Dr. James Mwangi Equity Bank Limited, Kenya Monte Carlo | 7–10 June 2012
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Ernst & Young World Entrepreneur Of The Year® 2012 Dr. James Mwangi Equity Bank Limited, Kenya Monte Carlo | 7–10 June 2012 It started with a bank in bankruptcy Additionally, through strategic capitalization, Equity Bank attracted the single largest capital injection in Kenya is well known for its spectacular wildlife East and Central African history: $180 million from and Olympic-class distance runners, but thanks Helios EB. Got jobs? to people like Dr. James Mwangi, the country may become known for its world-class entrepreneurs. For entrepreneurs by entrepreneurs CNBC called it “fascinating” when they Dr. Mwangi, CEO and Managing Director of Kenya’s sat down to talk to us in Monaco. But we Equity Bank Limited, was named the Ernst & Young An independent judging panel comprised of had a hunch all along that our job creation World Entrepreneur Of The Year® 2012, on 9 June distinguished former Entrepreneur Of The Year survey would fi nd that entrepreneurs are at a gala awards ceremony held in Monte Carlo and winners from around the globe selected Dr. Mwangi webcast live around the world. from among fi nalists from 51 countries, each of creating jobs — no matter where in the whom had already been named an Ernst & Young world they are. These go-getters give us Equity Bank is the largest bank by customer base Entrepreneur Of The Year in their home country. many gifts — our favorite phones, fun air in East and Central Africa and the largest African travel, great daily coffee — but what we majority-owned company in the region. The bank “Not only has James really transformed people’s really appreciate them for is their ability has more than 7 million accounts, representing lives across Africa by offering them access to to create jobs. This is especially important over half of all bank accounts in Kenya. It also has funding that they have never had before, Equity operations in Uganda, South Sudan, Rwanda and Bank continues to grow quickly through a strong as the world struggles to work its way out Tanzania. fi nancial performance,” said Ruben Vardanian, of a disheartening economic downturn. President, Troika Dialog, of Russia, who chaired the We learned: Ernst & Young judging panel. World Entrepreneur Of The Year® “ This is a global recognition for • Entrepreneurs expanded jobs overall at a Africans who are embracing the rate of 16% in 2011. Impressive country 2012 counts: US at 18%; Australia 18%; power of entrepreneurship.” Canada 16%; UK 10%. Dr. James Mwangi Dr. James Mwangi, Equity Bank Limited • More than three-fourths (76%) increased headcount in 2011. Equity Bank Limited, Kenya “I’m honored to accept this award on behalf of the • Entrepreneurs will keep growing in 2012: people and customers of Equity Bank,” Dr. Mwangi Ruben Vardanian, President, Troika Dialog, of Russia, who 68% intend to add to their workforce in said. “This is a global recognition for Africans who chaired the World Entrepreneur Of The Year 2012 judging panel, their headquarters country — 44% expect are embracing the power of entrepreneurship to and Maria Pinelli, Ernst & Young, Global Vice Chair, Strategic to expand outside. change the economic and social state of Africa.” Growth Markets • Only 14% say they hire abroad to take “James has been pivotal in the transformation of advantage of lower labor costs. The real Transforming lives Equity Bank into one of Africa’s brightest business reason: expansion into a new market. Dr. Mwangi played a key role in transforming Equity success stories,” said Maria Pinelli, Ernst & Young’s Respondents in Asia (92%), Australia Bank from a failing micro-fi nance institution to a Global Vice Chair, Strategic Growth Markets. “He is (91%) and the UK (87%) are most likely publicly listed commercial bank. He has also driven truly an inspirational story of entrepreneurial spirit to hire to capitalize on new global the bank’s goal to transform the lives of people with an innovative business model that has the opportunities. socially and economically by giving them access to potential to be replicated globally.” At Ernst & Young, we say keep growing! modern, inclusive fi nancial services. The Ernst & Young Entrepreneur Of The Year Entrepreneurs are showing everyone He spearheaded the bank’s investment in an IT Program is the only truly global program designed the way forward. Let’s go! platform that can accommodate 35 million accounts, to acknowledge the accomplishments and as well as a level-four data center — the only one of contributions of leading entrepreneurs building its kind in Sub-Saharan Africa — which gave Equity dynamic businesses, recognizing them through Bank the lead in creating synergy between banking regional, national and global awards programs in ey.com/weoy and mobile phones. more than 140 cities in over 50 countries. VOLUME 35, NUMBER 3 LEADERS 21 Presenting the 2011 country winners Argentina Australia Austria Marcos Galperin