The Crocodile in the Yangtze River, Kuhn and a New Lexicon (Part 2 of 3)

 By: Siyanda Pali

The retail e-commerce space is a single but highly significant arena in which Alibaba is a market player. As is evident below, the arena has shown steady growth over the last few years, starting from 2014, with annual sales of aproximately $1.3 trillion USD to the estimated annual figure of $4.1 trillion USD in 2020. This figure is projected to soar to $4.9 trillion USD in 2021.

(Shopify)

The Coronavirus pandemic has upended traditional or conventional life as we know it. This has been the case not only for individuals, but also for all manner of business, organisations, countries and continents at large. It has also highlighted, rather fascinatingly, how different countries have provided different solutions for the same problem, with varying degrees of success. Similarly, different regions and countries have a specific profile when it comes to e-commerce sales. According to data by Statista, the 10 largest markets globally in terms of 2019 sales are as follows:

1. China ($740 billion USD) 
2. United States of America ($560 billion USD)
3. United Kingdom ($93 billion USD)
4. Japan ($87 billion USD)
5. Germany ($ 77 billion USD)
6. South Korea ($ 69 billion USD)
7. France ($ 55 billion USD)
8. Canada ($ 44 billion USD)
9. Russia ($ 19 billion USD)
10. Brazil ($ 16 billion USD)

From the above, it is clear that China, which is Alibaba's domestic market, is the world's largest e-commerce market, with aproximately $740 billion USD in sales in 2019. Not too far behind is the United States of America, at an estimated $560 billion USD. What is a pertinent insight to glean from the above is that of the 10 largest e-commerce markets globally, 3 are emerging market economies, namely China, Brazil and Russia.

(Search Laboratory)

From a strategy perspective, the latter-mentioned as well as the above could hold some keys for the captain of an e-commerce player. From the above, one can deduce that potential sales or significant opportunities exist in emerging markets, which could be a pre-cursor of the composition of the market in the future. Of the above, only Spain is an outlier, coming in at an annual growth rate which is below the global average of 9.6%. Every other country exhibits forecasts which will outstrip the global average. Leading the pack is India, with 19.9% estimated growth. This is followed closely by Indonesia at 17.7% as well as South Africa at 13.7%. Mexico, Turkey, China, Argentina, Saudi Arabia and Brazil are all expected to grow at between 10.7% and 12.6% for the foreseeable future. 

From the above, Alibaba's dominant market position in China is clearly evident. It had 58.2% of market share for the 2018 year. This is followed by Jingdong (JD.com) at 16.3% as well as Pinduoduo at 5.2%. What is rather interesting to see from the above is that Amazon China has been pulverised by Alibaba in China, with less than 1% market share in e-commerce sales. Fortunately or unfortunately, eBay has had similar fortunes in China, having to eventually exit the Chinese market. It goes without saying then, that within China, Alibaba's strongest competition comes from other domestic players such as JD.com and Pinduoduo.

Alibaba vs Amazon

Alibaba and Amazon are constantly paired together in the e-commerce space. This is, without a doubt, because the two are arguably the most influencial market players the world over. From the above, it is glaringly obvious that although Amazon may not possess any noteworthy market share in China, it is certainly a leader, or has positioned itself to be a leader, not only in the US, but in other markets globally. From the above, it is also clear that Amazon surpasses Alibaba in various streams of revenue in 2020 by several multiples, eg its core commerce revenue, cloud revenue as well as other revenue. However, when analysing operating profit, there is no distinct difference between the two companies, with about $1 billion US seperating the two.

 It is worth noting that the two companies seem to be pursuing different strategies in their approach to achieving their goals. Amazon seems to seek to control every aspect of the value chain, accumulating large amounts for PPE (Property, plant and equipment) for example, with it's massive distribution facilities. Alibaba, on the hand, seems to focus more on providing the technology which will enable the movement of goods between parties. Both models are certainly intriguing, and it will be interesting to see how both companies continue to serve their customers. 

A Tale of South African Universities

I spent a significant portion of my Heritage month between Johannesburg and Pretoria. This also meant invariably visiting my Alma mater, the University of Pretoria's main campus in Hatfield, out of necessity more than anything else. What used to be the CSC is now the SSC, a sign of changes which have taken place. This period of my Heritage month induced an incredible amount of nostalgia. However, in spite of being in the land of the Juksei River, Jacarandas and Solomon Mahlangu, not because of it, as a Writer, I have found it necessary to speak about an unpleasant chapter in my life.

Daily Maverick

The University of Pretoria will always have a place of significance in my life. It's a place where it all started for me. By 'it', I refer to the period of my life post high school: tertiary education, meeting some great lasses, and ultimately a working career. It was the best of times, it was the worst of times, or so I thought. I have made life-long friendships which I will always cherish, among other things. Being in Hatfield again displayed to me how the changes which have swept across the place have given it a nuanced character. Nevertheless, despite this, I was not surprised to find other things had not changed at all. The rigidity synonymous with the University of Pretoria greeted me the moment I tried to access the campus. Not having a UP Alumni card meant that I was forced to explain to numerous security guards who I was and why I wanted access to the campus. I had to produce my green South African ID book as well, and eventually had to use a specific entrance, the Main entrance of the university, before I received any assistance. I didn't really mind having to produce my ID book before accessing campus, given the safety concerns across South African tertiary institutions.

In all honesty, I salvaged the brief opportunity I had to be in academia whilst attending to administrative affairs on the campus. The atmosphere of academia is something special for me. I used the opportunity to reflect, and to engage with students and scholars alike. Having studied at different institutions in my life, it was wonderful to have a broader perspective on matters in the academy. It was during this period that I learnt that there had been a shutdown on the UP campus due to a rape incident which had occurred. Students had demanded for action to be taken by university management in the wake of this scourge. It was also during this time, in September 2019, that one came to learn of a matter as significant in gravitas, but seemed subdued. A student had committed suicide. One does not know what may have led to the student taking such a desperate step. I can imagine the pain this may have caused to the family and the loved ones of this student. These issues were a clear sign to me that not all was well at my Alma mater. As if to indent my sentiment, my wallet got stolen at the Coffee Buzz Coffee shop. My wallet, which had several of my cards, money and Driver's license had disappeared.

