The energy in Kigali city is electrifying as the 3rd edition of the BAL 2023 unfolds. Amidst this vibrant atmosphere, I had the privilege of attending the BAL SUMMIT held at the prestigious Marriott Kigali's Kilimanjaroo Room. The themed panel, "Building Africa's Sports, Entertainment, and Music Industry" proved to be both a validation of our understanding and an eye-opening experience.
Distinguished professionals with impeccable track records shattered the misconception that funding and investments are scarce in this industry. On the contrary, there are hundreds of millions of dollars available for investment. However, what holds us back from swift progress are the inadequate physical and mental infrastructures. Despite this challenge, tangible progress is within our grasp.
Venture Capitalists (VCs) and investors are already reaping the rewards of their investments, demonstrating their satisfaction. Yet, the panelists delivered a crucial insight: investing in "people" and "ideas" is paramount. It is imperative to recognize that risk-averse investors will be left behind. Innovation inherently involves risk-taking, a flair for creativity, and faith in the potential of individuals' ideas, experiences, and talents.
The panelists emphasized the importance of embracing this reality and being willing to take calculated risks. Notably, former NBA players and designated BAL Ambassadors Joakim Noah from Cameroon and Ian Mahinmi from Benin exemplify the power of belief in talent and the African expression. They are investing their time and finances, partnering with corporations, financial institutions, and the private sector to change the lives of thousands of youth in sports and entertainment.
A significant moment occurred when Joakim Noah steered the conversation away from the prevailing trend of blaming successful individuals for playing for international teams rather than their own countries. He passionately explained to the audience the immense pressure faced by players in the NBA, where their sole focus is winning or dealing with defeat. Survival in the NBA demands complete dedication. To illustrate his point, he hypothetically questioned the scenario of an MVP African NBA player returning to play for their own country. Without functioning federations, proper courts, and inadequate infrastructures, how can this player thrive?
This raises an urgent call to action for each country on the continent. It is crucial to reassess investment policies, adapt taxation laws, and incentivise investors, institutions, and policymakers to support and invest in people's ideas. Waiting for favorable data and indications of speedy returns on investment is an unrealistic concept in the realm of innovation, creativity, and cultural expression.
Let's wrap up this blog post with a heartfelt tribute to the incredible organizers who made the BAL SUMMIT possible. A special shout-out goes to the team at Marriott Kigali, RDB VisitRwanda, and the entire BAL team!
It's now up to us to seize the tremendous opportunities that lie ahead for Africa's sports, entertainment, and music industry, we must act swiftly and decisively. By embracing a mindset that values human potential and nurtures groundbreaking ideas, we can create a thriving ecosystem that attracts investment and propels our industries to new heights. The time for change is now, and together, we can forge a future where Africa's creative economy flourishes and leaves an indelible mark on the world stage.
