Troyka, Hotsauce Task Techpreneurs on Global Competitiveness

Troyka Group and the partner Hotsauce have urged startups in the country, especially, those in the technology space, to sharpen their skill sets for global competitiveness.

The duo made their feelings known while fielding questions from journalists on the recent Viva Technology Startup Connect Paris 2016.

Troyka Group in partnership with and Hotsauce had offered three (selected) Nigerian Startups a chance to participate in the competition; though about five startups from Nigeria applied but were selected by the Organisers.

According to Mr Dayo Adefila, CEO/Co-Founder, HotSauce, the ‘failure’ of the startups underscores the call on them (the startups) to intensify efforts in developing globally relevant application while solving local needs.

Adefila added that they were ready to fulfill the promise to cater for the logistics involved to/from Paris, as a measure to align the country’s applications along the world’s most innovative startups and the major global players in digital transformation. 

Viva Tech 2016 apparently, exceeded expectation, because as over 45,000 entrepreneurs, corporate executives, venture capitalists and other investors participate in a purpose-built environment in Paris.

“When Troyka Group and HotSauce agreed to sponsor our (Nigerian) startups, the goal was in accordance with the event’s, which aimed at providing a real-time platform for collaboration and a high-level stage for discussions around the impact technology has on both businesses and society.

“However, no startup from Nigeria was selected; not that they did not apply. We do no really see it as a failure; rather it call for an appraisal of the ecosystem in the country. On our part, we were ready, having worked with incubation centres such as Lagos Angel Network (LAN); Co-Creation Hub; iDEA Hub and others. So, we will still provide a report on the event, but critical at the moment is for all and sundry to collaborate on how to support the industry for global relevance. On the part of the startup, they need to reappraise their business models, embrace mentorship, because marketing and presentation skills will help you to convince the venture capitalists to buy into your tested ideas,” he advised.

Solomon Ikhioda, chief future officer (CFO), Troyka Holdings, extolled the Nigerian press for swift circulation of news about Viva Tech, which he rated better than in other African countries, but wondered why over close to twenty startups from South Africa and many from Kenya, reacted to the news earlier than their Nigerian counterparts.

Ikhioda, therefore, called for closer government and startup relationships, especially on policy formulation to gestate globally, relevant and competitive applications.

He noted that Viva Tech 2016 has offered the companies leeway to perfecting their plans for more sponsorships in future, hence, “We are ever ready to partner or sponsor startups in Nigeria with tested or proven application and who are willing to compete at the world stage. It’s true we are about ten years behind in the world startup ecosystem. For instance, we can attest to Mpesa’s strides in mobile money (in Kenya) and has become a sort of template for other countries/companies to apply, we may have even better applications in Nigeria, but until proven at the global stage, such ‘disruptive technology remains local”.

“At Viva Tech, major companies came looking to use open innovation to hack some of their most strategic business challenges and to partner with startups to find the right solutions, top venture capitalist looking for future investment opportunities and the opportunity to pitch them live at Viva Technology Paris and accelerators, incubators and other major actors,” he said.

In a committed effort to ensure that Nigerian tech startups also get a chance to participate in this grand opportunity, Troyka Holdings, Nigeria’s foremost marketing communications company, and HotSauce, its digital innovation company, offered to sponsor select Nigerian startups that qualify to pitch, however, the Organisers did’t inform us of any Startup selected from a Nigeria. “While the country rues the missed chance, we have to go address whatever might be issues facing startups, because they are the future blue chip companies we have. We are happy about the Aso Villa Pitch Day and other events organized by NITDA. Same time, we believe there should be improved communications between the startup and the government for pious policy thrust to leverage for national development,” Ikhioda added.

He added that Troyka Group’s interest on technology industry in Nigeria was based on facts that technology is the backbone of the future economy.

The rate of change and the level of disruption driven by modern technology are exponential.