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This Tunisian Entrepreneur Is Building A Platform That Will Revolutionize Africa’s Real Estate Market

Nzekwe Henry August 3

From humble beginnings in 2017 to participating and successfully graduating as one of seven selected startups in the second cycle of Flat6Labs Tunis; a prominent accelerator program in MENA, just over a year later, Riadh Ellouze’s creation appears to be pulling down all the stops, surmounting the hurdles, beating the odds, and heading in the right direction.

Logis; the Tunisian entrepreneur’s startup, is looking to blaze trails and navigate uncharted courses in its bid to pioneer the creation of Africa’s very own property haven. And with the features and tools it has so far developed and delivered with aplomb, the odds may never be better.

Being the brainchild of Riadh; an alumnus of Higher Institute of Management of Tunis, and former employee at Citigroup, who currently holds the reins at the company as its CEO, Logis has its sights trained on leveraging technological innovations with a view to revamping the real estate sector in the MENA region and beyond.

The platform is founded on the vision of helping real estate agents/agencies work smarter in a digital world. It harnesses advances and innovations in modern technology with a view to assisting both real estate professionals and customers in the area of finding, selling, and buying properties; a feat that can be considered one of the first of its kind on the continent.

Thought to be something of an unfamiliar territory and perhaps a dicey case in some quarters, MENA’s real estate sector yet holds promise. The development of the real estate sector within MENA markets may be related to the recent improvement of fortunes in terms of socioeconomic, demographic and regulatory factors, which are central to the economies within this region.

As pointed out in a recent publication, the region is witnessing an upward surge in the demand for properties and realtors. This trend appears to have been buoyed by a combination of factors which border around such details as partial diversion of petrodollar liquidity into MENA real estate markets post 9/11, improvements in the regional regulatory and institutional frameworks, and increased demand for housing and office space driven by job opportunities in the context of economic diversification.

Also identified as responsible for the current trend are such factors as a shift in the onus of property development from the public to the private sector, the emergence of mixed-use ‘community’ development concepts as opposed to dense and poorly-planned residential and business areas, the development of leisure centers and the popularity of the shopping mall concept as a retail and leisure destination, as well as the emergence of apartments and townhouses that are targeted at high income segments in the wake of decreasing household sizes and evolving living patterns.

These factors are touted as having, in many ways, inspired a region-wide boom and an upheaval of the dynamics in real estate development and investment throughout MENA, with a 2008 study placing the total value of real estate projects under construction at somewhere around USD 2.4 Tn in the GCC alone.

There exists a problem, however, as the economic progress and demographic growth that has thronged most MENA real estate markets have been largely greeted with a shortage of suitable real estate products. From primary-grade office spaces and shopping malls to middle-income housing and five-star hotels, MENA’s real estate market supply have hardly kept up with the demand. And these unsatisfied demands have translated to inflated real estate product performance; a development that has taken a cue from the dynamics and resulted in the bullish investor sentiment and extensive development activity that the region is currently witnessing.

Given the luxury of options and the range of opportunities that are on offer to MENA’s real estate investors, access to reliable and consistent information is placed at a premium as it is pivotal to investor confidence and also of paramount importance to realtors, hence, the need to fill that information gap – which is an area in which Logis seems well-placed to deliver, amongst others.

“Logis provides different sets of tools designed for the real estate industry to help real estate professionals manage their business effectively and consumers find their home easily,” said the CEO and Founder of the startup in an exclusive interview with WeeTracker. According to him, Logis also provides information on such aspects as the average price per square meter in different specific areas to bring more transparency and fairness into the real estate market.

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For Riadh, the entrepreneurial journey began shortly after his return to Tunisia having successfully completed a Masters Degree Program at the University of Westminster, U.K., as well as a diploma course at UCLA, in the U.S. The CEO revealed to WeeTracker that during his stint in Europe and North Africa, he experienced firsthand the importance of established western real estates platforms such as Zillow, Trulia, and LoopNet when he was trying to land a suitable apartment for the period of his academic sojourn.

On his return to Tunisia, however, it hit him that there was a need that was yet to be  met with, mostly because it hadn’t been identified until then. According to him, “When I returned to Tunisia, I realized that there weren’t any such platforms which could help both real estate agents and individuals find, buy, and sell properties with ease. This inspired me to create Logis.”

