Busola Akin-Olawore, Author at msmehub2

Growth Hacking for MSMEs

Growth hacking, not to be confused with Marketing… After you have identified your product, your product market fit and the willingness of customers to pay for it, then it is time for Growth Hacking. It is the use of minimal resources to scale a product. It is the act of using hacks within product development (innovation), automation, data analytics, marketing and storytelling, to speed up the growth of a product. With this, we are concerned with user acquisition, user activation, user retention, revenue and referrals; the AARRR metric, and so there are specific activities we conduct to ensure we successfully track and achieve these metrics. Growth Hacking Activities that Track and Achieve AARRR Metrics Growth Hacking speeds up the growth of products with the use of metrics (AARRR), innovation, technology, storytelling and marketing. References

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Creating Remote Jobs? Here’s How to Keep your Team Engaged

Tips on effectively managing your team to perform their best at their remote job… According to a report from LinkedIn (the business social media site), by 2030, about 80 million employees in the United States and European Union will be working from home fully; that is about a 300% increase since 20191. Remote jobs skyrocketed in 2020 as a result of the COVID-19 pandemic and since then has been on the rise. It provides companies with access to a diverse global talent pool, and reduces overhead costs. For employees, it increases job satisfaction as they are given the freedom to work when and how they want. Challenges of Remote Jobs Challenges that companies may experience with staff working from home include: However, remote jobs are here to stay, and companies must adapt to remain competitive and successful. Tips for Enhancing Productivity and Engagement while Working from Home Here are some tips on what you can implement in your company to increase productivity and engagement while operating remotely: Productivity Engagement Set OKRs (objectives and key results) so all team members know the objectives and the approach needed to achieve them Create virtual clubs based on shared interest of employees e.g. virtual book club Weekly meeting to review completed tasks and check in on OKRs Have group learning, knowledge sharing or toastmaster sessions where people can learn and network Incorporate project management and time tracking tools such as Toggl Track or Timely Celebrate holidays with parties Incorporate communication and collaboration tools such as Slack or Trello Acknowledge birthdays and celebrate with virtual games Mandate cloud based file storage Conduct virtual health and fitness programs Review confidentiality and data privacy policy First or last fridays of the month should be celebrated Provide equipment (e.g. laptop, phone, mobile wifi) to ensure work gets done without constraints Conduct quarterly in-person retreats To have a successful remote organization, it takes conscious effort to motivate productivity, engagement, communication and to track performance. References 1 https://smith.ai/blog/virtual-business Also Read: How to Develop a Remote Working Option for Your Team

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How to Increase Employee Satisfaction During a Polycrisis

How to Inflation-Proof Employee Satisfaction We are currently living through what historians have called the ‘polycrisis’; the interaction of multiple crises at the same time. Globally, we are living through inflation which is reducing the purchasing power of many; climate change which is leading to a food shortage and higher costs for current supply; war and insecurity in many regions; as well as, supply chain disruptions as a result of global political unrest and the impact of COVID 19. These crises are making people very uncertain and worried about their future. These people include your employees who live through these struggles, causing fear and panic ultimately affecting their mental health and quality of work. And so, how do you alleviate some of these burdens they face so as to increase employee satisfaction, reduce their stress levels, and increase retention and productivity? Some of these tips are more feasible than the others depending on the size of the organization and its cash flow. Bottomline, it is important to show employees that you are all in ‘it’ together and your organization understands and empathizes with the situation. References https://www.weforum.org/agenda/2023/03/polycrisis-adam-tooze-historian-explains/ https://www.weforum.org/agenda/2023/01/davos23-the-global-economy-is-under-pressure-but-how-bad-is-it-two-experts-share-insights/#:~:text=The%20global%20economy%20is%20under%20pressure%20from%20multiple%20complex%20and,have%20called%20a%20%22polycrisis.%22 https://www.mckinsey.com/capabilities/growth-marketing-and-sales/our-insights/us-consumers-send-mixed-signals-in-an-uncertain-economy https://research.streetbees.com/the-four-facets-2023-report

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Artificial Intelligence in Business

