Sarah Dusek is a managing partner and co-founder of Enygma Ventures, a private investment fund dedicated to supporting and investing in women-led businesses in Africa. Since Enygma’s inception in 2019, over 5,000 entrepreneurs have gone through Enygma’s investor-ready programs to learn how to build valuable companies. Sarah aims to demystify the complicated and often inaccessible world of funding. Making capital accessible for women, helping them to both deliver outstanding outcomes for their own businesses and drive economic and social progressive change. Her new book, Thinking Bigger: A Pitch-Deck Formula for Women Who Want to Change the World (Georgetown University Press, September 2, 2024) positions women to get the financing they need to scale their endeavors and change the world.
In 2009, she founded the leading upscale outdoor hospitality brand Under Canvas, which sold in 2018 for over $100 million. Under Canvas received a spot on the coveted Inc. 5000 list in 2017, and in the same year Sarah was also named to Ernst & Young’s EY Entrepreneurial Winning Women list as a forward-thinker and changemaker. In 2022, Sarah launched a $600 million capital vehicle to drive conservation efforts globally, one of the largest investment vehicles of its kind in the world. Her latest venture is the sustainable eco-lodging Few and Far Collection.
Sarah believes in the power of leveraging challenging circumstances to propel forward change. At the helm of Enygma Ventures, she led the development of a special program in 2020 to help redefine systemic issues for female leaders during the COVID-19 pandemic. The company selected 11 female entrepreneurs from a pool of 9000 applicants, ultimately investing $10 million to women-led startups in the Southern African Development Community region.
Sarah is a contributing writer to Forbes, The Telegraph, and TRT World. She is chairwoman of the Women’s Giving Circle for The Global Good Fund, a social entrepreneurship leadership development program, and sits on the board of 10 and rising startup companies in Africa, as well as Under Canvas. Sarah has a Bachelor of Laws from Exeter U.K., and a master’s degree in missiology from the University of Manchester. She divides her time between the U.S. and South Africa with her husband, Jacob Dusek, and their two children. In her free time, Sarah enjoys traveling and spending time in nature. For more information, please visit https://sarahhdusek.com/.
Company: Enygma Ventures
We are thrilled to have you join us today, welcome to ValiantCEO Magazine’s exclusive interview! Let’s start off with a little introduction. Tell our readers a bit about yourself and your company
Sarah Dusek: I’m Sarah Dusek, co-founder of Under Canvas, a luxury glamping company that started with a vision to make the outdoors accessible to those who might never have considered camping. Our journey began in 2009 when my husband and I opened our first camp near Yellowstone National Park. The idea was simple: create extraordinary experiences in beautiful, remote locations while preserving and protecting the natural environment. Over time, Under Canvas grew to multiple locations, winning awards for our unique approach and eventually becoming a market leader in the glamping industry.
In 2018, after successfully scaling Under Canvas to a $100 million business, I have focused my energy on investing in other women entrepreneurs. My own experience highlighted a significant gap in resources and support for women in business, particularly in raising capital. This realization led me to co-found Enygma Ventures, a venture capital fund dedicated to investing in women-led businesses in Africa. Our mission is to close the funding gap and support women who have the potential to build impactful, scalable businesses but lack the necessary financial backing and network.
At the heart of my work is a deep commitment to empowering women to think bigger and achieve their dreams. My book, “Thinking Bigger: A Pitch Deck Formula For Women Who Want To Change The World,” encapsulates the lessons I’ve learned from building and scaling businesses and offers practical advice on creating compelling pitch decks to attract investment. It’s designed to help women entrepreneurs overcome barriers and unlock their potential, driving not only their success but also contributing to a more equitable and diverse business landscape.
Our world desperately needs the unique perspectives and solutions that women bring to the table. By empowering more women to succeed in business, we can create a ripple effect that transforms communities, economies, and societies. I believe in the power of entrepreneurship to change lives, and I am passionate about helping women build the businesses that will shape our future.
If you were in an elevator with Warren Buffett, how would you describe your company, your services or products? What makes your company different from others? What is your company’s biggest strength?
Sarah Dusek: I would describe Enygma Ventures as a venture capital fund investing in women-led businesses in Africa, providing the necessary capital and sought-after support needed to scale impactful enterprises.
