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Business Today, Disrupt or Die (Part 3)

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Today, disruptive companies are the fastest-growing in history. In reality, they are movers and shakers in the business world today.

They came and smoothly disrupted the business ecosystem. They rolled their products and services that approached their market in a way that changed everything by offering products or services that lowered prices, approached their markets in unheard-of-ways, and eventually created scintillatingand agile markets. This has resulted into rebellious creativity of innovative products and out-of-this-world services.

These disruptions are flying on the wings of technology i.e. technological innovations with internet technology at the base of it. From rough estimation, there are over 2 billion smart phones on the planet.

That changes every single IT model planet. As at last count, there are nearly 3 billion people online. That means that every single enterprise is changing how they are going to reach or give their own products to their target customers.

It has been observed by experts that internet and digital technology have brought significant change and occasionally, death to many industries. For instance, internet and globalisation promote digital disruption in media, higher education (through online courses and programmes), TV and cable industry, banking industry, publishing, and the list can go on and on.

The publishing industry is undergoing significant disruption. For instance, Amazon with its digital infrastructure has altered that tradition way of publishing, pushing down book prices and controlling point of sale. The likes of Google, Apple, Netflix, Skype, WhatsApp, Uber, are doing the same thing in their respective industries.

In reality, customers are embracing mobile and internet technologies as their preferred means of doing business, and the number is growing each year even here in Nigeria.Internet of Business (IoB) is a new trend of using technology to promote ones business, and connect to customers on global scale.

In the words of Strive Masiyiwa, the Executive Chairman of Econet Wireless, ‘Most of the fastest growing businesses in the world are businesses that have ‘re-imagined’ well established business areas by introducing innovations based on the internet and mobile phone technologies. By simply re-imagining, any business can be disrupted. Disruption creates greater business value to both the creator and the end users’.

You can take any industry you want and zoom into it and say, what are the underlying online technological factor(s) that are going to change the business model for the next couple of years? Enterprises are not going to be able to survive in the future if they do not get good at internet and other types of technologies. Like someone rightly observed, ‘The most successful businesses today (big or small) are those that see themselves as technology companies, irrespective of what business they are in.’

In the words of Peter Diamandis, ‘You either disrupt your company or someone else will’. That’s the truth. Let’s take a look at Uber’s story: Uber has already disrupted the entire cab and car sharing market with their model.

They are now disrupting themselves with self-driving car, which has the potential to save millions of lives and improve quality of life for people around the world.

We can’t deny the fact that the present disruption comes with new growth opportunities. Like I have pointed earlier, businesses must reimagine their content and business models if they must remain relevant in the medium to long term, and tap from it.

How can you re-imaginedyour business on the Internet or using a mobile app?This is how renowned companies like Alibaba, Tencent, Airbnb, Facebook, Twitter, Instagram,Instacart,IrokoTv, Konga, Jumia, Shypmate, Yudala, Wakanowand otherscame into existence.  They came and change the way we buy, sell and live.

You have to look for new enabling technologies, or major trends, like fundamental trends that create a wide gap between how things are done and how they can be done.

What was impossible, because of either economic feasibility or technical feasibility ten to fifteen years ago is now possible with the aid of internet technology.

The best way to disrupt and keep disrupting is to live in the future. Imagine what could be missing, and create it. Constantly spot technological tends relating to your business.Then learn, adopt, and keep repeating the process.

Adopt entrepreneurial approach in your disruptive drives as soon as you spot new opportunities, and continue to create more value chain in ways that the customer would not have known how to ask for. Welcome to the world of endless disruption! To remain in it, you must continue to disrupt or die!

Tony Ajah is a Business Growth Strategist and the Director of Nigeria Innovation Summit. [email protected]

 

 


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Nigeria CommunicationsWeek believes that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. So since 2007, we have devoted our energy to independent reportage of technology and how they affect lives.

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Confronting the Google Monolith: Survival Strategies for Online Businesses

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By Reuben Kalu.

In the vast expanse of the digital realm, Google looms large, an omnipresent force shaping the way we navigate, search, and conduct business online.

From its humble beginnings as a search engine to its current status as a multifaceted tech behemoth, Google has entrenched itself deeply into the fabric of the internet.