The latter was reported to security at the main entrance, which in turn was relayed to the Student Service Centre and the Merensky Library security. I was then directed to see a UP Investigator at the university's administration building. I met an investigator within 2 hours of this incident. We scoured the footage, to no avail. It was at this moment that it became clear to me that UP's plan to only allow access to visitors on the campus through an approved code or password would pale in the face of current dynamics. It was obvious to me that if the university really wanted to curb theft on the campus, they would not solely rely on this new proposed system, but would also improve camera surveillance on the campus. This would ensure that criminal syndicates operating on the campus, even those run by students or workers at the university, would find that it was no longer business as usual. There was an example of this phenomenon, on the same day on which my wallet was stolen. Someone was caught red-handed trying to steal a laptop and leave the Merensky Library with it. The individual was swiftly apprehended and dispatched to the university's administration building. Unfortunately, the UP campus has blind spots as far as camera surveillance is concerned, case in point, the Coffee Buzz Coffee shop. The criminals on campus know this. The security guards on the campus are aware of this. Why UP management does not heed this counsel is a mystery.

It is also unfortunate that my experience on the UP campus was not in isolation. It was nowhere near as vexing as my experience at UCT. In March 2019, while I was doing everything in my power to attend to my academic affairs as a student at the University of Cape Town, I had to report 2 incidents (1 incident of theft, 1 incident of assault) to UCT's inept Campus Protection Services. These incidents had occurred at the UCT School of Economics Building. They threw my life into a talespin for about 2 weeks. My meeting with CPS was followed by another initial meeting with a UCT investigator, followed by a subsequent meeting with the UCT Investigator. After submitting plenty of facts and evidence, submitted over a number of days, which included a J88 form issued by the Rondebosch Police Station and ultimately submitted to a medical doctor, as well as a sworn affidavit by an eye witness of one of these matters, the UCT Investigator informed me that she would write her report and send it to UCT's Student Disciplinary Tribunal (UCT Court). She informed me that I would then be contacted by the tribunal regarding a date for the matters to be heard. To my dismay, the University of Cape Town was arrogantly dismissive of my complaint. The cases never saw the light of day. I was never contacted by the UCT Court regarding a date for the cases to be heard. When I contacted the UCT Investigator and asked for a report, as a complainant in these matters, the UCT Investigator provided no response. The veil of ignorance had been lifted. The cold and harsh reality of UCT was chilling: Africa's highest ranked academic institution, which I had held in such high esteem, is deeply flawed, in numerous ways. I encountered an institution which had a brilliant intervention in the form of the UCT Food Programme, which I was proud to be a volunteer. At times, I encountered an institution which was completely at variance with the values which it espouses to uphold. Not only was security on campus below par, UCT could not claim to have a responsive and unbiased justice apparatus. For 'where there is no explanation, there is no reason. Where there is no reason, there is no logic, and where there is no logic, there is bias."

Over the past few weeks, UCT has mourned the tragic loss of a 19-year-old student. May her precious soul rest in peace. Her brutal murder at a post office in Claremont, Cape Town, sent shockwaves and deep sadness across South Africa. It also sparked outrage and mass demonstrations across the country. This included a shutdown at UCT, as students demanded that various safety concerns be addressed by UCT management. Some of these have been addressed, and the academic programme has since continued in earnest. UCT's management has known for quite sometime now that safety and security on campus has been a major concern for students. One wonders why we had to see such a tragic loss before these concerns could be addressed.

News24

On 28 August 2019, I opened my Daily Dispatch to an article which highlighted that the University of Fort Hare was probing claims of stone pelting, attempted arson of university property and live ammunition being used by the police in trying to control a protest by students over an array of grievances, which included the state of some of the lecture halls in Alice, National Student Financial Aid-related issues and a lack of security. Five students had to be admitted to hospital at Victoria Hospital in Alice due to gunshot wounds sustained. This claim is not far-fetch in South Africa. Durban University of Technology student Mlungisi Madonsela was brutally murdered as a result of live ammunition by security personnel employed by the institution to quell a protest earlier this year. There was also another article, on the very same paper, which spoke of a fire which had broken out in a UFH chemistry building. It is understood that the fire was as a result of a chemical which exploded in the building. Alice campus SRC premier James Mfanta stated that there were no injuries, but 7 students who were in the building had to be assessed for smoke inhalation. His statement was that shortly after 13:00 on Tuesday, a fire had broken out at the chemistry building after a chemical exploded. He mentioned that these were issues which they as students had complained about, but some quarters of the public, UFH management and the media had a preoccupation with focusing on how students were slaughtering cows etc. He also stated that,"Our labs are old, the information we have is that the chemical was kept in a peanut butter container and it fell and caused the explosion. We have been raising this with management. We do not have clinics at the university and no one has come to listen to us. Management is not coming up with solutions, they are only gathering facts now... About five of the students who were there lost their computers and documents, including their IDs."

Nelson Mandela University has also had protests which took place at the university. Among these were safety concerns, as a student and lecturer had been mugged on campus. The response of the NMU management was to unleash rubber bullets by police upon students and to arrest the former SRC president. The students were met with force.

It is disappointing to note that there seems to be reactionary leadership at the helm, even at national government level. This is a far cry from having proactive leadership, leadership which is attentive, strategically adept and ensuring excellent execution of strategy in dealing with challenges. There is also a tendency to brand students who raise genuine concerns as obstinate, irascible, rogue, rudderless rabble-rousers, unfortunately until matters reach a boiling point, as has been the case time and again.

I am of the firm belief that student activism is a mainstay for progress in South African tertiary institutions: in being a vanguard voice in fearlessly championing student concerns, their plight, interests, their aspirations, and crushing injustice, wherever it rears its ugly head. I am convinced that there needs to be an independent body, not beholden to universities in any way, which will monitor and publish data frequently eg. on a monthly, quarterly and annual basis about student safety on SA campuses. Such data and reporting should include policies in place at tertiary institutions, as well as implementation metrics such as highlighting cases reported, whether such cases have been heard and whether justice has been served. This data should be made available to the international community and should be a more prominent feature in ranking universities globally.

JKSaadlaw.com

American Writer James Baldwin's view, on the decline of a kingdom, is worthy of meditation. He notes that,"Force does not work the way its advocates think it does. It does not, for example, reveal to the victim the strength of his adversary. On the contrary, it reveals the weakness, even the panic of his adversary, and this revelation invests the victim with patience. Furthermore, it is ultimately fatal to create too many victims."

Tertiary institutions should be synonymous with not only imagining and creating the future, but also with free speech, knowledge production, free and independent inquiry, critical thinking and robust debate. It is imperative for universities to be spaces of radical truthfulness and intellectual honesty. Stifling the voices of students and workers at universities is not only short-sighted, a perfect recipe for self-deceit, but is also detrimental to the academic project at large. There needs to be a better symbiosis between students, university management and workers. Upon these building blocks, we can expect vibrant spaces which produce human capital, not only for South Africa and Africa, but also for the world.

