Episode Description
In this episode, I'm speaking with Jonah Chininga, Co-Founder and CEO of Woveo, a Calgary-based fintech startup that operates on the basis that reputation can work as collateral for Canadian small businesses.
Jonah is an example of the well-used cliché: every experience is a lesson. He grew up in Zimbabwe and saw people resort to informal lending systems built on relationships due to the effects of hyperinflation on their savings.
Jonah and I chat about choosing to build in Calgary instead of Toronto, plus:
Why being a newcomer and founder is double trouble
Raising capital as a black founder
Building a startup in a highly regulated industry
The onion theory of risk
The Canadian credit system and who it's built for
And what he'd love to change about how the Canadian credit system treats newcomers
Dozie's Notes
A few things that stuck with me as I listened through this week's conversation:
Immigrants as natural expansionists is one argument Canada needs to take seriously. As we start to consider expanding our trade ties beyond the South of the border, we could do well to take advantage of the networks, cultural knowledge, and operating experience in multiple markets that immigrants already come with.
Jonah talked about believing in outcomes that aren't visible yet while focusing all your energies on what's within your control. And I think that's such a beautiful way to approach a problem most immigrants face. Which is the delta between what they know they're capable of and what the system is willing to recognize in the moment.
Official Links
✅ Connect with Jonah Chininga on LinkedIn
✅ Visit the Woveo site
One Ask
If you found this story helpful, please consider sharing it with one Canadian immigrant you know.
Timestamps
0:00 "Stopping is the actual failure"
0:49 Intro
1:27 Newcomer founder
7:33 Growing up in Zimbabwe's hyperinflation
9:55 What is Woveo trying to do?
13:10 Student turned founder
18:17 What the credit system gets wrong about newcomers
23:38 The Nigerian Mothers in Ontario
28:24 Raising capital as a Black founder
35:14 What Canada looks like if Woveo works
37:03 Why Calgary over Toronto
43:44 What it costs to call this your life's work
48:24 Outro