Our biggest strength is our commitment to closing the funding gap for women and fostering innovation in underrepresented markets. My newest business Few and Far, a regenerative travel company, complements this by curating unique travel experiences and highlighting cultural richness and promoting sustainable tourism in Africa. Together, we drive economic growth and create lasting social impact by supporting women entrepreneurs and promoting sustainable travel.
Quiet quitting, The Great Resignation, is an ongoing trend causing many businesses to struggle to keep talent engaged and motivated. Most are leaving because of their boss or their company culture. 82% of people feel unheard, undervalued, and misunderstood in the workplace. In your experience, what keeps employees happy? And how are you adapting to the current shift we see?
Sarah Dusek: In my experience, happy employees boils down to creating an environment where they feel valued, heard, empowered and connected to a mission that matters.
When employees feel their voices are heard and their feedback is valued, it creates a sense of belonging and ownership. At Under Canvas, we held regular town halls where every team member, regardless of their role, had the opportunity to share their ideas and concerns. This practice not only kept everyone informed but also allowed us to address issues promptly and collaboratively.
Second, investing in personal and professional growth is key. People want to know that their company is committed to their development. Seeing employees rise through the ranks and take on new challenges was immensely rewarding.
Third, recognizing and celebrating achievements goes a long way. Simple acts of appreciation, whether it’s a shout-out in a meeting or a formal award, can significantly boost morale. Acknowledging hard work and celebrating milestones helped build a positive and motivating atmosphere at Under Canvas.
Additionally, we’ve been even more intentional about these practices at Enygma Ventures. We emphasize flexibility and understanding that work-life balance is more important than ever. Remote work options, flexible hours, and wellness programs are some of the ways we support our team in balancing their professional and personal lives.
Finally, we focus on purpose-driven work. Employees who understand and connect with the company’s mission are more likely to feel fulfilled and engaged. At Enygma Ventures, our mission to support women-led businesses and drive social impact resonates deeply with our team, creating a shared sense of purpose and passion. Mission-led companies will always fare better than those that are missionless. When a company is committed to driving meaningful change and on a mission to achieve a big goal, that’s when there is the biggest opportunity for employees to engage with their work the most. A sense of meaning and purpose is very often the most important thing to all of us.
When employees know they are valued and their contributions make a difference, they are more likely to stay engaged and committed. By prioritizing communication, growth, recognition, flexibility, and purpose, we can adapt to these changing times and build strong, resilient teams.
Online business keeps on surging higher than ever, B2B, B2C, online shopping, virtual meetings, remote work, Zoom medical consultations, what are your expectations for the year to come and how are you capitalizing on the tidal wave?
Sarah Dusek: I anticipate this trend will not only continue but also accelerate. With more businesses and consumers becoming comfortable with digital interactions, we can expect even greater adoption of online platforms and technologies. This shift will drive a need for more sophisticated and seamless digital experiences, pushing companies to innovate and enhance their online offerings.
At Enygma Ventures, we’re capitalizing on this tidal wave by investing in technology-driven businesses that are poised to thrive in this digital-first world. Our focus remains on women-led enterprises that are leveraging technology to solve real-world problems, create efficiencies, and deliver exceptional value to their customers.
One of our key strategies is to support startups that are developing innovative solutions for remote work, online education, telehealth, and e-commerce. These sectors have seen tremendous growth and will continue to be vital in the year ahead. By providing capital, mentorship, and resources to these businesses, we aim to help them scale and meet the increasing demand for their services.
We are embracing digital transformation within our own operations. Virtual meetings and remote work have become integral parts of our daily routine, allowing us to connect with entrepreneurs and partners across the globe more efficiently. This flexibility has not only enhanced our productivity but also expanded our reach and impact.
We are also harnessing the power of data and analytics to make informed investment decisions. Understanding market trends, consumer behavior, and emerging technologies enables us to identify and support the most promising ventures. This data-driven approach ensures that we are well-positioned to capitalize on the opportunities that the digital surge presents.
We know the digital revolution is here to stay and are excited about the possibilities it brings. By investing in technology-driven businesses, embracing digital transformation, and leveraging data insights, we are ready to ride this wave and drive meaningful impact in the years to come.
Business is all about overcoming obstacles and creating opportunities for growth. What do you see as THE real challenge right now?
