Today, we will be starting to learn about some key intellectual properties terms. These terms, are of importance to an entrepreneur, a business man and an investor in any legally binded entity to make profit, through innovation and creativity by producing goods and rendering of services.
Undetstanding of intellectual Properties before engaging the services of a Lawyer includes; Patents if the product, Trademark, Copyright and Trade secret which will complete the series.
Patent means a contract or agreement between the government and the business owner in exchange for disclosure of the invention. The government grant the inventor exclusivity regarding the invention for a specified period of time. At the end of this time, the government publishes the invention and becomes parts of public domain.
There is likelihood that ideas may be generated from the information to develop product/services that may be better prefered by the customers.
Basically, the patents affords the owner the protection that is required to prevent anyone else of making use of selling the define invention.
Also, if an inventor have been granted patent in the process of producing or marketing invention he/she may find that its infringes on the patents rights of others.
Patent is term legally a limited monopoly
granted to an individual or firm to make, use, and sell its invention, and to exclude others from doing so. An invention is patentable if it is novel, useful, and non-obvious. To receive a patent, a patent application must disclose all details of the invention so that others can use it to further advance the technology with new inventions.
Patentable items fall under four classes:
(1) Machine: Apparatus or device with interrelated parts that work together to perform the invention’s designed or intended functions.
(2) Manufacture: All manufactured or fabricated items.
(3) Process: Chemical, mechanical, electrical or other process that produces a chemical or physical change in the condition or character of an item.
(4) Composition of matter: Chemical compounds or mixtures having properties different from their constituent ingredients.
In most of the world, patents are granted on the ‘first to apply’ basis, with a protection period of 7 years (India) to 20 years (European Union). In the US, they are granted for 17 years on the ‘first to invent’ basis.
Responsibility of identifying, locating, and suing the patent violators, however, rests solely with the patent holder; patent law provides only means of prosecution and determination of just compensation. Clear or obvious on the fact of it.
To conclude this series; a patent is an exclusive right to a product or a process that generally provides a new way of doing something, or offers a new technical solution to a problem. To get a patent, technical information about the invention must be disclosed to the public in a patent application.
Be informed; Google has also developed a search engine for inquiring patents related informations around the world named Google patents.
Read more about Patent here.
Read the next episode tommorow on Think Media NG
Thanks for reading 🙂
Trade facilitation has become a fundamental role, progressively seen by government as an important element of economic policy in today’s world. Standardisation of products is a worldwide industrial practice aimed at ensuring product quality. Governments have institutions whose duty is to formulate product quality standards and see to their enforcement. Companies that flouted industrial standards may be sanctioned or sued for infringement of regulations.
Nigeria imported US$36.5 billion worth of goods from around the globe in 2018, down by -18.3% since 2014 but up by 26.1% from 2017 to 2018.
Given Nigeria’s population of 203.5 million people, its total $36.5 billion in 2018 imports translates to roughly $180 in yearly product demand from every person in the West African region country.
There is no country anywhere in the world that leaves the production of goods and services without rules and regulations for quality assurance and public safety. Without standardization, greedy and unscrupulous companies would embark on the production of goods and services that lack quality. Only the monetary consideration would be the overriding factor. The negative impacts of the products on consumers would not be considered.
Nigeria importation model
Close to 85% of products imported into Nigeria come through the ports in Apapa, Lagos. Therefore, you should direct your attention to those ports to ensure your merchandise makes it through quickly and with no issues.
Also, keep in mind that depending on your shipping point of origin (e.g., Asia or Europe), you should know how long it typically takes for imported items to make it to these ports. For example, products from China usually take 30 days to arrive at Lagos. Therefore, you should account for not only the time it takes for items to make it through inspection but also how long it takes for the items to arrive in Nigeria.
Before you make your first shipment, begin the process of registering your product. There are two major governmental agencies to keep in mind during this process: The National Agency for Food and Drugs Administration and Control (NAFDAC) and Standards Organization of Nigeria (SON).
