MDs for the Africa Internet Holding companies Kaymu, Lamudi, Carmudi and Hellofood recently discussed the topic “Beyond the coding – from execution to innovation” at the Tech4Africa event. The event featured key players in the e-commerce industry, and the MDs took part in a panel addressing technology entrepreneurs.
Beyond the coding-from execution to innovation was the topic of the iHub hosted Tech4Africa event held on Friday July 18th 2014 which featured key players in the e-commerce industry.
Commenting on the topic, Evangeline Wiles Deputy MD of Kaymu, who was speaking on a panel with fellow MDs of Africa Internet Holding (AIH) backed ventures, Obi Ejimofo of Lamudi, James Gibson of Hellofood and Christian Keller of Carmudi stated that innovation is about identifying a unique solution to an existing need.
While addressing technology entrepreneurs at the event, Wiles stated, “innovation is not creating something new; it is finding a unique angle to an existing idea or business model and executing it very well. As a solution provider or business owner, the onus is on you to adapt the business or solution to your local environment”.
According to James Gibson, “execution is key for every start-up. The Nigerian tech space is very large and there is more than enough room for smart entrepreneurs to develop a plan, it doesn’t matter if it’s already in existence, there will always be market for a well-executed business plan”.
Entrepreneurs were encouraged to test their solutions and ideas with their potential customers before attempting to break into a new market.
“I want competition,” Wiles added. “That is the true test of success. If there is healthy competition and the customers choose you, then you are doing something right”.
According to Ejimofo, “Foreign investment has changed the local technology scene. Whilst in the past, local investors have focused on investments considered more tangible, such as commodities and real estate, the significant rate of return on foreign investments into e-commerce have triggered local investors to take the sector more seriously.”
Keller concluded stating that the internet business is international and international expertise served as both incentive and training for local players and has spurred entrepreneurship among young people in Nigeria and across the world.