And so the startup was born. It first began as a property listing and valuation portal but it wasn’t long before tweaks in the business model became necessary. “Logis real estate portal was launched in May 2017. It was designed mainly to support property listings but I was quick to realize that there wasn’t substantial revenue to be made from just listing properties since realtors will rather post their listings for free on classified websites instead of paying to post on Logis. That was when the idea hit me to introduce a different perspective, one they would be happy to pay for since it holds a lot of importance and meets the immediate needs of both professionals and individuals.”

Riadh’s new proposition was the creation of Logimo; a Customer Relationship Management (CRM) system. Since its introduction in September 2017, the CRM system has been something of a game-changer for both the company and the growing list of subscribers on the platform. With Logimo, real estate agents/agencies can easily keep track of available properties and the demand for them; thus, helping them do their jobs better.

The CRM system utilizes a learning algorithm to match search criteria by harnessing Machine Learning, Big Data Analytics, and Artificial Intelligence so as to sort, sift, clean and analyze large volumes of data, which serves to offer best predictions on prices of properties in different areas. Essentially, with the features of the CRM system, real estate agents can keep tabs on a large number of customers and their property demands. It also allows for quick and easy valuation of houses since it can predict the value of a property.

To solve some of the challenges associated with finding and purchasing the right properties in the MENA region and beyond, what Riadh and the rest of the team at Logis have developed is an all-in-one real estate site that gives prospective buyers the local scoop about homes for sale, apartments for rent, local real estate agents, as well as real estate market prices and trends. This is with a view to helping users of the platform figure out exactly what, where, and when to buy, rent or sell.

The CEO also revealed that inherent in the company’s operating blueprint is the analysis of data to identify relationships within a specific geographic area between home-related data. Also, by virtue of the platform’s design, home specifications such as area-size, location, or the number of bedrooms, are given weights according to their influence on home sale prices in each specific geographic area over a specific period of time.

This is what gives rise to the set of valuation rules that are applied to the generation of the value of a given property. With this business model, the platform is hoping to eliminate the often long and arduous processes that form the most parts of today’s real estate valuation and purchase transactions, which will make the acquisition of properties a lot easier for both the property owners and the prospective buyers.

Logis currently boasts a number of products and services some of which include a real estate portal which enables searches for properties via web or mobile, Logiweb; a responsive real-estate website designed for industry professionals, Logis Ads; which enable real estate professionals to enhance their online presence while also facilitating real estate data analytics and consulting services for real estate professionals, as well as the much-talked-about Logimo; a Software-as-a-Service (CRM software) designed for real estate professionals to enhance the management of listings, measurement of performance and grooming of a broader clientele.

By design of the SaaS model, services on Logimo are offered for a monthly subscription of DT 99 (equivalent to USD 36.00) for locals and USD 99.00 for real estate firms and individuals in other parts of the world. The platform also allows firms to add up to 10 real estate agents on a single subscription.

As revealed by the CEO, the growth of Logis has been somewhat boosted by the company’s participation in the second cycle of the Flat6Labs Tunis earlier this year. “We entered the accelerator program as a local company. During the program which provided us with USD 50,000 K in seed-funding, mentorship, office space, and education, we were exposed to the big picture. That was when we made the decision to take our Tunisian solution to the global market. We want to prove that we are capable of innovating and developing solutions to our own problems as opposed to what could be considered the norm of waiting for other people to swoop in and save the day. We are working taking the business to France, Egypt, Oman, and the rest of MENA and the GCC.”

It has been anything but a completely rosy journey for the Tunisian startup, though, as there have been challenges. As Riadh remarked in the interview with WeeTracker, it hasn’t been entirely a smooth ride for the company as unfavorable policies on the part of regulatory agencies in spite of the earlier reported Tunisian Startup Act, as well as the underdeveloped Tunisian Tech scene, still poses a problem for growing Tunisian startups. But despite the militating bottlenecks that have made for a topsy-turvy experience, the CEO remains determined and resolute in his bid to accomplish his entrepreneurial vision.

