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Finnih, Ommo Clark Share Business Nuggets at CFA’s Startups Hangout

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The July 2017 edition of CFA’s Startups Hangout was held at Adna Hotel, GRA, Ikeja on July 14, 2017 and Startups that attended, had a very interesting knowledge-imparting session, listening to and asking questions on how to better run their Startups for productivity, profitability, efficiency, etc., from the two distinguished and successful Entrepreneurs who were guest speakers at the event.

First to speak was Ommo Clark, CEO iBez Solutions. She gave reasons why most Nigerian businesses fail and these are:

a) There is a world of difference between how to generally run a business and how to actually run actually do business in a particular or specific environment.

She advised the Startup attendees to always study and learn what it takes to do business in the environment where they find themselves, so, they will not fall into the kind of problem she fell into when she started her business, as she could not earn any income for a long period of time in spite of the fact that, the solutions that she was offering to the market were very good and she was very good at providing those solutions, all because she approached the marketing aspect the wrong way.

b) The second reason why businesses fail in Nigeria, Ommo noted, is the fact that most Startups do not analyse and test their ideas and solutions before hitting the market with them.

“In more developed countries; much emphasis is placed on analyzing and testing solutions before hitting the market with them after finding them viable”, she emphasised.

She advised, however, that they should not restrict the testing of their solutions with only their friends and relatives because they may not be objective sometimes, but also test them with people they do not know to get a fair result of the tests before market entry.

Ommo stated that, although, writing codes is good, those codes should, however, be analyzed and tested to ensure that they really solve the problem that are intended to be solved.

Then came the time for Bolaji Finnih, Founder, TechPreneur Africa, to speak. Bolaji noted that the main issue bothering many Startups is how to make money from using all of these technologies springing up all around us on daily basis. He stated that Startups, therefore, need to know the Apps that work for them.

“Much as business opportunities present themselves, if you don’t understand the business and control the flow, end to end, don’t do it, because, if you do, and there is any hitch along the line to that you have no control over and you can’t deliver, then, you are out of business”, Bolaji advised, giving an example of how he had to close a line of business because he could not control an aspect of it and failed to deliver.

Bolaji also stated that Startups should start with what they have and move on to grow their businesses from there.

He gave the example of a very good website developer he knew who started with only his CPU, back then, and was always looking for where to borrow a Monitor and Keyboard to couple the CPU to, so, he could work. He said that the developer is doing very well today in spite of those initial challenges that he had.

He also advised the Startups to imbibe the spirit of Entrepreneurship, so that Nigeria can move from a nation of hustlers to a nation of Entrepreneurs.

He said that the spirit of Entrepreneurship is to note that you cannot do everything, hence, have focus and stick to it. You “Entrepreneurial strategy is more of what you do not do than what you do”, Bolaji stated.

Bolaji also advised the Startups that they should not see any idea that comes to their mind as exclusively their own because there is no end to the flow of ideas, hence, they should be open to collaboration and partnership in order to achieve the bigger picture. He stated that the Startups need to learn how to scale their businesses in order to be relevant, both in Nigeria and internationally.

Three of the many other wise business counsels shared by the speakers during the question and answer session include:

a) When you are in business, be true to yourself and have someone who can tell you the truth about you and your business beside you all the time. It helps you to stay focused in your business.

b) An Entrepreneur needs to develop himself in the areas Finance, Marketing, Human Resources, etc., by studying from free online courses on them, in order to have a grip on their business.

c) In today’s world, where many staff of organizations do not concentrate on work, but would rather be busy with chatting away on social media platforms, there is the need to set up productivity targets for the staff. It is better to track productivity rather than activity.

An Entrepreneur can also activate “Performance Related Pay” strategy, PRP, whereby, staff are paid according to targets achieved and also compensated with a commission if targets are exceeded, after the periodic review.

The July 2017 edition was sponsored by TechPreneur Africa and TAMS. TAMS also made a presentation on the services it renders in the field of Human Resources from recruitment to retirement, etc., which the Startups can patronize in running the HR department.

“We also thank the Media Partners of the CFA’s Startups Hangout, Nigerian CommunicationsWeek, Guardian Tech and CFAtech.ng, Connectnigeria.com and ITPulse.com.ng for spreading the awareness of this unique opportunity for Startups to learn and grow”, CFA said.