Food and drugs imported will have to go through NAFDAC registration, while other products will go through pre-shipment verification through SON. The SON Conformity Assessment Program (SONCAP) was put in place so that Nigeria imports undergo verification and testing in the country from which they were supplied.
The SONCAP Certificate, which is issued by the agency, demonstrates that your products meet the applicable standards and regulations.
Clearing the Ports
After you have gone through the necessary certification and verification procedures, your item is ready to be shipped. Navigating the port system to ensure your shipment clears the port upon arrival takes insight and finesse, as clearing goods at Nigerian ports has greatly contributed to
For one thing, products which are subject to SONCAP certification must be accompanied by a SONCAP certificate, which is why it is important to know beforehand if you must obtain said certification.
Also, you will have to pay import tariffs, such as duties, levies, and value-added tax (VAT) on your shipment. Therefore, taking these fees into consideration ahead of time is crucial when it comes to pricing your products to help cover these import tariffs. Tariffs can be as low as 15% to as high as 70% depending on the goods being imported. You can find out the official import tariff for your products here.
It is evident that clearing goods at Nigerian ports can be more difficult in comparison to other countries. Therefore, instead of handling the import process yourself, you should consider hiring a local clearing agent who has the local expertise and insight needed to get your shipments cleared quickly.
This will help ensure your products make it into the country and will also mitigate any risks associated with maneuvering the importation system yourself.
Warehousing and Logistics for Nigeria Imports
Outside of making sure you’re able to get your goods cleared at the port as quickly as possible, it’s equally as important that you fully understand the distribution network in Nigeria and find a secure warehouse to store your merchandise. When searching for a place to store your products, make sure you take a few important factors into consideration, such as the accessibility of the facility, whether or not your product will be safe while stored there, the payment structures in place (i.e., monthly, yearly, or per shipment payment schedule), and the facilities product handling capabilities. The last factor is especially important if you are shipping fragile merchandise.
In particular, the procedures for quality inspection must ensure that procedures for pre-clearance audit and post-clearance audit that are according to specialized management field must be clarified; Goods subject to pre-clearance audit must be goods or goods of high risk and directly affecting epidemics, infectious diseases, people’s health, social order and security, social morality and custom and environment.
It is necessary to specify the order, time and steps for implementation of each procedure attached to the responsibilities of the State inspection agency for goods quality with the agencies and organizations involved in the inspection process; to determine the sampling, sampling time, sampling rate, sampling methods, responsibilities of agencies, organizations and enterprises involved in sampling and sending testing results; to clarify the method of implementation, requirements for dossier and simply the required documents; to publicize the payment method of fees and charges (if any) by electronic method in accordance with the implementation of administrative procedures on the National Single Window Portal; to specify the conditions and criteria on exemption from inspection, reduction of inspection or strict inspection, thereby evaluating the risk level and goods channel classification as well as taking appropriate inspection measures to shorten the Customs clearance time for goods of low risk.
The Federal Competition and Consumer Protection Commission (FCCPC) is the apex consumer protection agency in Nigeria. The Commission was established by the Federal Competition and Consumer Protection Commission Act (FCCPCA) (Cap. 25, Laws of The Federation 2004). The overall mandate of the Commission is to protect consumers by taking both preventive and remedial measures.
Knowing your right as a Nigerian
1. Right to value for money:
Products and services MUST give value for money.
2. Right to Safety:
Protection from hazardous products, services, and production processes.
3. Right to Information:
Provision of information to enable informed consumer choice; and protection from misleading or deceptive advertisement and labelling.
4. Right to Choose:
Access to a variety of quality products and services at competitive prices. A consumer should not be compelled to buy products or services he/she does not need.
5. Right to Redress:
Redress for unsatisfactory products and services. A dissatisfied consumer is entitled to the 3Rs i.e. Repair, Replacement or Refund.
6. Right to Consumer Education:
Acquisition of the skills to be an informed consumer.
7. Right to Representation:
A consumer has a right to be heard and represented at fora where policies, regulations and standards affecting consumers are made.
