How much start up capital did you and Tony begin with?
When we started Africa East Coast Corporation, a company called Micor Shipping (now DNA) lent us R400 000 on a handshake on the basis that they would get rights to buy into Trans Africa Railways if they so wished. Subsequently we started a company called Trans Africa Logistics, which was bought out by DNA some time ago. Tony Kay brought in R1million in when we joined forces. So whats your next move? We see ourselves eventually becoming venture capitalist bankers. Instead of Tony and myself physically going out and doing the work we aim to sponsor projects initiated by young dynamic entrepreneurs.We find that the banks in South Africa are too risk averse.What Africa needs is an institution that is prepared to take a little more risk and invest more in the people driving the project rather than the projects financials and plans. Banks currently put far too much emphasis on what money the entrepreneurs are putting inand cover themselves in every way possible 1000 times overeven if the bus