Precocious Putsu Tackles Cancer

By: Siyanda Pali

The Eastern Cape Province in South Africa is a treasure trove when it comes to talent. Affectionately referred to as the 'Home of Legends', it boasts a long list of exceptional individuals who have beaten the odds, and eventually achieved national and or international acclaim in their respective fields. Following in this proud lineage is young Researcher Konwaba Putsu, who in Grade 11, has already theorised about Cancer research. He has partnered with a Rhodes University Academic, Prof Janice Limson in this regard. According to Stutterheim High School, studies are underway and his theory has been presented abroad.

Stutterheim High School

Konwaba began his schooling at New Garden in Stutterheim, followed by spells at Eden Christian School and St. Christopher's Private School, which are both in King William's Town. He later attended Sydenham Primary School in Nelson Mandela Bay, before joining Stutterheim High School in 2016, where he is currently a Grade 11 pupil. The budding Researcher's favourite subjects are Life Sciences and Physical Sciences, which, he states, "explain everything he ever wanted to know".

Putsu extrapolates that his interest in Cancer research emanated from learning that Cancer was genetic. The latter piqued his curiosity. He was driven by a desire to find out what could be done about the status quo. He also wanted to find out why certain things hadn't been attempted. The young maverick was at a Rotary Youth Leadership Camp in Makhanda  earlier this year, where he met a woman who is part of an innovation group in South Africa. He pitched his project to her. Lo and behold: she gave Konwaba the contact details of some individuals, among them were those of Prof Janice Limson, the South Africa Research Chair in Biotechnology Innovation and Engagement. The rest is history.

"I would say the key to my success is the love I have for Medicine and Surgery", says Konwaba. He frequently watches Grey's Anatomy for relaxation and enjoyment. When  asked about any grand ambitions he possesses, he responded," My dream is to change the world as we know it, to inspire my peers and to bring out the best in them." He envisages becoming a Cardiothoracic Surgeon. Thereafter, he aspires to start a foundation for medical research and innovation. In 2017, Cancer deaths were estimated at 25 000 per day globally. With the right support infrastructure around him, the prodigious Researcher is well on his way to becoming an asset, not only for South Africa and Africa, but the world at large.

Africa Month: Reflections From a Postgrad Student

By: Siyanda Pali

It is common knowledge that the continent of Africa is close to my heart. It may be Africa month for the rest of the world, but Africa month is every month for me. I have spent most of it documenting my experiences. It may be 02:45 this Thursday morning in Cape Town, but so what? I've entered that zone as a Writer I do not want to leave, at least not until I am satisfied with this article.

Time Magazine (South Africa)

On Friday, 3 May 2019, Prof Shadreck Chirikure, Head of the Department of Archaeology at the University of Cape Town, delivered the UCT Vice-Chancellor's inaugural lecture entitled,"Why does 'success' continue to elude contemporary Africa? Some insights from deep history and archaeology". The title on its own had already piqued my interest. One was expectant to hear what an archaeological intellectual toolbox may unearth. I was struck by the fact that, during the introduction, it was announced that, included on the serpentine list of qualifications, degrees, accolades and fellowships Prof Chirikure had attained in his career thus far, was a B Com (Hons) in Financial Analysis and Portfolio Management from UCT. This is of particular significance, as will be highlighted later.

One of the gems from his opening remarks was him conceding, about his wife and partner, that it helps to be married to someone who is more intelligent than you are. This was just one of the traits which he used to praise her. His address dealt with various aspects which included the origins of Archaeology, perceptions of Archaeology in popular culture, the evolution of the field etc. According to Prof Chirikure, "In a way, it studies the experiences of past communities."

There had been a preoccupation with an array of studies in Africa which sought to show the grandeur of Africa's history. Examples of this were the stoned churches of Lalibella, Ethiopia (AD 600-1200), the Pyramids of Giza, Egypt (2600 BC), the famous town of Great Zimbabwe (AD100-1700) and trans Saharan trade which took place between circa AD 600-1700. However, how useful was this when juxtaposed with the current reality of some Africans, which featured poverty, unemployment, starvation and disease? This, he stated, is a question which has shaped his research since 2005. His methodology included the use of African languages and literature, African concepts and philosophies, Archaeological intuition and methodology as well as techniques from the hard and social sciences.

Perhaps one of the most pertinent questions he asked was whether or not the current education system has failed Africa.  He highlighted the importance of producing Africa-centered knowledge as well as an exploration of fields which he thought would be important going into the future, among other things. There was also the pivotal question of what is to be done, or what could be done, by each individual in attendance?

Stone Church in Lalibella, Ethiopia (medievalists.net)

The second Africa Month event I attended was an Africa Month Public Symposium with the theme: Interrogating the role of Young Leaders in Pan Africanism and Regional Integration. This event took place on 10 May 2019 at the Baxter Theater in Cape Town. Scheduled topics to be dissected were African Integration and the Free Movement of People, Nationalism and Pan-African Citizenry, Youth Leadership in Business Innovation and the Fourth Industrial Revolution. Some institutions represented included the University of Cape Town, the UCT Convocation, the Nelson Mandela School of Public Governance and the African Peer Review Mechanism.

Some panelists and speakers included the UCT Vice Chancellor Prof. Mamokgethi Phakeng, Prof Eddy Maloka, Ms Dianna Yach, Prof Carlos Lopes, Mr Msingathi Sipuka, Hon Brigitte Mabandla, Prof. Faizel Ismail, Prof. Alan Hirsch, Ms Vere Shaba, Ms Boipelo Mabe, Ms Yolanda Mlonzi, Mr Edzai Zvobwo, Mr Mvelo Hlophe and Ms Asanda Lobelo, the UCT SRC President. Moderators for the sessions comprised of Dr Omar Badsha, Prof. John Ataguba, Prof. Sarah Fawcet as well as Dr. McBride Nkhalamba.

In her speech, Prof. Phakeng acknowledged pervasive inequality in South Africa and the class divide this creates, among other things. One of the most striking questions on the day was asked by Prof Carlos Lopes from the Nelson Mandela School of Public Governance: How do we move from a self-defeating attitude, to self-confidence, without self-deceit? This was followed by an explanation of the work which the school was doing to address the above question.

The most riveting session, either by design or pure coincidence, was the last session, which focused on Youth Leadership in Business Innovation and the Fourth Industrial Revolution. It featured a critical analysis of the educational system, our current crop of political leaders in Africa, as well as  challenges such as the disparity of what I call the Talent Opportunity Continuum in Africa. Mr Edzai Zvobo correctly asserted that the continent needs to reject the status quo if we are to take our rightful place, not just as consumers, but also as producers of knowledge and technology in the global arena. Artificial intelligence, for example, was an area where the above was applicable.

