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	Bülent Şenver'in Gözüyle

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Establishing an ethical framework for start-up ventures in Africa
19.02.2021

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AFRICA SUMMIT 18 February 2021, Thursday 14:10
World Business Angels Investment Forum An affiliated partner of the G20 Global Partnership for Financial Inclusion (GPFI)

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Keynote Speech:

Establishing an ethical framework for start-up ventures in Africa

Bulent Senver
Ex-Chairman Denizbank, Founder Turkish Ethics Values Centre

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video Bulent Senver's Speech "Establishing an ethical framework for start-up ventures in Africa"

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Auddio Establishing an ethical framework for start-up ventures in Africa

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Bülent Şenver's Presentation Slides

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SLIDE #2 - Africa

"Ethics" is the magic word for success for the start-up ventures in the developing countries.
　
Africa, home to some 1.3 billion people, half of whom will be under 25 years old by 2050,
　
Africans across the continent will in future live an healthier and more prosperous lives.
　
Africa is the world's largest free trade area. The continent is creating an entirely new growth and development path with the potential of its resources and people.
　
There are some 55 countries in Africa today.
　
Start-up ventures in Africa who understand the principles of "Ethical Governance" and behave with "Business Ethics" will become the fastest growing and profitable companies of this huge developing continent.
　
SLIDE #3 – 3 Models

In order to convince the investors to inject capital to their venture,
any start-up venture, in any country, should determine clearly 3 models for their venture.
　
#1 Business Model

Explain clearly and simply your business with one sentence.
What business will you do?

Explain how you will do your business?
What is your product or service?
Who will be your customers, suppliers, stakeholders?

#2 Profit Model

Explain how you will generate revenue for your company?
Describe why your revenues will be in excess of your expenses?

Convince investors that your profits will be sizeable and sustainable.

#3 Strategy Model

To achieve your objectives what long-term strategies are you planning?
What will be your shareholder strategy, borrowing strategy, market penetration strategy, technology strategy, human resource and going concern strategy?
　　
　
ETHICS

At the heart of these 3 models is your "Ethics".
　
Even if you have perfect Business, Profit and Strategy model, without "Ethical Behaviour" you cannot convince potential investors to give you money.
　
Therefore "Ethics" is the key skill and essential feature for any start-up venture.
　
SLIDE #4 – Ethical Compass

What is Ethics?
I want to share with you our "Ethical Compass".
　
In simple words ethics is doing the correct and right things and being fair and just in your business.
　
Avoiding the wrong and incorrect decisions and not being unfair and unjust in your business.
　
SLIDE #5 – Ethical Filters 4 Questions

Before implementing any decision in your star-up venture, you should first filter it using the "Ethics Filter" called PLUS.
　

Check the consistency of your decision with;
- Policies and procedures,

Laws and regulations

Universal Values and

Self personal values

SLIDE #6 – Global IntegrityPuzzel 4 Pieces

There are mainly 4 pieces in "Global Integrity Puzzle" that every start-up venture should establish a strong and reliable infrastructure.

Compliance with Ethics and Business Conduct

Good Governance and Rule of Law

Transparency, Anti-Bribery and Anti-Corruption

Corporate Social Responsibility

SLIDE #7 – Global Integrity Key Issues

Among the list of "Global Integrity Key Issues", start-up ventures should establish fair labor practices, build up good governance infrastructure, care for health, safety and environment, comply with human rights principles and integrate with national culture.
　
SLIDE #8 & #9 – Why Ethics for your Company

Ethical behavior and ethical practices

Attracts multinational partners and investors
Foreign capital will come to you with reasonable terms and conditions
You may recruit best workforce available in the market
You can build up long term good relations with your customers and vendors
You can avoid bad media publications
You can protect your company reputation and corporate image
You will gain the trust of your Shareholders and Stakeholders

Attracts multinational partners and investors

If you want to do business with a US or European multinational company, they have certain expectations of the standards by which you run your business.
　
They expect that you follow international quality control standards, for example. They expect that you present your financial statements in a way which is consistent with international accounting practices.
　
Your communications standards must meet global expectations as well. Likewise, your business practices must be consistent with emerging global ethical standards.
　　
Foreign businesses have a choice to seek partners in Africa or in other countries. Among other considerations they are increasingly choosing to work with partners who share their commitment to legal and ethical behavior.
　
Foreign capital will come to you with reasonable terms and conditions

The same can be said for attracting foreign capital at attractive rates. Lenders are not disposed to loan money to companies which they fear will behave in unethical or illegal ways. This increases their risk and raises the required rate of return.
　
You may recruit best workforce available in the market

A company which has a reputation for being ethical can attract and retain the best workforce. Employees feel that if a company is seen to be ethical, the company will treat them ethically as an employee as well. Research in the US has shown that employees who feel that their employer is ethical are more satisfied with their jobs then those who feel they work for an unethical company.
　
You can build up long term good relations with your customers and vendors

Ethical conduct also fosters strong, loyal and positive relationships with customers and vendors.
　
You can avoid bad media publications
You can protect your company reputation and corporate image
You will gain the trust of your Shareholders and Stakeholders

In the short term, unethical practices can be very profitable, but they will clearly damage long-term relationships, and you are in business for the long term.
　

SLIDE #10 &11 – Why Ethics for your Country

Your Country will;
1. Conform with global standards
2. Create stable, predictable business environment
3. Ensure stable, predictable transaction costs
4. Strengthen the local currency
5. Promote strong, stable civil society
6. Promote rule of law
7. Develop a regulatory environment that favors business and
attracts foreign investors
8. Reduce the economic inefficiency of corruption
　
A commitment to ethical conduct promotes the rule of law.
　
There are always new and creative ways to avoid or go around the law.
　
Businesses which are ethical do not seek to do this, but seek, rather to influence the legislative process.
　
This creates a legal and regulatory framework which is favorable to business and less burdensome as well.
　
We know that corruption is an extremely inefficient system in that it does not allow the market to function as it should.
　
A commitment to ethical conduct allows the market to function freely and efficiently.
　
I might also point out that the inefficiencies of corruption are borne not by the business elites, but by the poorest and most vulnerable citizens of our country.
　　
SLIDE #12 & 13 – Ethics Program for Start-Up Ventures

I want to mention some important duties the start-up ventures should fulfil to build up an ethical framework for their company.
　
1. Mission, Vision and Values Statements
2. Code of Ethics (and supporting policies)
3. Ethics Office, Officer and/or Committee
4. Ethics Committee (of the Board)
5. Supporting infrastructure
Helpline / Hotline / Investigation
Data gathering and reporting
6. Ethics Training
Ethics expectations and standards
Supporting infrastructure
Ethical reasoning and decision making
7. Communication Strategy
To organization
To Board
8. Effective Monitoring, Supervision and Oversight
9. Independent Assessment & Audit

It is easy to list and mention these duties but it needs dedication, time, effort, energy, resourses and willingless to do it.
　
SLIDE #14 – ETHICS

Do not forget.
　
Without "Ethics", no investor will give you any money to do business.
　
You need an "Ethics Vaccine" as a start-up venture.
　
　
SLIDE #15 & 16 – Ethics Courses

You may get your first "Ethics Vaccine" from the two courses given by WBAF Business School.

First Course is:

Ethical Governance for Global Institutions and

The Second Course is:

Qualified Ethics and Compliance Executive Certification Programme

Have a safe Ethics Journey…

Thank you.

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