What if the secret to building a successful start-up isn’t about speed, but about patience?
In the latest episode of Bank on it, Zanele Matome, the co-founder and CEO of Welo Health, shares how she got her startup off the ground by ignoring conventional wisdom and focusing on the long game.
This isn’t just the story of Matome’s healthtech company — which uses a dynamic platform to provide on-demand workplace and homecare services to corporates and health insurers — but is also a blueprint for founders who want to build a sustainable business.
Bank on it is a bold new video and vodcast series launched by Capitec in partnership with Business Day and hosted by Koshiek Karan, a former investment banker turned financial education influencer and fintech entrepreneur. Karan is known for demystifying finance in an entertaining, relatable way through his platform Banker X.
In this episode, Karan and Matome discuss her journey as an entrepreneur and the key principles behind building a successful, sustainable and impactful business.
‘Entrepreneurship is a marathon, not a sprint’
One of the first topics discussed is the power of “building in public” — Welo Health wasn’t a business built behind the scenes before being opened to the public.
Matome’s initial pitches weren’t polished presentations and were driven by early customer traction. She began the business by personally delivering medication to her first customers. This hands-on approach allowed her to validate her business model, understand her customers’ needs and attract investors who were impressed by her commitment to solving real-world problems. This focus on authentic, demonstrable value is a powerful lesson in starting lean and letting your work speak for itself.
Matome learnt to evolve her pitching strategy away from highlighting shiny features or competing on price. Instead, she focused on articulating a long-term vision — a future where “let me Welo you” becomes as common as “let me Uber you”.
By shifting the focus to a compelling, human-centric vision, she was able to attract investors who believed in the bigger picture, not just the immediate product. This approach has resonated with both investors and customers who want to be part of something meaningful.
In a world obsessed with “failing fast” and instant success, Matome’s entrepreneurial journey offers a powerful counter-narrative. She explains that entrepreneurship is a marathon, not a sprint, and requires a high tolerance for pain. For the first few years, she and her co-founder didn’t pay themselves a salary, choosing instead to reinvest in the business and the team.
She advises future founders to prioritise a long-term vision over instant gratification, such as luxury cars or a lavish lifestyle, which often leads to giving up too much equity too early. Instead, build a viable business and attract paying customers before looking for investment.
This approach, she says, ensures founders have negotiating power when it comes to attracting investment. She also warns against taking money from investors who don’t align with the company’s long-term vision and values.
A relationship with an investor is like a marriage, and it’s essential to find a partner who is in it for the long game
— Zanele Matome, the co-founder and CEO of Welo Health
“A relationship with an investor is like a marriage, and it’s essential to find a partner who is in it for the long game,” she says.
As Karan points out, Matome’s journey highlights the importance of getting the basics right before scaling and pursuing passion and purpose rather than short-term profits.
This vodcast is more than just an interview; it’s an essential guide for any business leader, marketer or entrepreneur. Matome’s journey provides actionable insights on how to build a business with purpose, focusing on customer-driven validation and strategic, long-term thinking.
You’ll learn why “drinking water” in the early days is a vital part of building a resilient business and how to surround yourself with a team and investors who are in it for the long haul.
Matome’s insights on how to build negotiation power by first building a valuable product are a game-changer, ensuring entrepreneurs retain control and are incentivised for years to come.
Watch the latest episode of Bank on it now:
About ‘Bank on it’
As a leading financial institution, Capitec is committed to empowering individuals and businesses. Through its Bank on it leadership series of videos and vodcast, the bank provides authentic conversations and actionable insights that help entrepreneurs and business leaders navigate the complexities of today’s market, reaffirming its commitment to financial inclusion and innovation.
New episodes of Bank on it premiere every alternate week on Business Day TV (DStv Channel 412). You can also find them on the Business Day website and Business Day TV YouTube channel and Capitec’s YouTube channel and the bank’s website.
Follow the conversation and share your thoughts on social media using the hashtag #BankOnIt, and by following Capitec on Facebook, Instagram, X and LinkedIn.
This article was sponsored by Capitec.