I mentioned earlier that it was rather curious that, among the numerous qualifications and degrees to his name, Prof. Shadreck Chirikure also held a B Com (Hons) in Financial Analysis and Portfolio Management. This is the same degree which I had enrolled for in June 2018. My life over the past few months has been nothing short of eventful, unpredictable and turbulent. Unfortunately, with only 4 modules to spare before I graduate, I have been financially excluded as a Postgraduate student from the University of Cape Town, a form of economic Apartheid. I share this frustration reluctantly, not to elicit pity from anybody, but to bring to the fore my lived experience as a young South African student at UCT, passionate about learning, possessing an interest in the future, a passion for research and education in general, but also to stoke the fires of positive change. Ideally, no student in our country should experience the scourge of financial exclusion, among other things experienced at UCT.

I have made numerous attempts, both within the institution and externally, to resolve this issue, to no avail as matters stand. I guess what is even more frustrating is that I have already lost an entire semester, but there is still a chance that I would be able to graduate in December 2019, if I were able to have my historical debt cleared and registration as a student approved.

On 22 May 2019, we witnessed members of the 6th Parliament of the Republic of South Africa being sworn in. What was pleasing to see was a general increase in the number of young people. The likes of Vuyani Pambo, Nompendulo Mkhatshwa, Naledi Chirwa, Peter Keetse and Fasiha Hassan were all part of the #FeesMustFall movement which led to free higher education for tertiary students in South Africa, up until undergraduate level. It was a just cause, necessitated by the need to acquire skills, knowledge and tertiary education being the only way out of the desperate circumstances many students and families find themselves in, amongst other things.

I participated in the 2018 Traders Trophy Worldwide competition, which seeks to find the best trading talent from all over the world. At the competition, students are immersed into a simulated trading environment, where they trade equities. Students are then judged on risk management, customer service, market awareness as well as profitability. I qualified for the global final and finished 4th at the global final, just 3 points behind the winner, a student from the University of Cambridge. I was the only student from a university in Africa to achieve such a feat. I mention the above to indent the adage that indeed: Talent is everywhere, opportunity is not. Had there been financial barriers placed upon students to participate in the preliminary round, it is questionable whether I would have had an opportunity to showcase my skill and talent.

banking HQ

In the Eighteenth Brumaire of Louis Napolean, Karl Marx writes that," Men make their own history, but they do not make it as they please; they do not make it under self-selected circumstances, but under circumstances existing already, given and transmitted from the past."

 My experiences are that of just one life, among many others. Solutions and ideas are not the preserve of any one person or institution. The National Student Financial Aid Scheme (NSFAS) and the Association of Black Securities and Investment Professionals (ABSIP), among others, for example, have already played an invaluable role in my life. For this, I am truly grateful. However, I mentioned #FeesMustFall activists in Parliament specifically because they not only understand the challenges which students face intimately, but are also well-poised to bring about change: a just and equitable society where the opportunity to follow one's intellectual curiosity, to contribute to Africa's intelligentsia and to knowledge of humankind, to continue with one's studies up until PhD level, should be afforded to all who are curious, willing and able to work for that which they desire.

South Africa and Africa will continue to produce a young and energetic population over time by the millions. I believe in the dynamism of our country and continent. May our society make history by benefiting from leaders with the political will to act as well as harnessing the collective intelligence and efforts of our people, leading to ecosystems which will produce Africa-centered knowledge as well as Africa-driven technological advancement, development and innovation.

"Time Spent in Reconnaissance is Seldom Wasted"

By: Siyanda Pali

Almost a week ago from today, I had the pleasure of attending a December 2018 graduation ceremony at the now renamed Sarah Baartman Hall at the University of Cape Town. It was a proud moment for not only my friend who was now to reap the benefits of her labour, but also for the scores of other graduates who were to share the joy of having completed a chapter of their academic journey successfully.

Guests were ushered into proceedings by the melodic sounds of  Black Roots Marimba. The Vice Chancellor, Professor Kgethi Phakeng, with poise and elegance, welcomed all present and convened the meeting. The singing of the national anthem of the Republic of South Africa, Nkosi Sikelel' iAfrika, was followed by a rendition of 'The Impossible Dream' from the Man of La Mancha by Mitch Leigh and Joe Darion.

One of the most powerful declarations made, after the item by Imbongi, a traditional Xhosa praise singer and the guest speaker's address in poignancy, Mrs Mamello Selamolela, a Managing Executive at Vodacom, was by the SRC President, when she read the university dedication. "At this time of celebration, we, the members of the University of Cape Town, reaffirm our mission: to nurture rational, creative thought and free inquiry, to strive for excellence in teaching and in research, to educate for life and to address the challenges of our society. We undertake to advance these ideals in a spirit of freedom and responsibility and through consultation and debate. We celebrate our benefactors and predecessors, those who have built the fabric and nourished the values of UCT. To those of you who will graduate today, we wish you courage, wisdom and purpose. To those who will leave the university to work elsewhere, may you be sustained by those values which unite us here today and advance them in the world beyond. A love of truth and of learning, and of this, our university."

This was a wonderful opportunity for me to mull about the academy. More specifically, it aroused my curiosity about the origins, role and effectiveness of think tanks in Africa and globally. According to the 5th Estate: Think Tanks, Public Policy and Governance, Brookings Institution Press 2016 as well as Think Tanks and Policy Advice in the US, Routledge 2007, think tanks are public-policy research and engagement organisations that generate policy-orientated research, analysis and advice on domestic and international issues, thereby enabling policy makers and the public to make informed decisions about public policy. Meriam-Webster defines it as," an institute, corporation or group organised to study a particular subject (such as a policy issue or scientific problem) and provide information, ideas and advice.

CNet

Thanks to the directorates of Sections 59 and 72 of the Constitution of the Republic of South Africa, and my work at the Parliamentary Monitoring Group, I was able to see their value during the Constitutional Review Committee meetings which took place at the Parliament of the Republic of South Africa. The debates and submissions which took place in Parliament were lively, highly thought-provoking and informative in grappling with a centuries-old problem in South Africa.

The Brookings Institute is credited as one of the world's first think tanks in 1916, employing a 'university without students' model, with an emphasis on research and providing public policy solutions. Tevi Troy highlights that a lot of public solutions came about as a result of think tanks in the US. The Marshall Plan, an American initiative to help rebuild Western European economies is an example of this. Nicholas Marosszeky suggests that the term ,"think tank", was first applied to the RAND Corporation, ironically the namesake of the South African currency, in the 1960s. Initially, a think tank was a research institute that came up with new ideas which could influence or inform public policy. It is important to note that while think tanks are synonymous with specific political or ideological agendas, RAND states that they are strictly nonpartisan, with a focus on facts and evidence.

