Episode 1 Exploring the startup ecosystem – A story curated by Change Com
Trond Riiber Knudsen on Capital, Talent, and Africa’s Turning Point
For decades, Africa has been framed through a lens of untapped potential. But as investor and strategist Trond Riiber Knudsen sees it, the time for potential has passed, what’s needed now is precision, partnership, and capital with intention.
Founder and CEO of TRK Group AS, an Oslo-based investment and advisory firm, Trond spent over 20 years as a Senior Partner at McKinsey & Company, shaping global strategy for some of the world’s leading consumer and tech brands. Yet for all his corporate pedigree, his deepest investment might be a personal one: the future of African innovation.
Born in Ethiopia, Trond has been a long-time advocate for talent development and entrepreneurial support across the continent. In a recent conversation, he reflected on what makes this moment so decisive.
“There are a number of challenges facing the African continent. And thoughtful impact investing, with jobs being done locally, is part of the solution.”
He’s not just talking about aid or philanthropy. He’s talking about capital that sees capability. Increasingly, he’s seeing a new generation of African talent, people educated abroad or trained in global firms, returning to build companies, design solutions, and create jobs at scale.
“The number of jobs you can create per dollar invested? It’s an order of 10 to 50. That’s why building talent locally is so important.”
And that scale matters. With much of the world entering demographic decline, Africa is one of the only regions poised for population and productivity growth. But Trond is careful not to romanticise it. Capital, he reminds us, doesn’t move on good intentions alone.
“If you can focus on scaling what already works, and reduce some of the early-stage risk, you can go quite far. Your capital can have phenomenal impact.”
It’s a simple idea, but a radical one in practice: investment that builds systems, not just valuations. It’s the kind of thinking that defines his work at TRK Group and beyond, including his advisory role with Kronprinsparets Fond, where he works to support young people at risk of exclusion.
For Trond, impact isn’t a buzzword, it’s a discipline. And Africa isn’t a philanthropic frontier, it’s an economic one. “The next 10 to 20 years will be pivotal,” he says. “You just have to pay attention to Africa.” And pay attention not just to its markets, but to its makers.
