By The quest for a resilient business models topped discourse at a workshop hosted by the Hydrogen Payment Services Company Limited for startups in partnership with the Co Creation Hub (CcHub).
The discourse addressed the potential risks and opportunities for startups and saw experts advise participants on the need to develop that would scale across different economic climes.
Moderated by Miracle Ezechi, Digital Marketing Manager, Hydrogen, the panel session addressed dominant issues about the theme: ‘Adapting Fintech Business Models to Economic Climes: Flexibility, Agility and Customer-centricity’.
Chief Technology Officer, Hydrogen, Mr. Emeka Awagu, who spoke as a panellist, addressed the issue of customer-centricity, which according to him, is key to Fintech growth. He advised startups to listen to customer demands and understand their needs in order to develop the right solutions that will lead to long term market viability.
“Innovation is key for startup growth. However, understanding customers’ needs and change in behaviour will help any startup to innovate better. Startups must be flexible and agile to develop solutions with high interoperability and processing speed, and they must be ready to learn from startups that have failed,” Awagu said.
With an estimated 61.07 percent of startups failing, the participants stressed the need for prudence.
“Statistically, a staggering number of startups fail, often due to financial mismanagement. Hence, founders must prioritise understanding and maintaining a healthy the Cost-to-Earnings ratio. It is not just a number, but a pivotal indicator of a company’s financial health as well as being a key attractiveness determinant for investors,” Awagu added.
On his part, the Group Director, Digital Transformation, ARM HOLDCO, Ina Alogwu, who also spoke as a panellist at the session, stressed the need for startups to develop sustainable products and solutions that will help them remain competitive in an environment that is faced with harsh economic realities.
“Many startup businesses fail within their first five years, however upcoming startups should not be discouraged, rather develop a culture that will encourage them to understand the reasons for failure and learn from mistakes. Startups should not be too rigid with their solutions and should be ready to accept changes that will drive innovation,” Alogwu stated.
