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Nigeria Needs Innovation Management

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Nigeria like every developing economy is a land of opportunities. It has the population size, the diversity creates several chances for customer’s insight, which should lead to innovative product, disruptive business model and operational process changes. What I  have seen is an absence of trying to exploit the codified and tacit knowledge available around us.

 

The customer, employers, suppliers and other stakeholders have been effectively utilized world over in evolving new products, process and business model. From the rarest of place, banking, which is known to be highly regulated, we have seen innovative product, model and process come out. From Mpesa in Kenya to Microfinance in Bangladesh which though may have roots in our esusu, all were products of innovation management.

 

It offered a chance to take an idea to the marketplace, with improvements and greater value creation. In the developed world, we have seen companies who appreciate innovation as a process and utilize it to their competitive advantage: IBM, P& G, Starbuck, the list is endless. However, how much understanding and appreciation of it do we have and have we exploited for our good in Nigeria?

 

Richard Branson is an acknowledged innovator in his business model, process and product, the Virgin brand is a good case. I am drawn to review what innovation will mean to Nigerian firms, government and institution, not with a new government in place; I expect a proper application of the wealth of knowledge and reason of the people in governance. This is a part of Innovation management called idea management.

 

It could help identify priorities. Yes, its application in government would be referendum. In the Nigerian corporate and public space, there have been limited applications of innovation management practice.  Worth mentioning is a leading bank in Nigeria who after the wake of =N=25 Billion capitalization, saw the need to keep his best hands while rewarding them, introduced regional MD/CEO business model in the management of the bank.

 

With the dwindling profits among companies, what could upturn the table in their favor will be  calling up ideas from all stakeholders around; call it crowd sourcing or utilize the web 2.0; in developing new products or services, the joy is you get more at little cost, but at utmost pleasure to your stakeholders.

 

This piece was contributed by Bola who hosts higher education and management blog.

Facebook Valuation in Second Market to Decline in Next Auction – Google Plus to Blame

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The day Goldman Sachs invested about 1.5 billion dollars in Facebook, we concluded that Facebook has reached its peak. In Further mathematics, that was their maximum point. To have any change in momentum, they have to lose value. Do not be deceived, Myspace lost not because of Facebook but because they destroyed themselves.

 

Late last year, a single share of Facebook was at $28.26 in Second Market, valuing it at more than $70 billion. By January, it lost about $2 to become $26.25 per share and then recovered to $27. From Tekedia Intelligence data, the $28.26 was the highest it has attained in its auction.

 

SecondMarket is the marketplace for alternative investments, not traded in the stock market. Through SecondMarket, buyers and sellers of alternative investments can access robust market data, create an online investment identity, build a comprehensive investor network and transact across a broad array of alternative assets.

 

By last two weeks, including more than 2 billion outstanding shares, Facebook is worth about $66 billion. Since the 10th auction in Second Market, it has lost about a billion dollars.

 

Tekedia thinks that one of the major reasons while Facebook  has this astronomical value is Zynga, the social gaming company. One percent of its players contribute about 25- 50% of its revenue (about $592 million in 2010), according to Businessweek.  So Zynga has a huge opportunity if the other 99% could start paying. If Zynga moves out of Facebook to Google Plus through a partnership agreement, Facebook value will drop below $50b. But right now, Zynga builds the farms in the land owned by Facebook.

 

Also, Tekedia thinks that Facebook ad is primitive and that is where Google Plus could strike. The static images by the right hand side of user’s profiles do not add any major value. Few people care to see those images. If Google plus offers a more dynamic and less instructive ad network, advertisers will follow. It is about value and right now, Facebook ads do not add any value.

 

So, in the next Facebook Second Market, we will see what the impact of Google Plus has been on the minds of investors. That Google plus is coming does not mean that Facebook is gone. What it means is that advertisers have a choice. Most times, that could be hugely important.

 

NB: The photo is from our Second Market trading account. We are investing in Zynga, not Facebook.

AFRIT – IEEE African Students Mentoring Ends Next Month. Connect Now!

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On AFRIT website  and IEEE website.

This program will end next month. Connect if you have not done so.

 

Members of IEEE Boston GOLD are very excited to announce a mentoring program it has developed to assist engineering students in Africa working on their undergraduate senior (final year) projects. This project is poised to help the students access a pool of experienced professionals who are practicing at the cutting edge of science and technology. The mentors will guide the students, providing important directions as they work with their local universities or polytechnics on their projects. Only projects that involve electrical, electronics, computer engineering and related fields will be supported.

 

This service is completely free. We emphasize that the goal is to help the students develop skills with directions on how to approach some engineering problems. Members of GOLD will not be solving their problems for them. The support could range from helping to design a circuit to developing a test strategy.

 

Interested students are asked to send a two page free application, describing their projects and what they will need from us. Upon receipt and approval, the project will be assigned to one of our members whose skills and interests align with the students projects. Through email and video communication, the mentor and the student will work together as the former helps to direct the latter.

 

This program will be administered by the African Institution of Technology and technically driven by the IEEE. It will run as a pilot project from August 2010 to August 2011 and will be continued, if necessary.
To submit a project, kindly send the application to ieee@afrit.org.

 

About IEEE: IEEE is the world’s largest professional association dedicated to advancing technological innovation and excellence for the benefit of humanity. IEEE and its members inspire a global community through IEEE’s highly cited publications, conferences, technology standards, and professional and educational activities.

