Founder, Science, Technology, Engineering and Mathematics (STEM), David Ogunshola, among other tech innovators, have urged tech start-up 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.On his part, CEO of Tuteria — an innovative online platform, Godwin Benson, urged startups founders on the importance of understanding the purpose of their innovation and committing 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, you must take on this role for the right reasons.”