The Nation Newspaper

Category: Small Business and Entreprenuership

  • Boosting startups through financing

    Banks are supporting incubators to help young Nigerians build their own businesses, thus helping start-ups to showcase businesses, DANIEL ESSIET reports.

    While the Nigerian eco-system has been equipped with a handful of labs, incubators and accelerators to educate and empower entrepreneurs, startups face a common problem – funding. Young entrepreneurs face tough hurdles attracting venture capital investment.

    Now, thanks to banks, budding ventures in the country are beginning to gain support to carry out their projects.

    One bank in the forefront of supporting new startups is the World Bank.

    It provided $3 million in funding to six technology and innovation hubs across Nigeria to boost the government’s plan of using tech to develop its economy.

    Typically, conventional banks are all about collateral – the assets borrowers put up to offset the risk of default. But as Nigeria emerges as a tech and startup hub, some banks have taken a closer look at how they fit into the startup and innovation ecosystem.

    Situated in the heart of Yaba, Lagos, FCMB has created Hub One in partnership with Passion Incubator, to provide a conducive environment for creativity within Nigeria’s tech start-up ecosystem.

    Speaking at the official launch of Hub One, the Managing Director, FCMB, Adam Nuru, said “the bank recognises and believes in the power of technology and youth-driven enterprises”, assuring the public that FCMB will continue to invest in initiatives that support and develop tech start-ups in Nigeria.

    The  Executive Director, Business Developmen FCMB, Bukola Smith, said:“Hub One is designed to engage the Tech ecosystem as a means of providing solutions for today and the future.’’ She further stated that the bank intends to create physical and virtual hubs across the nation over the next few years.

    Chief Executive Officer of Leadspace by Passion Incubator, Olufunbi Falayi,  praised FCMB for the initiative. He said: “Hub One provides necessary infrastructure for tech start-ups, as well as capacity building events, to enable them focus their limited resources on their business development. Routinely, Hub One will host several incubation programmes, hackathons and pitches to support and provide a platform for tech start-ups.

    The Executive Director, Fate Foundation, Mrs Nike Adeyemi,told The Nation that the involvement of banks in the activities of tech hubs and business incubators is to help startups locally to validate their solutions and scale their business, by developing innovative products and services suitable for the markets.

    She said banks are taking the lead in facilitating the development of local startups, saying that banks with the pool of expertise are   uniquely positioned to offer high-potential startups the opportunity to scale with its integration driven approach.

    Mrs. Adeyemi told The Nation that many banks are supporting programmes that match young entrepreneurs   with funds and business mentors.

    According to her, banks   encourage young entrepreneurs to pitch ideas, and the best ideas get workspace and capital to startup.

    Besides, she said the financial institutions provide board advisors, funding and expert consultation to support the establishment of the vibrant community of startups.

    According to her, banks are opening workspaces where financial technology (fintech) startups can turn their ideas into software to solve real business challenges.

    By working closely with banking experts, she noted that startups can fill gaps in their knowledge and put themselves in the shop window for potential investors and customers.

    According to her, such ventures will see fintech startups engage with the bank to invent new applications to solve business challenges.

    The Director-General, Niger State Industrial Parks Development Agency,  Dr Abdul Malik Ndagi, said the involvement of banks in tech hubs and business incubators will support entrepreneurs and their ecosystems by helping bridge issues of insufficient seed capital, and often, business know-how.

    Adding to this strong support system is  integrated, cutting-edge infrastructure that helps businesses reach markets across the country quickly and efficiently.

    According to him, early stage of local venture capital ecosystems is often the most crucial for building and sustaining healthy entrepreneurship and innovation. It is here, according to him, that entrepreneurs establish, nurture, and attempt to scale high-growth companies.

    He stressed that banks involvement in startups lessens the risk of early-stage investing by supporting business incubators to help startups, scale-ups and fast-growing companies.

    As a partner with the banks, he said the hubs will play a role in incubating and supporting startups and small and medium enterprises (SMEs) until they qualify for the investment. Their role, he stressed, is to prepare and provide all the support the startups need to qualify for funding.

    He lauded banks, noting that they will bridge the gap and tackle challenges faced by many young innovators.

