Want to learn the best business insights from remarkable speakers at Slush 2023, but don’t have the time to watch the full speeches on YouTube?
You’ve come to the right place. Below is a summary of a speech by Daegwon Chae, General Partner at BOND and Noureddine founder of Yassir.
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<p class="h1-rich">🤏 TL;DR</p>
TL;DR: Yassir, a super app in Continental Africa, started with ride hailing to address an immediate need in African cities with limited public transportation. They leveraged the region's young population, high household purchasing power, and informal markets to unlock business models that were previously overlooked. Their goal is to provide payment services and they used on-demand services as a Trojan horse to achieve this, expanding from ride hailing to food delivery, grocery delivery, and payments, capitalizing on common operational aspects and cross-selling opportunities. Action items include developing a plan to expand payment services, partnering with local merchants, hiring and empowering local engineering talent, and investigating legal frameworks.
<p class="h1-rich">✨ Summary</p>
Founding Vision and Starting with Ride Hailing
- The founding vision of Yassir was to create a super app in Continental Africa.
- They started with ride hailing as it addressed an immediate need in African cities with limited public transportation.
- They recognized that ride hailing and other on-demand services could provide access to cash and build trust with users, paving the way for payment services.
Value Creation in Africa and Overcoming Challenges
- Africa has a large population and compelling demographic trends, but there has been limited mass-scale value creation in the region.
- Yassir's unique approach and mission have allowed them to succeed where others haven't.
- They leveraged the region's young population, high household purchasing power, and informal markets to unlock business models that were previously overlooked.
Expansion Strategy and Overcoming Challenges
- Yassir started in Algeria and expanded to other African countries, focusing on building a local champion and empowering local engineering talent.
- They developed a playbook based on their experiences in Algeria and worked closely with governments to fill legal vacuums and create favorable conditions for expansion.
- Their mission and status as a local champion helped them attract talent and gain support from various stakeholders.
Scaling and Building a Super App Ecosystem
- Yassir's goal was to provide payment services and they used on-demand services as a Trojan horse to achieve this.
- They expanded from ride hailing to food delivery, grocery delivery, and payments, capitalizing on common operational aspects and cross-selling opportunities.
- The COVID-19 pandemic provided an opportunity to educate users and accelerate growth in different verticals.
Mission, Impact, and Advice for Founders
- Yassir's mission is to empower local talent, build world-scale platforms, and create a new generation of entrepreneurs in Africa.
- Their mission and impact-oriented approach have helped them attract and retain talent.
- Advice for founders looking to break new ground in emerging markets or with new products: believe in what you're doing, build a strong team, seek global capital, and listen to the market.