Following LuckyDodo’s recent successful pre-seed fundraise of US$1M for expansion across Middle East and Africa, we note that Michel Pilot, the current COO of IBL East Africa Investments, overseeing the expansion of IBL in the region, has come onboard as a Non-Executive Director. We spoke to him to find out more about this exciting appointment and to drill deeper into the value he hopes to add as an integral part of this innovative venture:
1. So, Michel, could you tell us how this move came about, and the milestones you hope to achieve whilst with LuckyDodo?
I first met with Mary-Queenie and Stephane during one of their visits in Nairobi in September 2023 and the main conversation point was about some potential commercial interest to use the services provided by LuckyDodo. However, the sparking intelligence and passion showcased by both Mary-Queenie and Stephane triggered me to better understand what this AI backed data gathering tool was about. So, whilst no direct commercial benefit (yet) came out our this first meeting I kept on engaging with the LuckyDodo team on various aspects and I guess this how the directorship was offered!
2. As you support LuckyDodo on the strategies and key partnerships to grow across Africa and the Middle East, what are the key markets you are looking at and how difficult is it to get visibility on these diverse geographies?
As we speak, LuckyDodo has already established presence in 5 jurisdictions, namely Mauritius, Kenya, Rwanda, Nigeria and UAE, with more than 16M active users. That in itself is a massive achievement and should be celebrated. This is only the beginning of the road! The beauty of LuckyDodo lies in its limitless ability to acquire new markets and more users at pace. As we progress further the initial focus should be to deepen our presence in these markets and engage more users to keep on increasing the quality and reliability of our data. This should put the company on a strong foothold to convert its massive data set into meaningful solutions for its business partners.
3. It is increasingly said that data is the new oil. Like oil, data is valuable but if unrefined, it cannot be used! We note that LuckyDodo has data across 22 markets in Africa and the Middle East. What is the way forward, with this wealth of data at your disposal?
It is hard to imagine the sheer number of data points that LuckyDodo has already collected in such a short time. While unrefined data might not be worth much, having a lot of data must be your starting point in order to derive significant trends in a specific market. It then up to our AI backed powerhouse to turn this data into valuable and sellable products. Therefore, our primary missions are likely to keep on increasing our data whilst constantly working on our backbone to provide sharper, and more insightful trends on any given industry on any market where we will have established our presence.
4. With data privacy being a huge concern for technology-based projects where customer data is mined for insights, what are the key challenges you can see arising in this space for LuckyDodo and how do you intend to meet these challenges head on as a key member of the organisation, going forward?
The laws on data protection in most jurisdictions are now well established and, as a responsible organisation, we are well aware of our corporate duty to abide by such laws. Being capably informed and abreast of these stringent data privacy regulations, LuckyDodo ensures that all the necessary consents are received prior to any data collection.
5. How do you intend to tap into your background as a professional, initially in Mauritius and now in East Africa, to support LuckyDodo on this project to put Mauritius on the global pure-tech and AI startup map?
In all humility, I will try to use my experience in the corporate world over the last few years to fill any gaps that the management may feel the need, from a guidance perspective. The team has a strong skillset and has the required tools to make this venture a successful one. As a Mauritian, one always has a sense of pride to be associated with a dynamic Mauritian start-up. However, I truly believe that LuckyDodo transcends its islander origin and is quickly becoming a global venture. For my part, I also believe that this relationship with LuckyDodo is a two-way street. In an environment where data and artificial intelligence will take a prominent place on the stage it is a privilege for me to be associated with a team that masters those aspects. I can’t wait to learn more!
6. Finally, based on LuckyDodo’s successful fundraise of US$1 M to expand across the Middle East and Africa, it is expanding and wrapping up the investment process on the way to expand across Middle East and Africa with Dubai and Kenya as its hubs. How challenging do you foresee the way forward as likely to be, and what kind of skill sets at the board level would be needed to oversee such a complex transition?
First of all, kudos to the team on achieving that amount in the Mauritian VC space! As always with any start-up, the founder’s challenge is to transform a great idea into a sustainable business! That road is usually paved with setbacks, doubts, uncertainty and sometime lack of belief. My interactions with the LuckyDodo team have clearly shown me that there is a strong conviction that we are on the right path. The management has unwavering belief in the project and that is very easy to warm to. As a board our role will be to try and steer this galloping horse in the right direction, and hopefully help the team avoid some of the pitfalls along the road. We will also need to be mentors and coaches during the tough times.
