Evolve🚀or be g💀ne
Hello Venturer,
I don't think the debate on evolution will ever end. I mean, I don't believe my ancestors were apes, but I find the argument fascinating. The theory that adaptation is a necessity for life is profound. It doesn't only apply to biology but to every area of life.
Remember Blackberry? I bet you had one or at least wanted one. If not, you most definitely wanted a Java or Symbian phone. These brands were so great back in the day. But today, they're extinct (yikes!). Nobody wants a Blackberry anymore -- we want iPhones now.
Life as we know it is evolving. People's lifestyles and ideologies are not the same as they used to be years ago. That means their needs are evolving, and sadly, businesses that no longer meet these needs will die.
One of the businesses that got caught by this theory was Mall for Africa. The brand was once one of Africa's top e-commerce platforms. But recently, it shut down operations. This week, we have a story on the brand's failure to evolve and its imminent closure.
Oluwatosin Ogunjuyigbe
Staff Writer, Ventures Africa.
MallforAfrica: Evolve or die.
At 61 per cent, Nigeria has the highest rate of startup failure among Africa’s prominent tech hubs. Some businesses fail for external reasons, such as difficulty in accessing loans and poor electricity. But for some others, their frustrations were self-inflicted. Read more.
AltSchool Africa: The unconventional institution bridging Africa's tech talent deficit
In recent years, the tech ecosystem in Nigeria and Africa has experienced exponential growth. However, this growth is not equivalent to the number of tech talent in the ecosystem. The burgeoning tech sector is running short on tech talent, forcing companies to compete for the available few. Worse, foreign firms with better offers attract the few available tech talents, widening the tech talent gap. Read more.
British banks are leaving Africa. What does that mean for the banking sector?
Africa’s socioeconomic status has been a debated subject for a long time now. The narrative that Africa is on the rise has been tossed between validation and negation for over a decade. However, it appears that top British banks are no longer on the optimistic side of the debate. Learn more.
How going digital can help Nigerian businesses rebuild after the pandemic.
When Facebook surveyed hundreds of Nigerian businesses in July and August, a quarter said they were closed, and half said they’d cut jobs during the pandemic. And it has been especially hard for businesses run by women. Our surveys have consistently found that female-owned businesses are more likely to have closed than male-owned ones. Learn more
What MTN and Airtel’s PSB license approval means for Nigeria’s unbanked.
Nigeria has been keen on closing the financial inclusion gap to achieve economic development, raise living standards, and reduce poverty and inequality. The government has implemented several policies and initiatives to achieve its goal of 80 per cent bankable adult financial inclusion by 2020. But only 64 per cent of bankable adults were financially included by the end of the target year. More.
#VANUGGET
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