The Hub and startup ecosystem is expanding its horizon to set itself as a digital factory that can scale up employability in Nigeria. Recently the Hub Owners Village (HOV) an initiative by certain Hub owners in Nigeria gathered to propose steps towards the direction of enhancing job creation in Nigeria. The meet up came up with aims and objectives which include;
- Organize the existing workspaces, incubators, and accelerators under one body
- Influence local, national and international policies
- Provide access to funds and partnerships from local and international development agencies leveraging a united front
- Offer capacity development programs that will enable hub owners to learn and understand how their workspaces, incubators, and accelerators are meant to function
But beyond this, what can we learn from the meetup as entrepreneurs who are looking to create startup and hubs, we have compiled salient points for you.
To start and sustain a successful technology business as a techpreneur involves a compelling vision that will drive execution required to kick off a successful startup venture. The life of the venture is measured by progress towards the realization if that vision.
It is that journey to the successful delivery of the vision by the techpreneur that innovation hubs and angel investors seek to join and help along the way for a reward for expected outcomes.
The commercial potential for startups ventures must be focused on solving problems specified for certain customers.
What proposition is your startup offering? One of the biggest social media platforms, Facebook, has over 2 billion active users, you can imagine the reach of Mark Zuckerberg, he has the eye all over the world.
It’s not far-fecthed Facebook Ads is raking millions in dollars. Facebook has the number it leverages.
Your startup must have a Unique Value Proposition (UVP) it can offer to its audience, with an unrivaled UVP, angel investment is not far from your reach.
Your level of organization also determines delivery. Cellulant has 337 employees in 12 sub-Saharan African countries. Your organization delivers the value proposition to the customers.
Andela raised $180 Million in funding. The Economics financially measure value creation! You have to make a comparison between forecast assumptions against actual performance.
What is the market telling you about demands and trends, how do you balance profit and loss, what is your financial position, what is your cash flow and equity?
What is your milestone overtime? Flutterwave was founded in 2014, as at 2018 the startup has processed $1 billion worth of transaction. Milestone measures progress over time.
At your incubation stage, your Minimum Viable Product (MVP) gives insight about your product and prevents loss from.
At the startup stage, your Performance Management Form (PMF) must be set in place, then as you scale up you break even and attract traction