Nigerian tech founders must Focus on business insights – Experts

Nigerian startup founders must concentrate on the most important business metrics and insights in their industry, which includes teaching customers and end users how to use their platforms, as the global tech venture climate slows down as a result of rising interest rates (ending ten years of easy money for international investments).

Founders were urged to concentrate on exactly how much money they require when appealing for funding in order to determine the kind of technology funding they require.

When financing is limited and funders want to see results, Dr. Miriam Onyebujoh, a consultant on corporate social responsibility and applied health technology, emphasized that establishing business models is vital.

She said, “So it is to create a solution that is sustainable; so business training is important. India had a digital economy policy, what they did is they create a biometric card that has all demographic information, which was an important step towards building the technology usage divide.

“That was nearly a national identity, as the card was linked to payment and financial services, same time with cheaper internet access as a larger population could become part of it.

“By giving access to mobile banking and inexpensive internet services did not mean that people knew how to use the tools. This is why training is important, that is what the digital economy is about; don’t make assumptions that people know,” she said.

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Drill-down training, according to her, is essential because it provides employees the chance to receive coaching, which is a crucial component.

She pointed out that many young people, especially those from disadvantaged families, make up approximately 40% of Nigerians who are digitally excluded.

“The second point that proved effective in India is a nonstop evaluation with effectiveness from the user’s framework. With that evaluation you build a pool of analytics that are critical for coming up with business models, which are evidence-based training models that founders should have the knowledge of experience before raising funding,” she added, citing this is where corporate Nigeria can enable and are scalable with impact. Don’t make assumptions and be considered about who is locked out” she urged.

In order for investors to take you seriously, Adebanji Temitope, CEO of The Platform Digital Network, an ethical instrument for online payment lending, emphasized that innovators face obstacles related to finance that go beyond simply relying on funding.

“You see founders raise $2-10 million and run out of cash 18 months after. There is a call to action for founders to find ways to create solutions for themselves before they can be taken seriously.

“First of all founders should build solutions to the point they are taken seriously and investors need better access to platforms for hard-working solutions.

He asserted that the first step for entrepreneurs is to establish a solid foundation, which provides a clearer understanding of how to arrive at a solution, who to enlist, and how much you actually need.

So, knowing exactly what you need will direct you towards knowing the type of tech funding you need,” he said.

Source: Nairametrics.com