speech is a true "premonitonic prophetic vision".As the matter of fact, the sub-Saharan Africa is a new field to build or invest. Its natural resources, the goverment commitments towards democracy, gender equity and governance are giving strong opportunities to invest. Therefore, I only encourage students of Columbia University to deploy their talents in Africa but I appeal to the heads of this University to encourage and facilitate the admission of African Women Leaders like in their Business School. Together, we can build a strong Task Force for new challenges in Africa.
Experienced in the development issues in Africa,I am now really considering an application for the MBA program and I would appreciate a meeting with one of the representative of this school since I live in the US.
Thank you for your consideration.