We have so many American startups (uber, Rocket internet and the likes) that come to Africa armed with so much money coming to compete with our home grown startups that faces so many challenges from lack of power to slow or no bandwidth internet. I believe as a country we can learn from china and india. Just recently read how didi is crushing uber by the numbers of bookings in china. After a little research i noticed didi CEO is the lady brain behind its success. here is an interview of her and how she is crushing them on home soil.
The Woman conquering Uber in China
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I feel you need to do more than a âlittleâ research. Then you might find out that the success of the recent creation called Didi, is the power of Tencent and Alibaba together. In other words, loads of cash & expertise from 2 Internet giants.
But back to your central point, (letâs even assume that Didi is a bad example for what you were trying to say) which is how to stave off âwestern startupsâ, I feel itâs about providing products that customers love. Itâs not complicated. No one cares if a product is foreign made or local - thatâs not their primary concern.
Arguably, one can say having loads of cash (like the $1b Apple gave to Didi to make $7bn in one raise), means a startup can hire the required expertise to make products that people will love. And have the marketing ability to reach them. This is how a startup can stave off the âforeignersâ.
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Rocket Internet is German & is not a startup.
Rather than trying to conquer Western figure in our local business community, why not strengthen our own startups? When you go home early because you have a cute wife who will have prepared delicious dish for you, it is a different case from leaving office in haste just to vacate the presence of a terrible boss.
Our rich fellows should believe in our capabilities enough to invest their monies, experience and influence to grow our homegrown innovations. Our govt too should make sincere policies that will favour the growth of Nigerian startups.
Imported brands have the resources to facilitate âcordialâ relationships with policy makers which our startups cant match. It is our collective responsibility to âEPPâ ourselves. No hating on foreign companies , no undue considerations as well.
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There are no âLessons to Learnâ.
Create a Great product that users love and will pay top naira for, use the 19 Traction Well Defined and used channels for Customer Acquisition and Growth Marketing, have a great team with a solid leadership record or style, and have super cash to push your ideas and operations and you would push the west who will be doing the very same thing i have listed.
The End.
Surprised no one noticed the parallel to âlady CFOâ here. Thank God he didnât say âlady CEOâ.
@kenny: was that âladyâ really needed to qualify the âbrainâ?
As to the topic:
Iâm with him. We shouldnât be focusing on âconqueringâ foreigners; instead we should work on getting better. Better products, better marketing, better customer service, better revenue.
Western startups should not be used as standard.
A better standard and even one that western startups follow is to create great products that users love and be willing to pay for.
Imagine there was no uber or facebook?
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I really thought no one noticed this trend. The real problem with western and home grown start ups is that our countryâs policies does not favour indigenous companies. Foreign companies can easily evade taxes or pay next to nothing while âtry putting up a sign post that u r doing anything goodâ and the newly empowered youths âAs tax collectorsâ would come knocking.
Secondly, Our Govt and Capitalists are not interested in supporting a progressive society. At least not in the current generation of leadership. They r simply focused on what can get them the money now!!!
Bottom line is foreign companies should not be allowed to freely operate with low taxes in Nigeria. If there is a Nigerian company offering such services, foreign company should not be allowed to operate. You canât go to those countries and operate in a fair system. The system is set up against any foreign person competing with a local and extorts any monopolistic foreign firm.
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You must focus on kicking foreign companies out. The market is not favourable and the playing fields are not equal. Africa should be given a chance to grow at its own pace. All these foreign companies do nothing for Nigeria. They employ maybe 1000 people and tell you they are creating employment meanwhile they whisk away over 50-60 billion dollars annually from our economy. âExpertsâ and The African deceit âforeign investorsâ take a total of almost 60% of our household income. They are the real problem. I have screamed this on every social platform i know.
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Wow. Thatâs ultra-left wing protectionist stuff you are preaching. Two questions:
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Apart from the fact that Nigeria is subject to Free Trade regulations that make such a policy suicidal, how are we supposed to encourage foreign investment and skills transfer if we donât welcome foreign companies? Bear in mind that we canât be like China because we donât have their strength in infrastructure, technology, and labour productivity.
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Once you start using government policy to discriminate based on factors other than merit, how do you stop people using the same power to discriminate based on state of origin and ethnicity?
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it is not left-winged or right-winged. This is how it is done everywhere. If local businesses offer the service, they should be promoted and supported. Especially in Africa where most indigenous start-ups learn as they go. They are not necessarily âProfessionalsâ or âExpertsâ.
On the topic of Foreign investments, we need to revisit that definition because when investors loot away 60% of household incomes annually and then give a total of 10,000 jobs across the country, while paying some select few political individuals huge sums to protect their interests, i do not see how that investment helps Nigeria grow.
China would come to Nigeria with its own workers from China in the past. Foreign firms must train Nigerians and there must be a clear understanding on how co-operate capital is generated for Nigeria from such âForeign Investmentsâ.
On protecting Africa, this we all must do. Support businesses and encourage them to address important problems.
You cant go to Britain/ U.S/ China and simply open a business with low taxes. The laws are set to support their own. Why should Nigeria be any different?
What da hell are you even saying?
So what local business was doing what jumia was doing before Rocket internet came through? If your close mindedness had had its way jumia n oda foreign backed startups wont have seen the light of day and maybe you would veto Kinnevick and other foreign investors from konga who knows that may have been the end of technology startups as we know it.
As regards your Foreign Investment Term, this guys arent charity, they are here to make money mr man, they provide jobs that would have not existed if a local player was here, ask yourself how many Supermarket chains you know have expanded across Nigeria and sell at low cost? None, Shoprite saw that gap and came in, would you now blame them from exploiting gaps when local players do not and see it as absurd to expand?. How many Ecommerce ideas existed before Jumia/Konga came in? so lets stop all this talk.
Foreign firms must train Nigerians like its a birthright or wat? pls biko, Get your billionaires to first start companies and invest in training of staff or your Government to better Education, they cannot be doing all the work when the primary aim they came here was to make money, they will make the money and careless of training and its not by force, they would work with what they have.
Sir you can go to Britain and Get to pay Tax at the same rate as EVERY BUSINESS ENTITY that exist there, its here in Nigeria that Mr A will get Tax break simply because he knows someone in FIRS so what are you on about?.
The Government is and has never had any policy to support Small Business and thats why they hv been overfed on oil flow till now they are crying from low sales from oil proceeds and are grudginly turning to SMEs.
You got one thing right, We should support Local business with great products but at the end of the day, Local business must create VALUE or no one will spend a kobo on buying a useless product but until many new CEOS learn this there would be Many â Nigerias number 1 xxxxxxxxâ 2 years later and they close shop.
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Exactly what am trying to convey, the power of local or indigenous corporation and partnership to create great products.(Built by African for Africa)
Please which Nigerian based tech product do you use, my guess is none.
not as easy as stated. talk is cheap but execution is the beast.
We would have created our own sooner or later.
thanks bro, help me tell our fellow radarians.
Of course it is, thats wat the Foreign guys have, EXPERIENCE and a Go to Market plan from Day 1 of launch of business, our local guys dont plan that far or ahead
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Look at what china did with google and facebook, at least they can control their population and the adverse effect of western ideas. Also through that they were able to get some indegious Billionaires on forbes list with indegious companies that created more tech jobs.
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Abeg epp me tell them oh.