Logis currently serves as many as 125 local real estate firms who are using the properties portal for free and 10 paying clients on its CRM platform. The real estate portal is still being accessed free-of-charge and utilized for property listings and searches by customers and agents, although there may be plans to incentivize it through the incorporation of a mortgage simulator in the future.

Riadh also disclosed to WeeTracker that the company is looking to partner with telecommunication giants, Orange, in a move that will see Logis launch two mobile applications on Android and iOS. According to him, “Advanced talks are in progress and we look forward to agreeing to terms in the coming days.“ The startup is also believed to be in talks with two of Tunisia’s largest commercial banks who are looking to leverage some of the platform’s resources in the area of mitigating credit risk.

“We help real estate professionals to have a forward view of their businesses by providing them a CRM and a real estate website,” said the CEO. “We help make their businesses more efficient and increase their revenue per employee, and capture the interest of customers that are becoming increasingly sophisticated and ignoring the old methods that have always been used to market and sell them.”

With a team that brings together some of the brightest minds in the Tunisian Tech climate which includes Sumeesh Chawla (CTO), Karamjeet Laur (Product Lead Developer), Faten Tabka (Design Specialist), and the duo of Oumaima Bali and Balam Mellouli as Data Scientists, alongside the CEO, Logis appears to be in good hands in its bid to provide property solutions to real estate agents, agencies, developers, franchise networks, banks, and even governments.

Logis is looking to revolutionize Africa’s real estate market and with Riadh and his team calling the shots, pulling the strings behind the scenes, and keeping the business on course in its current trajectory, it just might pull it off.

South African Supply-Chain App Khula! Wins Grand Prize Worth USD 14 K As MTN Business App Of The Year

Nzekwe Henry October 16

Khula!; a South African app that serves to link up farmers in emerging markets with the formal marketplace, has clinched top honors at this year’s edition of the MTN Business App Of The Year Awards.

In addition to being named the Business App of the Year, the platform has also received recognition in a special category dubbed; Best Agricultural Solution, as it has also emerged the winner in that category. As part of the perks that come with clinching the award, the developers of the app are now entitled to a trip to Silicon Valley in the U.S., worth up to USD 14 K in cash.

The app, Khula!, is known to facilitate delivery on bulk orders from supermarkets, restaurant chains, and even homes. This it does by effectively creating “one big virtual farm” which is basically comprised of multiple emerging farms for the purpose of crowd-sourcing produce to meet demands.

The platform’s complete software suite also incorporates an eCommerce web platform which makes it possible for clients to place orders from farmers. It also comes with an on-demand logistics solution which allows for the completion of deliveries by independent contractors.

According to Wanda Matandela, CEO of MTN Business, the awards afforded the telecommunications company the chance to place innovative solutions on the front burner and render support to these innovations with a view to helping them scale and go fully commercial, as well as help foster job creation in South Africa.

Industry experts, app developers, and past recipients of the award were amongst the panel of judges who selected and scrutinized the offerings of the shortlisted candidates of this year’s MTN Business App of the Year Awards.

Amongst other winners in the latest edition of the award were Pineapple (Best Consumer Solution),  Cowa Bunga (Best Enterprise Solution), Digemy Knowledge Partner and Besmarter (Best Incubated Solution), and Bestee App (Most Innovative Solution/Best Breakthrough Developer).

Other award recipients included such names as Stokfella (Best South African Solution), Difela Hymns (Women in STEM Solution), The African Cyber Gaming League App (Best Gaming Solution), dbTrack (Best Health Solution), Ctrl (Best Financial Solution), and Xander English 1-20 which took home the award in the Best Education Solution category.

 

 

Image via LinkedIn

South African Tech Teams Scoop Cash Rewards In The SAB Foundation Awards

Nzekwe Henry October 16

Around a total of USD 875 K in cash rewards have been doled out by the SAB Foundation to a number of South African startups and tech teams who have distinguished themselves to merit recognition in this year’s edition of the Social Innovation and Disability Empowerment Awards.

Hustlenomics; an affordable housing provider, as well as Clothes to Good clinched cash prizes worth USD 90 K and USD 84 K respectively for their offerings. While the former was recognized in the Social Innovation Award category, the former took home the accolades in Disability Empowerment Award category.

