Segment: Don't Build for a Market You Haven't Engaged

What if the biggest difference between African startups that succeed and those that fail isn't how fast they can build with AI or how passionate the founder is about their idea, but understanding that the most likely outcome of every startup is failure, that the young developer who spends months building a fintech app in his room without talking to a single customer has been programmed to worship technical skills while missing the brutal truth that you cannot build for a market you have not engaged, and that the founder who thinks they can compete with the top five fintech companies in Nigeria without understanding what those companies are not offering has stumbled onto something universities and startup accelerators will never teach you about the mathematics of market research and competitive advantage? In this raw and unfiltered conversation on Konnected Minds, we sit down with Glory Olami Ngoke who reveals why there are a lot of startups in Africa and there's somebody in his room right now trying to do something but the issue we have is that very few succeed, why the most likely outcome of every startup is failure, why even the most successful startups today globally like Google Microsoft and Apple failed at some point and were able to learn from failure to pivot into things they are doing now that are successful, and why a good number of these guys did not start out in the beginning doing what they're doing now so failure taught them lessons and they pivoted. He breaks down why the quality of the kind of product you're building is critical and as a founder you need to ask have you done enough research, why if you get the product wrong and you are building something that doesn't solve a clear problem you will fail, why if you're building something for which there is not sufficient market meaning enough potential customers you will fail because what keeps the startup light on is money and revenue, and why to make money you have to have enough customers out there not just enough customers but enough customers willing to pay you money for what you're offering. But he also confronts the brutal reality of competition and market research. Why there are many startups that have had the right product but did not do enough investigation on their competitor, why if you're building and launching a fintech product today in Nigeria you know that in that industry there are the top five guys big ones and these guys have owned the markets in terms of market share, why if you're trying to launch something to that same market without understanding what they are offering and using that to figure out what they are not offering that the market wants which will be your unique competitive advantage it means you'll be offering something that already exists and it means failure, and why you need to do research on what industry you're building in and research your potential market sufficiently and research your competitors sufficiently. He reveals why with the advent of AI there's somebody in his room right now trying to do something and he's built something that for him is going to change the world and you know how a lot of these tech guys are just indoors constantly always indoors focused on just making sure that they get the product right, why the same AI which is a tool that has made building technically of a product a lot faster and easier is also a very critical tool that aids in research, why once a person has a technical skill and now with AI you can build that Facebook app that took months to build years back in a week but that doesn't guarantee success, and why it's really a knowledge gap. But he also exposes the critical mistake of building without validation. Why a lot of people build out of passion and he's seen persons even himself build things that he wanted to use alone but if you're building for the public you can't build for the public without talking to the public, why in the startup world it's called making assumptions and research helps you validate those assumptions, why when you're building something for a problem you believe it exists but it's an assumption until you can talk to people to validate it is correct, and why you're assuming people have a problem and without talking to them to validate that the chances of failure are in there. He breaks down why they had a recent program where a few startups that originated from his tech talent platform Tech Nexus as well as Tech Revolution Africa which he co-founded were sent out on the streets to talk to users, why one of them an ed tech platform building something for kids wanted kids to be able to learn local African languages and they said for the category of kids you're building for the people you should talk to are the parents, why they told them go out there and find parents go to schools on ground and use online medium to find parents and talk to them, and why you cannot build for a market you have not engaged and you cannot build for a market...