We question Yaron Assabi, founder and CEO of digitalmall.com
11 November 2021 - 05:00
Support our award-winning journalism. The Premium package (digital only) is R30 for the first month and thereafter you pay R129 p/m now ad-free for all subscribers.
Relationships last longer when both parties are having fun and making money.
What was your first job?
I lived in Israel from age three to 15 and delivered vegetables and fruit when I was nine for a few hours a day after school.
How much was your first pay cheque, and how did you spend it?
It was only a few shekels at the time, but that was everything to me as I could buy the things I wanted and had some independence.
What is the one thing you wish somebody had told you when you were starting out?
If you want to innovate you also have to be patient. We launched e-commerce enablement at digitalmall.com in 1998 and it was early, but we paid large "school fees", launching it globally. Today we feel we are ready and the market demand is there.
If you could fix only one thing in SA, what would it be?
Corruption. Much as we focus on growth and job creation, I feel robbed by state capture. There are so many barriers for entrepreneurs as a result of it — like unstable electricity supply and an unstable currency that has lost tremendous value over the years.
What’s the most interesting thing about you that people don’t know?
I am a colon and single-kidney cancer survivor and proud to be cancer free. I am grateful to be here now, healthy and telling you my story!
What’s the worst investment mistake you’ve made?
I sold 20% equity to an external investor who could not meet their financial commitment. This forced us into a difficult financial position from which it took years to recover.
What’s the best investment you’ve ever made? And how much of it was due to luck?
My initial investment in digitalmall.com in the late 1990s paid dividends when we sold to iTouch prior to its listing on the FTSE, as our valuation was very high during the dot-com hype — so there was a bit of luck there. Unfortunately, the market crashed a few months later, and eventually we did a management buyout. But the business has now grown to be an amazing group.
If you were President Cyril Ramaphosa, what would you change, or do, tomorrow?
I would focus on education and creating jobs in the digital ecosystem. Many emerging economies have made great progress when they adopted a full digital transformation strategy with a focus on e-government. For example, when the South Korean government decided to subsidise internet access and make it more available, it had a direct correlation to GDP growth, and today South Korea is one of the top 10 global economies.
Support our award-winning journalism. The Premium package (digital only) is R30 for the first month and thereafter you pay R129 p/m now ad-free for all subscribers.
BACKSTORY: Yaron Assabi
We question Yaron Assabi, founder and CEO of digitalmall.com
What’s your one top tip for doing a deal?
Relationships last longer when both parties are having fun and making money.
What was your first job?
I lived in Israel from age three to 15 and delivered vegetables and fruit when I was nine for a few hours a day after school.
How much was your first pay cheque, and how did you spend it?
It was only a few shekels at the time, but that was everything to me as I could buy the things I wanted and had some independence.
What is the one thing you wish somebody had told you when you were starting out?
If you want to innovate you also have to be patient. We launched e-commerce enablement at digitalmall.com in 1998 and it was early, but we paid large "school fees", launching it globally. Today we feel we are ready and the market demand is there.
If you could fix only one thing in SA, what would it be?
Corruption. Much as we focus on growth and job creation, I feel robbed by state capture. There are so many barriers for entrepreneurs as a result of it — like unstable electricity supply and an unstable currency that has lost tremendous value over the years.
What’s the most interesting thing about you that people don’t know?
I am a colon and single-kidney cancer survivor and proud to be cancer free. I am grateful to be here now, healthy and telling you my story!
What’s the worst investment mistake you’ve made?
I sold 20% equity to an external investor who could not meet their financial commitment. This forced us into a difficult financial position from which it took years to recover.
What’s the best investment you’ve ever made? And how much of it was due to luck?
My initial investment in digitalmall.com in the late 1990s paid dividends when we sold to iTouch prior to its listing on the FTSE, as our valuation was very high during the dot-com hype — so there was a bit of luck there. Unfortunately, the market crashed a few months later, and eventually we did a management buyout. But the business has now grown to be an amazing group.
If you were President Cyril Ramaphosa, what would you change, or do, tomorrow?
I would focus on education and creating jobs in the digital ecosystem. Many emerging economies have made great progress when they adopted a full digital transformation strategy with a focus on e-government. For example, when the South Korean government decided to subsidise internet access and make it more available, it had a direct correlation to GDP growth, and today South Korea is one of the top 10 global economies.
BACKSTORY: Ilonka Badenhorst
BACKSTORY: Attacq CEO Jackie van Niekerk
BACKSTORY: Brand SA’s Sithembile Ntombela
BACKSTORY: Nedbank’s Chipo Mushwana
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Most Read
Related Articles
BACKSTORY: Jonathan Shapiro
BACKSTORY: Khangi Khoza
BACKSTORY: National Debt Advisors’ Sebastien Alexanderson
BACKSTORY: Deloitte’s Dinesh Munu
BACKSTORY: FNB’s Eric Enslin
BACKSTORY: Gyongyi King
BACKSTORY: Nedbank’s Anél Bosman
Published by Arena Holdings and distributed with the Financial Mail on the last Thursday of every month except December and January.