Magatte Wade

Last updated
Magatte Wade
Magatte Wade addressing the ARC Forum 2023, Day 3, 1 November 2023.jpg
Wade in 2023
Born
Magatte Wade

Senegal
Website magattewade.com

Magatte Wade is a Senegalese entrepreneur who was raised in France. She gained initial fame for a TEDTalk she made in 2017 about what she argues is an excessive regulatory environment in Africa, which forces young Africans to emigrate for economic reasons. [1] Wade has been known since at least 2004 for her business and entrepreneurial ventures, including creating a soft drink company that sells soft drinks in the United States and global markets, using traditional African ingredients such as hibiscus. [2]

Contents

Early life and education

Wade was born in Senegal, although she was raised in France.

Wade said in an interview with Forbes Africa that, "I turned down business degrees at Harvard and Stanford, because they would have ruined me as an entrepreneur. These courses teach you to be a good manager, but not an entrepreneur." [3]

Wade speaks the Wolof, French, and English languages fluently.

Career

Wade began her entrepreneurial career in 2004 by creating a soft drink company called Adina World Beat Beverages that made drinks using traditional African ingredients. Subsequently, she ventured into the cosmetics and beauty industry, founding The Tiossano Tribe, [4] named after a Senegalese word meaning "origins". [2] [5]

In an interview with Forbes Wade said in response to the question, "What are the biggest challenges you’ve faced in doing business?" [5] that:

The negative perception that most Americans have about Africa.  Either they believe that it is a disaster and thus I can't possibly build a business based on producing goods in Africa, or they believe that it is a disaster and want me to build a "pity-based" brand where Americans buy the products because they feel sorry for Africans.  The notion that Africans can be capable, hard-working, successful professionals creating world-class products and services is largely alien to the American mindset.  The media and, sadly, the NGOs, are largely responsible for this perception of Africa. But because I believe in "Criticize By Creating", I created Tiossan as a fun and value-creation oriented way to positively change the perception that the world has of Africa. [5]

In 2019, a piece published by FEE argued that Wade really identified a core issue relating to the different levels of economic success that are present around the globe, specifically among post-colonial geo-locales (such as Singapore), and Wade would repeatedly ask, "Why is it that those post-colonial locations are rich, but resource rich Africa is not?" to which she concluded, "...in wealthier nations, commerce and trade are allowed to occur and even encouraged. In places like Hong Kong and Dubai, she saw, it was much easier for individuals to start and operate a business than it was in her own country. And more business means more economic opportunities for the entire country." [6]

In an op-ed published in 2021 in the Wall Street Journal , Wade stated opposition to proposals from the COP26 that would restrict African use of fossil fuels. Wade stated that, "We want to help with climate change, but our lives and economies depend on fossil fuels." [7]

Wade has argued in favor of the concept of "...corruption rather than colonialism as a key cause of impoverishment in some parts of Africa." [8]

Magatte Wade is an affiliate of the libertarian group the Atlas Network and coordinates efforts on behalf of the organization in Africa. [9]

Wade has appeared on some major podcasts and other media including the Lex Fridman podcast [10] and the Jordan Peterson podcast. [11]

Awards and honors

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References

  1. ↑ Wade, Magatte (2018-10-04), Why it's too hard to start a business in Africa -- and how to change it , retrieved 2023-12-21
  2. 1 2 "Drink mogul aims to re-brand Africa as 'world contributors'". CNN. 2012-01-11. Retrieved 2023-12-21.
  3. ↑ "Young, Gifted And Firing Back". www.forbesafrica.com. 2013-08-01. Retrieved 2023-12-21.
  4. ↑ "How a Senegalese flower grew into a huge US business". BBC News. 2011-12-19. Retrieved 2023-12-21.
  5. 1 2 3 Nsehe, Mfonobong. "The Senegalese Entrepreneur Selling African Recipes To Americans". Forbes. Retrieved 2023-12-21.
  6. ↑ Hunter, Brittany (2019-08-15). "How One Entrepreneur Is Waging War on Poverty in Africa | Brittany Hunter". fee.org. Retrieved 2023-12-21.
  7. ↑ Wade, Magatte (November 26, 2021). "The COP26 Plan to Keep Africa Poor". The Wall Street Journal . Retrieved December 21, 2023.
  8. ↑ Freightman, Yasmeen (2023-07-06). "'Every Single African Leader Who Tried to Set Africa Free Was Killed': Entrepreneur Faces Backlash for Saying Africa's Poverty Is Not Due to Colonization". Atlanta Black Star. Retrieved 2023-12-21.
  9. ↑ "Deirdre McCloskey: 'What we want is a nonslave society'". Reason.com. 2023-03-29. Retrieved 2023-12-21.
  10. ↑ Magatte Wade: Africa, Capitalism, Communism, and the Future of Humanity | Lex Fridman Podcast #311 , retrieved 2023-12-21
  11. ↑ How Black Lives Truly Matter | Magatte Wade | EP 271 , retrieved 2023-12-21
  12. ↑ "Leadership". Forbes. Retrieved 2023-12-21.
  13. ↑ Dame, Marketing Communications: Web | University of Notre (2023-04-13). "Lecture by Magatte Wade: "Entrepreneurship as a Moral Calling."". Center for Citizenship and Constitutional Government. Retrieved 2023-12-21.
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