From Okwe Obi, Abuja
Entrepreneurs have proposed sustained policy to create a fertile environment for Small and Medium Scale Enterprise (SMSEs) to thrive.
The business moguls spoke recently in Abuja at a conference organized by Startup Abuja, with the theme: ‘Learn. Build. Collaborate: The Influence of Startups and Digital Skills on Nigeria’s Economy.’
Convener of Startup Abuja, Chigozie Ezugwu, said the conference was aimed at championing innovation and digital skills to propel Nigeria’s economy.
“There is need for sustained policy that will create the enabling environment for small businesses to thrive.
“That is why one of the key objectives of the conference is to explore catalysts for accelerating startup growth and examine the transformative influence of startups and digital skills on Nigeria’s economic development.
“We convened influential startups, non-profit leaders, investors, entrepreneurs, and stakeholders from the Federal Capital Territory and neighboring states to facilitate a multi-stakeholder dialogue on emerging issues, challenges, and strategies for nurturing successful startups nationwide.
“The event sought to accentuate the federal government’s efforts in creating an enabling environment for small businesses and startups through initiatives such as the Young Initiative Builders, Agri-Tech Initiatives, and 3 Million Technical Talent Programme (3MTT).”
Ezugwu said with the digital economy’s growth projected to reach $300 billion by 2025 in Africa, and Nigeria’s startup capitalization valued at nearly $1.3 billion as of 2023, the conference reinforced the need for effective policy and startup incubation to harness these opportunities.
He said he would position Startup Abuja that would be dedicated to fostering innovation and entrepreneurship within the Nigerian startup sphere of influence.
Also, Director of Product Management at Google USA, Erin Nardo, in her virtual session on “Beyond National Borders: The Challenges and Triumphs of Taking Your Product Globally,” harped on the importance of understanding diverse markets, and the strategies for overcoming cultural and regulatory challenges.
She said: “To succeed globally, startups must embrace cultural differences, adapt to local markets, and stay agile in the face of ever-changing global dynamics.”
Head of Value Chain and Strategy at The Alternative Bank, Peter Jigba, who spoke on “Financing the Future: How Startups Can Build Effective Relationships with Banks,” urged startups to do their research, search for banks with a history of working with startups in their industry and leverage on them.
“Be prepared, focus on future potential, be transparent and communicate,” he said.
Country Director of Plan International Nigeria, Charles Usie, addressed “Social Enterprise: Building for Impact and Not for Profit Alone.”
Usie who shared five principles for a successful venture said: “Once it is daybreak, you must be running – the value of time,” and “Are you running after profit or social good or both? What motivates you?
“Time and chance: Be sensitive to moments that are transformational and life-changing.”
Furthermore, Chairman/CEO of Peace Mass Transit, Samuel Maduka Onyishi, who spoke on “Cultivating an Entrepreneurial Mindset: Understanding the Skills and Qualities Required to Start and Build a Big Business,” emphasized the importance of integrity, stating, “The key thing to start small and grow big is integrity.”
He added: “When you are in your first stage of business (0 to 5 employees), you don’t have any business with diversification. Put your money in one basket and watch it till it grow.”
On his part, Managing Director of Mshel Homes, Barka Umaru Mshelia, explored the “Multiplier Effect: How Startups Can Catalyze Investment and Unleash Nigeria’s Economic Potential.”
He underscored the significance of customer feedback, strategic foresight, and aligning ideas with customer demands.
He mentioned that “In solving complex business problems, you need to be smart and proactive…this means that you need to develop deep critical thinking and problem-solving skills.”
A public speaker, Temi Badru, emphasized the importance of not just maintaining an active social media account but also having social media handles for business venture.
Then, Special Assistant to the Anambra State Governor on Innovation and Business Incubation, Chinwe Okoli, highlighted the government initiatives aimed at fostering innovation and digital skills, including policy frameworks and support programs for startups.
She said: You need to watch for what your government is doing so you can tap into it. What are the International NGOs near you doing so you can leverage it.”
Managing Director of Hosab Integrated Services Limited, Bosah Chukwuogo, tackled “Product Market Fit: Challenges and Opportunities in Building Tech Companies in Nigeria.”
Bosah said: “Finding the right product-market fit is a journey. It requires understanding your customers, adapting quickly, and continuously innovating.”
Vice-Chancellor, Abdulkadir Kure University, Prof. Mohammed Aliyu Paiko, shared insights on the “Green Revolution: How Abdulkadir Kure University is Modeling the Future of Startups.”