Connect with us

Telecom

Stakeholders Brainstorm on Success Strategies for Startups @2023 WorldStage Economic Summit

Published

on

Kindly share this post

Pioneer and successful players in startup businesses have unanimously advised that success could only come in the way of upcoming entrepreneurs through passion and perseverance rather than the desire to get rich quick.

L-R Mrs. Adekunbi Ademiluyi, MD, HumanManager Limited representing Mr. John Tani Obaro, Group Managing Director, SystemSpecs Holdings, Nigeria; Mr. Tim Akano, CEO, New Horizons Nigeria; and Mr. Mayowa Oludare, Editor-in-Chief of Global Financial Digest during panel discussion at the breakout session on WES 2023 tagged The Game Changers on Thursday, November 16, 2023 at the event centre , Nigerian Exchange, Lagos.

They gave the advice on Thursday at the breakout session on the WorldStage Economic Summit 2023 held at the event centre of the Nigerian Exchange, Lagos themed “The Game Changer.”

Moderated by the Editor-in-Chief of Global Financial Digest, Mr. Mayowa Oludare, guest speakers that took turns to share their experiences and address issues that were critical factors in understanding and running startup businesses to succeed were Mr. Tim Akano, CEO, New Horizons Nigeria; and Mrs. Adekunbi Ademiluyi, Managing Director, HumanManager Limited who represented the Group Managing Director of SystemSpecs Holdings, Nigeria, Mr. John Tani Obaro.

Giving a presentation on startups as the game changer, Mr. Akano admitted that it was always tough at the beginning but that passion and perseverance would make starters to overcome any challenge that might come their way in the build-up stages.

Reliving personal experience, he said it took him over 12 months to convince Nigerians about his startup which he started about 20 years ago after resigning from lucrative jobs with Coca Cola and Dunlop.

According to Akano, it takes perseverance to overcome challenges and it’s not a bed of roses to scale various hurdles for anyone ambitious to venture into startups. But every startup entrepreneur must have it at the back of their minds that the reward for solving problems is money and therefore make problem solving their focus if they desire to make headway, he stated.

Sounding out would-be startup entrepreneurs against failure, he warned against partnering with wrong people and to cut off with negative individuals who were only good at seeing challenges but not solutions.

“Don’t make a company of negative people, particularly the learned and academic who are fond of analysis to paralysis, only rolling out problems rather than solutions,” he warned.

He also advised upcoming startups that there is nothing bad in sharing ideas with people who may not be experts to avoid discouragement by people of much knowledge.

Asked if it’s advisable to engage partners from the start, he replied that it might be difficult to build a company with just one brain.

“The fear is understandable, but there’s no straight answer to it,” he said.

He however reminded the audience that Google was a product of some students and professors and that therefore it might not be a bad idea to have partners who are like-minded from the beginning.

He advised the youth not to be dominated by fear of the risk of bringing in people to co-own startup businesses.

Speaking on the benefits of mentoring and mentorship, Akano argued that not everyone could be a mentor but real mentors were called to serve other people, with little concern for reward.

Describing how critical mentors are to the generation of upcoming entrepreneurs, he quoted a statement by Albert Eistein that ‘he sees far by standing on the shoulder of a giant’ to support his position on the significance of mentorship.

“One has to be very bold to seek help, and youths have to be disciplined, trust-worthy and have value to contribute,” he admonished.

Akano highlighted other challenges to upcoming startups as fear of the unknown, overconfidence about break-even which in most cases fail expectations, and cash flow, which according to him is about retaining cash coming in rather than just inflow of cash.

In her own presentation on ‘Journey from conception to launch, Mrs. Adekunbi Ademiluyi agreed with Akano that understanding and knowing one’s passion is key to upcoming entrepreneurs to achieving success.

“Focus on your goals even when your plan is cascading,” she counselled.

She outlined other factors for success in entrepreneurship as understanding and engaging with community; asking the right questions with ideation; challenging the status quo; listening to unmet needs and desires of the world; conceptualizing by shaping ideas into tangible, viable and scalable solution – determining solution that fits the problem; creating a value proposition; defining business model; and putting a legal structure in place.

Ademiluyi also recommended execution based on nurturing ideas, refining and bringing them to life, processing product development, building workable teams and planning resources.

“A successful launch isn’t where the story ends, going live aims at monetization, customers’ satisfaction and creating new markets,” she elaborated.

Asked how idea could be translated to reality, she recommended that a plan should be created, concerns should be shared, structure should be put in place, ideas should be shared, strategic partnership should be initiated, and knowledge of what moving from point A to B in the growth process meant and entailed must be established.

