The Cameroonian with a business management tool for the informal sector
From the fruit seller at the side of the road to the fisherman supplying a market, informal businesses account for the majority of economic activity on the continent. The space is made up of necessity entrepreneurs, due to a shortage of job opportunities, and many have a limited formal education, if any at all. Inventory and financial record keeping is typically done via pen and paper, opening it up to human error, as available business management tools usually require computer and financial literacy.
However, 27-year old Cameroonian entrepreneur, Ted Boulou, believes he has a solution. He is the creator of Somtou, a management console designed specifically to cater for informal and small businesses in African markets. The table-like tool is solar-powered and enables micro-entrepreneurs to manage inventory and keep financial records, which might assist them in accessing credit from banks and other institutions. The software does not use text and its touchscreen allows users to easily record their inventory with pictures or drawing of products. When making a sale, the image is selected, the price is entered, and the device then automatically updates the stock and finances of the business.
Boulou moved to Dakar, Senegal in 2013 to work for the IFC after completing both a masters in engineering and economics at prestigious schools in Paris. How we made it in Africa talks to Boulou about Somtou’s business model and his entrepreneurial journey so far.