Do you know that the use of Artificial Intelligence (AI) in business has the potential to increase productivity by 40% or more? AI is the skilful art of computers carrying out tasks that humans perform. This intelligent software with human-like capabilities boosts revenue, improves customer experience and drives business growth. Moreover, it uses a range of techniques to improve efficiency. These include machine learning, deep learning, natural language processing, computer vision and adaptive learning. Artificial intelligence applications are useful across various industries. They are excellent at automating processes as well as decreasing operational costs. Additionally, they reduce human errors and are potent fraud detectors. Businesses and corporate organisations utilise these technologies to understand customers better, derive business intelligence and provide consistent customer service. Without further ado, below are some implementations of machine intelligence across various spheres: Customer Service Interacting with a lot of customers daily can be overwhelming for customer service agents. However, the emergence of chatbots has simplified customer service processes, thus reducing burnout among representatives. They have also relieved businesses from spending hugely on recruiting into customer service departments. This is because they provide 24/7 real-time customer service. Chatbots are capable of independently resolving customer issues, placing orders and making inquiries. Data and Insights The availability of large business data makes meaningful insights difficult to derive. Nevertheless, artificial intelligence has created a system of segmentation that efficiently gathers valuable details. It segments data based on deployment, technology, applications, sentiment, content type or characters. Product Management Marketing is a never-ending process that nurtures and preserves the loyalty of a customer to a company’s product. To boost the effectiveness of marketing efforts, machine intelligence can be employed to carefully study customers’ habits. This helps to predict products that meet their needs, suit their lifestyles and provide maximum satisfaction. In conclusion, entrepreneurs need to identify lagging areas in their businesses, identify significant AI tools, and then invest in them to create efficient processes.

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Cyber-attacks: What, Why & How

In Q4 of 2021, there were an astonishing 1,353 cyber-attacks weekly in Africa, in comparison to an average of 925 cyber-attacks in the world. Cyber-attack is a form of digital assault using computers, networks, or devices with access to the internet; directed towards other computers, networks, or devices with access to the internet which threatens public safety, national security, and economic security. Cybercriminals usually compromise systems and steal financial, property, and/or intellectual property such as business or customer financial details, sensitive personal identifying information, customer/employee emails, databases, and so on. As internet penetration is increasing, and more and more people are interconnected through the digital world, there is an increase in cyber-attacks. Examples of typical cyber-attacks are email compromise, identity theft, ransomware, phishing, online predators, and espionage. These attacks damage computer hardware and network, give unauthorized access to data, and in some cases physically harm people. In order to protect your business or yourself, it is important to have a comprehensive security plan and infrastructure that offers protection. Out of 182 countries, Nigeria ranks 47th on the 2020 Global Cybersecurity Index with about 84.76% of measures taken to ensure protection. Mauritius, the highest-ranked in Africa and the 7th ranked in the world, has taken about 96.89% of measures to ensure protection. So what exactly can be done to protect yourself? Use strong passwords that are reviewed and changed at least quarterly Update your software frequently and/or have automatic updates activated Turn on and use multi-factor authentication Apply firewalls and IPS Have segmented networks Be cautious before you click on links or download attachments Most importantly educate yourself, your family, colleagues about cybersecurity Most cyberattacks come from email compromise, if the email sounds too good to be true, it probably is, therefore do not click nor download, just hit delete. Contact Versa Research your trusted data, research & consulting partner! References https://techpoint.africa/newsletter/techpoint-digest-236/?utm_source=mailster&utm_medium=email&utm_term&utm_content&utm_campaign=techpoint Africa digest https://preview.mailerlite.com/t8e9n4e2t5/1862154675466279540/l5f7/ https://www.fbi.gov/investigate/cyber https://www.ibm.com/topics/cyber-attack https://www.nibusinessinfo.co.uk/content/reasons-behind-cyber-attacks https://guardian.ng/technology/nigeria-lags-behind-mauritius-ghana-others-in-cybersecurity-ranking/

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Web 3.0: More power to the people!