Holistic consumer protection is a collective effort. Its actualisation requires input, not just from manufacturers, service providers and government, but also the consumer.
The consumer has the responsibility to:
1. Be Aware
Gather all the information and facts available about a product or service, as well as, keep abreast of changes and innovations in the market.
Be alert to the quality and safety of products and services before you purchase.
3. Think Independently
Make decisions about well-considered needs and wants.
4. Speak Out
Inform manufacturers and government of your needs and expectations.
5. Be an Ethical Consumer
Be fair and never engage in dishonest practices which affect other consumers negatively.
Inform businesses and appropriate regulatory authorities about your dissatisfaction with a product or service, in a fair and honest manner
7. Share Experience
Inform other consumers about your experience with a product or service.
8. Respect the Environment
Avoid waste, littering and contributing to pollution. Promote sustainable consumption by ensuring that what you consume does not impact on the environment negatively.
Government recent actions against sub standard product in Nigeria
On March 14, 2018, the Ford Motor Company in the United States initiated a recall. Approximately 1.4 million vehicles are affected by the recall. The purpose of the recall is that; on some models, steering wheel bolts could become loose and cause the steering wheel to potentially detach. This could lead to a serious accident. Ford admits that it has become aware of two accidents and one injury that may have been caused by the problem.
This particular recall applies to Ford Fusion and the Lincoln MKZ models from model years 2014-2018. Specifically, every Fusion version; Fusion S, SE, Hybrid S, SE, Hybrid Titanium, Fusion Energi SE, Engergi Titanium, Fusion Sport, Fusion Platinum, Fusion Hybrid Platinum and Fusion Energi Platinum. With respect to Lincoln MKZ, the recall also applies to every version of the Lincoln MKZ, Lincoln MKZ Premier, Hybrid Premier and Black Label.
In addition to the above, but on a separate note, Ford is also recalling another 6,000 Fusion and Ford Focus models due to a risk of fire from a fracture in the clutch pressure plate. The relevant model years are 2013-2016.
Although the recall appears to be limited to North America, the Council is in the process of contacting local Ford dealers to verify the batch, lot of group of individual vehicles involved, and whether any was exported to, and sold in Nigeria. The Council recognizes that some of the versions of the subject models were unlikely to have been manufactured for possible export to Nigeria.
The Federal Competition and Consumer Protection Commission is aware that a short demonstration video showing how Blue Band “Spread for Bread” (a product of Unilever Nigeria PLC) reacts under certain heat conditions has been circulating, particularly on social media. The video, or impression it conveys, has become the subject of anxiety and intense controversy. It suggests that the product, which the narrator considers a functional equivalent of “Blue Band Original”, is unsafe because, when subjected to high temperature in boiling water, it did not melt or dissolve.
Available scientific information confirms that, though butter, margarine, and spread appear analogous, and share similar components, characteristics and uses, they are different products available to consumers. Butter and margarine share a particular similar characteristic; low resistance to heat. As such, both are likely to melt when subjected to certain levels of heat. Spreads however, have varying heat resistance, depending on intended use, and production process. As a result, it is not necessarily unsafe that a spread does not melt under similar heat conditions as butter, or margarine.
Spreads are produced in part by adding emulsifiers which are additives used in stabilizing and binding processed foods. They are not inherently unsafe or uncommon. The specific emulsifying agent and amount used, largely depends on many factors including shelf life, storage, handling and climatic conditions in order to prevent microbial activity.
The manufacturer of this product has made a statement seeking to address public concern by differentiating its products and explaining the purposes of the two different products.
Regardless, the Council has opened an inquiry to determine product safety, and clarify some aspects of the manufacturer’s statements. The purpose of the inquiry is to ensure their products, differentiated or otherwise, are safe and subjected to proper processes, and “in-trade” handling consistent with the different properties and characteristics of each product.
