PROFILE
The following profile was put together based on the initial hourlong mentorship meeting Abubakar and I had on Wednesday February 14 2024.
SWIFTWAY SHIPPERS: OVERVIEW & BACKGROUND
Founder: Abubakar has been involved in shipping and delivery-related businesses since 2019.
Evolution:
- Initially started as a courier company utilizing bikes.
- Transitioned into freight forwarding/shipping, with plans to reintroduce the motorbiking service in the future.
Origins:
- Inspiration came from working as a salesperson in Konongo, where Abubakar observed the challenges clients faced traveling for purchases.
- Launched delivery services with a single bike, expanding rapidly from Konongo to Kumasi, and then to Accra during COVID-19 as a pioneer of bike-based deliveries.
Education and Early Career:
- Gained insight into procurement and supply chain management while studying at Kumasi Technical University.
- Entered the freight forwarding industry with guidance and connections from a mentor met after high school.
BUSINESS MODEL & SERVICES
Exports: Focuses on agricultural products, cash crops, and timber.
Imports: Primarily FMCGs (Fast-Moving Consumer Goods), appliances, and raw materials for production.
Services: Offers personalized shipping options, including end-to-end solutions and customs clearing services.
Client Base: 90% opt for sea freight due to cost efficiency, with some hospitals preferring air freight for urgency.
CHALLENGES AND STRATEGIC GOALS
Financing:
- Initial stages involved pre-financing and sharing warehouse space.
- Currently seeking to raise $100,000 by the end of April 2024 for 10% equity, aiming for expansion and operational enhancements.
Expansion Plans:
- Looking to relocate operations to a new warehouse in Madina or La Paz, with an estimated cost of $500 a month.
Market Position: Claims to be the second-best shipping partner in Ghana after DHL, with a competitive edge in flexibility and speed.
FUNDING & INVESTMENT
Past Achievements: Selected as an Anzisha Prize Fellow in 2002, indicating recognition and potential for growth.
Funding Allocation Plan:
- 21% for marketing efforts.
- 19% for team expansion, aiming to grow from two to six full-time members.
- 25% for acquiring a new warehouse.
- 35% for technology and software investments.
Investor Engagement:
- Exploring opportunities with angel investors, including introductions to investors in Kenya.
- Engaged with potential funders such as Seedstars, Baobab, and Founders Factory in Kenya, each offering different terms for investment.
ACCELERATION & MARKET POSITION
Innovation and Growth:
- Participated in the Vault Accelerator program as part of a rebranding and growth strategy.
- Pitched at Ghana Startup Week and plans to present in Cape Town in March 2024.
- Positioned in a nascent market in Ghana, with few competitors like Jet Stream Africa, which is transitioning towards a software-centric model.
SUMMARY OF MEETING NOTES
Here are links to all the meeting notes I took during my four mentorship sessions with Abubakar. Each meeting was about 1.5 hours long:
- Meeting One Notes
- Meeting Two Notes
- Meeting Three Notes
- Meeting Four Notes
Please note that the last three meeting notes were written after I had put together the program below, which we didn’t quite follow in the end. This was because I eventually understood that Abubakar’s needs at the time of my mentorship program weren’t in line with the outline program, and so I adjusted my approach to better match his needs, which he appreciated and benefited immensely from eventually.