In the article below, we sit down with our 2023 Grand Prize Winner, Dr. Ikpeme Neto as he shares the story of Wellahealth, a company that is committed to bridging the gap to accessing affordable healthcare in Nigeria, and as he reflects on the long but worthwhile journey of going through the ABH Competition.
1. What is the biggest problem is Wellahealth trying to solve?
The biggest problem that WellaHealth is addressing is the lack of access to affordable healthcare in Nigeria. With only 3% of the population having formal health insurance and a significant portion of the population paying for healthcare out-of-pocket, there is a critical need to bridge this gap and ensure that more Nigerians have access to quality medical services. WellaHealth is tackling this issue by offering affordable health plans priced at less than a dollar a month. By providing these low-cost plans, WellaHealth is making it possible for more Nigerians to access quality healthcare without breaking the bank.
2. The problem you are addressing is significant. Why did you take it upon yourself to solve it and start Wellahealth?
The decision to start WellaHealth stemmed from a deeply rooted commitment to addressing the significant healthcare challenges facing Nigeria. As someone with a background in healthcare and a firsthand understanding of the struggles faced by patients, I felt compelled to take action. Witnessing the detrimental effects of inadequate healthcare access for my own family members, including preventable deaths and worsening health outcomes, motivated me to leverage my skills and expertise to make a positive difference. It's a mission that fuels our team's dedication and drives us to continue innovating and expanding our reach, ensuring that more people have access to the care they deserve.
3. Given that you have been trained as a doctor, how was your experience transitioning into entrepreneurship?
As someone with a background in medicine transitioning into entrepreneurship, the experience has been both challenging and rewarding. On one hand, my training as a doctor provided me with a solid foundation of knowledge and skills, particularly in understanding healthcare systems, patient care, and clinical decision-making. These insights have been invaluable in identifying opportunities for innovation and developing solutions that address real-world healthcare Challenges. However, transitioning into entrepreneurship also required me to acquire a new set of skills and mindset. Unlike the structured environment of medicine, entrepreneurship is characterized by uncertainty, risk-taking, and the need for rapid adaptation. Learning to navigate this dynamic landscape, from pitching ideas to investors to building a business model, has been a steep learning curve.
One of the most significant challenges has been balancing the demands of entrepreneurship with the ethical responsibilities inherent in healthcare. As a doctor, the primary focus is always on patient well-being and adhering to ethical principles. In entrepreneurship, while the ultimate goal may still be to improve health outcomes, there are additional considerations such as financial sustainability, market competition, and regulatory compliance.
4. If you were to go back to the beginning of your entrepreneurship journey, what advice would you give yourself?
Looking back at the initial stages of my entrepreneurial journey, I realize there are several fundamental principles that I would prioritize. Firstly, I would emphasize the importance of embracing failure as a natural part of the process. Rather than being discouraged by setbacks, I would encourage myself to view them as valuable learning opportunities. Each obstacle presents a chance to gain insights, refine strategies, and ultimately grow stronger in pursuit of my goals. Secondly, I would stress the significance of building a strong and cohesive team. While it may be tempting to pursue my vision alone, I now understand the immense value of surrounding myself with talented individuals who share my passion and drive. A supportive and diverse team not only brings a variety of skills to the table but also fosters an environment of collaboration and innovation, essential for overcoming challenges and achieving long-term success.
5. When you applied for the ABH competition, were you confident that you would get far, or were you hoping for the best?
As an applicant to the ABH competition, I approached the process with a mix of confidence and hopefulness. On one hand, I was confident in the strength of my submission and believed that it had the potential to stand out among the competition. I had put a lot of effort into preparing a compelling case or product that I thought aligned well with the competition's criteria. On the other hand, there was always an element of uncertainty. Competitions like the ABH attract numerous high-quality entries, so I knew that the field would be competitive. While I felt confident in my submission, I also recognized that success wasn't guaranteed, and I was hopeful that the judges would recognize the value and merit of my work.
6. How did the application and interviewing experience online and in person shape the way you thought about your business?
7. What would you tell another hopeful applicant who would like to give Africa’s Business Heroes a shot in 2024?
For any hopeful applicant considering Africa’s Business Heroes in 2024, my advice would be to seize the opportunity with passion, authenticity, and a clear articulation of your business impact. Showcase not just the success, but the journey, challenges, and the resilience that defines your entrepreneurial spirit. Be genuine in sharing your vision, mission, and how your business contributes to positive change. Prepare thoroughly, connect emotionally, and let your unique story shine. It's not just about winning a competition; it's about inspiring others with your journey.
8. In what way will the prize you won support your mission at WellaHealth?
Winning the prize will provide invaluable support to further our mission at WellaHealth in several significant ways. Firstly, it will offer crucial financial resources that we can invest directly into expanding our reach and impact. Whether it's enhancing our technological infrastructure, scaling our operations to reach more communities, or investing in marketing and awareness campaigns, the prize money will enable us to accelerate our growth and make a more substantial difference in the lives of Nigerians.
Additionally, winning the prize will elevate our visibility and credibility within the healthcare industry and among potential partners and stakeholders. This increased recognition can open doors to new opportunities for collaboration, strategic partnerships, and access to additional resources. It will also help us attract top talent who are passionate about our mission, further strengthening our team and capabilities.