NAFDAC has been informed by Ministry of Health of some Chinese drugs that contain human remains. NAFDAC’s Director General immediately alerted the Agency’s Ports Inspection Directorate to be on the lookout at our ports and borders since the drugs may be brought into the country as small packages. The Pharmacovigilance and Post-Marketing Directorate has also been alerted to conduct surveillance in our markets. The Registration and Regulatory Affairs Directorate is also on the lookout. Our goal is to Safeguard the Health of the Nation. The Director General has also contacted her counterpart in South Korea since the news was disseminated by Nigeria and Korea Intelligence Agencies. We will keep the public updated.
National Agency for Food and Drug Administration and Control’s directorate of Food Safety and Applied Nutrition (FSAN) responded to an alert from International Food Safety Authorities Network (INFOSAN) on outbreak of Listeriosis in some parts of Europe. INFOSAN received the information from European Rapid Alert System on Food and Feed (RASFF). INFOSAN is a global network of national food safety authorities managed jointly by FAO and WHO whose primary responsibility is to assist member states in managing food safety risks and ensuring rapid sharing of information during food safety emergencies to stop the spread from one country to another.
The Director General, Prof Mojisola Adeyeye was informed on July 11, 2018 by FSAN that the RASFF had confirmed that the compromised food (frozen mixed vegetables) was shipped to Nigeria. She immediately gave a directive for a nation-wide surveillance. NAFDAC’s FSAN directorate went into action and confirmed that some of the implicated products actually arrived Nigeria. Teams dispatched to the field found large quantities of the implicated products and placed them on HOLD. Placing on HOLD means the item cannot be distributed or sold.
The outbreak of Listeriosis in Europe was linked to frozen corn and other frozen mixed vegetables. Listeria monocytogenes, the causative agent of listeriosis can be found in many foods. Examples include smoked fish; meats; cheeses (especially soft cheeses) and raw vegetables. Consumption of contaminated food or feed is the main route of transmission to humans and animals. Infection that can lead to death may also occur through contact with infected animals or people.
NAFDAC’s next step response started with the Agency’s newly created First Responders Team (FRT). The Team (composed of staff from FSAN, Investigations & Enforcement, and Pharmacovigilance/Post marketing directorates) carried out the nationwide investigations in Lagos, Port Harcourt and Abuja. NAFDAC recovered a total of 3,300kg of the implicated product, PINGUIN brand of mixed vegetables, which have been isolated by the Agency for destruction. Therefore, health risks to the Nigerian public have been mitigated. Further surveillance is on-going nationwide.
As a member of INFOSAN, NAFDAC has the obligation to respond promptly to INFOSAN alerts and give a feedback on actions taken. In line with its obligation, NAFDAC has sent required updates on her activities to INFOSAN, with regard to this outbreak.
The Nigerian Customs Service should increase their protective strategies against Illegal commercial activities and trade in illicit goods, e.g. import of fake and sub-standard goods into the country.
The Standard Organization of Nigeria, should continue to prevent the dumping of substandard goods into the Nigeria market and as a result preventing economic loss to the importer and the nation at large.
NAFDAC should level up the inspection of imported food, drugs, medical devices, cosmetics, Chemicals, detergents, drinks and bottled water at ports of entry before release.
Finally, all government Agencies including CBN, Police, NDLEA, SON, NAFDAC, FIRS; should increase their collaborative efforts to fight against sub-standard imported goods which is available all over Nigeria.
Multinational auto manufacturer, Groupe Renault has announced that it is re-entering Nigeria’s automobile space following a partnership agreement with Coscharis Motors Plc, one of the leading car dealers in the African country.
The auto dealer said that to kick start the strong cooperation, which would involve both local production and distribution, two of the Renault variants, namely Logan and Duster, would be assembled in the existing Coscharis Assembly facility in Lagos while Renault Kwid and Renault Oroch would be imported as Complete Built Unit in due course of the partnership.
The Senior Vice President and Chairman of the Africa, Middle-East, India region of Groupe Renault, Fabrice Cambolive said, “With a population of over 200 million, Nigeria is a strategic African country where Groupe Renault will extend its footprint.