Sarah Dusek: The real challenge right now is navigating the rapid pace of change while ensuring we don’t leave anyone behind, particularly women and underrepresented groups. As someone who has built businesses from the ground up and now invests in women-led enterprises, I see firsthand the obstacles that come with this dynamic landscape.
One of the most pressing issues is the disparity in funding for women entrepreneurs. Despite the tremendous progress we’ve made, women still receive less than 2% of all venture capital funding. This gap is not just a statistic; it’s a barrier that limits innovation and growth. Overcoming this disparity is critical. By leveling the playing field, we can unlock untapped potential and drive significant economic impact.
Adapting to technological advancements is another challenge. The digital revolution offers incredible opportunities, but it also requires businesses to be more agile and innovative. From my experience with Under Canvas and now with Enygma Ventures, I’ve learned that continuous learning and development are key. We must invest in our teams, encourage a culture of innovation, and be willing to pivot quickly in response to new trends and technologies.
Lastly, the economic uncertainty adds another layer of complexity. Businesses must be resilient and adaptable, ready to pivot in response to changing market conditions. Strategic planning and financial prudence are crucial. We need to be proactive, looking ahead and preparing for potential disruptions while also seizing new opportunities.
In essence, the real challenge is to embrace these changes while ensuring inclusivity and equity. With the right support and mindset, we can overcome these obstacles and create a brighter, more inclusive future.
In your experience, what tends to be the most underestimated part of running a company? Can you share an example?
Sarah Dusek: In my experience, the most underestimated part of running a company is the importance of building and nurturing the right team. Many entrepreneurs focus intensely on their product or service, which is, of course, crucial. However, the success of any business ultimately hinges on the people behind it. Your team is your greatest asset, and investing in the right people can make or break your company.
When I was building Under Canvas, I initially underestimated how critical it was to have a team that not only possessed the necessary skills but also shared the same vision and values. In the early days, we were a small, scrappy team, and everyone wore multiple hats. As we grew, I realized that the skills that got us through the startup phase weren’t necessarily the ones that would take us to the next level. One pivotal moment was when we hired our first COO. He joined us at a critical time and brought a level of operational expertise that we desperately needed. His presence allowed us to streamline our processes and focus on expanding our locations. This move wasn’t just about filling a role; it was about bringing in someone who could elevate the entire team’s performance and allow me to focus on growing our business.
At Enygma Ventures, I’ve carried this lesson forward. We invest not only in innovative businesses but also in the entrepreneurs and their teams. We provide mentorship and resources to help them build strong, cohesive teams that can navigate the challenges of growth and scale.
While product development and market strategies are vital, the most underestimated aspect of running a company is the people. Your team’s talent, alignment with the company’s mission, and ability to grow with the business are what truly drive success.
On a lighter note, if you had the ability to pick any business superpower, what would it be and how would you put it into practice?
Sarah Dusek: If I could pick any business superpower, it would definitely be the ability to foresee market trends with perfect clarity. Imagine having a magical crystal ball that tells you exactly what consumers will love next, what tech is about to explode, and how global shifts will affect us. It’s like being able to see into the future and always being one step ahead!
I’d use this superpower to guide Enygma Ventures’ investments with pinpoint accuracy. We could support women-led businesses that are poised to become the next big thing, ensuring their success and amplifying their impact. Plus, our mentorship would be spot on, helping entrepreneurs pivot and adapt effortlessly.
But I wouldn’t stop there. I’d encourage our portfolio companies to innovate and create products that everyone will need tomorrow. With this superpower, we’d be trendsetters, making smart, impactful decisions that not only drive business success but also contribute to a brighter future.
And of course, on a lighter note, I’d love to use this ability to throw the best future-themed parties, complete with all the latest trends and gadgets that no one has even heard of yet! It’s all about having fun while making a positive impact and staying ahead of the game.
What does “success” in 2024 mean to you? It could be on a personal or business level, please share your vision
Sarah Dusek: Ultimately, success for me is all about making a difference. It’s about empowering others, driving change, and creating opportunities. It’s about building a legacy that reflects my values and inspires others to dream big and achieve their goals. To that end I’d love to see my new book “Thinking Bigger” in the hands of women entrepreneurs around the world. I’d love to see women’s mindsets changed and more women building bigger businesses that impact and change our world for good. I want to see us make big steps forward towards building a more inclusive, innovative, and compassionate world. I want to be part of building that world.