Its influence is undeniable, its reach unparalleled, and its ubiquity seemingly inescapable. But can you truly run an online business without Google?

The answer, in today’s digital landscape, is a resounding no. You have no choice.

Google’s dominance extends across multiple facets of the online world, making it virtually impossible for businesses to thrive without engaging with its ecosystem.

From search engine optimization (SEO) to online advertising, email services to analytics, Google’s suite of products and services permeates every aspect of the online business landscape.

Attempting to operate without Google is akin to swimming against a relentless tide, fighting an uphill battle fraught with obstacles and limitations.

At the heart of Google’s influence lies its search engine, the gateway through which billions of internet users navigate the vast expanse of online content. .

Google’s search algorithms wield immense power, determining which websites rank prominently in search results and which languish in obscurity.

For businesses seeking to attract organic traffic and expand their online presence, optimizing for Google’s search algorithms is not merely advisable—it’s imperative.

But Google’s influence extends far beyond search. Consider Google Ads, the company’s advertising platform that enables businesses to reach targeted audiences through paid search, display, and video advertising.

With billions of searches conducted on Google each day, Google Ads provides unparalleled reach and visibility, allowing businesses to target potential customers with pinpoint accuracy.

Attempting to compete in the online advertising arena without leveraging Google Ads is akin to entering a battle unarmed—a futile endeavor destined for failure.

 

Moreover, Google’s suite of productivity tools, including Gmail, Google Drive, and Google Workspace, has become indispensable for businesses seeking to streamline their operations and enhance collaboration.

With seamless integration across devices and platforms, Google’s productivity tools offer unparalleled convenience and efficiency, empowering businesses to work smarter, not harder.

Attempting to eschew Google’s productivity suite in favor of alternative solutions is not only impractical but also unwise, depriving businesses of the tools they need to succeed in today’s fast-paced digital landscape.

Furthermore, Google Analytics stands as the gold standard for web analytics, providing businesses with invaluable insights into their online performance and audience behavior.

From tracking website traffic and user engagement to analyzing conversion metrics and customer demographics, Google Analytics offers a comprehensive toolkit for optimizing online marketing strategies and driving business growth.

Attempting to gauge online performance without leveraging Google Analytics is akin to flying blind, devoid of the critical data needed to make informed decisions and drive meaningful results.

But perhaps the most formidable aspect of Google’s influence lies in its role as a gatekeeper of information and access.

With billions of users relying on Google’s platforms and services each day, the company wields immense control over the flow of online traffic and the dissemination of information.

For businesses seeking to connect with customers and expand their reach, Google’s dominance presents both a tremendous opportunity and a formidable challenge.

Attempting to circumvent Google’s influence and establish an online presence independent of its ecosystem is a Herculean task, fraught with uncertainty and risk.

In essence, attempting to run an online business without engaging with Google is akin to swimming against a relentless tide, fighting an uphill battle fraught with obstacles and limitations.

While alternative platforms and solutions exist, none possess the ubiquity, reach, and influence of Google’s ecosystem.

To thrive in today’s digital landscape, businesses must embrace Google’s dominance and leverage its suite of products and services to their advantage. You have no choice.

In conclusion, Google’s pervasive influence permeates every aspect of the online business landscape, making it virtually impossible to escape its grasp.

From search engine optimization to online advertising, productivity tools to web analytics, Google’s ecosystem encompasses a vast array of products and services that have become indispensable for businesses seeking to succeed in the digital age.

While alternative solutions may exist, none possess the ubiquity, reach, and influence of Google’s ecosystem.

To thrive in today’s digital landscape, businesses must embrace Google’s dominance and leverage its suite of products and services to their advantage.

You have no choice.


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Hydrogen Hosts Catalyst Workshop, Highlights Resilient Business Models for Fintech Startups

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As part of its mission to empower African businesses with tools needed to thrive, garner admiration, and foster global acclaim, leading payment solution company, Hydrogen Payment Services Company Limited (Hydrogen), recently partnered with the Co Creation Hub (CcHub), to host the latest edition of the Catalyst workshop in Lagos.

The discourse addressed the potential risks and opportunities for startups and saw experts advise participants on the need to develop resilient business models that would scale across different economic climes.

