Techbiz Webinar Q&A Session.pdf
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1) The document outlines strategies for startup success in Nigeria between 2023-2024, a period of expected economic growth amid uncertainty. 2) It recommends startups understand the market and validate their business model through testing before committing resources to ensure viability. Adopting agile development allows startups to respond quickly to shifts. 3) Additional tips include fostering flexibility and dynamic capabilities to adapt to changes, and collaborating to achieve sustainable growth in Nigeria's growing economy and startup ecosystem.
Techbiz Webinar Q&A Session.pdf
- 1. Techbiz Victor ‘Gbenga Afolabi ROADMAP TO 2024 How to scale your venture in times of uncertainty
- 2. Statistics 3.2% Nigeria's economy is expected to grow by 3.2% in 2024, driven by a rebound in oil production and consumption. The non-oil sector is also expected to grow, with contributions from agriculture, manufacturing, and services 15% Unstable foreign exchange rates are expected to continue affecting investor sentiment. 216m The population of Nigeria is expected to reach 216 million by 2024, according to the United Nations with 43.4% between ages 16-35 216 million 96.8% 3.2% 2% 2% Only 2% of African startups receive venture capital funding, hindering the growth of the Nigerian and African startup ecosystem. 2023
- 3. STRATEGIES FOR STARTUP SUCCESS UNDERSTANDING THE MARKET 1 2 3 4 AGILE DEVELOPMENT AND ITERATION VALIDATE BUSINESS MODEL FLEXIBILITY AND DYNAMIC CAPABILITY Adopting an agile development approach allows startups to respond quickly to market shifts, iterate on products based on user feedback, and stay ahead of the competition The process involves testing key assumptions and hypotheses about the business to ensure that it is viable and sustainable. This allows businesses to test their assumptions in a controlled environment before fully committing resources. This reduces the risk of investing time and capital into a business model that may not resonate with the target market. Dynamic capabilities and flexibility empowers startups to be proactive in the face of change, foster innovation, an. d maintain a competitive edge With this, startups can increase their resilience and enhance their ability to achieve sustainable growth in dynamic business environments. Identify and analyse the gap in the market and the market in the gap.
- 4. Structural Analysis of Industry The structural analysis of an industry involves evaluating and understanding the key components and dynamics that shape the competitive landscape of your business. The key elements of structural analysis include: Market Structure Barriers to Entry Threat of Substitutes Regulatory Environment Technological Factors
- 5. Re-inventing Success; Key to Sustenance Reinventing Sigmoid Curve
- 6. Conclusion Navigating the tech landscape is a journey filled with twists and turns, but with the right strategies, startups can thrive. By understanding the ecosystem, embracing agility, strategically positioning themselves, fostering collaborations, tech startups can set the course for success. In a world driven by innovation, those who navigate the tech landscape with resilience and adaptability are well- positioned to make a lasting impact.
- 8. @Vgafolabi @Victor Gbenga Afolabi @Victor Gbenga Afolabi @Vgafolabi Connect with me: Victor Gbenga AFolabi GCEO Hazonholdings