Founder, Science, Technology, Engineering and Mathematics (STEM), David Ogunshola, among other tech innovators, have urged tech startups founders to prioritise problems and solutions, while emphasising the importance of starting with simplicity.
  
Ogunshola noted that a low-tech solution addressing a genuine problem holds more value than a high-tech solution that doesn’t address any problem.
 
This was disclosed at a Startup School Session for prospective tech startup founders, organised by Bincom Dev Center, a global talent development platform, co-founded by Nigerian tech entrepreneur Bade Adesemowo.
  
Speaking on revenue generation, Ogunshola posited that a common mistake tech startups often make is focusing on raising funds from investors.  
 
He advised new business owners to strategise ways to generate revenue from their business from inception, especially by building a viable business that customers are willing to pay for.
  
Ogunshola, however, stated that tech entrepreneurs must be transparent and show integrity while building their businesses.
  
He said: “If you plan to stay the course and thrive on this journey, you must have integrity. Cutting corners is not a sustainable strategy. Avoid building Ponzi schemes. If you’re establishing an investable company, be honest about it. Don’t make unrealistic promises, such as guaranteeing 30 per cent returns per annum. Instead, be transparent about where the funds are coming from. If it’s a seven per cent return, stick to that figure.
      
“Remember, you can’t build anything meaningful on a foundation of lies. Be true to your customers, teammates, employees, investors, as well as regulators and governments.
  
Ogunshola emphasised the need for tech founders to embrace the resilience required to succeed in a unique economy like Nigeria.
  
He advised them to actively seek and leverage partnerships and support to enable their businesses to thrive in this challenging but promising environment.
   
“There’s no self-made man or woman out there who succeeded entirely on their own. So, don’t pretend that you can do it on your own. When you need help, don’t hesitate to ask for it. That’s why you should build a network and be a part of a community. When you face challenges or get stuck, having a network means you have people you can call for assistance.”
 
On his part, CEO of Tuteria — an innovative online platform, Godwin Benson, urged startups founders on the importance to understand the purpose of their innovation and commit to the work required to succeed.
  
“Don’t be swayed by the glamour, sexiness, and trendiness that often seem to surround the role of a CEO. In reality, being a CEO is just a title. Especially in the early stages, you are the lifeblood of the company – the marketer, the growth strategist, the idea generator, the content creator, the HR manager, and more. You might even have to play the role of an engineer. Therefore, it’s vital that you take on this role for the right reasons.”
      
Benson, emphasised the need for startup owners to conduct market research and feasibility studies for viability.
   
“When considering the problem you’re solving and its viability, you also need to think about the market: Who are your customers? Who faces this problem? Who is willing to pay for the solution? How large is the potential market? The larger the market, the higher your chances of success. Of course, some businesses thrive in niche markets, but scaling such businesses can be costly unless you have an exceptionally focused strategy for reaching your niche audience. In most cases, a larger market means a greater opportunity for success.”
 
Benson advised startup founders to first seek business grants at the start rather than investment funding that can put pressure on the business.
   
He also urged aspiring tech entrepreneurs to seek assistance from tech platforms such as Bincom Dev Center where they can gain invaluable knowledge and guidance on developing and building their tech ideas.