NigeriaCOM is the largest annual meeting for the telcos & ICT industry in West Africa. It is always witnessed by the gathering of experts having discussions about the challenges and the opportunities in the industry. This event will hold between 14th -15th September 2015 in Lagos at the Oriental Hotel, for the seventh consecutive time and interestingly there is an introduction of Entrepreneur’s Hub which will expose young entrepreneurs to potential mentors, customers and investors.
Our previous interview was with MD of Jovago, an online hotel booking platform, next in line to share expectations at the event is SimplePay CEO, Simeon Ononobi. Excerpts below:
What is genuinely unique about your venture?
SimplePay is a collection of smart entrepreneurs and investors that seek better ways to deliver simple and convenient ways to pay and be paid for products. We believe that digitalisation can be achieved by creating value using existing infrastructure and not trying to recreate what is already advanced. What makes us simply unique is the fact that we find ways to advance what we have and leveraging existing systems to create very robust solutions for making cashless really cashless while solving everyday problems in the Financial- technology sector.
You are participating in a panel discussion on “deepening financial inclusion through the mobile channel” at NigeriaCOM – what are the biggest challenges ahead and how should they be addressed?
For me Financial inclusion can be deepened in our society, if we realise that we have far advanced in the area of digitalisation and not try to copy other old systems (eg. mobile money). Nigerians were made to embrace bank accounts and also debit/credit cards long before mobile money and for me, it’s a step backwards in innovation. We should start thinking of smarter ways to deliver financial inclusion in Nigeria as we have way passed the area of mobile money illiteracy. And looking at it critically, mobile money is a replication of bank accounts as they are all digital wallets. I believe fintech companies should find better ways to address financial inclusion and I believe that is what SimplePay stands for and will be doing in the very short term.
Why does it matter for startups and developers to attend NigeriaCOM?
I have always believed that the best way to grow is find out how others have done it. It‘s easy to start something new, but very difficult to stabilize or outdo others in the same industry. Attending such programs like NigeriaCOM, affords the opportunity to meet, interact and find better ways to grow your startup leveraging on the mistakes of others who having passed the startup stage have made successes out of their ventures.
NigeriaCOM grants young entrepreneurs access to mentors, partners, customers and investors via its Entrepreneur’s Hub. What advice can you give to startups and developers contemplating to showcase their businesses?
Get your best game on. To attract investors (which is primary for most startups) you have to bring your A-Game to the conference, as you never can tell whom will come your way. Just have your venture very smart and ready.
What are common mistakes do startups make when approaching investors?
Not being ready, not understanding that an idea in itself won’t win you attention, but making an idea profitable is what makes it work. If a startup can show realistically that an idea can yield results (no matter how small) then they get the attention. Here in Nigeria (and we must face it) investments is majorly for proven ideas and not for dreams. Most startups in Nigeria want to sell dreams rather than a working prototype of the idea.
How about investors: What should they know when considering to invest
in startups?
I would say commercial viability, the vision and also the entrepreneur has to be a smart and ready to let go fellow. Most Nigerian startups become greedy when an investor has invested and made the company great. So for investors, I would say keep an eye open for character flaws in startup founders, as it will make or destroy the venture.