There are thousands of job-creating profitable pizza companies in the US, but only one profitable search engine
No matter your politics, everyone in SA can agree that we need more jobs and that we need to create more jobs now. To do this, we need better policy and we need a different focus. The fourth industrial revolution we hear about so often means nothing to someone who is unemployed. With 75% youth unemployment and a “demographic bulge” coming, we need to build out opportunities in traditional job-creating sectors such as manufacturing, agribusiness and consumer goods.
Plus, growth from companies in traditional sectors have a multiplier effect; they circulate more money locally, which grows the local economy. Tech companies create diseconomies of scale; they shrink market sizes and grow themselves with a fraction of the number of employees. At the end of 2020, what was the best-performing 2004 initial public offering — Domino’s Pizza or Google? The answer is Domino’s by almost two times. And since 2010? Domino’s outperforms every “high-flying” Faang stock.
For example, one of our portfolio companies is Wukina, “Africa’s Avon for Wigs”. Wukina sells wigs and hair care — classic, quality products in a large, fragmented market. However, Wukina outperforms on execution because it uses Netready, Flutterwave and Payfast to sell; Xero Accounting, Dear Inventory Management and Zapier to manage financials, inventory and data; and Klaviyo, Facebook Business Manager and Google Ads to automate its marketing.
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