Change Com
With this new mini-series we would like our members to get to know each other better. Where have they established and made investments - and what have they learnt so far? Meet Endre Skolt in our first interview.
Endre Skolt is the founder and owner of Change Com AS, an Oslo-based investment company with the mission to support talented entrepreneurs in emerging markets. The company’s mission is to enable talented individuals and teams to set up profitable businesses and achieve sustainable economic growth and prosperity.
Founder and Owner of Change Com, Endre Skolt
Why investing in Africa
Endre Skolt started investing in the African market after a visit to Ethiopia in 2016, and today his company has investments ventures in both Ethiopia and Kenya. When asked why these two countries he says: “In Ethiopia because of high economic growth, the high need and demand for electricity, need for digitalisation, huge markets, great prospects. In Kenya because Kenya is one of the easiest countries in Africa to do business in and for the same reasons as in Ethiopia”. His reasoning for investing in Africa was because he wanted to make a difference. “Africa is the least developed continent in the world, and as an impact investor and angle investor, I want to make a difference. Investing in Africa also have great potential, there are great opportunities to do good business in most sectors”.
Endre Skolt, during the Kenya - Norway Business Forum. (Photo: Innovation Norway)
Challenges and opportunities when investing in Africa
However, there are also challenges when investing on the African continent: “in Ethiopia, the main challenges have been accessing foreign currency and local bureaucracy. It should also be mentioned that doing business in Africa normally takes more time than in the western market. The best way to deal with all the challenges is patience, patience, patience”. Another challenge in today’s society is related to COVID-19, however for Change Com the pandemic has slowed down the business, but less than expected.”
The most interesting opportunities with investing in Africa are the transformation to the digital economy according to Endre. He states that “Change Com focuses its investments on digital financial services (fintech), mobile internet services and renewable energy, all areas representing basic infrastructure needs”. He believes that the key element to achieving a successful business in the African market is about the local presence, building a relationship with decision-makers and long-term commitments. His key advice to other companies and entrepreneurs wanting to expand their business to Africa is “long term local presence is a key to success. If you want to be present in the markets and geographies with the biggest growth in the coming 10-20 years, Africa is the place.”
Learn more about Change Com here