"We have therefore launched a study on this subject that combines quantitative analyses and qualitative comments of our entrepreneurial companies and partners, their employees, and our investment teams. This research has allowed us to capitalize on our knowledge and to provide an overall picture of what the path to formalization looks like. We do hope, of course, that this study will inspire African governments, development agencies and scholars. But the most valuable part of this work relates to what is very rarely analyzed and even less frequently shared: the practical challenges companies face as they progress towards formalization. Our business gives us access to unique knowledge and insights which are essential to understanding how companies and their employees view public policies, as well as best practices for leading a business towards successful formalization. This study will therefore be of interest to entrepreneurs engaging in the formalization process, as well as to private and public investors who face the challenges of exiting the informal sector."