This archive report was first published on 17 July 2019.
On July 17, 2019, the Google Launchpad Accelerator Africa graduation ceremony took place in Lagos, Nigeria, where Hustle interviewed IT start-up founders about their strategies and financing plans.
According to the founders, there are common reasons start-ups struggle and fail, but also consistent factors that make companies successful. These include getting started on the right foot, networking and learning from other businesses, addressing excuses, and building the right team.
Four of the 12 African companies that graduated from the third cohort of the accelerator programme were Kenyan: Data Integrated, a digital payments platform; Kwara, which provides a banking platform for microfinance institutions and Saccos; OkHi, a physical addressing platform; and Tambua, which provides a powerful, non-invasive diagnostic tool for tuberculosis and pneumonia.
One of the key takeaways from the founders was the importance of getting started on the right foot. This includes having enough money to sustain the first year of operations, finding a support system and the right mentors, building a customer base before launching, and becoming an expert in the field.
Another crucial aspect is networking and learning from other businesses. The Google Launchpad offers start-ups access to Cloud and Firebase Credits, three weeks of all-expenses-paid training, and inclusion in the Launchpad Accelerator Global Community network of alumni and mentors.
Addressing excuses and building the right team are also essential for start-up success. Founders should let go of excuses and consider working with a life coach to overcome personal hurdles. They should also hire experts in the field who will take them to the top and find people who buy into their vision.
