Wonderbag has revolutionised an old method of cooking to make money while creating a better future for all. And the world has taken notice.
A South African cooking innovation, called Wonderbag, recently featured alongside innovation titans, such as Apple, SpaceX, Amazon and Oculus, in Time Magazine’s Genius Companies issue. Finweek spoke to Wonderbag’s founder, Sarah Collins, about the business.
What did you do before you started Wonderbag?
I worked in the realm of community-based tourism. We launched a horseback riding safari business, and a mobile and tented camp, known as Stanley’s Camp, in the Okavango Delta. Among other things, I have run for political office, set up my own NGO and helped local communities create thriving businesses.
When did you start Wonderbag and why?
The Wonderbag product was born ten years ago, out of a practical desire to continue cooking during a bout of Eskom load shedding, and to find an alternative to empower women in Africa who spend most of their time and money cooking. Inspiration for the solution was drawn from my grandmother, who used a box and two cushions to cook food. My intuition has always been that the Wonderbag was going to be a global game-changer, as was the Wonder Box in the 1970s.
What is a Wonderbag?
It is a heat-retention cooker, allowing food that has been brought to the boil by conventional methods to continue cooking for up to 12 hours without using any additional energy. Using a Wonderbag saves time, money, fuel, and reduces air pollution. It mitigates the risk of fire or danger of children burning themselves while cooking.
Where did you get start-up funding?
I mortgaged my house and took on a financial partner, which worked for a few years, but our intentions were not aligned and hence we split. My advice to prospective entrepreneurs, when it comes to start-up funding, is to try not to borrow money. If you do, use a formal and very well-thought-out strategy.
This story is from the 22 November 2018 edition of Finweek English.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the 22 November 2018 edition of Finweek English.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
THE HEALTH OF SA'S MEDICAL SCHEMES
As the Covid-19 pandemic abates, finweek takes a look at the financial performance of some of the largest players.
The effect of Gilbertson's departure
With Ntsimbintle Holdings now the major shareholder of Jupiter Mines, it could change SA’s manganese industry.
Making money from music
Why investors are increasingly drawn to the music industry.
Conviction is key
Sandy Rheeder plays a critical role in Mukuru’s mission to open up financial services to the emerging consumer market in Africa through tailor-made technology solutions and platforms.
The post-pandemic toolkit
How CFOs can use technology to support growth.
Big city living exodus
Mini cities like Waterfall City and Steyn City are redefining city-style apartment living.
Big compact, big value
Handsome, with a hefty level of standard specification, the roomy Haval Jolion compact crossover is a great value proposition.
On barriers to entry
There are various ways in which a company or sector can achieve competitive dominance. They usually make for good investments.
Fear and greed in one index
To buck the trend, when markets are hot or cold, is a tough thing to do. However, it can deliver solid returns.
Africa's largest data centre facility coming soon
Vantage Data Centers plans to invest over R15bn for its first African data centre facility in Attacq’s Waterfall City.