It’s very unfortunate that many Nigerians don’t see the power in our population, we see it as a burden while foreign investors see it as Strategic Marketplace Initiative. MTN Group Limited saw Nigeria as a strategic African country. MTN came and smiled to the bank. Mohan Vaswani CEO of the Tolaram Group came to Nigeria with two containers of Indomie and he distributed it, at that time, the population was 90m. Today, every instant Noodle is Indomie.
Most West African leaders were very optimistic about their countries’ future at independence. They hoped to transform their newly independent countries so that their citizens would enjoy the fruits of independence, as colonial rule had brought only few benefits to the majority of the people. And indeed, some started well. They formulated good policies for the social and economic development of their people. School enrollment, for example, increased substantially in the first decade of independence. The road network was expanded and hospitals and clinics were built. However, these impressive developments were soon overshadowed by many problems, some of which have still not been solved. I shall discuss below the causes spheres of influence of terrorism and the solutions to the regional security treats for economic prosperity.
For centuries, herdsmen across Africa’s Sahel headed south during the long, hot dry season. Farmers typically welcomed them because their cattle and goats fertilized depleted cropland. While herders and farmers routinely competed over scarce resources, outright violence was restrained through customary arrangements and swift mediation from local leaders. But this symbiosis is crumbling. Instead, thousands of civilians from Burkina Faso, Chad, Mali, Mauritania, Niger and Nigeria are killed every year in bloody inter-communal violence. Many more are caught up in deadly overlapping conflicts that are spinning out of control.
As the continent looks towards its entrepreneurs. With a majority of African nations diversifying from traditional sources of income, entrepreneurship is increasingly seen as a key to economic growth.
Looking into the infrat tenuous economic statistical analysis, it shows vividly that entrepreneurial development is one of the strategic growth tools in which the continent can evolve her economic potentiality.
- Nigeria is expected to be the 3rd most populous country by 2050 with a population of over 300 million while several other African countries are projected to have more than doubled their population in the same time period.
- Africa, in general, is expected to account for more than half of the world’s population growth between 2015 and 2050.
- 41% of Africans are currently under the age of 15 and 60% of the continent is below the age of 25.
- Now, 9 out of 10 working African youth are poor or near poor and over the next 10 years, only one in four of Africa’s youth are expected to find a wage job at best.
- The youth population in Africa is expected to double, to over 830 million, by 2050.
- In Nigeria alone, over 40 million additional jobs will be needed between now and 2030.
Entrepreneurship development is basically the process of improving the skill set as well as the knowledge of the entrepreneurs. The process of entrepreneurship development is nothing but helping the entrepreneurs develop their skills through training and application of that training.
Now, Tony Elumelu Foundation as an African non-profit organization.
Founded in by Tony O. Elumelu and headquartered in Lagos. Nigeria Tony O. Elumelu belief that, with the right support, entrepreneurs can be empowered to contribute meaningfully to Africa’s prosperity and social development.
It is has also been a great ĵmoment, since the establishment of Tony Elumelu Foundation, in the areas of entrepreneurship, small and medium scale businesses development to the young continent of Africa.
We are pleased to announce the partnership between the Tony Elumelu Foundation and UNDP to empower 100,000 additional entrepreneurs in 7 Sahel African countries over a 10-year period. This is in addition to the 10,000 African entrepreneurs that the Foundation is already committed to; stated in TEF News letter.
Starting this July, applications open for African entrepreneurs residing in the following countries: Nigeria (Northern), Niger, Chad, Cameroun, Mauritania, Mali and Burkina Faso.
With this partnership, the Tony Elumelu Foundation will give hope to the thousands of African entrepreneurs who have not been selected for its TEF Entrepreneurship Programme.
Across Africa, entrepreneurs are starting every size, and every type, of business. Without adequate entrepreneurship education, mentorship and business support, Africa faces a very uncertain future.
So, we are imploring international organizations, wealthy African descants to partner with the likes of TEF or follow their empowerment path in the areas of entrepreneurship development and employment growth strategies in Africa, that have helping thousand of Africans since inception of the programme.