The SAB Foundation Awards are targeted at innovators, entrepreneurs, and institutions that have developed prototypes of products that are designed to tackle social problems or early-stage businesses that have set their sights on addressing social concerns.

The organization is known to offer assistance in the form of financing and mentorship to social innovations that are identified as possessing a recognizably viable business model while serving up veritable solutions to critical social problems. The SAB Foundation also claims to have disbursed more than USD 5.2 Mn since its inception in an effort to promote social innovation. More so, a total of 163 social enterprises are believed to have benefitted from the offerings of the Foundation.

The winners in the Social Innovation category, Hustlenomics, is a platform which makes it possible for underprivileged families who are holed up in the squalid conditions of informal backyard shacks to build lasting structures in their place. The startup does this by employing alternative building technology which incorporates the use of interlocking bricks made out of recycled materials. The new structures cost the homeowners virtually nothing as the housing projects are financed by means of a shared-home financing model. This model allows for the rental home income raked in by the completed structures to be used in offsetting development costs before full ownership of the property is ultimately transferred to the landowner.

Following Hustlenomics closely as second and third-place winners in the Social Innovation category are smart farming tech solution, Famru, and a microfinance solution created by InvoiceWorx for retailers in the informal sector; Spaza Credit. Both teams took home USD 63 K and USD 49 K respectively.

It appears there was enough to go around for everyone as shortlisted finalists in the Developmental Award category also got in on the act with such names as Fix Forward, Solar Lab in a Bag and ejoobi, taking home between USD 28 K to USD 34 K in cash rewards respectively. Bursary Network and Impulse Biomed were also rewarded with seed grants worth USD 14 K each.

Clothes to Good; the winner of the Disability Empowerment Award, was rewarded for helping to provide sustainable jobs and micro-business opportunities for people with disabilities by means of its clothing recycling program. Steps Clubfoot Care and Coral Tech’s VoQal took home USD 56 K and USD 42 K respectively for finishing in second and third place respectively. In what could be described as a good day at the office for Steps Clubfoot Care, the first runner-up in the Disability Empowerment Award category also scooped the Audience Award which came with a cash reward of USD 10 K. Three other shortlisted finalists in the said category also went home with USD 21 K as recipients of a special Developmental Award.

 

 

Image SourceSAGoodNews

Meet Silas Adekunle: The Nigerian Prodigy Who Is Fast-Becoming The King Of Robotics

Nzekwe Henry October 16

Africans are known to be making waves and holding their own amongst their peers on the global tech scene, and one Nigerian robotics engineer cum gaming guru is taking this to a whole new level. 26-year-old Silas Adekunle is a Nigerian robotics engineer who is considered one of the highest paid and smartest in the field. And as you will soon find out, these are anything but purported or bogus claims.

At a time when the Nigerian tech scene appears to be playing catch up with their counterparts in the developed world, the young robotics engineer seems to be pulling off remarkable feats in the world of robotics and giving ingenuity and innovation a whole new meaning,

Silas Adekunle, Nigerian robotics engineer

Adekunle, who recently got snapped up by global technology and software giants, Apple Inc., to become one of the world ’s highest paid engineers on the robotics scene, was born and raised to his teens in Nigeria. Having had some of his education in Nigeria, he relocated to the United Kingdom where he completed his secondary school education before enrolling into the University of the West of England to pursue a career in robotics. This was going to pay off as the Nigerian engineer graduated Summa Cum Laude having bagged first class honors from the institution.

Silas Adekunle created Reach Robotics in 2013. The company is known to channel efforts towards incorporating Augmented Reality (AR) into gaming for the purpose of performing functions. Fast forward four years down the line and the youngster already carries invaluable robotics experience under his belt. This feat is believed to have earned him the position of team leader in the Robotics In Schools program.

The Robotics In Schools program is targeted at honing the skills of students in the Science, Technology, Engineering, and Mathematics (STEM) disciplines. His role in the program is believed to have triggered his ingenuity and inspired the idea which led him to another project which involved developing robotics to make education more engaging and entertaining for students in the STEM disciplines.