She mentioned the contributions of the government at encouraging startup businesses as instituting the Bank of Industry (BoI), Micro finance banks etc to ensure easy access to funding for financially deprived individuals that sought to go into startups.

Responding to the question about the fintech sector being dominated by technical people, she said it was because investors and venture capitalists always looked for technologists and that those that applied for their jobs were people with a background in financial technology.

To halt or curb the “japa” syndrome currently depriving Nigeria the services of her bulk of professionals, Ademiluyi submitted that it’s a global challenge that’s not limited to Nigeria alone. However, she saw an opportunity in the challenge

“In every problem there is an opportunity. It’s a global issue. There’s even domestic japa where people resign their jobs and prefer to work on their own. There are opportunities in Nigeria, we only need to adjust ourselves to curb the lure of japa,” she reasoned.

To further curb the phenomenon of ‘japa’ she called on the government at all levels to improve on infrastructures for people to be interested in the country. She equally advocated improvement of the educational system as well as the social factors.

In his opening remark, the President/CEO of WorldStage, Mr. Segun Adeleye said WES 2023 was accommodating a special breakout session tagged Startups on WorldStage with the Theme: ‘The Game Changers’ for founders, startup enthusiasts, corporates, angel investors, and media to network and chart the way forward.

He said, WorldStage, a globally focused media group with strong business/economic contents, is leveraging its capacity to engage the emerging startups and project them for global visibility.

“Data from the National Bureau of Statistics indicated that unemployment and underemployment rates increased to an all-time high of 56.1 percent in 2020, pushing 133 million Nigerians into multidimensional poverty with economic growth not inclusive as it faced key challenges of lower productivity and weak expansion of sectors with high employment elasticity,” he said.

“Getting the youths to work must be an immediate task for the government and will be driven by fixing productivity through combinations of policies that cut across some strategic sectors of the economy.

“Many startups that need to be encouraged are developing technology to solve identified problems in payment systems, insurance, agribusiness, e-commerce among others. The beauty of their emergence is that their concepts are globally acceptable, making them eligible to expand to other countries while attracting foreign exchange and creating new jobs.”


Kindly share this post

Ugo Onwuaso is an ICT enthusiast. He believes technology should be used for general good. He holds a Master of Public Administration (MPA) degree from the Lagos state University. Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

Telecom

WhatsApp to Deactivate Support for Certain Phone Models over Incompatibility

Published

on

Kindly share this post

WhatsApp has announced that it will no longer be supported on a variety of phone models starting from the summer of 2024.


WhatsApp to Deactivate Support for Certain Phone Models over Incompatibility

This decision affects a significant number of devices from popular brands such as Samsung, Motorola, Huawei, Apple, Sony, and LG.

Users are advised to check the list of incompatible devices to determine whether their phones are affected and whether they need to upgrade to continue using WhatsApp securely.

Surprisingly, some of the models on the list are quite old, but due to their decent hardware or lack of upgrade options, some users have been clinging onto WhatsApp for dear life.

At present, WhatsApp is recommending that users only use the app if they have a device running on Android 5.0 or later, or an iPhone with iOS 12 or newer.

The affected models include popular devices like Samsung Galaxy Ace Plus, Motorola Moto G, and various iPhone models like 5, 6, and SE.

This development highlights the rapid evolution of technology and the need for users to stay current with their devices to access essential services like WhatsApp.

As we move towards a more advanced digital age, it becomes increasingly crucial for users to regularly check for updates and ensure compatibility with the latest software and applications.

In light of WhatsApp’s decision to discontinue support for certain phone models, there are several key points that users should be aware of regarding this future incompatibility issue.

One of the main challenges associated with WhatsApp ceasing support for older phone models is the potential security risks involved.

Unsupported devices may become more vulnerable to security threats as they will no longer receive essential updates and patches from WhatsApp.

Additionally, users who are unable or unwilling to upgrade their devices may face difficulties in communicating with friends and family who continue to use WhatsApp.

On the controversial side, some users argue that tech companies should provide support for older devices to ensure inclusivity and accessibility for all users, regardless of their device’s age or specifications.

However, from WhatsApp’s perspective, maintaining support for outdated models may hinder the app’s ability to innovate and introduce new features that require more advanced hardware.


Kindly share this post
Continue Reading

Telecom

Glo Deploys AI Services for Customers to Earn Millions while Learning

Published

on

Kindly share this post

Digital solutions services provider, Globacom, has unveiled three innovative AI-focused services that aim to improve customer satisfaction and provide users the chance to profit from AI and win rewards on the network at the same time.

In addition to offering users the possibility to win thrilling rewards through lottery draws, Globacom disclosed in a press statement that the services would offer priceless insights into utilizing AI for everyday requirements.

