The modern business climate is built on partnership, including a technology version done via APIs and embedded systems. Flutterwave became a unicorn due to its partnership playbook where it morphed to become an operating system, connecting African players with the global payment companies like Paypal, Alipay, etc.
For years, Microsoft stalled at a valuation of sub-$400 billion. Then a new CEO came, and opened the world of Windows to partnerships, connecting with old enemies like Apple iOS and Android, in what the tech universe has called frenemy. Just like that, Microsoft became a $1 trillion company within 6 years – and now about $3.2 trillion!
Apple, known for its engineering fashionista, understands the power of partnership, and has built a tent in the home of OpenAI ChatGPT: “In a significant announcement at the WWDC 2024 keynote on Monday, Apple revealed its plans to integrate ChatGPT, OpenAI’s AI-powered chatbot, into Siri and other first-party apps across its operating systems.”. Yes, Apple cannot make a great generative AI right now, and has decided to work with the industry leader. No pride; it is business!
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The greatest problem in business is when you do not know that you need help. And one of the biggest challenges to success in business is thinking that everything must be or come from in-house.
Nigerian firms must learn to PARTNER, and where necessary MERGE. Yes, not everyone should be a CEO when it is obvious that more value would be created if the two companies combine for one, deepening economies of scale. Some of the noted 800 companies which collapsed in Nigeria over the last 12 months could have merged. That we do not think that way is unfortunate!
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There’s nothing wrong with Apple seeking help when it couldn’t make its own generative AI, but trying to frame same under the toga of privacy and exclusivity will be pure baloney.
As for Nigerian businesses, most started informally, with the majority of the founders not experiencing formal education to a decent level. All these affect exposure and intercultural integration. Today’s founders would have a better shot at collaborations and partnerships, but they do not have much access to capital, and significant amount of them do not really possess a business acumen.
Many founders and business professionals will benefit from proper empowerment, because right now, a lot of people cannot afford the quality of mentorship and support they desire for. The work ahead is vast, but it’s doable.
It’s unfortunate that formal education is the only route to business exposure as you captured it. A self-sufficient and indigenous educational system would have by now developed the African native knowledge into practical and structured principles, which can help our entrepreneurs navigate the turbulent world of business ownership, especially with the African peculiarities.
I assume that a decent level of education would be tertiary education which isnt often a necessity or ticket to innovativeness and success in many developed countries. I think we more importantly need to work on our mindset. We often want to own it all and be it all, even some highly educated and supposedly exposed ones among us would rather chase the top titles than collaborate.