…and I read this post on TechPoint.ng and asked myself, are they shaking the market now?
The big question is how do you spot a startup with true growth potential?
Please share your opinion with a startup success story URL
How to spot a startup with true growth potential:
- are they scratching an itch (providing something people want)?
- can they serve a huge market? As in, will 1 million people need (not just want) their product
None of the 7 startups answer positively to both questions.
I’ve run a small company (I hesitate to call it a startup) that also did not fulfill these requirements. The best advice I got when I was giddy with our modest success was: “you’re making products that are ‘nice to have’, for a small niche community, cancel it”.
Of course I didn’t and then watched as revenue slowly ground to a halt (as in 0), yet I was still paying for rent and staff.
A food growing/processing/packaging startup would be a sure banker in Nigeria, right now.
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They were pretty accurate except with the first. The others are going strong especially Andela.
I see what you did there.
Gabe, I think I’d believe it, if you told us you had made that drawing before you saw that quote.