    Speaking with The Nation, the Chief Executive, Nigeria Climate Innovation Centre (NCIC), Mr. Bankole Oloruntob, said there  was  a real knowledge gap in the early stage start-up management. While entrepreneurs lack the seasoning to captain a steady ship through turbulent waters, investors lack the ability to gauge the viability of a business, or to mentor naïve entrepreneurs.

    This knowledge gap, according to him, is best filled by incubators.

    According to him, business incubators are basically organisations that provide support to start-ups and early-stage businesses by providing them with certain facilities, training, mentoring, and coaching them while offering them networking opportunities and seed capital funding.

    He explained that incubation is beyond providing cheap real estate, co-working spaces, furniture, plus a phone and Internet connection.

    While banks providing funding are appropriate and relevant, he stressed  that  helping entrepreneurs connect with angel investors and venture capitalists is an important service which is provided by skilled business incubation managers.

    Rather than start new tech hubs, he advised banks to work with existing ones to act as a bridge to capital.

     

     

     

     

    Fintech Startups

    One area banks are collaborating with tech hubs is to support Fintech Startups. They assist entrepreneurs experimenting with new technologies and processes to improve payment.

    Some of the   banks have programmes through which they interact with startups. These include incubation programmes, events, and funding.  Banks such as Diamond organise start up events where startups work together on products that are beneficial to both of them.

     

    Bank of Industry

    Bank of Industry  and Co creation Hub(CcHUB)  runs a  venture fund,  that  several  startups have  tapped into. Participants get mentorship and can get access to the bank’s ecosystem.

    Bank of Industry joined forces with Nigerian incubator Co-Creation Hub (CcHUB), and VC firms Venture Garden Group and Omidyar Network to launch the NGN1 billion (US$5 million) Social Innovation Fund. The fund back young entrepreneurs with solutions to local problems, with a particular focus on “next generation infrastructure”.

     

    Union Bank

    Union Bank has launched Tech Ventures, an initiative designed to support emerging technology companies and help them nurture their ideas to fruition.

    The Tech Ventures initiative is part of an effort by Union Bank to support local technology innovations.

    The initiative is available to registered tech ventures at various stages of their life cycle to leverage Union Bank’s support system while scaling their businesses.

     

    Heritage Bank

    Heritage Bank Plc, runs an innovation accelerator programme tagged, “HB LAB”.

    HB LAB is a 12-week programme, provides technology startups with the enabling environment, resources, and support required to innovate and accelerate impactful solutions with the potential to radically improve financial Inclusion/Intermediation, agriculture and other related problems affecting critical sectors of the economy.

    The Managing Director/CEO of the bank, Ifie Sekibo, said technology startups still account for a relatively small share of all businesses, but they have an outsised impact on economic growth, because they provide better-paying, longer-lasting jobs than other start-ups, and they contribute more to innovation, productivity and competitiveness.

    He said the team with the most compelling solution will be awarded a $25,000 grant alongside access to workspace and IT infrastructure for solution testing and development for a defined period.

    According to him, the HB Innovation Lab Programme is open to product development teams and technology-driven startups across Nigeria.

    Sekibo stated that the critical areas of focus are Fintech, agriculture, education, digital security, and power.

    According to him, tech hubs and entrepreneurs   are taking full advantage of such   opportunities to create meaningful business partnerships that are transforming industries and pushing the boundaries of innovation.

  • 10 start-ups for World Cup

    TEN start-ups have been selected to pitch at Start-up World Cup (SWC) on  February 9 at Civic Hive, Yaba, Lagos.

    SWC offers innovation and entrepreneurship opportunities for start-up ecosystems around the world.

    The start-ups were selected out of about 70, after a rigorous vetting.

    Through regional events held in various countries, the best start-ups are selected and invited to compete for a $1million investment prize at the Grand Finale in San Francisco, United States.

    A  statement from Passion Incubator, the exclusive regional partner for the contest, listed  the  start-ups to include: Natterbase – a global engineering platform that connects world-class remote teams to software companies;Edupoint – an online, peer-to-peer learning platform that connects people seeking to learn anything with verified, expert teachers within their communities. It also ensures safety, accountability, and quality service delivery and WellNewMe – ahuman capital advisory company that advises business leaders and governments on strategies to improve the health outcomes of their most valuable assets – their people.