Every year, Google tweaks its search bot algorithm making Search Engine Optimization (SEO) more competitive every year. Thankfully, there are tools like Google Search Console and Neil Patel’s Ubersuggest to help. But are they enough?
Teenage entrepreneur and digital marketer Koosha Azim shares his take.
“There are plenty of free useful SEO tools out there that often go unused by the majority of website developers. There are enough websites and blog posts indexed on Google that share every inch of the digital marketing realm. It is up to the entrepreneur or blogger to use these tools or spend way too many hours testing content.”
Meet Koosha Azim
Koosha Azim is a digital marketer who makes videos about SEO and social media. He even releases free marketing tips on his Koosha Azim blog. With several months of rigorous WordPress website optimization experience, Koosha has learned the ins and outs of SEO.
The following is a video from Koosha Azim’s official YouTube channel explaining Reddit and Tumblr SEO practices.
“I had no knowledge of ranking pages, posts, or categories on Google search. After months of rapid searching and reading, I was able to learn much more than I thought would be possible.”
He even believes that LinkedIn is the future of video content. With over 4,000 followers, Koosha also posts much of his YouTube content on LinkedIn to reach more professional audiences.
Much of his following has been accumulated from his videos that often go viral under hashtags such as #linkedin or #marketing.
Here is a recent video he posted on his LinkedIn profile introducing the concept of having a Creator Mindset:
Curious to know about Snapchat streaks? Check out this article ( click ).
Check out one of Koosha’s articles on Think Media Nigeria
Last week when I wrote that President Trump trade war with China is dragging on economic growth not just in the US and China that Apple which is currently the largest corporate taxpayer in the US is pleading with President Trump for China trade war truce that its tax contributions would be badly damaged by tariffs on its China-produced goods, then some said I don’t know what I am saying and now, Apple is moving Mac Pro production to China.
The Wall Street Journal reported that Apple will shift production of its Mac Pro computers to China, the desktop is the only major Apple device produced in the US, in Texas to be exact. Apple has chosen a Taiwanese contractor, Quanta Computer Inc., to manufacture the $6,000 desktop computer near Shanghai.
Even though Mac Pro is not a high volume seller, but the shift is a winning point for China, no doubt, President Donald Trump would be angry with this shift as he has been pressing US companies, in general, to make things in America. If Trump goes on with his plan to slap tariffs on all imports from China, that would raise prices for US consumers. Instead of US consumers paying less, they will be paying more and living costs would rise. With all these, Donald John Trump will still be the 46th president of the United States in 2020.
Innovation and entrepreneurship are essential ingredients in building a successful commercial venture. It’s clear that innovation and entrepreneurship are closely linked; sometimes the terms are even used interchangeably. But, as two distinct yet interrelated concepts, it can be tricky to pinpoint the exact relationship between them.
The process of translating an idea or invention into a good or service that creates value or for which customers will pay.
For businesses, this could mean implementing new ideas, creating dynamic products or improving your existing services. Innovation can be a catalyst for the growth and success of your business, and help you to adapt and grow in the marketplace.
Being innovative does not only mean inventing. Innovation can mean changing your business model and adapting to changes in your environment to deliver better products or services. Successful innovation should be an in-built part of your business strategy, where you create a culture of innovation and lead the way in innovative thinking and creative problem solving.
Innovation can increase the likelihood of your business succeeding. Businesses that innovate create more efficient work processes and have better productivity and performance.
To be called an innovation, an idea must be replicable at an economical cost and must satisfy a specific need. Innovation involves deliberate application of information, imagination and initiative in deriving greater or different values from resources, and includes all processes by which new ideas are generated and converted into useful products. In business, innovation often results when ideas are applied by the company in order to further satisfy the needs and expectations of the customers.
In a social context, innovation helps create new methods for alliance creation, joint venturing, flexible work hours, and creation of buyers’ purchasing power.
Being innovative means to be open to change and not just open to change but proactively seeking change so it is always asking the question of what is next, what can we do better, what can we do differently and not just for the sake of doing it differently but to create more value than it’s currently created.