Moderated by Miracle Ezechi, Digital Marketing Manager, Hydrogen, the panel session addressed dominant issues about the theme: ‘Adapting Fintech Business Models to Economic Climes: Flexibility, Agility and Customer-centricity’.

Mr. Emeka Awagu, Chief Technology Officer, Hydrogen, who spoke as a panellist, addressed the issue of customer-centricity, which according to him, is key to Fintech growth.

He advised startups to listen to customer demands and understand their needs in order to develop the right solutions that will lead to long term market viability.

“Innovation is key for startup growth. However, understanding customers’ needs and change in behaviour will help any startup to innovate better.

“Startups must be flexible and agile to develop solutions with high interoperability and processing speed, and they must be ready to learn from startups that have failed,” Awagu said.

With an estimated 61.07 percent of startups failing, the participants stressed the need for prudence.

“Statistically, a staggering number of startups fail, often due to financial mismanagement. Hence, founders must prioritise understanding and maintaining a healthy the Cost-to-Earnings ratio.

“It is not just a number, but a pivotal indicator of a company’s financial health as well as being a key attractiveness determinant for investors,” Awagu added.

On his part, Ina Alogwu, the Group Director, Digital Transformation, ARM HOLDCO, who also spoke as a panellist at the session, stressed the need for startups to develop sustainable products and solutions that will help them remain competitive in an environment that is faced with harsh economic realities.

“Many startup businesses fail within their first five years, however upcoming startups should not be discouraged, rather develop a culture that will encourage them to understand the reasons for failure and learn from mistakes.

“Startups should not be too rigid with their solutions and should be ready to accept changes that will drive innovation,” Alogwu stated.

Hydrogen will be deepening its economic impact series with a webinar planned for Thursday, April 25, even as businesses across Africa continue to face an array of challenges, ranging from inflation and currency fluctuations to rising operating costs.

Themed ‘Navigating Economic Challenges: Strategies for Sustainable Growth,’ the webinar will delve into key areas critical for businesses to not only survive but thrive in the face of economic adversity. Register using this link – https://bit.ly/Hydrogenwebinar.

Esteemed panellists for this event include Taofik Odukoya, CEO, Vanguard Pharmacy, and Okechukwu Odimgbe, Chief Financial Officer, Hydrogen. The session will be moderated by Nnenna Sam-Obioha, Ecosystem Orchestrator, Hydrogen.

 


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Dexude Secures Funding to Revolutionize Education in Nigeria, Beyond

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Dexude, a leading edtech platform with operations in Nigeria, has announced that it has been awarded the prestigious Business Finland TEMPO funding.

Dexude Secures Funding to Revolutionize Education in Nigeria, Beyond

Charles Emembolu, founder of Dexude,

This significant funding injection marks a pivotal moment in Dexude’s journey towards transforming education through its AI-powered, live-first, expert-led, and community-driven platform.

The Business Finland TEMPO funding is specifically designed to support startups and SMEs aiming for international growth by building their expertise and solutions into international success stories in innovative ways.

Dexude’s commitment to innovation, coupled with its vision to enable a billion learners worldwide, aligns perfectly with the objectives of the TEMPO funding.

Commenting on this milestone achievement, Charles Emembolu, founder of Dexude, remarked, “We are incredibly honored and excited to receive the Business Finland TEMPO funding. This funding is not only a validation of Dexude’s mission to reinvent education but also a testament to the hard work and dedication of our team. With this support, we are poised to accelerate our efforts in democratizing access to quality education and empowering learners across Nigeria and beyond.”

L-r; Kelvin Chikezie, co-founder of Dexude; Kashifu Inuwa Abdullahi, Director-General/CEO of the National Information Technology Development Agency (NITDA); and Charles Emembolu, founder of Dexude

Kelvin Chikezie, co-founder of Dexude, added, “Securing the Business Finland TEMPO funding is a significant milestone for Dexude. It underscores our commitment to leveraging technology and innovation to revolutionize the way people learn and grow. We are grateful to Business Finland for believing in our vision, and we are excited to embark on this next chapter of Dexude’s journey.”

Dexude is on a mission to redefine education by providing learners with access to influential experts and thought leaders, live interactions, and a vibrant community-driven learning experience.

Through its platform, Dexude aims to break down barriers to learning and empower individuals to pursue their passions and unlock their full potential.

 

 

 

 


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