    Others are Sabi.ai, an AI-powered on-demand service marketplace that connects small businesses to potential customers searching for services within proximity in real time using mobile technology; Spleet -a company that provides great living spaces with flexible & convenient payment options,Loystar – a loyalty and retail platform that helps merchants build customer loyalty and drive repeat sales in their business and  Social Lender – a lending solution based on social reputation on mobile, online and social community platforms.  It is designed to bridge the gap of immediate fund access for people with limited access to formal credit.

    It also includes Publiseer – a free digital publishing platform tailored to meet the growing needs of independent African authors and artists;Afara Partners – a leading provider of platforms for alternative financial services in Africa and FarmFunded – an agricultural technology(agri-tech) company leveraging technology to provide a crowdfunding platform that aggregates finances from funders (investors) and channels. .

    The judges, comprising Olusola Amusan, founder of Coven Works, Emmanuel Adegboye, Entrepreneurship Center Manager at Andela, Brian Odhiambo, Associate Director at Novastar Ventures, and Dayo Koleowo, Principal Investment Officer at Microtraction, will select one winner to represent Nigeria at the Grand Finale,which  will hold   on May 17 at the Masonic Auditorium, San Francisco, California. They  will  compete with other regional winners from across the world for the $1 million investment prize.

    A fireside chat with the theme:  “How to be highly competitive and secure investment” will also hold at the event. It will be moderated by Senior Corporate Counsel at Echo VC, Damilola Thompson, with the judges doubling as speakers alongside Evgeny Pobegailo, Investment Associate at Fenox VC.

     

  • Boosting youth entrepreneurship

    Lagos State Ministry of Wealth Creation and Employment and Young Entrepreneurs Foundation of Africa (YEFA) have held a forum for budding entrepreneurs, DANIEL ESSIET reports.

    For many, Nigeria’s best assets are its youths. The best resource for doing business  is the readily available pool of youths   and aspiring entrepreneurs who are hungry for work.

    To enhance this, the Lagos State Ministry of Wealth Creation and Employment has been networking with key partners to boost the government’s commitment to support entrepreneurship.

    One of them is the Young Entrepreneurs Foundation for today’s Africa (YEFA). It considers youth as job creators rather than only job seekers. Consequently, it focuses on equipping young Nigerians with necessary skills to participate in private sector activities.

    One of its solutions to combat the challenge of unemployment is entrepreneurship. It  was the spear point of its logistics business workshop held in Lagos.

    Declaring the forum open, the Permanent Secretary, Ministry of Wealth Creation and Employment, Mrs Abidemi Ganiat,  said the government was ready to  support  partnership  that will lead to creation of  new businesses and projects that enable individuals to innovate and produce,  and contribute to the well-being of the economy.

    Mrs Ganiat, who was represented by the Director of Administration and Human Resources in the Ministry, Whenayon Hundeyin, said the government has developed some initiatives  capable of unleashing the potential of the youths to reposition the economy.

    These include but are not limited to free training for tradesmen and artisans on modern techniques and management and internship programmes for graduates, among others.

    According to her, innovation and creativity are the keys to expanding the nation’s economy and creating job opportunities. She stressed the government’s readiness to creating an environment where small businesses and entrepreneurs can prosper.

    YEFA founder, Olayemi Richard, said  entrepreneurship  is  central  to  innovation, wealth  creation  and  job  growth.

    He said the organisation is determined to nurture youths toward becoming entrepreneurs who can earn decent living. Richard said his organisation want to make it easier for Nigerians to start and grow their businesses.

    He said logistics and supply chain can be a game changer in terms of creating new revenue for young entrepreneurs.

    He said there were opportunities for young entrepreneurs in logistics and supply chain business in Nigeria, saying the scope in the transport and logistics industry is wide, adding that entrepreneurs will be exposed to areas that are simple to enter.

    The training, according to him, will assist individuals with little or no logistics experience  to run their  business.

    He said entrepreneurs will also have access to important resources they’ll need to operate a delivery business.

    He said he wanted entrepreneurs to set up small delivery companies, adding that the organisation is ready to give them technology and training.

