Research has proven that over 90% of start-ups fail within their first five years. This is a major challenge that many start-ups are fighting hard to resist, and who wouldn’t? There are many reasons start-ups fail. Some of them include:
- Shortage of Funds
- Being defeated by competitors
- Targeting the wrong audience
Another major reason start-ups fail, however, has to be an inability to manage DISRUPTIONS.
In the last 6 years, technology has developed at a rapid rate that has affected the majority of industries. No industry is left untouched in a world where artificial intelligence is steadily replacing positions that once required human engagement.
We see many brick and mortar organizations lose out in the race and fold up because the services they provide is being made accessible in an easier and faster way through digitalization and conversion to online services.
When starting a business, many organizations focus only on the economic aspect of their business as they make moves to break into and dominate the market. Because of this, they meet the to-be-expected disaster of a strategic collapse of the company. However, technology could be described as the main selling point in every industry today as it can be seen that even industries that are not primarily technology-based are making efforts to classify themselves as one to avoid losing out against their competitors.
Top companies and top products in the world today are technology-driven and with this, they have been able to maintain their position in their respective markets without losing out to their competitors. Companies like Amazon have been able to beat all physical stores through the use of technology while companies like Meta have been able to bring communication and advertisement from all around the world into the orbits of our comfort zone. You could choose to ignore these but you can not ignore one of the fastest developing technological products in 2022: “TESLA”. It is obvious that almost the entirety of Tesla has been powered by Technology making it overshadow other automobiles at a very rapid speed despite the cost of this product.
Not having sufficient knowledge on managing technology, or exposure to the tools that can aid aspects of business in this age of high-speed innovation can give the impression that technology is affecting businesses in negative ways whereas many companies are enjoying positive consequences.
An esteemed Austrian economist Joseph Schumpeter once coined the theory “Creative Destruction” in the 1940s to express his view on how technology has made life easier for a lot of people but he added that this can be achieved only through the inconvenience of some. Creative destruction occurred during the industrial revolution when machinery and improvements to the manufacturing process such as the assembly line pushed out craft and artisan production.
This shows us that disruptions have been with us for many years, in various industries, more than we can imagine; and numerous people and businesses have benefited from it at a rate way higher than those who have lost out against it. The only difference being that those who have benefitted from these norm shifts were those that were able to manage the disruptions that came in their time.
Disruptions can be taken advantage of but many have overlooked this ever-present phenomenon either because of their ignorance or because of an error in judgment as we can see from the propounded theory by Clayton Christensen developed in 1995.
Clayton was tagged the “the most influential management thinker” of his time because of the theory he propounded: “Disruptive Innovation”, which was widely accepted as the most influential business idea of the early 21st century.
According to Clayton Christensen, bringing in a new idea to the table does not necessarily mean one would create disruption in the certain industry as we can see from the early invent of automobiles in the late 19th century. It did not prevent people from using horses because of the high price of automobiles around this time. Of course, this was before the invention of the more affordable “Ford Model T” which was mass-produced in 1908.
From this adaptation to disruption, the use of horses went to the barest minimum.
At Tech Expo Africa, we have come to realize that though a shortage of funds and losing against competitors is a major issue defeating start-ups, the main challenge facing every start-up and career builder is being unable to manage disruptions.
This brings us to our conference theme for this year.
Our goal is to contribute our quota to helping businesses and companies in Africa build the required skills to leverage technology in every business process, equipping start-ups to manage disruptions and use it to their advantage.
Wondering what the theme for Tech Expo Africa 2022 is?
*Drumroll*
“Disruptions: The Rise and Fall of African Start-ups”.
Participating in this event empowers you to:
- Stay one step ahead your competitors
- Grow at a rapid speed
- Get equipped with the necessary tech tools for your business journey, and
- Manage our misunderstood friend, Disruptions
- Stay ahead your competitors:
Every start-up has a major goal of staying ahead of their competitors and making the customers and consumers of their product or service choose them over the hundreds or thousands in their industry. We are going to fully analyze this and give you a special treat with means and actions to take to stay ahead of your game.
2. Grow at a rapid speed:
Companies now grow at an alarming rate. Facebook, for instance, took 25 years to acquire 15 million customers, a feat that took WhatsApp 15 months. Every Start-up needs to understand that there is a need for speed in this fast-paced world. There is no limit to the rate at which your business can grow. Every participant will have a feast experienced instructors from the business world giving tips and ideas on how to increase the speed of growth of their businesses.
3. Get equipped with the necessary tech tools for your business journey
You will be amazed by how much help technology can bring to you. This year, we are making it our job to give you full details regarding as many software as possible needed to help your career or business blossom.
4. Manage our misunderstood friend, Disruptions
Our misunderstood friend Disruption would take a front-row seat at the conference and expo event in November. We would get to meet him, understand where he comes from and how we can journey with him for our own benefits.
This conference is the 3rd edition organized by Tech Expo Africa to dissect prevalent realities as related to the tech world through workshops and panel discussions with business moguls and global magnates.
Tech Expo Africa is a non-governmental enterprise and tech community whose primary purpose is to address social challenges, foster deeper collaborations, and bring together entrepreneurs in the private and public sectors across Africa.
Amidst the spate of unemployment and inflation, technological innovations open doors for diversification. The global tech space is filled with opportunities to meet rising needs and debilitating factors in the African economy for skilled business owners and entrepreneurs.
To this end, our event workshops are tailored towards the peculiar needs of individuals, business owners, entrepreneurs, professionals, civil servants, tech enthusiasts, stakeholders, and students. From remote jobs/skills in high demand in the digital workspace to the evolving Blockchain technology and solutions, to Disruptions in business and how they can affect your mental health, the Tech Expo Africa conference will proffer solutions and alternatives to maximize the moment.
TechExpo Africa conference also gives value through networking.
For the 101 ways and tools to grow a Start-up and survive breakneck Innovation, join us in November to learn all these and more. You cannot afford to miss out on learning about the big shaker causing a frenzy in the business world.
Join our Telegram community today to stay abreast of updates, information and details on how to book your seat, physically or virtually. You can also follow us on IG, FB, Twitter, LinkedIn: @techexpoaf.
Visit techexpo.africa or call +234 813 399 5500 for more information and enquiries.
Writer’s Bio
My name is David Victor (Vemmal), a content marketer looking at it from the North but you might want to observe from other perspectives realizing I am also a creative writer. I develop various content like Blog posts, Articles, Web content, social media content and others as long as it has a purpose and audience then I can work around it. Poetry is also my field and to avoid serving you too many side dishes here, you can reach me on:
FB – Vemmal David | Twitter – Vemmal Space | IG – @Vemmal0460