Silas Adekunle, Nigerian robotics engineer

But the young Nigerian genius was far from done as he again caused ripples on the tech scene when he got robotics circles buzzing after the launch of Mekamon in 2017. In Mekamon, Adekunle is said to have built what is believed to be the world’s first gaming robot. The robot is considered unique in that it possesses the inherent ability to customize its features for the purpose of performing personalized functions. Mekamon may have become an instant hit post-launch but putting the gaming bot together was anything but a cake walk. The young Nigerian’s chances of success were hampered initially when he encountered difficulties in securing funds for the project. But sheer persistence, resourcefulness, and resilience got him over the line, and Mekamon reportedly generated USD 7.5 Mn after its initial launch, having had 500 units sold.

The remarkable success enjoyed by Mekamon can be considered to have opened the floodgates as support began to stream in aplenty soon after the initial sell-out of the bot. London Venture Partners weighed in with USD 10 Mn and Adekunle’s company, Reach Robotics, wrapped up a deal with Apple in the same year — a deal which means the company now has exclusive sales in Apple stores.

The quality and design of Adekunle’s creations are deemed impressive owing to their ability to show emotion with movements that are subtly-calibrated. His four-legged “battle bots” are priced at around USD 300 by Apple, and they are featured in almost all Apple stores in the US and UK. As he told Forbes in an interview earlier this year, while techies and geeks may have accounted for most of the initial scramble for the product, the robot is now beginning to draw patronage from a growing number of parents presumably due to their STEM application which can serve to get children interested in those lines of study.

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“Balance, shared ideas, time management, and being oneself”, are the words and phrases fondly associated with the young robotics engineer as the tonic for the successes he has so far enjoyed. As his works have gained traction, so too has he gained recognition. Adekunle was listed in this year’s Forbes 30 Under 30 Europe: Technology. According to TheBossNewspapers, he was also named “Someone to Watch in 2018” by the Black Hedge Fund Group.

Having taken the world by storm with his genius, Adekunle can be thought to be gearing up for even more feats. He currently puts in work at the Bristol Robotics Lab, which can be considered the cream of the crop of research centers in the U.K. Now, here’s to Africans all over the world who are doing the continent proud!

 

 

Image Credits: QED, Face2AFaceAfrica, JejeGuysEmpire, Naij.NG

Internet Ventures: 5 Africans Founders Who Have Railed In Massive Online Cash

Andrew Christian October 16

In the course of the past two decades, a significant number of digital ventures have been springing up from different parts of the world, due to the increasing embrace of knowledge technologies, information and social media. Several African entrepreneurs have also carved out online niches to birth economic benefits, employment and in the same way, enable globalization. Pivotal people such as Mark Zuckerberg, Sergey Brin, Steve Chen, Chad Hurley and Jawed Karim (YouTube partners), as well as Lawrence Page have been scintillating the internet scene and cashing in big on the international front. So what about Africa? The continent is definitely not missing out, as innovative minds in the motherland are citing and exploiting internet opportunities, making them worthy of celebration and emulation. Here are five of them who have built successful online ventures.

Elon Musk – Co-founder PayPal, South Africa

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The legendary Elon Musk from South Africa is the co-founder PayPal. The entrepreneur, who has an African father and a Canadian mother, is one of the brains behind what has to be the most internationally recognized and used payments system. But that isn’t the only of his accomplishment, as he also co-founded X.com in March 2002 – a financial service and email payment company. In a matter of one year, the venture acquired Confinity – a company originally formed to beam money between Palm Pilots. The combined entity then capitalized on email payment through the PayPal domain. In February of 2001, X.com was officially renamed to PayPal, which was later acquired by eBay for USD 1.5 Bn in 2002 via a stock deal. Before its sale, PayPal’s 11.7 percent shares formed the coffers of Elon Musk, making him the largest shareholder in the company.

Kamal Budhabatti – Founder Craft Silicon, Kenya

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Kamal, who is nicknamed Kenya’s Bill Gate, is the fuel to the engine and the man behind the wheels of Craft Silicon. He founded it to be a Kenyan software company that provides core banking, Microsoft, mobile, switch solutions software and electronic payments services for more than 200 institutional clients in over 40 countries spread throughout Africa, Asia, Europe, and the Americas. Craft Silicon boasts of an office in the all-time Silicon Valley in San Francisco, which makes it one of the quite few Kenyan companies ever to bask in such affiliation. With its more than USD 50 Mn market value, the company is causing ripples in the African business ecosystem, driving tech in the East African region and putting Kenya on the world map of entrepreneurship. Kamal Budhabatti’s idea of a venture now rakes in annual revenue of USD 6 Mn.