 

 

About African Institution of Technology (AFRIT): AFRIT is a technology focused non-profit organization with the aim of facilitating emerging technology diffusion in Africa. It has organized more than 35 engineering workshops and seminars in the continent.

 

Contact Sam John, AFRIT COO.

 

Guanghua School of Management, Peking University To Translate Our Works Into Chinese

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Editor’s Note: Tekedia Founder has approved for GSM Peking University China to translate his HBR posts into Chinese. They are also evaluating others works in a follow up email. Below is a redacted email from the school rep.

 

Dear Professor Ndubuisi Ekekwe,

 

This is Jie Wang. I am writing as a representative for GSM thinker to
ask for your authorization to translate your blog articles into Chinese for our Website www.gsmthinker.com (under development) I am planning to post your articles in the form of expert column.

 

GSM thinker is set up by Professor Weiying Zhang as the Web 2.0
platform for Guanghua School of Management, Peking University. We are
aiming at building up the No. 1 online Chinese Business Review. We
cover issues from Economy Environment, Public Policy, Leadership,
Strategy, Finance and Business Report. We are responsible for
promoting the knowledge, ideas and wisdom about business to the
public.

 

 

I read your articles via http://hbr.org/, it is attracting and
interesting. I feel that you fully deserve the title of leading expert
in business. I sincerely request your authorization as your articles
are of great signification to the Chinese scholars and entrepreneurs.
I wish to hear from you soon.

 

 

Best regards,
Jie Wang
GSM thinker, Guanghua School of Management, Peking University

Room 418, Guanghua Old Building, Guanghua School of Management, Peking
University, Beijing, 100871

No Engineer In Jonathan’s Ministerial List – Nigerian Society of Engineers (NSE) Bemoans

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Press Statement

by

The Nigerian Society of Engineers

 

 

MR PRESIDENT, RECONSIDER MINISTERIAL NOMINEES
TO ACHIEVE REAL PROGRESS AND PROSPERITY FOR NIGERIANS

 

The Nigerian Society of Engineers, the umbrella body for all engineering professionals  in the country is worried over the list of Ministerial nominees  sent to the Senate for confirmation in the ongoing screening exercise  as this does not reflect the spirit of the moment and the desire of the Nigerian people to have astute professionals in key areas of the economy especially Infrastructure.

 

In a country where there are many key Engineering- based  Ministries , the Society is shocked that there is no single engineer in the President’s list. We therefore ask – who is to man these ministries? Over the years, we have advocated that square pegs be put in square holes in Ministries of Power, Works, Water Resources, Communication, Industries, Steel and Petroleum, etc . Many of these ministries have not had an Engineer as a minister since the inception  of the Fourth  Republic in 1999.

 

It is rather curious that despite the Government avowed intention to improve power supply in the country over the years, the Ministry of Power  has not had a Power Engineer to drive the initiative as minister, as a typical example. This is a clear demonstration that the Government has not got its priorities right as the value of  an experienced professional in that position should not  be a matter for debate.

 

The Society is dumbfounded that  none of the nominees in  the list so far, both confirmed and those about to be confirmed, is an Engineer  and wonders which of them would pilot a knowledge- driven policy formulation and implementation  in the engineering based ministries listed earlier.  We believe that we cannot fold our hands and watch the administration drift away from the expectations of  professionals and many Nigerians.

As  earlier stated in our memo titled “The Route to Progress and Prosperity “ to  President  Dr.  Goodluck Jonathan, GCFR,  The Nigerian Society of Engineers  is  of the view that the success of Mr. President in his role as Executive-in-Chief would hinge on his success in attracting and selecting appropriate talents into both political appointments and employment in public service.

 

With the President’s garb of the Executive-in-Chief, it behoves  him to put emphasis on an approach that will produce the best End-Results. This approach is clearly weighted in favour of Technocrats being appointed into the cabinet of Mr. President.

Therefore, in the view of Nigerian Engineers, Mr. President must be willing to seek people who have different and diverse backgrounds with pedigree and  the track records of success in particular sectors.

 

The process of screening so far observed does not indicate the portfolios for which the candidates are being considered. Surely the field of competence of a candidate should be paramount to the expected performance  in the intended office. This is the only fair and transparent way of ensuring that square pegs are put in square holes as mentioned earlier. The outcome of this process if adopted would guarantee that each minister may not require an unnecessarily long term in office to deliver.

 

For the sake of performance, and quality executive service to the citizenry, Nigerian Engineers on behalf of Nigerian professionals again demand that the President constitutes his cabinet with at least 60% Technocrats.

 

In making this demand, Engineers strongly recommend to Mr. President to depoliticize the selection process and demystify the senate screening exercise by attaching portfolios to those nominated for ministerial appointments. This process would have helped the Senators in the screening exercise as they would have focused their attention on the sector so designated. This has not happened.

 

The Nigerian Society of Engineers therefore calls on Mr. President to quickly make amends in  his nominations if the much talked about transformational agenda of his government aimed at swiftly delivering progress and prosperity to Nigerians  is to be realised.

 

Engr. Olumuyiwa Alade Ajibola, FNSE
President, Nigerian Society of Engineers
.

 

Editor’s Note: Barth Nnaji is not an engineer as per NSE definition without COREN certification though he was once the best robotics professor in America.