ALAT facilitates business management session for young startups

Young startup founders and small business owners recently converged for the Talk Series organized by ALAT, Nigeria’s leading digital bank as experts speak on technology, brand management and customer experience.

The series themed ‘Developing and sustaining the startups of the future,’ was aimed at proffering solutions to problems faced by young startup founders and business owners in Nigeria.

The session, which is the second edition of the ALAT Talk Series held via Zoom, is one of the youth-focused initiatives developed by ALAT to support Nigerians across the country in strategy, branding, technology and other core aspects of business development.

Tomiwa Aladekomo shared insights into the African technology ecosystem in Nigeria and some of the biggest challenges faced in the sector. “In developing a viable business, a wide range of expertise comes into play. If you are building a startup, mastery of the skills and an understanding of the ecosystem in which you play is critical,” he said.

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According to Aladekomo, startup owners must first identify problems in the sector. “Another important thing as a startup owner is to identify the problem you want to solve and provide a scalable platform for you to thrive”.

Femi Akinfolarin, the head of corporate strategy at Wema Bank, said small businesses must leverage technology to improve customer experience. He elaborated on the importance of business strategy and development in ensuring the growth and sustainability of a business.

He also highlighted how ALAT by Wema has continually supported young Nigerians through various initiatives aimed at improving their business management skills and ensuring startups have access to loans.

“Technology helps small businesses in various ways by serving to provide a channel for feedback, building a multichannel approach and helping with analytics so that business owners can understand what their customers want,” said Akinfolarin referencing the importance of embracing technology for customer feedback.

Adaora Mbelu, founder of Lumination Global Network, spoke about brand management and positioning as important elements that require deliberate and strategic efforts. “Your brand is not your logo, it is not your ad. Startups make that mistake when starting out. The brand is the fulfilled promise your customers get from your product”.