Watch out on https://startups.cfatech.ng/ for details of the August 2017 edition of the CFA’s Startups Hangout which also promises to further enlighten our growing Startups on the path to achieving success and greatness.

CFA is the Founder, www.CFAtech.ng & Co-producer/Presenter,Tech Trends on Channels Television


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AXA Mansard Empowers Female SMEs with Financial, Digital Skills

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AXA Mansard, a member of AXA has empowered 200 female Small and Medium Enterprises with financial literacy and digital business skills.

In collaboration with SME 100 Africa, the two-day training, which was held in Lagos, is part of AXA’s lined-up programmes to commemorate this year’s International Women’s Day.

Speaking, Olusesan Ogunyooye, Head of Marketing AXA Mansard, said the training was aimed to empower female SME owners with skills to improve business output and position them for the increasing economic opportunities available in an increasingly digital marketplace.

Ogunyooye noted that the move was in line with AXA Mansard’s sustainability agenda, explaining that the company was convinced that support for women through its inclusive protection programmes was pivotal to its purpose of acting for human progress by protecting what matters and its mission of moving from being a payer to a partner.

He further said that focusing on digital skills was important because the company realised the importance of digital skills to the growth of the SME sector in Nigeria and wants to ensure that women were empowered enough to be a consequential part of that growth.

“It’s almost trite to say that SMEs are the engine for economic growth, especially in developing countries like Nigeria, where over 45 million adults are business owners. What needs to be continually discussed is how Nigeria is going to unlock that potential for economic development and how much of that potential will be unlocked by women and for women.”

“For us at AXA Mansard, we are aware that digital will play a major role in unlocking these current opportunities and Nigeria’s economic future. So, to ensure that women are equally represented in unlocking these future potentials, that’s why we have collaborated with SME 100 Africa to support them in developing the required skills”.

“Our choice of digital and financial literacy skills is deliberate. We understand the power of the duo. We understand that helping these SMEs with the skills to attract more customers will be a faster means to empower them.

“We see that they have amazing products and services, but they need to understand how to attract value for themselves by attracting the right customers, and you will agree with me that virtually all customer segments are online in one way or another today.

“So, if we can empower them with digital business skills, we would have helped them with the heavy lifting of trying to find and attract customers”. Ogunyooye explained.

According to him, AXA Mansard believes that for the world to experience progress truly, there must be an equitable distribution of creation and access to opportunities for men and women. This quest for balance informed the SHE for Shield initiative, a women-centred inclusive protection programme of AXA Mansard.

SHE for Shield is a group of initiatives designed for the Nigerian woman. The goal is to see them grow, add value, and help them mitigate risks at every step.

According to the company, research has found that access to health care is one of the most important things to Nigerian women, regardless of their economic segment. They desire to be financially independent, secure, and respected in the community.

 


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IFC Invests in New 4DX Ventures Fund to Support Tech Startups in Africa

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IFC is investing $10.5 million in a new fund by 4DX Ventures, a New York-based venture capital firm focused on supporting early-stage African technology companies across a broad set of sectors, including fintech, e-commerce, edtech, climate tech, and health tech.

IFC’s investment in 4DX Ventures Fund III will come from IFC’s $225 million venture capital platform, which was launched last year to strengthen emerging VC ecosystems and invest in early-stage companies in Africa, the Middle East, Central Asia, and Pakistan.

Africa is among the regions least served by venture capital, receiving just 2% of global venture deal volume in the third quarter of 2023. Access to capital on the continent has been further exacerbated by a slowdown in global venture capital investment.

Tech ecosystems are nascent, or even nonexistent, outside of more established markets such as Egypt, Kenya, Nigeria, Senegal, and South Africa.

“IFC and 4DX Ventures share the commitment to supporting tech entrepreneurs with innovations that will help Africa leapfrog in critical areas such as climate, health care, fintech, e-commerce, and education,” said Walter Baddoo, Co-Founder and General Partner of 4DX Ventures.

“We look forward to partnering with IFC to help promising tech startups build transformative businesses and realize sustainable development impact on the continent.”

4DX’s new fund will invest in companies with tech solutions that can improve productivity, efficiency and competitiveness across Africa. The firm’s first two funds invested in companies such as Egypt-based e-commerce platform MaxAB, an IFC portfolio company; Ghana-based health tech firm mPharma; and Kenya-based B2B e-commerce platform Wasoko, formerly known as Sokowatch.