In 2005, the Los Angeles Times, of RAND, said that it was," arguably the grandest experiment ever undertaken to test the idea that even mankind's most pressing problems can be solved." There are several challenges facing Africa and South Africa: funding for postgraduate students, high levels of inequality, food and water security, high levels of youth unemployment, the future of work etc. Despite incredible acts of servant leadership such as that of Professor Kgethi Phakeng, which will go down in the annals of history as a truly watershed moment in the praxis of higher education funding after Fees Must Fall, (Prof Phakeng decided to forego an inauguration party as Vice Chancellor at UCT and instead, channeled such resources towards clearing student debt for 100 students in order to enable their graduation)  funding for postgraduate students is a stubbornly persistent challenge for a developmental state such as South Africa and requires more rigorous efforts to tackle it systematically. One hopes her actions will inspire more solutions in this area.

According to the 2017 Global Go To Think Tank Index Report, an initiative of the University of Pennsylvania's Think Tanks and Civil Societies Program, there are more than 7800 think tanks globally. Their categories range from autonomous and independent, quasi independent, government affiliated, quasi-governmental, university affiliated, political party affiliated to corporate (for profit) public policy research organisations, affiliated with a corporation or specifically operating on a for profit basis.

ACCORD

As per the 2017 Global Go To Think Tank Index Report, the countries with the most think tanks are as follows:

1. United States of America- 1872
2. China- 512
3. United Kingdom- 444
4. India- 293
5. Germany- 225
6. France- 197
7. Argentina- 146
8. Japan- 116
9. Russia- 103
10. Canada- 100
11. Brazil- 93
12. South Africa- 92

The highest ranked African think tank in the "Top Think Tanks Worldwide (Non-US)" category was the African Centre for the Constructive Resolution of Disputes (ACCORD) at 26th and 37th out of 7815 in the "Top Think Tanks Worldwide (US and non-US) category. The Botswana Institute for Development Policy Analysis was ranked in 1st place in the "Top Think Tanks in Sub-Saharan Africa" category. 

Despite the above, there exists some noteworthy dissent of think tanks globally. John B Judis has even gone as far as suggesting that credible think tanks are extinct. Having written extensively about them, one specific incident is a classical example for his case: the purging of a Google critic at the New America Foundation, which, he states," shows how donors have corrupted Washington's policy and research institutes." The New America Foundation is a non-partisan think tank established in 1999 which focuses on an array of  public policy issues such as energy, health, technology, national security studies, asset building, gender, education and the economy.  In late 2017, the New America Foundation severed ties with anti-monopoly advocate Barry Lynn and his Open Markets project.

The New York Times as well as communication by the New America Foundation reveal that Google and Eric Schmidt, executive chairman of Alphabet, Google's parent company, are substantial donors to New America. Schmidt was chairman of the New America Foundation. Lynn and his project had been critical of Google, and even published support of the European Union's anti-trust judgment against Google. Slaughter subsequently requested Lynn and Open Markets to depart from the New America Foundation, accusing them of "imperiling the institution as a whole".

Lynn said that he was purged because Slaughter caved in to pressure from Google. Despite a lack of evidence which had come to the fore regarding Google demanding he be removed, Judis suggests that there is little doubt that their conflict was as a result of Lynn 'imperiling' a large donor. As an individual who has spent years at a Washington think tank and knows these issues intimately well, he notes that the New America saga highlights the credibility conundrum think tanks must contend with. He adds, "Instead of bolstering public trust in expertise, as think tanks were initially supposed to do, they are increasingly feeding the growing distrust."

Their origins, such as those of the Rand Corporation and the Brookings Institution, which was founded by wealthy businessman and philanthropist, Robert Brookings, were transformative and progressive. Brookings, for example, firmly believed that the application of social science would yield government policies which would stifle rising conflict between the classes, parties and also achieve world peace. Brookings envisioned a research institute which was "free from any political or pecuniary interest". The scholars never had to raise their own funds and were employed like university lecturers. So progressive was Andrew Carnegie when he established the Carnegie Endowment for International Peace that in 1910, he endowed the institution with bonds, with the desire that they could steer clear from fundraising completely. Other organisations which started during that era were the Council on Foreign Relations and the National Bureau of Economic Research.

The organisations grew in stature as bona fide institutions with a reputation for intellectual independence. When officials of coal mining companies expressed their dissatisfaction to Brookings first president, classical Economist Harold Moulton in 1933 about a study recommending their nationalisation, his reply was simply that," We are concerned only in finding out what will promote the general welfare." This was the case up until the 1960s, when significant changes in Washington took place.

The first of these developments was as a result of conservative Republicans and business groups forming think tanks with specific factional and or economic interests. Businessmen unhappy with the New Deal, in 1943, formed the American Enterprise Institute. The AEI played a role as Barry Goldwater's policy arm in his campaign for president in 1964. It also became the think tank of choice for the Fortune 500 and centre-right Republicans, despite retaining a few liberal researchers for the sake of appearances. Sophisticated business lobby groups such as the Heritage Institution founded in 1973 as well as other groups such as the Competitive Enterprise Institute, "action tanks" such as Citizens for a Sound Economy and FreedomWorks all demanded attention for their 'experts' in the media, on Op-ed pages and later on television.

The second development, occurring around the 1970s, related to the first, was the expansion of lobbying operations by businesses in Washington. They formed corporate offices in Washington and employed the services of lobbying firms. There was also a great deal of expenditure on studies which supported their point of view. In the new environment which prevailed in Washington, older think tanks developed an impetus for funding, even at the expense of their intellectual independence.

The earlier formed think tanks had the organisational structure of small universities, or university departments where scholars didn't have to teach. However, with the ascendance of AEI and Heritage, a third development occurred. Both older and newer think tanks were swept up in a competition akin to the business world: a race for the highest number of researchers as well as the most elaborate headquarters both nationally and abroad. This takes a large amount of money to do.

As think tanks sought donors, the donors in turn wanted influence on the product they were funding. Some groups such as Brookings made a concerted effort, and still do, to keep the donors at arms length. However, the relationship between donors and think tanks has produced a series of scandals over the last 3 decades. For example, a New York Times investigation in 2014 revealed that ," More than a dozen prominent Washington research groups have received tens of millions of dollars from foreign governments in recent years, while pushing United States government officials to adopt policies that often reflect the donors' priorities."