Innovation is synonymous with risk-taking and organizations that create revolutionary products or technologies take on the greatest risk because they create new markets.
Imitators take less risk because they will start with an innovator’s product and take a more effective approach. Examples are IBM with its PC against AppleComputer, Compaq with its cheaper PC’s against IBM, and Dell with its still-cheaper clones against Compaq.
What motivates innovative entrepreneurs are materializing new ideas/developing new technologies, which satisfy needs in the market, and being financially independent but making more money than paid jobs.
As an entrepreneur, you are also an innovator. Why? Simply, because you must innovate if you want to succeed. You solve problems on a better or much more innovative way for your customers. You create a company that means something for you, your employees and your customers from nothing. Simply, you need to be an innovative entrepreneur.
Who are innovative persons? I think that every person has enough creativity, dreams, and desires that can lead him to become an innovative entrepreneur. An innovative person is a person who doesn’t only innovate but also builds systems to support the innovation in his company.
Walter adds – “Turning invention into innovation relies on how an entrepreneur positions themselves, gets funding and manages their venture to become successful. Innovation is about the process and organisation needed to generate ideas in any context.”
Entrepreneurship has more to do with attitude, perseverance and focus. An entrepreneur can be a good innovator but an innovation manager is not necessarily a good entrepreneur. The ability to innovate in this sense isn’t just a vital component of a thriving business, but can be seen as an essential aspect of entrepreneurship itself.
Walter observes that today’s advancing tech, such as big data, IoT and machine learning, is now empowering whole networks of entrepreneurs to develop interconnected idea.
The distinguishing feature of new technology is that it enables open innovation in innovation ecosystems. Philips IoT-enabled light bulbs are now part of a platform that, next to giving light, provides opportunities for others to create software that controls it.
And what about the influence of digital channels? It’s difficult to think of a business idea without any digital presence nowadays.
However, a digital strategy should always be based on solving a real job for the customer, not just used for its own sake. You can build a perfect entrepreneurial business without a clue about digital though. Then again, a lot of digital ideas come to market through strong entrepreneurs, and not because they’re digital.
Entrepreneurship is new entry which can be accomplished mostly through launching a new venture. But not every new small business is entrepreneurial or represents entrepreneur.
Firms are more likely to succeed within healthy innovation ecosystems. These ecosystems are made up of human capital, research and development institutions, financial capital, the industrial base, the legal and regulatory environment, business and innovation culture and the quality of networks. Comprehensive innovation policy considers all these different elements and the interaction among them.
Ethiopia’s first app-based taxi service which launched in July 2016, is expanding to the Liberian capital, Monrovia.
ZayRide is a customer centric on-demand taxi service offering fast, convenient service throughout the local area.
According to QZ.COM,
E-hailing services like Uber and its rival Bolt (formerly Taxify) are yet to tap into Ethiopia even as they have introduced low-cost to premium products in smaller African nations including Uganda, Mauritius, and Ghana. The over 100-million people nation remains Africa’s largest untapped market, mainly because the government has for decades instituted a centralized economic model and restricted private sector operations to a few lines of activities.
Even with a fast-growing economy, the landlocked nation has remained poor and faces foreign currency shortages. Investors and global tech giants have also sidestepped Addis Ababa even though it’s home to the African Union and United Nations Economic Commission for Africa headquarters, boasts a new urban metro, and is undergoing massive construction of skyscrapers and roads undertaken by Chinese ucompanies.
The company has decided to expand into West Africa with the help of Liberian web solutions firm Hak Technologies. This is a major step by the taxi service unit to offer smart transportation option to people with the replacement of old cabs from the region.
Over the last few years, three taxi , the Ethiopian on-demand taxi service will introduce 200 cars by August this year, says founder Habtamu Tadesse.
The company also created a call center so that customers could call in case they didn’t “understand” the technology or during internet shutdowns.
ZayRide also had to design its platform to work with the slower internet speeds encountered by users, mainly by compressing the application size.