    Richard added: “Franchisees will be set up for prospective trainees/members in logistics business even as the forum provides opportunity to become commission agencies to world class logistics firms.”

    He explained that new technologies have also given entrepreneurs   a vast new array of tools to offer services to the industry.

    Head, SMEs, Lagos State Employment Trust Fund (LSETF), Charles Anyanwu  said small and medium businesses are the backbone of the economy and to help fast-track their growth, more often than not, a boost more funding; was needed, gaining access to funding is no simple task and for SMEs, it can be challenging.

    Anyanwu said LSETF was set up to power SMEs and improve the skills of entrepreneurs, to help Lagos residents create a thriving SME economy. He said businesses are supported by the fund  and must demonstrate capacity to repay loans.

    Prospective beneficiaries must   be registered by the Lagos State Residents Registration Agency (LASRRA) and have valid Bank Verification Numbers (BVNs).

    On its Micro-Enterprise Fund, Anyanwu said beneficiaries could access a maximum loan of N500, 000 at an interest rate of five percent per year, to be spread over 12 months.

    For the SME Fund, he said the maximum loan is N5million for an SME, and must be for asset acquisition and/or working capital for the business at an interest rate of five percent per year payable over 36 months.

    He said the Fund has enabled job creation for over 25,000 people, improved the productivity of small businesses , and ensured that the state remains on a path of growth.

    Under the LSETF Employability Support Programme, 3,544 youths were trained, of which 1,200 were placed in jobs or got self-employed.

    The ministry’s Head of Entrepreneurship Department, Mrs Taiwo Abiose, said the government has been promoting entrepreneurship.

    She  said the government wants to  a  healthy  ecosystem  that  encourages  individuals  to  act  on  entrepreneurial  intentions  and  then  support  that   action.

    “We want to ensure the most talented entrepreneurs, from Scotland and elsewhere, have the best opportunities to develop their ideas here, bring them to market and create the successful new companies we need for our economy to continue to grow.

    ‘’Considering the challenges for budding entrepreneurs, many organisations have started to provide support   for entrepreneurs and mentors to help entrepreneurs upgrade their business skills,’’ she said.

  • Germany seeks employment opportunities for Nigerians

    The German Dual Vocational Training Partnership has trained about 600 Nigerians  in different vocations since its establishment six years ago.

    Its Co-ordinator, Stephen Awoyele,  said  in Lagos that the organisation had, between 2012 and last year, trained many young Nigerians to become employable. According to him, the dual vocational partnership project between Nigeria and Germany started  in 2012.

    “The Dual Vocational Partnership ran for six years, during which many young Nigerians were trained in techincal and administrative skills that have made them employable.

    “We are happy to announce that many of these young men and women are currently engaged with different companies, or are self-employed.

    “During these last six years, we have successfully trained 300 trainers in different professions, and  about 285 apprentices who are working in different companies,’’ he said.

    Awoyele said his organisation had, within the period, achieved its set objectives, adding that it would upscale its intervention in the year by engaging more organisations for more youths.

    He said it was imperative for more young Nigerians to be exposed to vocational skills for the nation to realise her Vision 20-2020 industrialisation programme.

    He said industrialisation would be a ruse without giving the requisite skills to some of Nigeria’s young men and women, adding that the organisation would be approaching different multinational companies, individuals and outstanding Nigerian companies in 2019, to buy into the vocational programmes.

    “We are approaching more of these companies and individuals this year, to upscale our interventions in making more young Nigerians qualified and employable,’’ he said.

    The German vocational education and training system, also known as the dual training system, is highly recognised worldwide due to its combination of theory and training embedded in a real-life work environment.

    The system offers an excellent approach to skills development, covering initial vocational education and training, further vocational education and training, careers, employability, occupational competence and identity.

    With the dual system, Germany enjoys low youth unemployment and high skill levels.

    In Germany, about 50 per cent of all school-leavers undergo vocational training provided by firms which consider the dual system the best way to acquire skilled workers.

