“Startups will, without doubt, transform Africa’s economic narrative over the coming years.”
It is of no doubt that Africa’s vibrant startup scene is gaining momentum with a high level of increase in investment numbers and entrepreneurs and by tapping into the full technological spectrum to meet Africa’s unique challenges, unemployment will arguably be a thing of the past.
We now live in a sharing economy where the threshold for starting your own businesses is lower than ever, only if you’re willing to put the work in like the few folks who are taking the leap and launching their own Startups or developing necessary technology skills needed to function globally at a young age.
According to Venture Beat correspondent, Paul Sawers while big companies like Google fits into the description of a startup that has transitioned into a company; the same can’t be said of the players in Africa.
“Partnership is one of the keys to success of a growing business, likewise one of the major malfunctions in most African startup companies”
Kitan David (Co-founder/CEO Planet NEST)
Yeah, a sole proprietorship is sweet, when the profit rolls in but two heads they say are better than one, thus startup companies in Africa should apply the principle of partnership for better productivity– a game not well understood yet in the African tech ecosystem.
Although not a tech entrepreneur, a lot can be learnt from the success story of Ayodeji Balogun Wizkid.
Wizkid’s international collaborations was a means of promoting his music to the world, likewise, he did not limit himself mainly to the African scene. Being one of the big players in the African music industry Ayodeji Balogun (Wizkid) can be described as the big bang in the industry.
This 27-year-old Nigerian singer made history, as he joined a distinguished list of African artists to headline a sold-out show at the Royal Albert Hall, London, which is indeed a significant step in showcasing and promoting Africa to the World.
Who would have known that Ojuelegba could produce the big thing in music, both internationally and in Africa?
Obviously back in the Colonial era, Colonial Masters would have laughed at the supposed sarcasm of something this great in Africa.
In 2012 alone, more than half a million new businesses were started in Africa and that number shows no sign of slowing down.
Startup founders need to understand that research to deepen their understanding of the ideas, technologies or business concepts and their commercial potentials is an essential aspect of business growth.
Likewise, investing time and money into research goes a long way in determining the demand for a product or service.
A startup requires a comprehensive business plan outlining mission statement, future visions and goals as well as management and marketing strategies.
Going international, Mark Zuckerberg as a student at Harvard University, cooked up the idea of Facebook from his tiny space at the dormitory.It is indeed awesome how this little startup has grown into a global platform.
Although when this platform was barely “starting up”, he couldn’t afford to rent an office space, nor afford a team of highly experienced people but his passion and persistence has transformed this idea to an awesome stuff.
Today, Facebook has transitioned into a powerful company and it’s not so hard to see why- The strong partnerships and working relationships with the like of Sean Parker, Peter Thiel and even the most disputed Eduardo Saverin.
All gods in the industry had only gone this far based on networks and partnership.
Africa yearns for partnerships between founders and companies across board to foster and grow the ecosystem, a vibrant ecosystem will definitely lead to an investment, policy and mentor friendly environment which largely determines individual growth and profit.
Can we just learn a bit from the collaborations in the music industry?
We all wish Wizkid good luck in his career hoping one day he might end up like Jay-Z, Will-i-am and Pharell Williams who either work in a tech startup or has invested in some.