Start Up successes in the digital age requires more than visionary ideas and venture capital, George Asamani, MD, Sub-Saharan Africa, Project Management Institute has said.
He said in a statement that without disciplined execution, robust project management, and a clear understanding of the market, even the most innovative startups risk becoming footnotes in the history of entrepreneurship.
He cited examples of startups with promising beginnings which serve as cautionary tales. He recognised that the “digital natives,” millennials and subsequent generations have grown up with technology. This inherent comfort with digital tools has inspired a wave of startups in areas such as app development, e-commerce, fintech, artificial intelligence, and social media.
According to Asamani, “Technology is akin to Play-Doh. It offers boundless possibilities, allowing us to create, innovate, and solve problems. However, technology alone isn’t enough, and much like the mould that shapes Play-Doh into meaningful forms, startups need project management to transform ideas into viable projects”, he said.
According to Exploding Topics, he said up to 90% of startups fail, with more than 60% of these failures attributable to factors directly or indirectly linked to poor project management, like overspending, scope creep, team dynamics, and lack of communication, amongst others.
He defined Project management as the discipline of planning, organising, and overseeing the successful completion of projects. “It involves setting clear objectives, allocating resources, managing risks, and ensuring that projects are delivered on time and within budget. It is a strategic discipline that can make the difference between a startup that thrives and one that fails.
A startup built on a solid project management framework is also better equipped to align its operations with broader social and environmental goals. Ventures like M-Kopa and Andela exemplify this approach, contributing effectively to the Sustainable Development Goals. M-Kopa’s affordable solar solutions combat climate change by providing access to clean energy, while Andela’s tech training programs empower youth in Africa, promoting quality education and decent work”.
He said as digital technologies evolve, artificial intelligence (AI) is emerging as a powerful tool that can enhance project management. AI has the potential to revolutionise project management by automating routine tasks, providing data-driven insights, and optimising decision-making processes.
For young digital pioneers, leveraging AI in project management can further amplify their impact and drive innovation. He said PMI recognises AI’s transformative potential and it is actively integrating it into its offerings and empowering project professionals in using GenAI through initiatives like PMI Infinity™ and the new Prompt Library.
Asamani said by harnessing technology, young people can create ventures that balance profit with purpose, addressing global challenges while generating economic value. “To achieve this vision, we must invest in education and training programs to build their project management capabilities, equipping them to leverage technology for both social impact and business success”.