  • Start-ups and entrepreneurs to watch

    The start-up ecosystem will thrive this year. Some will not only stimulate innovation, but will also make an impact on the local communities across the country, DANIEL ESSIET reports.

    some entrepreneurs and startups are     set to flood the country with innovative technologies, products and solutions that will make a positive impact on communities. They are:

     

    Tradebuza

    This is a cloud-based web and mobile platform for outgrowers, commodities aggregators, exporters and agricultural processors. It is a susbsidiary of Passion Incubator that was selected to take part in Lagos-based Itanna Accelerator, led by Honeywell Group.

    Tradebuza is an easy-to-use web and mobile platform, which monitors and tracks  outgrower schemes and aggregators from pre-production to harvest and trade. This allows them to plan, monitor and track sourcing and outgrowers in real-time.

    The web helps commodities’aggregators and outgrower schemes improve efficiency as well as provide visibility and transparency in commodities sourcing from smallholder farmers.

     

    Growsel

    Growsel is an  agricultural crowdfunding platform. It  connects underserved smallholder farmers with lenders across the globe. Since its debut in 2017, Growsel has connected more than 200 smallholder farmers with over 1,300 lenders, profiling and verifying about 1.2 million smallholder farmers available for crowdfunding through its field partners in remote communities, particularly in West Africa.

    In pursuit of its mission of changing lives, creating opportunities, connecting smallholder farmers with lenders to alleviate poverty, growsel also empowers smallholder farmers through agricultural crowdfunding in developing economies, using local field partners and trustees.

     

    KoloPay

    KoloPay is a mobile and web application. Co-Founded by Ayoola Ogunlowo and Ifeoluwa Popoola, it helps individuals save over time and helps users achieve their targets at amazing discounts. It targets users who want to buy cars, home appliances, go on vacations, pay tuition fees, buy home furniture, among others.

    They get discounts on these items as soon as they meet their savings targets. People could also save on kolopay for targets like house and office rents, and business capital.

    Individuals enjoy up to six per cent interest  on every saving package. A user signs in using his a mobile phone number and a password. Users create their targets and save towards them.

    Kolopay allows users save from multiple bank accounts using details on their ATM cards.

    According to Ayoola, KoloPay is safe and secure and transactions encrypted.

     

    Paystack

    Founded in 2015 by Shola Akinlade and Ezra Olubi, Paystack was built to solve online payments in Africa. It developed multi-channel payment options for merchants across countries to enable them accept credit and debit card payments from customers around the world.

    The startup has raised $8 million in Series A funding from global financial leaders.

    Last year, Paystack, reached a major milestone when it processed over N10 billion ($27.5 million) worth of transactions monthly. It  took just a year and three months to hit this landmark.

    The startup hit over N1 billion monthly deals in July 2017, with the number of merchants using its platform increasing, rising from 3,742 live merchants last year to 23,523 live merchants.

     

    Flutterwave

    Flutterwave allows businesses to make and accept payments in Africa. Based in San Francisco with offices in Lagos, Nairobi, Accra, and Johannesburg, the firm has raised over $10 million in a series A funding.

    Flutterwave was co-founded by Iyin Aboyeji, who formed developer training company, Andela. It has processed $1.2 billion payments across 10 million transactions.

     

     

  • SMEs ‘are catalysts for growth’

    Supporting entrepreneurs ensures a thriving business environment and economic growth. Lagos entrepreneur Blessing Ola Saint is opening a campaign for more entrepreneurs to explore e-commerce opportunities to make money and do business, DANIEL ESSIET reports.

    FOR the President, Insight Lite International Company, Blessing Ola Saint,  Small and Medium Enterprises (SMEs) are the catalysts for achieving growth and development.

    Speaking at a seminar held at NG Hub,Yaba, Lagos, he maintained that the  e-commerce industry could fast-track growth.

    Saint, an entrepreneur, said his mission is to build a poverty-free Africa by raising one million digital entrepreneurs in each African country starting from Nigeria.

    He hopes to achieve this through digital skills empowerment and entrepreneurship training.

    He said the increase in e-commerce offerings has, in turn, given consumers more information, variety and price comparison options, as well as the convenience of shopping from anywhere at any time.

    He said there was the need for entrepreneurs to turn toe-commerce and e-platforms as the preferred method for reaching clients.

    In an era where technology drives growth and progress and information is key, Saint maintained that businesses that do not participate in e-commerce could be shut out of a critical part of the marketplace.