The influence of donors has been heightened by the fact that think tanks often require scholars to seek funding for their research. Judis says that when he became a "visiting scholar" at Carnegie in 2003, he was under the illusion that think tank scholars were still like university lecturers. However, after he had completed a book about the Iraq war, he was informed that if he wanted to stay in his office and write a book about the history of US foreign policy toward Israel, he would be required to find funding. Not wanting to get funding from either side of the Arab-Israeli conflict, because this would allow either side to discredit his research, the quest for uncomplicated funding proved to be a Pandora's box, leading to him leaving Carnegie. This has become commonplace in Washington and has the potential to give donors untoward influence over what is produced.

New America is not known as a think tank where researchers are let go on dubious reasons or where donors have a particularly heavy influence. It was formed as a progressive policy group in 1999. It abhorred the "dogmatic two-party system" in the US and predicted that "political transformations and realignments" were necessary. It was originally based on scholars who were employed for a defined period of time and guaranteed independence in their work. It boasts a range of intriguing books it has produced. Sadly, it got caught up in the competition which ensued in the think tank world, forming centres in New York and California. New America also initiated an array of funded projects such as those of Lynn's Open Markets. As the controversy involving Lynn shows, the proliferation of projects sparked conflict between donors and researchers. Had Lynn, who is now establishing a new group, Citizens Against Monopoly, concentrated his efforts towards oil companies, it is questionable whether he would have encountered conflict with Slaughter.

In an article for Medium, Slaughter sought to give her perspective on the matter. "Nothing we say is going to convince the many people who want to believe a David vs Goliath story of Barry Lynn vs big bad Google." She proceeded," On the contrary, Barry's new organisation and campaign against Google is the opening salvo of one group of Democrats vs another group of Democrats in the run up to the 2020 (US) election, at a time when I personally think the country faces far greater challenges of racism, violence, a broken political system, and geographic and partisan divisions so great that we are losing any common sense of what we stand and strive for as a country."

Ironically, Slaughter's statement suggests that, what was really at stake here was, as Lynn had purported, a "campaign against Google" and not 'collegiality' as she had initially claimed. She seemed to suggest that the challenges she had mentioned were more important than this matter. However, by any and all standards, the question of how to relate or deal with the might of large technology companies such as Google, Facebook and Amazon in the 21st century is certainly no trivial matter either.

Think Tank Impact Assessment Tool

The 2017 Global Go to Think Tank Report sensibly notes that evaluating the impact of think tanks is a challenging endeavour, given the "various and conflicting actors, events and politics involved in the policy making process." Regardless of the significant hurdles in establishing a causal relationship between knowledge and policy, it is important for think tanks to give a response to the increasing number of questions raised by donors, the public and journalists about the influence and role of think tanks in governments and civil societies around the world.

Different metrics can be applied by think tanks to assess their impact, including measures such as growth rates in analysis, research produced as well as contributions to civil society and the policymaking environment. McGann's 2008 research concentrated on formulating a comprehensive assessment tool to evaluate the impact of think tanks. The following are provided by the index as useful when assessing the impact of think tanks and differentiating between impact and output:

• Resource indicators: Ability to recruit and retain leading scholars and analysts, the quality, level and stability of financial support, access and proximity to decision makers, staff with the ability to conduct rigorous research and the ability to produce timely and incisive analysis, institutional currency, reliability and quality of networks, key contacts in the policy academic communities and the media
• Utilisation factors: Quantity and quality of media appearances and citations, reputation as a 'go to' organisation by policy elites and the media in the country, web hits, testimony before executive and legislative bodies, books sold, reports distributed, briefings, official appointments, consultation by officials or departments/agencies, references made to research and analysis in scholarly and popular publications and attendees at conferences and seminars hosted
• Output indicators: Staff who are nominated to government and advisory posts, number and quality of policy proposals and ideas generated, publications produced (books, policy briefs, journal articles etc),  news interviews conducted, briefings, conferences and seminars organised
• Impact indicators: Advisory role to political parties, candidates, transition teams, awards granted, recommendations adopted or considered by policymakers and civil society organisations, issue network centrality, publication in or citation of publications in academic journals, public testimony and the media that influences the policy debate and decision-making, listserv and website dominance, success in challenging the conventional wisdom, standard operating procedures of bureaucrats and elected officials in the country

In the 2017 Global Go To Think Tank Report, TTCSP assert their commitment to improving the quality and representativeness of the index every year. Scores of expert panelists have participated in the assessment of the ranking criteria, nominations and indexing processes. As a result, several iterations have been made since 2010, designed to limit bias, expand the rankings representativeness and indexing processes. For example, in 2010, a ranking list of think tanks with an annual budget of less than $5 million US was developed. This category assists in recognising the work of smaller think tanks which produce influential research, but might otherwise be toppled off the ranking list by think tanks with larger budgets and teams. The methodology also included an open nominations process in which all 6480 think tanks identified by the TTCSP at the time were invited to submit nominations. This replaced a system in which the expert panel developed the initial slate of organisations. 

In 2012, categories such as "Top Energy and Resource Policy Think Tank", "Top Education Policy Think Tanks" were incorporated, all aimed at recognising the diverse issues think tanks tackle. Other categories, focusing on the areas of research include: Top Domestic Economic Policy Think Tanks, Top Environment Think Tanks, Top Science and Technology Think Tanks, Top Transparency and Governance Think Tanks, Top Social Policy Think Tanks, Top Food and Water Security Think Tanks etc. 

Top Think Tanks by Achievement featured categories such as Best New Think Tanks (unranked), Best Institutional Collaboration, Involving 2 or more think tanks, Best Think Tanks with Political Party Affiliation, Best University Affiliated Think Tanks, Best Policy Study/Report issued by a Think Tank, Best Independent Think Tank, Best For-Profit Think Tank  etc. 

Africa's Think Tank Sustainability Crunch

Dr Frannie Leautier reported in 2014 at the Africa Think Tank Summit in South Africa that 30% of Africa's think tanks may fold or be in dire straits. Dr James McGann reports that based on his research, another 25%-30% are failing or at high risk of failure. Some of the challenges faced by African think tanks include  small staff components and budgets due to inadequate and irregular funding, high staff turnover due to low salaries and financial instability. Cumulatively, these challenges cause systemic risk and a sharp sustainability crisis in the region. Efforts to bolster think tanks are necessary to ensure their long-term prospects.

Despite some of the pitfalls inherent in the think tank arena, it is important to note that in a world in which matters such as climate change, migration, technological advancement and the future of work require urgent attention, it is possible for entire nations with tens or hundreds of millions of people to be caught unprepared to deal with an exodus of millions of people from one place to another due to climate change, for want of opportunities, food and or water insecurity. Think tanks have the potential to play a vital role in helping societies to not only understand these problems, but to also assist policymakers to provide a systematic response to them. 