“By supporting the development of tech ecosystems in emerging markets, IFC’s venture capital platform aims to improve access to key services, boost business competitiveness, and promote job creation through digital transformation,” said Mohamed Gouled, Vice President of Industries at IFC.

“Our investment in venture funds such as 4DX Ventures will help African entrepreneurs access more financing and resources they need to scale tech innovations and bolster sustainable growth across the continent.

In addition to providing capital, IFC will work with 4DX Ventures to implement their environmental and social management system.


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Climate Action Africa Announces CAAF24

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Climate Action Africa (CAA) has announced the inaugural convening of the Climate Action Africa Forum (CAAF24). This international event brings together stakeholders from across the world who drive thought leadership insights on how to encourage collaboration, catalyse actionable solutions, and urge governments, businesses, and individuals to invest in climate-smart initiatives.

The climate-focused event was announced at last week’s Friday international press conference held at the prestigious Transcorp Hilton Abuja. This marks a significant milestone in Africa’s journey towards a sustainable future. A precursor to the upcoming Climate Action Africa Forum scheduled for June 17-19, 2024, at the Landmark Events Centre in Lagos, Nigeria, this press conference brought together leaders, experts, and stakeholders from across the globe. The gathering’s main goal was to discuss the urgent need for sustainable development plans and climate-smart investments in Africa.

Framed by the theme “Green Economies, Brighter Futures: Innovating and Investing in Africa’s Climate-Smart Development,” the international press conference became a vibrant platform for insightful discussions, strategic collaborations, and impactful engagements. It convened an esteemed gathering of leaders, experts, and stakeholders to explore solutions for Africa’s pressing environmental challenges.

The event kicked off with a welcome address by the Executive Director and Co-founder of Climate Action Africa, Grace Mbah, who having announced the commencement of event registration as April 2nd, 2024, made the call for tech-driven solutions and innovations in the fields of emissions reduction, transportation, agriculture, energy, circularity and building and construction to apply to participate in the deal room.

Providing insights to attendees on how innovative approaches and collaborative action is at the heart of CAAF24, she extended an opportunity to like minded organisations who would like to partner by hosting side events and finally, a call for volunteers from across the continent.

“It’s no news that the world stands at a critical juncture, where decisive action is imperative to mitigate the adverse impacts of climate change. Against this backdrop, CAAF24 serves as a pivotal platform for key stakeholders to engage in meaningful discourse, and forge collaborative pathways towards a greener, more sustainable future.

The essence of CAAF lies in its commitment to shaping a climate-resilient Africa through co-creation, innovation, and sustainable investment. Through this initiative, we aim to catalyse solutions that enhance the sustainability and prosperity of the continent’s natural resources, people, and economies,” Grace stated.

During the International Press Conference, distinguished speakers and thought leaders emphasised the urgent need for collective action in tackling Africa’s climate challenges.

They delved into critical topics like renewable energy, sustainable agriculture, biodiversity conservation, and climate finance, offering practical insights and inspiring initiatives.

Jummai Vandu, representing the National Council on Climate Change, expressed optimism about the initiative’s outcomes. “Today’s discussions,” she said, “underscore the urgency of our collective efforts to combat climate change. The National Council believes working together is key to driving meaningful action and creating a more sustainable future for Africa and beyond.”

With the International Press Conference complete, the stage is set for CAAF24. Stakeholders will converge to translate ideas into action, forge partnerships, and drive progress towards a climate-smart Africa.

Mrs. Taiwo Fashipe, Head of Media for the Presidential CNG Initiative (P-CNGi), echoed similar sentiments, stating: “The theme of this year’s Climate Action Africa Forum aligns with our goals, vision, and mission at the Presidential CNG Initiative.

“We look forward to using this platform to advance interest in and investment in greener and cleaner energy sources like CNG.”

Standing at a crucial juncture in Africa’s quest for sustainable development, CAAF24, convened by Climate Action Africa in partnership with the National Council on Climate Change, Channels Media Group, and Founder Institute, emerges as a beacon.

It brings together the private and public sectors, guiding the continent towards a future marked by resilience, prosperity, and environmental stewardship.

 


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