    He said adopting ecommerce may become a necessity to survive, especially for SMEs.

    According to him, e-commerce represents a fundamental change in the way that trade is conducted, and offers entrepreneurs up a new, more efficient way to connect producers and merchants directly to customers around the country, bridging the gap between demand and supply.

    He explained that entrepreneurs and SMEs could enhance their offerings through partnerships with established e-commerce service providers, negating the need to set up their own online store.

    As more consumers switch to buying online, Saint said it was critical for entrepreneurs to improve their online capabilities to respond to changing consumer preferences.

    According to him, platforms, such as Jumia have opened up a new, more efficient way for entrepreneurs to connect  customers, bridging the gap between demand and supply.

    He said platforms, such as Jumia, assist entrepreneurs with a combination of   warehousing and transportation facilities with value added services to serve the local market.

    Participants at the event heard how e-commerce also creates opportunities in trade.

    Despite the growth of e-commerce on the internet, digital literacy remains highly fragmented and affordable broadband is far from available. A major challenge is insufficient internet connectivity in the rural areas.

    Online-payment systems remain unavailable and SMEs often lack the skills needed to engage in e-commerce.

     

  • Nigerian start-up, nine others for accelerator programme

    A start up, Track Your Build, is among the 10 African tech startups that will take part in the latest Airbus Bizlab Africa4Futute accelerator programme.

    Africa4Future is a joint business accelerator initiative of Airbus and German Development Cooperation’s (GIZ) Make IT Africa initiative with the Meltwater Entrepreneurial School of Technology (MEST) and South Africa-based innovation consultancy Innocircle.

    Track Your Build provides aerial and resource data for construction and engineering projects. It identifies African tech entrepreneurs using innovative aerospace-based solutions to tackle the continent’s most pressing challenges such as transportation, agriculture and healthcare.

    The 10 Africa4Future finalists were selected from 314 startups from 19 countries on the continent. They are Ivory Coast, Ethiopia, Malawi, Mail, Nigeria, Kenya and South Africa.

    Others include Astral Aerial, Kenya, a  startup that  uses drones to ferry humanitarian cargo, carry out surveillance and conduct emergency responses.

    Cote d’Ivoire Drone manufactures its own drones locally.They can be used for various applications.

    Element Numerics, South Africa applies computational fluid dynamics techniques to the design of machines and components, which range from aircraft to heart valves.

    Others are Lentera Limited, Kenya, which  uses remote sensors to monitor and transmit environmental data to enable more efficient and smarter farming.

    Maisha ICT Tech, Ethiopia deploys locally- built drones for delivering medicines, blood and healthcare items to rural areas and WiPo Wireless Power, South Africa, which startup offers reliable and convenient wireless power chargers for business, conference centres, airports, restaurants and other venues for charging of mobile devices, laptops and drones.

    The rest are MamaBird, Malawi, a platform  that helps governments and organisations deliver vital life-saving supplies to remote communities. Map Action, Mali  offers real-time online urban mapping to identify problems that affect water supplies, hygiene and sanitation and MobiTech Water Solutions, Kenya  has developed a real-time water-monitoring solution that allows businesses, homes and water service providers to manage their available water using an app-based dashboard and instant messaging.

    The startups who were selected from a pitch in Nairobi.

    They are undergoing an intensive six-month business incubation and accelerator programme that involves technical, commercial and mentorship activities in France, Germany and South Africa. This includes workshops and coaching sessions with Airbus experts, GIZ’s Make-IT in Africa and Innocircle coaches.

    The programme will culminate with a demo day at the biennial Paris International Airshow.

    In addition, participants will also attend a special event in Germany to be held from June 19 to 26 where the finalists will launch their products, define their collaboration with Airbus and announce their investment commitments in front of representative from across the aerospace industry.

     

     

  • Educating entrepreneurs

    Eden Business Accelerator held a workshop aimed at supporting entrepreneurs to lead and grow innovative start-ups into flourishing businesses, DANIEL ESSIET reports.

    In Nigeria, there is a real need to address the lack of significant and relevant business training.

    To this end, Eden Business Accelerator held a workshop in Lagos to prepare entrepreneurs for economic challenges.  Those who attended the workshop learned the scientific approach to creating and managing startups.