Web 3.0. Metaverse. Artificial Intelligence. Machine Learning. NFTs. Cryptocurrency. Internet of Things… – you have to have heard about one of these buzz words, let us break it down In 1989, the internet came into existence. It was called Web 1.0 or the Static Web and provided access to information with absolutely no interaction but importantly it was a decentralized platform where development, ownership, and operation were not controlled by a few. Web 1.0 was the dominant and more reliable form of the internet till 2005 when Web 2.0 was introduced. Web 2.0 is the internet as we know it today. It is also known as the social web, it is very interactive and led to the formation of big tech companies that created interactive web platforms such as Twitter, Facebook, Google, iTunes, YouTube, and so on. On Web 2.0, platforms and apps are developed, owned, and operated by big tech companies. These big tech companies created centralized platforms whilst making it easier to connect, browse and transact. In Web 2.0, these platforms and apps collect data from users and the owners of the apps use the data for what they please. The biggest challenges are that they use users’ data for their financial gain and that they decide what should be on the internet and when it should be on the internet. But Web 3.0 is shifting things, by giving power back to the people (decentralized like Web 1.0) whilst creating open-sourced interactive web platforms (Web 2.0). Web 3.0 is the creation, operation, and governance of the internet by users, creators, and practically anything online. Ownership is defined by digital tokens and cryptocurrency; the more you have over a network, the more control you have over its operations and governance. This leads to the number one criticism of Web 3.0 whereby early adopters and venture capitalists are more likely to own more tokens and cryptos leading to more ownership of the web. Web 3.0 is focused on decentralization and ownership. Web 3.0 processes information and data in a human way and interprets the information using artificial intelligence mainly machine learning. This data is generated from various sources; this is where the internet of things comes in. Any device that can be connected to the internet will generate data that you can choose to sell so it can be used to offer more personalized solutions to you. This is bad for big tech companies as the selling of our data to advertisers is where their revenue comes from. As such many of them are moving to the Metaverse – a digital world where digital assets can be purchased and sold by anyone. These big tech companies are creating digital assets that can be sold. Although Web 3.0 has not been fully nor officially launched, there are a few early-stage platforms that have already started rolling out Web 3.0 such as Siri and Alexa, which are platforms that collect data from ios or android devices connected to the internet whilst using artificial intelligence to decode the information and understand it in a human way. Contact Versa Research your trusted data, research & consulting partner! https://seekingalpha.com/amp/article/4480677-what-is-web3?source=acquisition_campaign_google_premium&utm_source=google&utm_medium=cpc&utm_campaign=14926960698&utm_term=128319903825^dsa-1455561509464^^555659366580^^^g&external=true&gclid=Cj0KCQiA95aRBhCsARIsAC2xvfx-IlWBWYeMtKmlyWnCA25LMQSiOn-5j7avDJSiap80Q64P2qLwuWAaAstWEALw_wcB https://www.investopedia.com/web-20-web-30-5208698

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Nigerian Startup Bill

Legalize it: When legislation is introduced an enabling sustainable environment for disruption is created Startup Bills are meant to serve as a legalized framework that enables the development of startups and provides added value at a national as well as international level. It encourages the creation, development, management, and operation of startups through monetary and non-monetary means. Tunisia led the way in the introduction of the Startup Act in 2018 where a legal framework was created to establish and encourage a culture of innovative thinking and entrepreneurship. In Tunisia, the bill stipulates that the salary of founders will be provided by the government so that they can focus on new startups. The goal in other words is to create an enabling, incentivized but regulated environment. In Nigeria, a collaboration between the tech startup ecosystem as well as the presidency has drafted the Nigerian Startup Bill. The Bill which is stipulated to be the highest-ranking in Africa (based on depth) was approved by the Nigerian Federal Executive Council in 2021 and will be submitted to the National Assembly by the President this 2022. Although there is no publicly available copy of the drafted bill, there is information that is publicly available. The Nigerian Startup Bill will apply to all companies that are registered as Innovation Driven Entrepreneurship (also known as Startups) in Nigeria. The Federal Ministry of Communications and Digital Economy will be the regulator in charge of ensuring the legislation is implemented. There will also be a committee set up; the National Council for Digital Innovation and Entrepreneurship, for the review of policies and directives from ministers, departments, and agencies within the country. This committee will consist of the President, Vice President, select Ministers, the Central Bank Governor, the Director-General of the National Information Technology Development Agency (NITDA) as well as representatives of the Startup Consultant Forum. For example, the ban of motorcycles in February 2020 in Lagos state which affected motorcycle hailing platforms will have to be reviewed by this committee before the Governor takes action. The Bill will also allow for incentives such as tax rebates, it will protect intellectual property and create a platform for interaction and communication between the government, incubators, and stakeholders. The tech community is holding their breath and hoping for the same results in the National Assembly as seen in Senegal with 90% voting in favor of their startup bill and they are hoping that in Nigeria as early as Q2 2022, the bill takes effect. Contact Versa Research your trusted data, research & consulting partner! https://techhiveadvisory.org.ng/wp-content/uploads/2022/01/Start-Up-LAws.pdf https://techpoint.africa/newsletter/techpoint-digest-234/?utm_source=mailster&utm_medium=email&utm_term&utm_content&utm_campaign=techpoint%20africa%20digest https://techpoint.africa/2021/10/01/nigerias-proposed-startup-bill/?utm_source=mailster&utm_medium=email&utm_term&utm_content&utm_campaign=techpoint%20africa%20digest https://startupbill.ng/#timeline

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Investor (as well as Startups) Beware

