iHub By Joseph / June 29, 2014
African Tech Bits Episode 4: Reinvention
With Pivot East just concluded where we got to see several startups pitch, it is important to remember the road to success for a startup is hard and often many do not make it past even the first year. Often several factors ranging from team dynamics to a lack of capital can lead to a start up failing. According to a report released by GSMA surveying startups in the country, “Fewer than 50 per cent of founding teams at any stage felt they had all the skills necessary to run the company. 65 per cent of founders stated they have a business or technical mentor; however nearly all startups expressed the need for more mentorship in addition to what they already receive.” Perhaps it is this lack of necessary skills that leads a startup to fail and often for a lot of entrepreneurs this knock out in the first round could mean throwing in the towel all together. Failure within our society is often looked down upon, which leads us into this month’s topic of African Tech Bits reinvention. We delve into the stories of entrepreneurs who tried,failed, dusted themselves of but at the end of the day did not give up. For some it meant sacrificing the startup all together and starting fresh, for others it was about pivoting their original idea.
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Charles at 10:10:04AM Monday, June 30, 2014
Informative. Thanks also for the link on Digital Entrepreneurship in Kenya 2014. Looking forward to apply some insights shared herein.Reply
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