A Tech startup as described by Steve Blank is any company designed to search for a repeatable and scalable business model.
Tech startups bring technology products or services to the market. These products or services can be entirely new ones or innovative ways of delivering these products and services.
Startups usually offer faster, safer and better ways of conducting business.
Zip2, a startup founded by Elon Musk, is a company that designs and develops technological content for business directories that allow the sellers to connect to their consumers.
Technology startup development has the potential to sustain growth and economic security in any country.
That is why grants and funds are made available for startups, especially ones that are meeting a need or providing solutions to needs.
Just like all things have growth stages, tech startups also have different growth stages it passes through.
According to Chelsea Segal, startups pass through six specific stages, the concept and research stage, commitment stage, traction or validation stage, refinement stage, scaling stage and finally the establishment stage.
In this establishment stage, the organization is no longer considered as a startup but now as an enterprise.
Patience and customer care are most likely to keep you grounded and retain growth through all these growth stages.
Nigeria had its first tech startup in 2012 when Jumia an e-commerce website was co-founded by Jeremy Hodara and Sachs Poignonnec alongside Tunde Kehinde and Raphael Kofi Afaedor.
Since then, more startups have been founded and in various fields too such as health, finance, transportation, agriculture.
Nigeria arguably has one of the fastest-growing and vibrant tech ecosystems.
According to Internet world stats 2019, Nigeria accounts for twenty-three percent of internet users in Africa with a total number of one hundred and twenty-two million people online in December 2018 and remains Africa’s biggest technology market.
The introduction of the Global Systems for Mobile Communications (GSM) in 2001 pioneered the growth of the tech sector.
Mobile telephony since its inception has experienced rapid growth and continues to do so, combined with the Internet, urbanization and population growth an environment in need of technological products and services is created.
There are various forms of tech startups depending on the products and services they offer.
They include Consumer software startup, this type of start-up delivers products and services that operate on computers and mobile phones examples include Facebook, Gmail.
Consumer hardware startup, this type of startup delivers physical technological products. Enterprise software startup, and Enterprise hardware startup.
Tech startups in Nigeria not only improve the economy it also improves the standard of living of the citizens too.
Bolt, a recent startup in Lagos is a transport inclined startup and it has made transportation both faster and easier to get.
Tech startups in Nigeria also have the potential to create jobs, Jumia, for example, has over one hundred thousand employees who carry out sales and help people place orders.
Some other tech startups in Nigeria that are doing amazingly well in recent years are Eden, a concierge service startup cofounded by Nadayat Enegesi, Prosper Otemuyiwa and Silm Momoh.
uLesson, a Jos based edtech startup founded by Sim Shagaya, amongst others.
Tech startups in Nigeria aren’t without challenges of their own, from lack of access to proper electricity and broadband internet to lack of security, as youths are harassed by security personnel when seen carrying a laptop.
These challenges are most likely to discourage individuals intending to go into building startups but if security, electricity and internet are made readily available and affordable, Nigeria will experience a robust and positive outburst in its tech ecosystem and the number of emerging startups will increase.
About the author
Chibuzor Elizabeth Chijioke a graduate of Abia State University is a Nigerian-based entrepreneur and content writer. She trained as a digital marketer at Innovation Growth Hub. She is committed to teaching people how to apply technology to better their lives and businesses. She spends her leisure reading sci-fi and fantasy novels.
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