How Nigerians Can Grow Their Tech Start Ups- An Experts Advice.
CFA’s Guest on ICT Radio Show on Nigeria Info 99.3 FM today on December 9, 2014, was Mr. Sim Shagaya, founder and CEO of Konga Online Shopping Limited, a serial entrepreneur who has successfully built 3 enterprises, two of which he maintains are still growing. Before founding Konga Online Shopping Limited, Mr. Shagaya had founded DealDey and E-motion, an outdoor advertising company.
He advised young Nigerians who want to grow their Tech Start Ups, and wondering how people like him were able succeed in starting and growing up to three companies are advised to have clear dreams, which helps in solving real problems for the public in a practical way. They should also be persistent as there will be high and low days, hence, they should keep pushing, embracing solving problems.
He advised SMEs not to relent, stating that apart from the three companies he runs, i.e. Konga Online Shopping Limited, DealDey, and E-motion Advertising Limited, that he succeeded with, he started and failed in nine companies even though they made the CAC registration, while about twenty ideas did not even see the light of day. That is a lesson in persistence.
On SME owners seeking out partners, Mr. Sim Shagaya maintained that as the CEO, there is the need to find competent partners who can do better than you in certain skills and utilize their knowledge to grow your own business, hence, it is not advisable to hold on to everything.
Responding to a callers question requesting to know how and when to get the right partners for starting a company, Mr. Sim, explains that partnerships are tricky. The surest way of finding partners, for you, the founder, put your money into the business and the right partners will come up. One may fail initially, but subsequently, good partners will surface.dedicated your efforts into the business.
Still on partnerships, he maintained that proper partnership agreements should be put in place to define the legal framework of the partnership. This will define the profit sharing and benefits and risks.
On funding of start up businesses, Mr. Sim Shagaya says accessing funding from big structured institutions is the exception and not the rule. He maintains that 99.9% start up of businesses are funded by self, friends and families.
On the level of growth of the e-Commerce sector of ICT in Nigeria, Mr. Shagaya opined that we are ten years behind China, four years behind India and 20 years behind the USA, but we are gradually coming up. He, however, stated that other areas of ICt that should be developed include Consumer robotics, New Materials, Biotech, etc.
The ICT Radio Show will continue to host interesting guests, speaking on educative topics on ICT. Listen in every Tuesday from 1: 30pm on Nigeria Info 99.3 FM or follow the show on learn.ictwithcfa.com or www.CFA.ng/radio.