Michael Malone Johannes Gutmann Founder and Founder and Founder and General Manager Chief Executive Offi cer Chief Executive Offi cer SONNENTOR MercadoLibre iiNet Marcos Galperin’s entrepreneurial goal has been to Michael Malone founded iiNet in the garage of a suburban When Johannes Gutmann started SONNENTOR in 1988, develop a project that would add value to society and home in 1993 to supply himself with internet access he had three organic farmers who supplied herbs for transcend him as a person. Along the road, he’s also because there were no other internet providers in Western the company. Today, SONNENTOR has more than 120 put time and resources into supporting educational Australia. The company was publicly listed in 1999, and suppliers and exports to 40 countries worldwide, with programs from diverse universities and non-governmental today, iiNet is Australia’s second-largest DSL internet tons of herbs and other raw materials. Since its founding, organizations, and he gets excited about helping the service provider. With approximately 1.3 million customers SONNENTOR has had a consistent annual growth of 10% young with entrepreneurial interests. His company, and employing more than 2,000 people, iiNet is the to 20%. The company’s products are sold in more than MercadoLibre, is a successful online trading business leading challenger in the Australian telecommunications 45 countries — primarily Austria, Germany, Switzerland that aims to democratize commerce in Latin America. A market and has a reputation for innovation and exceptional and the Czech Republic, but also Bali, Japan, Malaysia, public company, MercadoLibre hosts the largest online customer service. Michael aims to “lead on product Hong Kong, South Korea, New Zealand and others. For commerce platform in Latin America and provides users and differentiate on service.” That vision drives every Johannes, the starting point for his business was always with mechanisms for buying and selling goods as well as facet of the business, and his genuine curiosity helps selling organically farmed goods, based on the concept of paying, collecting, generating leads and comparing listings to ensure that iiNet stays relevant in a rapidly changing supporting small rural structures. The judges described of their products and services. “It’s an honor to be awarded telecommunications landscape. On winning the Australian him as a pioneer in fair trade entrepreneurship. Johannes for the development of a business model that initiated award, Michael said, “One of the great things about the said, “Being a member of the community of Ernst & Young the democratization of commerce in Latin America and Entrepreneur Of The Year Program is that the stories can Entrepreneur Of The Year companies is an enormous allows over 130,000 people to generate income by selling serve as inspiration to other people who are working to get personal honor and a sign of distinction for our company through our platform,” Marcos said. their businesses off the ground.” and our values.” Brazil Canada Francisco Dani Reiss Deusmar de Queirós President and Founder and Chief Executive Offi cer Chief Executive Offi cer Canada Goose Inc. Pague Menos Belgium Belgium In 1981, Francisco Deusmar de Queirós opened his fi rst In 1997, Dani Reiss joined Canada Goose, the company drugstore, Pague Menos, in Fortaleza, the capital of his grandfather founded in 1957. At the time, Canada Vic Swerts Dirk Coorevits Ceara state in Brazil. Today, with more than 500 stores Goose was struggling, due to signifi cant price decreases Chairman of the Board Chief Executive Offi cer and 15,000 employees, Pague Menos is a nationally in the outerwear market as competitors had fl ed to Asia Soudal Soudal recognized brand throughout Brazil. Deusmar pioneered to take advantage of cheaper labor costs. But Dani has Soudal has been a Belgium family business for more the concept of “drugstore” in Brazil, and Pague Menos always been committed to keeping the family business in than 45 years and is still under the direction of its stands out as a model for innovation. Pague Menos’ Canada. And since assuming the company’s leadership in founder and owner, Vic Swerts. From a one-man greatest innovation was in 1989 when it began to 2001, he has differentiated Canada Goose by maintaining company, Soudal evolved toward a regional producer offer the service of bill payments for water, electricity, the highest standards in materials and manufacturing. of silicones and quickly grew into an international telephone and other bills. This increased customer visits The company has since grown by 2,500% and is a global export company of innovative chemical construction to stores and brought convenience to millions who were leader in premium outerwear. “We pride ourselves on being specialties. Under the operational guidance of Dirk otherwise hampered by poor public transportation and an internationally respected Canadian brand,” Dani said. Coorevits, Soudal now employs 1,453 people; owns overcrowding in banks.