Entrepreneurship has shaped industries, economies, and communities, making it one of the primary driving forces behind societal progress. It’s worth emphasizing, however, that true entrepreneurship isn’t centered on wealth creation but on spearheading innovation, addressing challenges, and building systems that empower people. This belief is the foundation of the philosophy of Joseph Rutakangwa, the co-founder and CEO of Rwazi.
Joseph Rutakangwa
Legendary figures influenced Joseph. He’s fascinated by how pioneers like Henry Ford, John D. Rockefeller, Andrew Carnegie, Cornelius Vanderbilt, and J.P. Morgan laid the foundations of entire industries. Ford revolutionized manufacturing and made automobiles accessible to the masses, Carnegie built the steel industry, and Vanderbilt connected cities through an expansive railway network. These leaders exemplify the kind of impact Joseph seeks to make.
A successful career in the corporate world didn’t stop Joseph from doing something bigger than climbing the traditional career ladder. His work in consulting offered him intellectual stimulation and financial stability, but it didn’t satisfy his desire to create something lasting. The dynamic man then transitioned into entrepreneurship. It was by no means easy. The then-aspiring successful entrepreneur spent years weighing the risks of leaving a stable, lucrative career to venture into the unknown.
“I realized you only have a few cycles in life where you can take extreme risks,” Joseph shares. “In your 20s and 30s, you have the flexibility to fail and recover, but as you get older, responsibilities grow and those windows close.” This awareness pushed him to take the leap and embrace the uncertainty to pursue greater impact.
Joseph defined entrepreneurship as a way to solve real-world problems. “I was always on the hunt to build something foundational—something that creates infrastructure upon which other businesses and industries can thrive,” he remarks. To understand the factors that shaped this noble mission, it’s best to shed light on Joseph’s journey.
Born in Tanzania, Joseph went through financial hardships, but he excelled academically, earning full scholarships to prestigious institutions in Africa and the United States. He reflects on how fortunate he is for the opportunities: “It’s rare enough to get a full scholarship once, but I received them multiple times. Many equally talented and ambitious individuals never got the same opportunities. This made me realize that responsibility comes with privilege. I want to leverage these opportunities and create positive change.”
Joseph’s story isn’t all rainbows and butterflies. He faced numerous obstacles. However, what makes him stand out is his ability to turn these challenges into stepping stones. With such resilience, he established Rwazi, a data intelligence company that helps businesses obtain accurate, real-time consumer insights from global markets.
Rwazi uses an AI-enhanced system to provide on-the-ground real-time data internationally. The idea behind it was born from Joseph’s years in consulting, where he repeatedly encountered the same issue. “The challenge was always the same. On paper, the numbers looked great. Consumer populations were growing, GDP was increasing, and middle-class expansion was happening. The issue is that when these companies launch the products, they don’t gain traction. The question was: Why?” he states.
Joseph Rutakangwa Receiving Innovator in Trade Award for Rwazi
Ever the problem-solver, Joseph eventually realized the problem was the lack of reliable market data. Traditional sources (e.g., national statistics offices, trade ministries, research firms, etc.) provided high-level data that was outdated, fragmented, and irrelevant for real-time decision-making. Joseph saw an opportunity and asked himself: What if businesses could access real-time, ground-level data directly from the markets they wanted to serve?
Joseph’s long-time friend and now co-founder, Eric Sewankambo, saw the same demand for accurate data from his perspective as a seasoned professional in telecommunications and capital markets. Their complementary skills made for a strong partnership. They both ensure that Rwazi fulfills a larger mission to bridge the gap between businesses and their untapped markets.
Eric Sewankambo & Joseph Rutakangwa
Interestingly, when Joseph and Eric launched Rwazi in 2021, they did so without external funding and relied on their savings. The two decided to turn their focus to the one group that truly mattered—the customers—instead of chasing investors. They launched an early version of Rwazi’s product, enabling them to learn about their target audience’s needs. This customer-first approach enabled Rwazi to generate revenue from day one. The company quickly landed its first subscribers. As word spread, its customer base grew.
Now, Rwazi is known for its network of over 1.5 million local consumers across over 150 countries that share their consumption activities – ‘hyper-localized insights.’ These help brands understand real consumer behavior instead of relying on outdated or extrapolated data.
Committed to innovation and making an impact, Rwazi also developed a product that empowers consumers to make better budgeting decisions. It launched Ela, an AI-powered budget assistant, in 2023 to help users optimize their spending. The response was overwhelming. Downloads surged immediately, with over a million people using Ela, with 22 million interactions daily to manage their budgeting more efficiently.
As users interact with Ela, their anonymized data feeds into Rwazi’s system, giving brands real-time insights into consumer behavior. This benefits companies, allowing them to see exactly where the demand is shifting, which products are gaining traction, and why they might be losing customers to competitors.
Essentially, Rwazi helps both consumers and brands. Realizing this, Joseph felt a sense of fulfillment. He shares: “If I had stayed in the corporate world, how much impact would I have made? The revenue generation, the trickle-down effect, the job creation—none of that would have happened. It’s easy to think, ‘Is it my obligation?’ Maybe not. But if you’re one of the few who managed to climb the mountain, then you owe it to yourself and everyone else to make a difference.”