Jason Njoku – Founder Iroko TV, Nigeria

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Jason, who happens to be one of the few Nigerian entrepreneurs that beat the odds of raising capital even in impossible situations, is the founder and CEO of Iroko TV in Nigeria. The internet company is now reported to be the largest distributor of African movies in the world. While that may come as a shock to you, this may be an absorber – Iroko TV is labeled as the Netflix of Africa according to a Forbes publication. In 2013, Jason’s business was able to raise USD 8 Mn in venture capital from Tiger Global Management, which is a New York-based private equity and hedge fund being managed by billionaire Chase Coleman. Iroko TV is an online streaming website that makes enormous profits from lucrative content distribution deals with companies such as Daily Motion, iTunes, Amazon, and Vimeo. According to analysts, Iroko TV could be worth an estimated amount of USD 30 Mn, with Jason Njoku being the company’s largest individual shareholder.

Njeri Rionge – Co-founder Wananchi Online, Kenya

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Rionge is the co-founder of Wananchi Online, one of the leading internet services providers in East Africa’s cable, broadband, and Internet-based IP phone companies. This woman is regarded as one of the most successful entrepreneurs in Kenya, and her turning point was when she succeeded in turning a USD 500 K startup into the echelon internet form in the whole East African region. Wananchi Online now has a net valuation of no less than USD 175 Mn. She was one of the few people who went tooth and nail to put it out there that internet is not cut out alone for the elite, as just about anybody can found, build and make a fortune out of it. Her ISP company became massively successful so much that it rose to nearly USD 60 Mn in growth capital from a consortium private equity firm.

Mark Shuttleworth – Founder Knife Capital, South Africa

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Mark Shuttleworth is the founder of Thawte and Ubuntu/Knife Capital, South Africa. He founded Thawte when he was 22 to be a digital certificate and internet security company, which he later sold to VeriSign for USD 575 Mn in an all-stock deal. The company today is the second in the world when it comes to the provision of digital certification. When Shuttleworth was 26, he used a fraction of the proceeds from the Thawte sale to start a venture capital firm HBD Capital, which is today popularly known as Knife Capital, based on Cape Town. The firm invests in innovation-driven fintechs with proof of traction. Knife Capital was one of the participating investors in the Weetracker UberPitch series. Another of Shuttleworth’s founding was that of Ubuntu, a computer operation system that is distributed as free open-source software. The entrepreneur’s net worth is reported to be USD 500 Mn.

NEIP Disburses USD 10 Mn To Ghanaian SMEs

Andrew Christian October 16

The government of Ghana, through its flagship National Entrepreneurship and Innovation Plan Initiative (NEIP) has successfully funded 1,350 owners of Small and Medium Enterprises, with a total of USD 10 Mn in seed capital.

The disbursement is meant to aid these SMEs successfully set up their own business or vamp up the existing ones to gain some traction.
Each beneficiary of the scheme received an amount ranging between USD 2 K to GHC 20 K as financial support.

Owusu Karikari, the Director of Business Support at NEIP, told the press that the support is a loan expected to be refunded with a 10 percent interest, repayable within three years to enable more SMEs to expand and create more jobs.

According to him, NEIP identified the lack of knowledge about product development, limited market, insufficient management skills, lack of funding and little or no technical support a few of the many challenges facing SMEs in the region. He said that the support would shore up indigenous enterprises, so they have a competing chance with their international counterparts.

As part of the government’s support for small businesses, 7,000 more entrepreneurs have been taken through intensive training to build and handle their enterprises. This is quickly followed by the announcement of tax holidays for young entrepreneurs under 35 years of age, as is a respite for their businesses.

NEIP Business Support Program essentially concentrates on the provision of business development services, startup incubators and funding for early-stage businesses, seeking to enable them to grow and become successful.

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