One of the services, called “Glo Awoof Win EverWage,” is a gaming platform that gives users the chance to either win a lifetime wage or take part in a monthly draw that offers a N12 million prize.

Subscribers will also get regular payments from this service, thus having a steady source of income free from the limitations of a conventional job. Globacom stated that Glo EverWage “promises peace of mind in today’s dynamic economic environment, whether you seek supplementary income or financial stability.”

Subscribers can participate in the drawings for EverWage by calling *20791# and following the instructions to be eligible for a chance to win N12 million per month and daily cash prizes.

In a similar vein, “Glo Awoof Win SMS-to-Ai” uses artificial intelligence (AI) to give users rapid, precise information on any subject without requiring an internet connection.

The “Ask AI by Glo” service is an SMS-based platform that provides users with access to a variety of informational resources, including news, sports scores, weather predictions, traffic updates, educational advice, and celebrity information. By dialing *20791# on their handsets, subscribers can also take part in the network’s jackpot draws for a chance to win thrilling prizes.

Subscribers can also use Glo SMS-to-AI to ask queries even in the absence of internet access, by texting their inquiries to 20791 and the AI platform will respond to them right away. Regular questioners will be informed through their Glo lines and have a chance to win interesting rewards.

The third one, “Glo Awoof Win Ai Fortune”, is an educational service designed to empower users by teaching them how to leverage Ai for generating income and improving business processes.

“From foundational Ai concepts to advanced business strategies, our comprehensive curriculum equips you with the skills to harness Ai for income generation and business enhancement. Subscribers can engage in interactive learning modules, earn certifications, and showcase their expertise in monthly competitions”, the company disclosed.

Subscribers to AI Fortune can obtain study packets to read and enter to win prizes by dialling *20791# and following the instructions.

According to Globacom, users who want to take advantage of the three AI-powered services should dial *20791# on their mobile devices in order to choose among the available options. Daily one-time or auto subscriptions to the services cost N100, weekly one-time or auto subscriptions cost N200, and monthly one-time or auto subscriptions cost N500.


Kindly share this post
Continue Reading

Telecom

Y’ello Care since ‘07: 17 Years of Unwavering Commitment to Community Development

Published

on

Kindly share this post

For nearly two decades, MTN has demonstrated a steadfast dedication to community development through its flagship corporate social responsibility initiative, Y’ello Care.

The annual program with the theme “Learn Today, Lead Tomorrow”, now celebrating its 17th year, exemplifies the telco’s commitment to making a positive impact across the various communities it serves.

Launched in 2007, Y’ello Care has evolved into one of the most significant corporate volunteer programs in the telecommunications sector. Each year, employees take time off from their daily tasks to give back to the community and participate in meaningful charitable initiatives, reflecting the company’s fundamental principles of innovation, leadership, and integrity.

The heart of Y’ello Care lies in its volunteers. MTN employees from different departments and regions come together to contribute their time, skills, and resources. This culture of volunteerism not only benefits the communities but also fosters a sense of purpose and camaraderie among its staff.

Since its inception, the Y’ello Care initiative has tackled various social challenges, from education and health to environmental sustainability and economic empowerment. The program’s success is measured by the number of projects completed and the lasting positive changes it brings to the lives of individuals and communities.

Speaking about this year’s edition, Tobe Okigbo, Chief Corporate Services & Sustainability Officer, MTN Nigeria, said “Y’ello Care is about the MTN ecosystem giving back and contributing their time, money, and resources to make a positive impact. This year, we’re focusing on education in remote areas, supporting three projects that will provide access to quality education for young Nigerians,” said

One of the cornerstones of Y’ello Care this year is its focus on education and this year the initiative is supporting the KNOSK charity education initiative (Study Better Packs),building and refurbishing Iwerekun Community High school, providing learning materials, and organizing vocational skills workshops. These efforts aim at bridging the educational gap and equipping students with the skills needed for the future.

Also, Y’ello Care has made significant contributions to improving healthcare services. Through medical outreach programs, health awareness campaigns, and the provision of essential medical equipment, it has helped enhance the quality of healthcare in underserved areas.

Beyond everything,

As Y’ello Care completesits 17th year, the company further proves its committment to deepening its impact on its community. MTN Nigeria’s unwavering commitment to community development through the Y’ello Care initiative is a testament to the power of corporate social responsibility.

The 17-year journey of Y’ello Care tells a remarkable story of dedication, impact, and hope. It serves as an inspiration for other organizations to engage in meaningful community service and underscores the importance of giving back to the society in which they operate.

 

 

 


Kindly share this post
Continue Reading

Trending