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Market Matters Inc.

Annual Report


2 Annual report 2010

A Message from the CEO I am pleased to share with you MM Inc.’s 2010 Annual Report. In 2010 Market Matters Inc. reached new milestones in its capacity and network building activities with emerging agribusinesses in Africa. The news and information in this report highlights the main activities during the year. As always, you can find more detailed information on MM Inc.’s website including our activity reports and research publications. Two-thousand ten marked the tenth anniversary of the “Making Markets Matter” (MMM) Executive Training Program for the African Agribusiness Sector. Reaching this significant milestone clearly indicates that “Making Markets Matter” is an innovative service that meets a critical need among emerging agribusinesses in Africa. In the coming years we look forward to expanding the program to other parts of the Continent and beyond. In addition to hosting another highly successful training event, MM Inc. marked the tenth anniversary of the MMM program by hosting the African Agribusiness Forum, a one-day conference and networking function. Including “Making Markets Matter,” in 2010 MM Inc. conducted five capacity strengthening programs in South Africa, Botswana, and Namibia that reached a total of 217 participants. The Seeds of Development Program, MM Inc.’s network building initiative, continued its work with African-owned seed companies. Many SoDP Fellows attended the “Making Markets Matter” training program in May, while others took advantage of the electronic communication channels offered by the network to look for new business opportunities and to exchange useful information.

...In 2010 Market Matters Inc. reached new milestones in its capacity

Having close ties to academia, Market Matters Inc. continued to engage in research activities in 2010. Our staff began work on an edited volume of case studies profiling emerging farms and agribusinesses in South Africa. The case studies not only detail the challenges and opportunities facing emerging entrepreneurs in post-Apartheid South Africa, they also provide a valuable resource for academic institutions and others engaged in agribusiness education. The volume is slated for publication in Sept 2011. Looking back at this last decade, I am pleased to see that Market Matters Inc. has built a strong foundation that has sustained the organization even in the current challenging times and allowed us to continue with our core operations intact. Our supporters, Board Members, and collaborating partners have been instrumental to our success. In the coming years we will continue to build on this foundation, which, I am confident, will see a growing impact of our activities in emerging markets.

and networking builiding


activities.... Ralph Christy CEO/Chairman of the Board

3 Annual report 2010

Recognizing Success n of The visio to be a GFAH is ader market le ag ro in qual i ty i ver y i n p ut d e l sse s of to all cla w h i le far m ers, alue to ad d ing v o u t p u t s. ’ s r e m r a f

My mission is to be a force for positive change and to inspire others to greatness… I will strive to continually invent the future out of my imagination rather than being a victim of the past. John Makoni

The African Agribusiness Entrepreneur of the Year award is an annual prize that recognizes an outstanding agribusiness from the Continent. The 2010 award went to John Lennos Makoni, owner and CEO of the Zimbabwe-based Gross Foods Agriculture Holdings. Makoni is a “Making Markets Matter” alumnus, and two of his seed companies Pristine Seeds (Zimbabwe) and Semente Perfeita (Mozambique) have been members of the Seeds of Development Program since 2003 and 2005. The award was presented by MM Inc.’s CEO Professor Ralph Christy and Dean Mohammad Karaan (AgriSciences, Stellenbosch University). Mr. Makoni was accompanied by his wife and business partner Wendy Makoni. Gross Food Agriculture Holdings (GFAH) was founded by John Lennos Makoni, an agriculturalist who recognized the opportunities that existed in the agriculture industry after the downturn of agriculture in Zimbabwe in 2000. GFAH was incorporated in 2007 as a holding company to consolidate the interests that Makoni had in several companies that were involved in the agriculture value chain. The company is the holding company for Pristine Seeds (production and marketing of various crop seeds), Semente Perfeita (Mozambique), Pristine Seeds Limited (Malawi), Cropchem Zimbabwe (marketing and distribution of agrochemicals), Agro Warehouse (marketing and distribution of agro inputs, farm implements, and food commodities), Pristine Horticulture (export horticulture and production of organic insecticides and environmental health products based on the insecticidal pyrethrum flower) and Hinplough Agriculture, a farming venture. The vision of GFAH is to be a market leader in quality agro-input delivery to all classes of farmers, while adding value to farmers’ outputs. Its mission is to improve the livelihoods of African farmers by offering quality agro-inputs, in the process promoting the economic well-being and quality of life of all its stakeholders.

Recipient of th e African Agrib usiness Entrenpreneur of the Year Aw ard, John Lennos M akoni.

