Failing to Win

More about the book

In 2009, Canadian entrepreneur Mike Quinn moved to Lusaka, Zambia, to seek out African entrepreneurs creating scalable businesses. He discovered two South African brothers who had started a venture to help unbanked smallholder farmers receive mobile payments in a cash-dominated market. After persuading his retired parents to mortgage their house for $100,000, Mike became a co-founder and CEO of Zoona for nearly a decade. Together with his partners, he established a network of over 3,000 entrepreneur agents in Zambia and Malawi, enabling millions of unbanked consumers to transfer $2.5 billion in money. Based in Cape Town, Zoona secured over $35 million in venture capital and became a key player in Africa's fintech landscape. Mike's journey offers an honest look at the challenges faced by a pioneering African startup led by a purpose-driven entrepreneur. Zoona encountered significant obstacles, including currency crises, failed investments, resistance from major mobile operators, and ongoing struggles to align growth strategies with its billion-dollar goals. Through these failures, Mike gained insights into entrepreneurship in Africa, which fueled his determination to persevere and innovate.