This is correct.
To build a long lasting and sustainable company in climes such as ours one needs to be very impatient to generate revenue. We do not necessarily have access to patient funding (>5years) unlike Uber and the likes. As a sales person that i am, i have already figured out at least 3years steady revenue can be generated by GoMyWay.
Please explain your last statement in great detail.
I totally agree with the concluding paragraph. Business is business in Nigeria. It is very hard running a business without making profit.
Infact the main motive for registering a business is to make profit. That should be the number one rule.
Real truth!! But peeps will get it sooner or later… Have you tried checking up on products introduced here since radar inception? Only few still have domain registration, and even fewer are still in business.
- While effective building user metrics, apps/web design can be geared to pay-per-clicks sort (atleast for a first effect) while delivering good content to their site.
- Design a ‘pool’ for money collector between ridersharers; the model is such that today i can drive; tomorrow you can…making them friends and much more difficult to start charging each order. By having this pool, direct debits/credits from cards are accessed while the coy makes a % from it.
- Create a community (they already did), with that can partner petrol,diesel, engine oil/parts company in pushing sales as well. One can claim to know it all but the Truth is there are so many creative ways to generating this kind of revenue.
Know what I think about ridesharing?
Let these startups that have successfully gained some customers collect membership fee so if you fail to pay at the end of the week or whenever you chose,they won’t be paired to customers or deactivated
@alpontif you make a good point. But funny enough the most successful apps seem to have achieved success with minimal hard sales efforts. What I think you are trying to say is that apps must respond to a need. It must be created based on the market. A developer can detect that need and fill it with a good product. But very often developers create a product that the market doesn’t really need. So a successful team must be made up of different skills sets that can create this killer product.
It’s hightime we (Technical Peeps) start seeing Tech as an enabler and not the product. This will help our emotions well.
Which is why there is always a requirement before any technical development.
These requirements are simply logical interpretation of a particular problem whatsoever.
I totally get all the points given here. But it is a tit for tat situation everybody needs everybody.
And please let me correct you a sales team doesn’t know if a product will sell until they put it out there.
Your customers dictate what happens to your business and not your sales team because your sales team can’t do shii without the customers money.
So please stop making a group more important than others. In a business all departments and co-founders are important be it tech, sales, marketing, logistics everybody is equally as important as the other and all rely on themselves to make a business grow.
Tech is a tool to which the sole purpose of the business is carried out. So we can also see it as product because it is birthed from hard work to serve a purpose.
Like Lux soap is a product for bathing, CloseUp is a product for healthy teeth, tech products help in so many ways. So tech is still a product whether you like it or not.
the reason i think Gomyway died is because the founders created a product that there were afraid to monetize, maybe because they didnt want to loose customers, and also wanted to grow faster, because Nigerians like free stuffs, just like how facebook was initially
Well, Alpontif made a point. While we cannot downplay the importance of a tech founder, a founder grounded in marketing/sales is extremely important. Depending on what your .com company is built for. If its like an app; say Instagram, a photo editing app, technically complex stuffs or perhaps something that rellies on constant tech innovation to scale then its different . But if it’s a platform that rellies heavily on human relations to generate sales then your sales co-founder is extremely important.
Your website in this situation can be set up & constantly maintained by a tech employee while your company rellies heavily on sales innovation to scale. E.g companies like Konga, JumiA, Hotels.ng rellies heavily on sales innovation.
The bottom line is, for tech start up whose growth is most dependent on sales innovation, then a sales cofounder is best & if it rellies heavily on tech innovation, then the tech co-founder is most important.
Right now in Nigeria, most .com start ups are about the sales. Having a founder who doubles as both is however a plus. Take Mark Essien for example
From experience and all the contents i have every read, http://www.startupsecrets.com/turning-products-into-companies
- Building the product is 20% of the work,
- Marketing it is 50% and
- Turning the product into a company is 30% of the work.
Facebook, Apple n co. was not the best product but they could market and convert the product into a company.
If you have a brilliant product In Nigeria and you are not making money in 3 months no matter how small my guy close shop, unless you have cash reserves like the Jumia’s, the Paga’s and co.
I completely disagree - startups need sales co-founder
I own www.accountingsoftware.com.ng , a simple startup with no technical person or developer as a team member. The current skill powering our 5 figure sales on a monthly basis is ‘effective internet sales strategy’. We employ powerful SEO and conversion strategy that delivers.
A startup with no great sales team will definitely die, that’s the right phrase.
This is basically why they failed. You don’t need a dedicated Sales Guy to tell you that this app could and should have been monetized from day 1.
I really never thought the debate of Sales Vs Tech Cofounder was going to arise at any point.
How that is now even related to why GoMyWay failed even baffles me more and I am saying this in respect of why a startup has to have cofounders with every skill before it can succeed.
A great team is a great team regardless of whether the sales guru is a cofounder or not.
Someone mentioned Elon Musk hiring a manufacturing guru from Toyota, he didn’t ask the dude to join him as co-founder.
I think it’s also inconceivable that Gomyway did not have a sales team! I don’t see how anyone would have invested in an idea that didn’t have a sales team … and well, they got funding.
On why Gomyway failed, there’s probably only one person who knows why and at what point - Dami
One more thing,
I see most people saying business is business in Nigeria and that you have to make money from the get go. With all due respect, this is why we seldom see exits in Nigeria’s startup scene. A startup is characterized with a high dose of the interchange between high risk and high reward.
If Dami ever writes, please someone should please put it up here.
Please tell me that you didn’t just comment for the sake of commenting, that you made a point and I just can’t see it.