In this episode, our hosts Rashad Bilal, Troy Millings, and Ian Dunlap sit down with Rick Wade, a former member of Obama's team and currently with the Chamber of Commerce, to discuss the state of black businesses in America and the potential for business growth in Africa. The conversation delves into the challenges faced by black-owned businesses, the importance of exposure and education, and the wealth of opportunities available in Africa's rising economies.
Rashad Bilal opens the discussion by highlighting that many black businesses struggle to scale and reach international audiences due to the nature of their operations. Rick Wade chimes in and emphasizes the lack of exposure and knowledge as a significant barrier for black businesses. He recalls his own eye-opening experience on an international trade mission to India and points out the need for a shift in mindset towards global business expansion.
Troy Millings shifts the conversation to Africa and emphasizes the rising economies and opportunities within the continent. Rick Wade underscores the youthful workforce and abundant opportunities, especially in countries like Ghana. He stresses the potential for American investment in Africa and the need to bridge the gap between entrepreneurs and corporate supply chains.
The hosts and Rick Wade explore various business prospects in Africa, highlighting sectors such as energy, infrastructure, and product exports. They also stress the value of on-the-ground observation and engagement with local communities to demystify the business landscape and identify unmet needs.
The conversation wraps up with insights into the importance of personal observation, relationship-building, and leveraging local insights to identify business opportunities in Africa. The exchange fosters an understanding of the vast potential for entrepreneurs to thrive in the African market and the value of adapting to local needs and demands.
Join the Market Mondays community as they gain valuable insights from Rick Wade's expertise and explore the untapped potential of black businesses and business ventures in Africa.
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