When Wisely Phiri looks at Malawi’s technology sector, he does not just see challenges. He sees a missed opportunity.
The entrepreneur believes the country has enough talent to produce a globally recognised technology company, and he is putting his money behind that belief.
Phiri says his ambition is to see a company emerging from his new innovation space grow into a US$1 billion business within the next five years.
It is a target that sounds distant in an economy where many young businesses struggle to survive their first few years, but Phiri says the biggest obstacle has not been a lack of ideas. It has been the support system around those ideas.
“We’ve seen the problems others are meeting, and we are saying they should not meet the same problems,” Phiri said during the launch of the SPARC Innovation Space in Lilongwe.
His journey to this point was shaped by his own experience building SPARC Systems, a Malawian technology company that has expanded its operations beyond the country.
Along the way, he watched other entrepreneurs face difficulties that could have been avoided, from struggling to access technical expertise to failing to attract early investment.
Phiri believes many promising businesses disappear before reaching their potential because founders are often left to navigate growth challenges alone.
“The technical capacity is one of the major issues. There are things we already have skills in that we can help others with,” he said.
The other challenge, he said, is money.
Many startups find it difficult to access bank financing because they lack years of financial records or proof of profitability, while Malawi has a limited pool of early-stage investors willing to take risks on new ideas.
To address some of these challenges, Phiri has committed MWK1 billion annually towards supporting startups through the SPARC Innovation Space, which has already required an investment of about MWK600 million to establish.
But he insists the project is not a charity initiative.
“We are a for-profit company, not an NGO. If we are putting money into these companies, we also want to get a return. It is in our interest that they succeed,” he said.
The facility will work with entrepreneurs at different stages, from people with ideas that need development to businesses that already have products but need help expanding.
The plan is to support about 50 companies every year through incubation and acceleration programmes.
For Phiri, the bigger question is whether Malawi can create companies that go beyond solving local problems and compete internationally.
Speaking at the launch, Industrialisation, Business, Trade and Tourism Minister Simoni Itaye said the private sector had a key role to play in building an economy driven by innovation and entrepreneurship.
Itaye said government was working to improve the environment for businesses while encouraging investment in sectors that can create jobs and drive economic growth.
The success of Phiri’s bet will not be determined by the launch of an innovation centre or the size of the investment alone. It will depend on whether the young businesses coming through the programme can survive, grow and compete in a global market.
For now, Phiri is chasing a dream that few Malawian entrepreneurs have publicly pursued, creating a technology company worth a billion dollars and proving that global success can be built from Malawi.
The entrepreneur believes the country has enough talent to produce a globally recognised technology company, and he is putting his money behind that belief.
Phiri says his ambition is to see a company emerging from his new innovation space grow into a US$1 billion business within the next five years.
It is a target that sounds distant in an economy where many young businesses struggle to survive their first few years, but Phiri says the biggest obstacle has not been a lack of ideas. It has been the support system around those ideas.
“We’ve seen the problems others are meeting, and we are saying they should not meet the same problems,” Phiri said during the launch of the SPARC Innovation Space in Lilongwe.
His journey to this point was shaped by his own experience building SPARC Systems, a Malawian technology company that has expanded its operations beyond the country.
Along the way, he watched other entrepreneurs face difficulties that could have been avoided, from struggling to access technical expertise to failing to attract early investment.
Phiri believes many promising businesses disappear before reaching their potential because founders are often left to navigate growth challenges alone.
“The technical capacity is one of the major issues. There are things we already have skills in that we can help others with,” he said.
The other challenge, he said, is money.
Many startups find it difficult to access bank financing because they lack years of financial records or proof of profitability, while Malawi has a limited pool of early-stage investors willing to take risks on new ideas.
To address some of these challenges, Phiri has committed MWK1 billion annually towards supporting startups through the SPARC Innovation Space, which has already required an investment of about MWK600 million to establish.
But he insists the project is not a charity initiative.
“We are a for-profit company, not an NGO. If we are putting money into these companies, we also want to get a return. It is in our interest that they succeed,” he said.
The facility will work with entrepreneurs at different stages, from people with ideas that need development to businesses that already have products but need help expanding.
The plan is to support about 50 companies every year through incubation and acceleration programmes.
For Phiri, the bigger question is whether Malawi can create companies that go beyond solving local problems and compete internationally.
Speaking at the launch, Industrialisation, Business, Trade and Tourism Minister Simoni Itaye said the private sector had a key role to play in building an economy driven by innovation and entrepreneurship.
Itaye said government was working to improve the environment for businesses while encouraging investment in sectors that can create jobs and drive economic growth.
The success of Phiri’s bet will not be determined by the launch of an innovation centre or the size of the investment alone. It will depend on whether the young businesses coming through the programme can survive, grow and compete in a global market.
For now, Phiri is chasing a dream that few Malawian entrepreneurs have publicly pursued, creating a technology company worth a billion dollars and proving that global success can be built from Malawi.
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