Weekly Wrap | 29th January / by  Deji Aroloye

The Big Story

Good day  , 

Entrepreneurs derive excitement from deploying solutions to the myriads of problems being faced in society. That explains the reason most startups tend to be ambitious and follow the path of growth.

When growth occurs, it is easier for businesses to focus on their core mission and become sustainable in the long run. Startups can enjoy some advantages leading to greater economies of scale, increased visibility, higher revenue and profit, investment attraction, and hiring the best talent.

Meanwhile, there are circumstances that are likely beyond the founders’ control in the quest for growth. The founders can only hope for the stroke of luck when mitigating external factors like market risks, unfavorable regulatory and political conditions, and natural disasters that may negatively affect the fortune of their organizations.

However, it is a fact that every startup has its growth opportunities. For example, the decision to innovate will likely generate results for a particular business while the one that fails to innovate may be stuck.

Sometimes, the growth mindset is being painstaking about metrics while running the business - from tracking the cost of customer acquisition, churn rate, customer lifetime value, revenue margin, etc. - and garner data from the metrics to make decisions to guard against potential pitfalls and explore opportunities in the future.

In the early 2000s, Steve Jobs, Apple co-founder and former CEO, saw the need to create an amazing experience for the company’s customers. But Jobs had no practical experience with retail service and, the smart thing was to hire Mickey Drexler, CEO of the GAP at the time. He began to learn from Drexler, and after different experiments, they created the Apple retail store leading to big success for the company both in revenue and profit.

Apple’s late visionary leader understood how to explore the right opportunities for growth which is about learning and perseverance, making smarter decisions and applying actions that can improve the growth trajectory for one’s organization.

Cheers,
Team StartupLagos

 Storiesof the week
Here are a few big news items from the Startup Scene

• Google Nigeria launches Google Developer SpaceGoogle Country Director, Juliet Ehimuan posted on her Linkedin the launch of Google Developers Space on Tuesday in Lagos. According to Ehimuan, the space will be a hub where entrepreneurs, developers, and investors can connect and collaborate with each other. Read the story here.
• The Lagos State government hammers bike-hailing startups
  On Monday, the Lagos State Government banned the operations of bike and tricycle riders in six local governments and nine local council development areas of the state. The ban will largely affect ride-hailing startups like Gokada, Max.ng and Oride. Read a news report published by TechCabal on the development here.
• The death of two iconic figures
  Many people across the globe are reacting to the death of two iconic figures, Prof. Clayton Christensen, and Kobe Bryant, which happened within the space of four days. While Prof. Christensen made his mark as an academic with deep insight about innovation, Bryant was an accomplished former NBA player. Indeed, the duo put their dent in the universe. Rest in peace!
• SDG500 to invest $500m in SDGs-oriented businesses
  Last week, the annual World Economic Forum event was hosted in Davos, Switzerland. During the forum, there was an announcement that SDG500 would invest $500 million in businesses working to achieve the global Sustainable Development Goals (SDGs)
  The fund is designed to address financial gaps encountered by entrepreneurs such as lack of access to funding, and it will target businesses in the agriculture, finance, energy, education, and healthcare sectors in Africa, Asia, and Latin America. Read more here.
• Flutterwave raises $35 million Series B round, Paga acquires Apposit
  Last week, Flutterwave, a Nigerian digital payment company, raised a $35 million Series B round and also announced a partnership with Worldpay FIS for payments in Africa. Read the story here.
  In the same week, another Nigerian mobile payment startup, Paga, acquired an Ethiopian software development outfit, Apposit. The duo has had long term relationships since the inception of Paga in 2009. Read the story here.

Job & Opportunities 
Funding, Events, other opportunities 

• Go Global Africa 2020 startup competition

  Startups using technology to solve local challenges in FinTech, AgriTech, HealthTech, and Clean Energy industries can apply for the Go Global Africa 2020 startup competition.

  The Go Global Africa led by the Department for International Development in partnership with the Foreign and Commonwealth Office, and the Department for Digital, Culture, Media, and Sport. is part of the UK Government’s Prosperity Fund Digital Access Programme.

  Get more information here. Applications close on 3rd February 2020.

• Group Managing Director/CEO, Access Bank Plc, Herbert Wigwe, others to speak at Vantage forum 2020

  Group Managing Director/CEO, Access Bank Plc, Herbert Wigwe, Executive Secretary/CEO, Nigerian Investment Promotion Commission (NIPC), Yewande Sadiku, Director of Research & Chief Economist, Nigerian Economic Summit Group (NESG), Olusegun Omisakin, are the speakers at this year’s Vantage Forum, a business and economic event organized by The Elevation Church (TEC).

  The event themed ‘Harnessing business opportunities through innovation in Africa’s 1.3 billion people Market.’ will be held on Thursday in Lagos. You can register here.

• Helping startups and entrepreneurs to develop grant writing skills

  Google Business Group(GBG), Yaba is hosting an event in Lagos on Saturday, February 1, 2020, to help startups and entrepreneurs develop their grant writing skills. The event is free and you can register here.

Job Board

Growth Lead at Life Bank
Lagos City Lead at Life Bank

About Us

Startup Lagos is a grassroots network of entrepreneurs (Startups, SME’s ) working together to build an environment for entrepreneurship in Nigeria. brought to you by Prime Startups

We want to see more tech-enabled companies start and scale in Nigeria! Supporting entrepreneurs as they build and grow tech-enabled products & companies is at the heart of Startup Lagos

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