4 Annual report 2010

A Decade of “Making Markets Matter” In May 2010, MM Inc. held the 10th “Making Markets Matter” Executive Training Program for the African Agribusiness Sector (MMM). To celebrate this significant milestone, in addition to hosting the “Making Markets Matter” program, MM Inc. also organized the African Agribusiness Forum, a one-day event with a expert speakers and invited representatives from South Africa’s agribusiness industry. The 2010 MMM program welcomed 70 participants, who represented ten African countries. One-third of the participants were women, a group that is represented in greater numbers each year. Facilitators and guest speakers represented three continents and six countries (Botswana, India, South Africa, Thailand, Tunisia, and the USA) and came from diverse organizational backgrounds including universities (University of Botswana, Cornell and Stellenbosch Universities), the nonprofit and development sectors (the Syngenta Foundation for Sustainable Agriculture and the African Development Bank), and the private sector (Freshmark and Standard Chartered Bank). ief Cacho, Ch Dr. Joyce r ility Office Sustainab nal o ti a Intern for Novus ts participan addressed n a Afric during the ss Forum. e in s Agribu

In May 2010,

To mark the 10th anniversary of the program, immediately following the threeday training event, MM Inc. hosted the African Agribusiness Forum, a one-day symposium/networking conference. The program featured a keynote address by Dr. Joyce Cacho, Chief Sustainability Officer for Novus International, the main sponsor of the event. The day’s program focused on two issues of great importance to agribusinesses on the African continent: creating an environment in which agribusinesses can thrive and preparing for and mitigating the environmental challenges that lie ahead for Africa and the world. The expert panels featured researchers and practitioners from the University of Cape Town, Stellenbosch University, the Industrial Development Corporation, WesGro, and the African Development Bank, whose presentations sparked a lively discussion among the audience, which included all MMM participants and other invited guests.

MM Inc. held

In participants’ own words...

the 10th “Making

A great opportunity to learn and to sharpen our business skills, presented by people who are both knowledgeable and passionate about their fields of expertise.

Markets Matter” Executive Training Program for the African

Very informative. Definitely a “must attend.” A stimulating, educating, and rejuvenating experience Very informative and eye-opening; it opened doors to networking with a diverse set of businesses.


If you have interest in the sustainability and development of African agriculture and agribusiness, you have to be a part of MMM.


MMM is inspiring, motivating, and builds a sense of responsibility and confidence. Eye-opener; can boost my performance immensely.

5 Annual report 2010

The Seeds of Development Program – Highlights of 2010 The Seeds of Development Program (SODP), an innovative initiative designed to improve access to appropriate and affordable seeds for low-income smallholder farmers through business development services (BDS) training for small to medium-sized local seed companies in East and Southern Africa. Established in 2003, SODP is an award winning project that has created a powerful network of 30 locally owned, emerging seed companies operating in eight countries in East, Southern, and West Africa (Kenya, Tanzania, Uganda, Zambia, Zimbabwe, Malawi, Mozambique, and Mali). SODP operates through a Fellows Program; selected seed companies that serve smallholder farmers in Africa may join the program by invitation.

Program Highlights - 2010 In May 2010, thirteen seed companies participated in the “Making Markets Matter” Agribusiness Training Program. In addition to the opportunity to network with other seed companies and agribusinesses from Africa, SoDP companies had access to a representative from the Syngenta Foundation for Sustainable Agriculture who gave a presentation on issues relevant to the African seed sector and was on hand for one-on-one consultations throughout the week. After the week-long program participants visited Agricol, a well-established South African seed company. Some of the companies used the visit to forge new business deals. In the second half of the year, five SoDP companies were awarded field trip grants to visit seed companies in other parts of Africa and the rest of the world. The purpose of these field trips is to provide opportunities for learning, information exchange, and for forging new business linkages. In 2010, companies visited China, The Democratic Republic of Congo, India, and Rwanda.

The SoDP was proud to see one of its “own” recognized as the African Agribusiness Entrepreneur of the Year! John Lennos Makoni, owner and CEO of Gross Food and Agriculture Holdings (Pvt) Ltd. was the recipient of the annual award, which recognizes an African agribusiness that serves as inspiration to other emerging companies through its success and impact on the communities where it operates. Finally, the program has availed one-on-one assistance to four companies, providing input on marketing and strategic plans and helping to build business linkages between companies in Southern and West Africa. As always, the program also kept companies up-to-date on news from the African seed industry.

s pany CEO SoDP com other at greet each tter” arkets Ma “Making M frica. in South A

6 Annual report 2010

Financial Highlights 2010


Changes in Unrestricted Net Assets: Revenues: Restricted: Net assets released from restrictions Consulting income Total Restricted Revenues


