Whether it is a startup team or an established one, no one is immune to failure. However, the statistics for failed products lies somewhere between 70-80%.
Alberto Savoia, a former Google staff, captured this stat in the law of Market Failure, which states: “Most new products will fail in the market, even if they are competently executed.” The good thing is that some new products will succeed in the market.
This week, we had Ferdy ‘Ladi Adimefe submit a brilliant guest article on why products fail, especially in the Nigerian market. Among the key factors he highlighted were the market and the user experience.
This Week on Techpoint
Watch a video version of this report, or read on below
iROKO co-founder, Bastian Gotter is exiting the company he helped fund. First thing on Monday morning, iROKO announced that the company's co-founder and original investor, Bastian Gotter, is moving on from his role as COO/CFO to be replaced by Lauren Miller.
Jos-based engineer builds energy-efficient equipment from indigenous materials. In Jos, during the Techpoint Innovation Tour, we met Lannap Selbol, a local engineer and entrepreneur who is innovating around energy efficient equipment. Some of his more notable innovations include a Solar Cabinet Dryer, Clean Efficient Institutional Woodstove, and a Smokeless Incinerator.
How Trump’s immigration ban could affect Nigeria’s tech industry. In the wake of US President, Donald Trump's recent ban on Muslim immigrants into the US, some have justifiably feared a similar order against Nigerians.
Grace Akinosun wonders aloud about the fate of local techies in an impending influx of foreign-exposed talent back to Nigeria.
Money, money, money. In spite of the recession, funding opportunities continue to abound for local startups:
On the 31st January, 2017 SWIFT Innotribe announced that its FinTech challenge for Africa startups.
LoftyInc Capital Management and partners also recently announced its new $25 million Afropreneur Fund II for African startups.
A group of passionate working-class individuals have pooled resources to make available a ₦2 million fund for early-stage startups. It might seem like little but, judging by the times, it could prove a lifesaver for young business owners.
The digitisation of the Nigerian government. The times are quite interesting for adoption of technology in Nigeria. Earlier in the week, the Gov. Ambode administration launched a mobile app that is intended to enable Lagos state residents talk directly to the government.
Barely a day after, we reported about the unveiling of Nigeria's solar-powered electronic voting machine, reportedly developed by the Electronic Development Institute in Anambra state. This begs the question of the state of technology adoption in the country and if Nigeria is ready for e-voting
Interestingly, the Federal Government also just recently launched a flood forecasting app, in conjunction with the International Water Management Institute, but we are not impressed.
In the end, it's good to see Nigerian government at least making an attempt to utilize technology for administration.
How to ensure people only use your phone for the purpose you gave them. You know that feeling when you give somebody your phone and they scroll past a picture they were supposed to be looking at in the first place, skip gallery and go into your message or some other place private?
What if we told you there's a nifty way to prevent that without having to monitor them?
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