Conclusion

The African continent has its fair share of trials to negotiate, however, it also offers many exciting opportunities for the shrewd. As the East and West court the African continent in efforts to build partnerships, governments would be wise to take heed of the successes and failures of the Washington think tank complex as well as the reasons why the above have prevailed. A well informed citizenry coupled with strong institutions holds the promise of improved welfare for society at large.

No Romance Without Finance

By: Siyanda Pali

When Gwen Guthrie penned down the lyrics to her 1986 classic, "Ain't nothin' goin' on but the rent", one doesn't think she predicted at that moment, how timeless it would be. "No romance without finance, no romance without finance." The lyrics to this song are probably relatable to many who have BHAGs, but fortunately or unfortunately, do not come from a family of means. They're relatable to the student who dreams of completing a Postgraduate degree at a top university. They ring true for the entrepreneur trying to make ends meet and to grow their business.

Alibaba co-founder Jack Ma

One such entrepreneur, among many, is the Founder of Skinny Sbu Socks, Sibusiso Ngwenya. The 27 year old entrepreneur hailing from Tsakane township in Johannesburg says his business emanated from a love of socks. The start of his business is also one of the hallmarks of successful entrepreneurs: possessing a natural creativity. Ngwenya relays the story of how as a youngster, his mother gave him R70 as a gift to buy a meal of his choice. What he did next was to buy pairs of socks from South African retailer Mr Price, which were marked down to R5 each. He repackaged the socks with gold and orange string, and resold them to his friends on social media for about R25 each. The rest is history. 

Ngwenya has met some success along the way. At the age of 27, he has managed to build a brand which was previously stocked at Stuttafords. Unfortunately, when Stuttafords had to close its doors around July 2017 after 159 years in business, it meant that Skinny Sbu Socks had to scale a distribution hurdle. The brand was able to achieve another retailing breakthrough with a deal which saw its products being sold at 20 Markham stores nationwide, with an additional 10 stores anticipated. Markham, which has 350 stores in South Africa, is part of the Foschini goup (TFG). A handsome 49.12% share appreciation has been enjoyed by the group over the last 5 years from 5 November 2013 to 2 November 2018. Rather ironically, TFG has been pipped by Mr Price over the same period, which has amassed 51.6% share appreciation.  Their March 2018 integrated annual report shows that TFG's annual turnover increased by 21.4% to R28.6 billion ($2 billion US) and gross margins grew to a healthy 52.5% from a previous 49.7% in March 2017. Headline earnings are up 9.6% to R2.5 billion ($ 175 million US).  Skinny Sbu Socks is touted as Africa's leading premium sock brand and is an asset to South Africa's manufacturing sector, now trading for 5 years, employing around 60 people in a factory in Cape Town.

However, Ngwenya's brand has also met its fair share of challenges. One of the pitfalls he mentions is that he did not adequately acquaint himself with the Stuttafords contract. This led to him accumulating almost R800 000 worth of debt as the ailing retailer struggled to stay afloat. He recovered splendidly from this by securing a deal with Markham shortly afterwards. It's a pity that one does not have key metrics for the financial performance of Skinny Sbu Socks. He has made personal sacrifices to finance his business. According to him, what he now needs in order to get the business to the next level is funding, R5 million ($350 000 US) to be exact. And so the question arises, what factors should be considered by businesses when choosing a source of financing? Correia, Flynn, Uliana, Wormald and Dillion state that one ought to pay attention to the following, among others:

1. Target capital structure- What can be said about the business in terms of its desired position with    regards to capital structure? 

2. Flexibility- Management should be wary of acquiring too much debt. The less debt the company    has, the better the chances of being able to take advantage of investment opportunities in future.

3. Risk- Depending on the size and forecasts of the business, management should be wary of              exchange rate risk, interest rate risk and cash flow risk in its choice of financing.

4. Income Statement Volatility- If the company has a high degree of operating leverage and it finds       itself in a cyclical industry, then maybe management ought to consider issuing equity.

5. Control- Is the business owner(s) willing to cede some ownership or is diluting shares non-              negotiable?

6. Other- Tax: There are certain instances in which a taxpayer is prohibited from deducting an assessed loss from taxable income. The treatment of an assessed loss, for an individual or a company, will in turn determine if one can benefit from an interest tax shield.
7. Timing- If the inflation rate is high, then management ought to consider debt financing. If interest rates are low, then they could opt for fixed rate debt.

Admittedly, some of the above are more applicable to large corporations than they are to companies in the early years of their existence. An entrepreneur at the coalface of mounting expenses such as salaries and wages, rates, marketing and accessing distribution networks, can at times feel overwhelmed and isolated. Options can seem few and far between. It's an incredibly paradoxical odyssey, one in pursuit of a higher purpose or freedom, but it comes at a cost.

This is a wonderful opportunity to reflect on whether the ecosystem in South Africa is conducive to the growth of startups as well as SMME's in general. What options are available to the small businesses? Do we need to innovate in this space in order to harvest the full potential of South Africa's talent? The JSE is Africa's premier securities exchange, and has, according to the World Economic Forum, been ranked as the best regulated exchange the world over for 4 years consecutively up until 2014. This is a long-term option which many will be eyeing. The Alt-X is a much smaller exchange, with less stringent listing requirements and more affordable listing costs. The applicant here needs to have at least R2 million of share capital, among other requirements. There is massive potential for growth here. The disadvantage for investors, however, is the lack of liquidity synonymous with this exchange. There are investment as well as commercial banks which form part of the fold. Other investment institutions such as large insurance companies, private equity firms, venture capital, the Industrial Development Corporation as well as Public Investment Corporation constitute the universe of available avenues.

Venture Capital seems a natural fit for some SMMEs in South Africa. The Harvard Business Review reports that less than 1% of start ups received VC funding in the US. The numbers are a complete dichotomy in South Africa. The SAVCA 2018 VC Industry Survey states that venture capital is financing that investors provide to businesses, in the start-up and early growth phases. These deals are largely funded by equity. For startups with limited access to capital markets, venture capital is a highly advantageous source of funding. The desirability of VC arises from the requirements of these respective businesses and the added value they can provide to such businesses in supporting and structuring the businesses.

The 2018 SAVCA VC industry survey shows that the value of investments made during 2017 was R1.15 billion from a previous R872 million in 2017. This marks a 33% increase from 2016. The contribution by the stage of the deal, by value of deals invested shows that startup capital took the lion's share at 42.2%, later stage financing amounted to 20%, growth capital totaled 33.7%, seed capital equaled 2%, rescue or turnaround funding amounted to 1.6% and buyout capital came in at 0.5% The total number of deals increased from 27 investments in 2013 to 159 in 2017.