    During the workshop, Dolapo Adejuyigbe,  a Business Development professional highly experienced in formulating strategies, instructed the participants  on how to use the Business Model Canvas approach. He delivered an expansive training, starting with the explanation of each of the building blocks to how they can be implemented in a business model canvas.

    According to him, the most important things for a new startup are having the right value proposition for the right customer segment and, more importantly, it has to be a unique value proposition.

    He said behind any successful business, there must be a solid and well structured business model.

    Adejuyigbe said founders working on customer development, should not only   focus on the current state of the market but also on how it may evolve.

    He said small business owners have to get feedback from customers about current pain points and how  their solution can address their immediate needs.

    As entrepreneurs, he said they wear many hats, but as they  start growing their business, it is very important to identify which one of those hats need to be turned over to others so they  can scale the business.

    According to him, keeping the customer service quality at an acceptable level is a challenge.

    He said   opportunities in the market are endless, but the biggest challenge is focus.

    He urged entrepreneurs to ensure they are solving customers’ problems and not getting distracted elsewhere.

    To achieve this, he advised them to remain in constant communication with the target audience.

    A senior Pastor, Eden Centre, Mayowa Alli, said the church organised the programme to provide services to young entrepreneurs and start-ups.

    Alli,African Venture Builder,is looking to build the next generation of African multinationals across technology & consumer.

    The Clergy said the challenge of business owners is failing to figure out a scalable business for a big enough market.

    According to him, businesses will fail when they are not solving a market problem.

    He said there  was  a challenge of putting the team together.

    He said startups owners needed people who were business-minded and who were passionate enough about what they are doing.

     

  • Applications open for MEST Africa Challenge 2019

    The Meltwater Entrepreneurial School of Technology (MEST) Africa  has announced the launch of applications for its second annual MEST Africa Challenge.

    It is a Pan-African pitch competition for scale-ups based in Ghana, Nigeria, Kenya, South Africa or Cote d’Ivoire who are ready to expand into new markets.

    A  statement from the  organisation said this  year’s finalists from each country will attend the MEST Africa Summit in Nairobi, Kenya, June 10-12, 2019, where they will once again compete on a global stage for up to $50k in equity investment and the opportunity to join the Pan-African MEST incubator community.

    “This year we’re looking for the continent’s most exciting African scale-ups who are ready to expand into new markets, and continue building world class solutions for African problems,” said MEST Managing Director, Aaron Fu.

    The team at MEST, along with this year’s platinum sponsor Microsoft, looks forward to hosting the second edition of the Challenge FInals at the 2019 MEST Africa Summit, which will bring together leading African and global entrepreneurs, investors, corporate partners and ecosystem players in MEST Africa’s newest home, Nairobi, Kenya.

    “We are excited to partner with MEST,” said Microsoft Senior Director, Chris Lwanga. “At Microsoft, our mission is to empower every person and every organisation on the planet to achieve more. We firmly believe that innovation is the birth right of every human being and look forward to seeing first hand the amazing innovation coming from Ghana, Nigeria, Kenya, South Africa and Cote d’Ivoire.”

    The inaugural MEST Africa Challenge  last year  saw over 700 applications across four markets, out of which 40 made it into the regional finals in Accra, Lagos, Nairobi and Cape Town. One representative from each of team was flown to Cape Town, where they presented in front of a jury of judges from Facebook, MTN, and Meltwater, as well as the Summit’s global audience of investors, Pan-African entrepreneurs and corporate leaders.

  • Job opportunities in tech entrepreneurship

    There’s a huge opportunity for young people in tech entrepreneurship, DANIEL ESSIET reports.

    In the increasingly competitive tech field, one of the biggest challenges young people face is figuring out the best place to break in. To Product Design Manager, Hotels.ng, Namnso Ukpanah , venturing into the world of designing presents ample opportunities for tech entrepreneurs and young people looking for employment.

    According to him, design jobs are hot in demand and pay handsomely. Besides, he revealed that there are plenty of areas where the designer’s potential is nowhere close to being fulfilled.

    This is because companies are constantly on the lookout for digital designers who know how a product should feel (UX), as well as how the product should be laid out (UI). Here, the country lacks a pool of great designers to draw from whenever the need arises.