The bright red flags most people miss Here are red flags investors should be aware of when investing in a startup and red flags startups should be aware of when accepting investors’ funding. For Investors beware of Startups that have many members on the founding team. This implies that there are a lot of people who already have equity in the startup and too many voices Startups that have high overhead and low-profit margins because it is an indication of a lack of sustainability and scalability Founders that have full-time jobs outside of the Startup because the startup might be a hobby or an entity not receiving attention. At the same time, beware of founders who have no other source of income apart from the Startup because your investment could be used to bankroll their lifestyle Startups whose early investors have not or are not participating in additional investment rounds because it implies the Startup did not deliver on its promises or the early investors do not see a future for the Startup For Startups beware of Investors who offer smaller ticket sizes but want larger equity. In addition to you receiving less funding, these investors devalue your Startup which will affect you in all your other funding rounds Investors who have over 1x liquidation multiplier in their term sheets. When a Startup’s exit is lower than the valuation, the investor gets their full initial investment back if you have a 1x liquidation multiplier, above 1x implies the investor wants more than their full investment back which leaves the Startup at a greater loss Investors who want Participating Preferred Stocks. When a Startup’s exit is higher than their valuation, shareholders will receive additional cash (in addition to their initial investment) which is based on the equity they have in the Startup. This means for example if the investor invests 5Million for 50% equity, and the Startup’s exit was 25Million, the investor will their 5Million back in addition to 10Million (50% of the balance from exit fund) leaving the Startup with 10Million only Investors who are non-responsive; who go AWOL during the process and come back with heightened interest. Sounds too good to be true! This ends our Investor and Investment series, you can go to our profile for more related articles www.msmehub.org/author/busola-boyle-komolafe/. Contact Versa Research your trusted data, research & consulting partner! References https://carta.com/blog/how-to-choose-investors-for-your-startup/ https://carta.com/blog/watch-out-for-these-terms/ https://techpoint.africa/2019/11/05/red-flag-nigerian-investor/ https://www.forbes.com/sites/georgedeeb/2017/01/03/16-red-flags-for-startup-investors/?sh=2606c1e1390a

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Asking Potential Investors the Right Question

We have shared with you tips on how to get investment ready, how to select the right investors; and now we will share with you questions you should be asking potential investors before you take their money. Here are 15 questions you should be asking your potential investors What types (or focus sectors) of companies have they invested in, in the past? What kind of support do you provide to these companies? What kind of investments (in terms of value and round) do you provide? How many investments have you made in a company? Do you typically lead investment rounds? Or do you prefer to co-invest? How many investment rounds have you led? How long does it take to close? What is the first thing we need to do after closing? What do you expect from us going forward if you invest in our company? Will you be personally involved in the company? What metrics would you be tracking? How often would we be required to provide progress reports? What is your most successful investment? Are you willing to share the contact information of 2-3 companies you have invested in? These are questions that should guide your decision-making on whether the investor is the right fit for your company and for you. But most importantly make sure you listen to your gut feeling and ask any other questions that arise from within. Contact Versa Research your trusted data, research & consulting partner! References https://www.forbes.com/sites/alejandrocremades/2019/02/21/20-questions-entrepreneurs-should-ask-investors/?sh=1c1988d97670

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How to Reach the Right Investors

As an entrepreneur, you may have the investment teaser deck, and know the profile of investors you are looking for but you may still struggle to source the investor. Sourcing investors is one of the most critical parts of securing funding from an investor. In this article, I will share with your some tips on where to source the right investors that will provide you with the resources to grow a sustainable and scalable business: Join incubator and accelerator programs as this gives you and your venture visibility Join Angel networks and communities Be a part of support organizations’ communities Join associations that relate to your industry Reach out to Universities with strong business or entrepreneurial programs Reach out to your current network and see which connections they have Use Linkedin to search for investors and view their profiles Network with other investors that might not be right for you, as they can connect you to others Research your competitors and identify who their investors are Create a profile on online crowdfunding or investment profiles Attend events and conferences related to your sector of focus Host events Identify where the ecosystem congregates and be there Put yourself and your skills out there by being a mentor to other new entrepreneurs With this, you can create an investor target list where you highlight their contact details, past investments, connections you have in common if applicable, where they are based, where you found them, why they are a good fit for you, and any other relevant information. Remember that the role of your investor is to provide the expertise, network, and investment to help make your business sustainable and scalable. Contact Versa Research your trusted data, research & consulting partner! Read Also: How to Select the Right Investors

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+234 1 454 1985

msmehub@fatefoundation.org

Busola Akin-Olawore

Growth Hacking for MSMEs

Creating Remote Jobs? Here’s How to Keep your Team Engaged

How to Increase Employee Satisfaction During a Polycrisis

Artificial Intelligence in Business

Cyber-attacks: What, Why & How

Web 3.0: More power to the people!

Nigerian Startup Bill

Investor (as well as Startups) Beware

Asking Potential Investors the Right Question

How to Reach the Right Investors

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