Unrestricted: Contributions Indirects from grants In-kind contributions Investment income Monitoring and evaluation Other income Consulting income Workshop income Total Unrestricted Revenues Total Revenues Expenses: Program Restricted: Total Program Restricted Expenses Program Unrestricted: Workshops Total Program Unrestricted Expenses Support Services: Total Support Services Expenses Total Expenses

Change in Unrestricted Net Assets

105,294 -0105,294


261,478 24,400 285,878

38,650 4,832 43,705 14,386 500 35,721 17,116 151,390 306,300

42,850 16,744 43,705 36,873 10,500 6,768 -0149,224 306,664





36,664 36,664

115,698 115,698







66,724 -0(105,294)

181,858 37,541 (261,478)









Changes in Temporarily Restricted Net Assets: Revenues: Grants Consulting contracts Net assets released from donor restriction

Change in Temporarily Restricted Net Assets Changes in Permanently Restricted Net Assets: Contributions

Change in Net Assets Net Assets, Beginning of Year Net Assets, End of Year





7 Annual report 2010

Fundraising Highlights In 2010, MM Inc. raised over US$ 40,000 in contributions. We are proud to have the continued support of individuals and organizations, who share our vision for creating opportunities for small and medium-size businesses in emerging markets.

d m in ig / x te n s io n A E f o n o ti ia te r / A s s o c e rs F a m il y C ONT lu m n i C h a p ti o n / S e e v A a a d h n u lp o A F i h o P n F ra n c is c ti o n / A lp h a Foods / Sa oc Founda ry H lo d G A / / t ) n (9 e s m B e rn ic e / Anonymou ek Manage y i, N ta m & re n C ra ll a a h F a / B y / e es iv e rs it m it h , J o y c nnen, Jam C o rn e ll U n L / A ll e n -S a ta s h a / B o e N y r, Iv a , e n h e s ll T k la c n yce . / ll e / A F o u n d a ti o h , M e s fi n /B y H. and Jo a n d M ic h e e rr n y u a a z L J e , , e B ty / g s a d ri h yk o ji / A k ri Benson, D v is , C a rl to n , C li n d a / C A d e la ja , S , W y li n / D a b / C h ri s ty n d C la ra S ./ ie a le . s a s B C r a , e D h ty / s p y h e ll C h ri H e rd t, ri s to A n th o n y / R u th a n d S B a rr e tt , C h is , R o b e rt / , , rr ty ty a s s H ri ri / h h . C C V / / n , M ic h a e l Eugene L .J . a n d A n ty , R e g in a ld T . / B ro w n ne / Jones, a / G u e d ry , a lp h / C h ri s le li R il u , J W , ty , n s n a ri o h s rm n C o h e r, ul A. / y o , N je ri / G , P ie rr e / J o e o n / L e rn C h ri s ty , P a ti e / G a k o n a c q u m o tt e n / K ra ft , L a J a / K H e d , n n a a im . L , K D / ft la n C. c ro , A lf re d / / F o rk e r, O o g e r / H o ld ti , N d u n g e / Mukunya ii R y , K p n / p o o n s P o in , rs d H de eo L o rn a / R o b in s o n , ld D . / M c L e l & Ia n A n R o b e rt a n d , Q u in e tt a / w e ll , D o n a n rn s , S a m u o o e D K rs c / e M b / ld o i a y R n s/ M a rk / ih a n , Ro u s s o n , G il le / W e n n e r, E. and K. T / Kennedy n , h e s a R y o / J a h , b a in ra a M te S s a ro li n e / n c is c o a n d / W e is s e rn S c o tt a n d C d ra z a , F ra k , W il li a m e e P m / o y T ll / e a m v E e re , E . e r, D a v id & M u ta m b a ts m s , E ll is E s / S ta ln a k a m o h li n / W il li a T y , W rd o d n ff a ta rt S e Ken / il s o n , N o rb re c e Y . / W e h S t, s e W

00 S (2 0 0 3 -2 R IB UTO R


E C TO R S B O A R D O F D IR ty, Chair Ralph D. Chris aca, NY ll University, Ith Professor, Corne shear Natasha Black arlan LLP lez, Saggio & H za on G Attorney, a, NY Robert Herdt ll University Ithac Professor, Corne aza Francisco Pedr ltant, Chicago, IL agement Consu an M l na io at rn te In son Kenneth Robin n University Clemson, SC so m le C r, so Profes t Bank WashMark Wenner ican Developmen er m r-A te In t, is Econom ington, DC

Market Matters Inc. 401 S. Albany Street ~ Ithaca, NY 14850 T: +1 607 277-3178 F: +1 646 720-0085

Market Matters Inc. Annual Report 2010  

2010 Annual Report of Market Matters Inc., a nonprofit organization with offices in the US and South Africa.

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