    Ukpanah, a User Experience designer, solves problems using effective and obvious interface designs and also simplifying them to accommodate new users.

    He currently manages the design team at hotels.ng, an indigenous online hotel booking company.

    The industry, according to him,  is blossoming, thereby creating good jobs, bringing more young people into the workforce as well as varying its products and increasing skills and value.

    Right now, startups are looking for user experience architect, experience designer, user researcher, visual designer, information architect, user interface designer, and human factors engineer.

    Getting  a job, however, depends on  having a varied portfolio from  working with a broad range of clients. UX focuses on the deep understanding of users, what they need, what they value, their abilities as well as their limitations as they relate to a given product, website, or technology.

    For starters, expanding job markets, rising salaries, and growing industries is driving them to  software development. But one of the most notable characteristics of opportunities for  developers  is their truly global nature. Princess Jewel Essien, is  a software developer at Andela. She uses a wide range of languages to craft beautiful solutions to current problems.

    Speaking with The Nation after a Flutter Users Meetup in Lagos, Princess Essien said tech jobs are more diverse in their requirements.

    According to her, there are lots of good-paying tech jobs for designers and software developers.

    She said there’s nothing but opportunity ahead for developers with the right skillset.She said young Nigerians need mobile programming skills, UX/UI design, desire to learn new technologies and keep up with trends.

    She said software development world is changing drastically, making more and more new technologies and tools readily available. The challenge, according to her, is building technical skills to excel in the market.

    Founder, Start InnovationHub, Uyo, Akwa Ibom State, Hanson Johnson said the idea is to scale up programmes to deliver on-demand digital skills to help job seekers enter tech through paid apprenticeships and job placement.

    The hub provides technical training to youths, aimed at increasing their economic opportunities and changing their quality of life. The training involves intensive ICT training; web, graphic, and 3D design; job placement; and coaching to support students during their transition to employment.

    As part of plans to adapt to technological trends, he desires partnerships which  focus on the skills young tech entrepreneurs need to succeed in the digital economy.

    Right now, his hub provides  training and guidance to young tech entrepreneurs and prepare students for the jobs of the future.

    The centre provides young people  a space in which to gather and work on their own tech projects.

    His goal is to significantly improve the tech startup and small and medium-sized enterprises (SMEs) industry so that companies are ready for the digital economy.

    He has worked with students in recent years, and placed them into tech-sector apprenticeships or as direct hires as front-end, back-end, full-stack, or mobile developers.

    He is creating a path into tech that’s far more accessible than the typical route of a four-year degree in computer science.

    He aims at providing young Nigerians with new opportunities to build and launch products, refine pitches, and network in the innovation, entrepreneurship, and investment ecosystem.

    He wants universities to make room for bootcamps, incubators, and accelerators as a supplement to their current educational offerings.

    According to him, the most important factor in IT hiring is skills. He said a candidate must have the technical ability to do the job.   Johnson said companies are looking for candidates who have hands-on experience .

    The overall job landscape in the country is evolving rapidly. For  Chief Executive,  Product Strategy, Grupa, Samuel Ekpe, noted that growth of technology-based sectors is leading to the creation of new job ecosystems, which are becoming good sources of employment.

    Last  year, he  said $600billion was  spent on software development. He said jobs in tech will rise as the rest of the economy. With fintech and e-commerce startups attracting more venture capital last year, he believes tech entrepreneurs have plenty to feel upbeat about.

    For Ekpe, young people  interested in jobs  in software development should  be able to write code; design, prototype; analyse software; work with designers, product managers, and programmers.  This requires skills such as HTML, CSS, SASS, JavaScript, Java, MySQL, Ruby, Python, Responsive Web Design, jQuery, frameworks, PHP, Apache among others.

    He said IT and software skills shortage is one of the fundamental issues facing the developed world. According to him, Grupa is on-demand software development platform.

    Grupa, Ekpe  said, helps individuals and organisations transform ideas into businesses. They  do this by making sure clients get the best software development teams to build their dreams.

    He said the industry needs people to fill positions for software engineers, computer programmers and interactive media developers, information systems analysts and consultants, computer and network operators, web technicians, and others.