Businesses and industries which exhibit above average growth and associated returns are typical targets for VCs. In these cases, high growth returns are propelled by other factors such as access to large untapped markets or differentiation. The quality of management of a business is also a pertinent aspect investors look for.  It takes a shrewd  investor to find value in a business which may not necessarily be profitable in the interim, but has high future expected cash flows. Nascent investment vehicles and regulatory incentives such as Section 12J continue to enlarge the kind of VC investors active, together with the business focus and sectors investments are made in.

President Cyril Ramaphosa has shown incredible resolve to bring investment into South Africa. This has been indented by the recent success of the South Africa Investment Conference, in which R29 billion of investment was raised. Perhaps the Ministers of Small Business and Economic Development, the Honourable Lindiwe Zulu and Honourable Ebrahim Patel ought to collaborate to host an annual investment conference which will revolve among all 9 of South Africa's provinces, specifically for SMME's, with the aim to foster the efficiency of available institutions, to further equip doers and dreamers as well as to help bolster investment into SMME's.

To the dreamers, the builders, the doers, I find it befitting to conclude with the words of one of the world's foremost entrepreneurs and headline speaker at the South Africa Investment Conference, a man who has had his fair share of trials, but has achieved extraordinary success regardless, building Alibaba into a behemoth over 19 years,  Mr Jack Ma,"If you have a dream, don't give up."

   

The Africa of the Future: Inclusive and Sustainable Industrial Development

Perhaps the most majestic of all creation on planet earth, are those which scoff at the law of gravity daily in favour of the law of aerodynamics. Birds, scientifically known as Aves, are fascinating creatures which continue to capture the imagination of mankind.

CSRNEWSSA

From the African Jacana, nicknamed the Jesus Bird, because of its apparent ability to walk on water, the buzz of the Hummingbird’s wings, the bright yellow feathers of the Southern Masked Weaver to the African Fish Eagle’s keen vision, 2.4 meter wingspan, balance, precision and power, the qualities of these birds are vast and mesmerising.

The African Fish Eagle, ironically, is the national bird of Namibia, South Sudan and Zimbabwe. One of the most intriguing of bird activities is the nest building process. With natural materials and innate skill and tenacity, durable, aesthetically impressive abodes are constructed over a 2-day to 4 week period. The primary reason for this building project is to provide a safe space for the laying, incubation and taking care of eggs. Ultimately, the entire process takes place out of an obligation to the next generation.

Inspired by the above, the Africa of my dreams comprises of magnanimous systems, institutions and innovation.

One of these is the sovereign wealth fund. Sovereign wealth funds are state owned investment vehicles which invest in various asset classes such as bonds, equities as well as alternative investments such as hedge funds. In 1994, Botswana launched the continent’s first, The Pula Fund, worth approximately $6.9 billion US today, from its diamond revenues. Other such funds include the Nigeria Sovereign Investment Authority, The Heritage Fund in Ghana, the FSDEA in Angola as well as the FRR in Algeria, which is the largest in Africa with $77.2 billion US in assets under management in 2017.  

The modus operandi of the funds differs amongst countries. The Pula Fund, similar to Norway’s sovereign wealth fund, invests in assets globally, only spending returns on their investments. Nigeria’s Sovereign Investment Authority allocates 40% of its fund into a Future Generations Fund, aimed at global assets over a 20 year period. It directs another 40% to domestic projects, with preference given to sectors such as agriculture, energy and highways. The FSDEA, amongst a host of other investments such as hotels and farming, has spearheaded a deep-sea port.

The poignant advantages of sovereign wealth funds mean that they also become strategic assets for nations. Hedging against commodity price fluctuation and shocks, creating jobs nationally, a source of eliminating national debt and funding free education etc. all become a reality. Working in tandem with  various African development institutions using a hybrid model for some nations, a large component of African development could be funded by Africans, executed primarily by African companies and talent. I salivate intellectually at the thought of the realisation of the dream in which all nations on the continent have a sovereign wealth fund, servicing the needs of their people with dignity and honour.

Chief amongst the cornerstones of building a sustainable continent is for each country to have autonomy over its energy mix, given that Africa accounts for less than 4% of all global carbon emissions. Desalination plants from Cape to Cairo should provide high quality water for all. This should also be complimented by masterful engineering such as self-repairing asphalt roads, making potholes history and architecture which is not at variance with Africa’s enviable ecology and scenery, but through design, should accentuate and collaborate with nature to create a beautiful tapestry.

As capital markets are attracted to our shores and Africa’s economies grow, per capita incomes of workers ought to track such a trajectory, at a superior rate to inflation. Furthermore, due to a competitive advantage underpinned by, amongst other things, a large youth dividend, increased aggregate demand for goods and services, an ability to attract and retain human capital and sustained increases in total factor productivity, Africa’s share of global trade should increase to at least 20%.

One of the catalysts for this could be the world’s first continental cryptocurrency, what I simply refer to as Afro, used to purchase everything from a sandwich to LED lights made in Mthatha for use by corporations in Luanda and Lima. In the spirit of true democratisation of financial markets, Afro could be traded on futures exchanges in Johannesburg and Addis Ababa, with futures contracts which can also be traded by the layman. This will ensure that Afro Futures are not only the preserve of large institutional investors, but are also accessible to a vibrant retail market.

In 1992, world-renowned psychologist Professor Mihaly Czikszentmihalyi published his now universally celebrated book, Flow: the psychology of happiness. In his offering, he extrapolates on the state of flow, a state of being derived from partaking in activities or events which result in a heightened consciousness, what some elite athletes, as highlighted by Ilona Boniwell, refer to as being ‘in the zone’. One is so blissfully unaware of both the world and self that time seems to move at the speed of light, or has the perception of slowing down to a snail pace. Furthermore, flow is also reached when one’s skill-level and challenge faced are both high: one’s mind or body are voluntarily stretched in a worthwhile endeavour. Reciprocally, a high skill level and a low challenge level invariably result in boredom.

In the book, Professor Czikszentmihalyi interviews thousands of people from vast walks of life: surgeons, chess players, dancers etc. He concludes that these people share certain characteristics, amongst others, in their chosen field: a sense of control over what one is doing, actions and awareness are merged, transformation of time as alluded to above and most notably, the activities are intrinsically rewarding.

Another psychologist, Dr Abraham Maslow, who pioneered Maslow’s hierarchy of needs in 1965, championed the term ‘peak experiences’, which describes moments of abundant joy. Maslow inferred that peak experiences are within grasp of every human being, but people who had self-actualised were more likely to attain them.

It is my dream that institutions, organisations and systems in Africa foster the self-actualisation of every human being. With students baptised in a pedagogy of exploration and a workforce which possesses infinite enthusiasm; are enabled to follow their intellectual curiosity and passion, innovation and excellence are a certainty.