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Consider Other West African Countries for Your Scaling

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If you do business in Nigeria, do not take for granted the opportunities in Anglophone West African countries. Their bureaucracies are lighter compared to what we have in Nigeria. I mean it – you can get something done fast in some of these countries than in Nigeria.

Anglophone Africa includes five countries in West Africa (The Gambia, Sierra Leone, Liberia, Ghana, and the most populous African country Nigeria, as well as a part of Cameroon) that are separated by Francophone countries, South Sudan, and a large continuous area in Southern Africa and the African Great Lakes.

When our representative in one West African country shared a letter written by a Minister of Health on a product, I was surprised that he got that letter within two days. My conclusion was that the minister wrote the letter without using an aide. Certainly, that is not possible in Nigeria with all layers of bureaucracies.

But to enter these markets, do not go and open offices. My suggestion is simple – look for reliable local partners and be generous with the benefits. Strategic partnership will improve your scalable advantage.

To thrive in business, especially in Africa, where our markets are extremely heterogeneous, requiring huge marginal costs for scaling, across disparate territories, you need to develop a mechanism to partner with others. With partnership, you would reduce the burden of massive operating capital, mitigate new market exposures, reduce operating risks and typically move faster.

Do not just spend all your time in Abuja – think West Africa, at least, as things happen faster there. Lagos is a good place but you need to be really good to thrive in Lagos. I mean it – Lagos is a center of excellence and it is one of the most competitive markets in the world. If you are average, Lagos is not going to cut it for you. Largely, it is irrelevant what you (legally) do in Lagos. Provided you are good, Lagos will reward you!

For West Africa, outside Nigeria, there is one main issue, though; the deals are never as big as the ones Nigeria offers. Yes, they do things with moderation.

U.S. Government Gets Assignee Rights to My U.S. Patent

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My Johns Hopkins University PhD work with the patent that came out of it has a major assignee: The United States Government via the National Science Foundation of the United States. I invented a special method of controlling the dexterity of medical robots, making such robots effective during minimally invasive surgeries.  This patent is currently used by some medical device companies.  The U.S. Government now has the rights to “make copies” as captured in the patent assignee file. Simply, it is now licensed to the United States Government which can use it for different national projects.

 

assignment-pat-44433-55 patent ekekwe

 

Avoid This Product Mistake

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One of the greatest moments in the creation of Instagram was when the founders (Kevin Systrom and Mike Krieger) discovered that its first idea to clone Foursquare (a location app) was not cutting it. Instead of people caring about location, they were interested in sharing photos. Just like that, the founded abandoned Burbn, the Foursquare-clone, and created Instagram which focuses on helping people to share photos.

Burbn was not, however, terribly successful. The app was too complicated, Sawyer points out, and had “a jumble of features that made it confusing.” Systrom, however, kept tweaking the app. He paid attention to how people were using it. He brought on another programmer, Mike Krieger; the pair used analytics to determine how, exactly, their customers were using Burbn. Their finding? People weren’t using Burbn’s check-in features at all. What they were using, though, were the app’s photo-sharing features. “They were posting and sharing photos like crazy,” Sawyer notes

Founders of Instagram (Source: Technext)

Contrast that with Snap CEO Evan Spiegel who had a wonderful product in Snapchat but felt he knew what he wanted. He went on excursion and redesigned the product, pushing many out of his platform. Good enough, he has recovered: “The biggest mistake we made with our redesign was compromising our core product value of being the fastest way to communicate,” he wrote.

In a 15-page memo to employees, Snap CEO Evan Spiegel said his company is aiming for profitability next year and apologized for the much-criticized redesign of the Snapchat app. “The biggest mistake we made with our redesign was compromising our core product value of being the fastest way to communicate,” he wrote. (Fortune Newsletter)

In business, a product is for whatever customers use it for (legally) – forget what you have in mind. From suya joints to pineapple sellers across Nigeria, they have converted toothpicks into a quasi-wooden fork. You would be naïve to tell customers toothpicks are for picking teeth and not for eating pineapples or suya. The key is looking at your data to understand what customers really care for and how they are using your products. That way you can quickly pivot.

Central Bank of Nigeria (CBN) Unveils Payment Service Banks

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I wrote few days ago that microfinance banks in Nigeria have terrible business models, and must be fixed. The business model problem was endemic as it emanated from the regulations the Central Bank of Nigeria (CBN) imposed on them. My conclusion in that piece was clear: unless they are refocused, most would die, and the mission – financial inclusion of underbanked – lost.

There is an inherent systemic flaw in the microfinance banking business model in Nigeria. I know someone won a Nobel Prize for pioneering the broad nexus of microfinance sector, but in Nigeria, it is simply not a good business model. You are expected to serve largely non-premium customers even though you cannot receive easy deposits as a “bank”. Yes, you have to look for expensive capital to serve people you would struggle to make money from. No issues – you would just be doing it until you run out of cash.

By coincidence, CBN is out to fix some levels of the challenges with a new financing institution: Payment Service Banks. In the notice, CBN did acknowledge that microfinance banks and other institutions did not achieve the goal they were licensed for in the nation. It does hope Payment Service Banks will deliver. With PSB, banking agents (yes, the human-platform banking entities), supermarkets, etc can be banks.

The apex bank is asking for submissions on the best way to design this new institution for the nation. Oct 19, 2018 is the due date.

JAMB Releases Results in Nigeria – NAN Reports

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The Joint Admissions and Matriculation Board (JAMB), says about 200,000 candidates have been offered admission by the board, for the 2018/2019 academic session.

The Head, Media and Information of the JAMB, Fabian Benjamin, who disclosed this to the News Agency of Nigeria (NAN) on Sunday in Lagos, said that the admission took effect after the board’s policy meeting in June in Gbogan, Osun State.

According to him, the exercise is done through the Central Admission Process (CAP), an automated process to eliminate all human interference.

“We have so far offered not less than 200,000 first choice admissions to candidates.

“To this effect therefore, we are urging candidates to go to our site and check their admission status and those who have been offered such admission should quickly indicate by accepting and printing such offer, as failure to do so will automatically mean the candidate is no longer interested.

“And therefore, the board may see all such offers as rejected and would have no option than to mop them up and give it to other interested candidates.

“Candidates are to accept or reject all offers not later than Oct.16 as that is when all offers of admissions of first choice will close.

“After that, we will commence admission exercise for the second choice of candidates,” Benjamin said.

He added that the admission process has been made easy as it is clear on the board’s official website, all what the candidates need to know about their admission status and process.

NAN reports that over 1.6 million candidates wrote JAMB-organised 2018 Unified Tertiary Matriculation Examination (UTME). (NAN)