Nairobi, June 4 -- We are obsessed with concrete in Kenya. We celebrate the ribbon-cutting of a new commercial complex, a sprawling agro-processing facility or a massive residential development. We view the physical asset as the ultimate proof of success.

Yet, a recurring scenario plays out in boardrooms across Nairobi: a local developer takes their physically world-class asset to an international private equity firm or a development finance institution seeking expansion capital or a buyout. The investor is initially impressed. Then they look under the hood and then walk away.

Why? Because despite the multibillion-shilling concrete, the entity is run like a corner kiosk. They suffer from the "Brick-and-Mortar Fallacy" - the belief that ...