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The Spark | Ignite / Connect / Achieve www . the sparkng.co m Tech Meets Genes Genetics is a big deal and as Africans, we should put ourselves on this map. By Francis Osifo General Background M y dream was to study Medicine but I ended up with a certificate in Computer Science which led me to establish Tech Consulting - focused on building products for corporate organisations. But, there were too many questions to be answered in that field. So, my partner, who has a Ph.D. in Cancer Biology said we should we do something together and the ideas that filled our heads birthed 54GENE. The Fellowship I met my partner through a friend who knew we could work together. We had all these ideas running through our heads. Things we had done and things we were trying to build. We started by trying to build something for patients to easily do medical tests. We called it ‘Diagnose Me’. But we realised there is a bigger market for genetics, so, we spread our tentacles to a space that was literally not fully harnessed. The agreement to become partners was an easy one. He was versed in his industry and I in mine. It was a match made to do more! Actually, the initial idea came from him. But we both wanted to ensure that the product turned out to be able to compete on the global scene and that applying for funds won’t be almost impossible. Success Rate Success is very relative and I don’t exactly know how to measure it, but we have been able to change our narrative. There is only 2% of genetic data available globally and it is made up of Africans. I think we should contribute more to data collection so the continent will be considered for new drug developments. Having enough genetic data will also translate to having improved treatments, diagnostics and insights into new developments. This is what success looks like to me. Ultimately, success means being able to say ‘you know what? I need to get here’, then you get human resources, all the tools to align and you achieve this goal on a day-to-day basis. Med-Tech In Nigeria I can’t vouch for med-tech companies competing on the global scene but there is consistent growth and, interest in the industry is growing. The industry welcomes investors every needed specialised services. But, I think a lot more needs to be done. Healthcare is a fundamental service that should be available to everybody, notwithstanding the economic status. And having enough private participation in that space is important. Unique Selling Point Openness to growth. I have learnt that when you make mistakes, do not get yourself so worked up about it. One of the things my father would say is ‘sometimes, you know that this might not be the most ideal solution but at least it is a stop-gap until you get there, you just need to keep moving’. One of the key mantras in business is Result. It isn’t about the actions or the have to keep executing. And, we believe that irrespective of whatever it is, every team member must be faring at 1000% every time, because that is the only way you can move at a fast pace. Understanding the core of the business and knowing when to delegate or outsource tasks to focus on some other things is also important. The Future We try to align ourselves around the key three things which might expand to more. But, for now, we will like to focus on Molecular Diagnostics. This means we are planning to set up a Reference Lab here to ensure that we collect data on medical tests and that results are no longer sent abroad for examination. Essentially, these tests will now have a shorter turn-around time. Also, we plan on building a genetic bio- The goal is to build and have strong pillars around those areas first before we even explore any other thing. Acceptability We had to do a lot of enlightenment when we first launched and there’s still more to be done. However, we understand that educating doctors on the value of what we do will reduce the workload of educating patients. Organic Versus Investor Funding I don’t think there is ‘right or wrong’ for funding. The question you should ask as an entrepreneur is: ‘what are you building? What is the goal?’ I read an article a few months ago that said ‘do you want to be rich or be king?’ Once you start embracing investors, you have to seek some amount of control over your business. Find that balance. We won’t have come this far if we said we wanted to do this without investors, as it requires a lot of funding. So, just figure out when you need investors and focus on consistent significant growth. 54Gene is in a space rarely explored and there’s no right or wrong time to embrace their work. The time is now! 34 @the sp ark ng
www .the sparkn g .co m The Spark | Ignite / Connect / Achieve Today’s Idea, Tomorrow’s Innovation If growth is in your itinerary, then every bit of data counts By Oladele Bakare we call the Minimum Viable Product (MVP). It is the version of your product that has just enough features to satisfy the key demands of early adopters. With the MVP, you can quickly test the market, get feedback from your customers, improve the product and know what they would like to pay for. Remember “the market in the gap”. Don’t try to do too much, in a tough economy, you may be setting yourself up for needless frustration. I t’s a lot easier to start a business today than it was a decade ago. The real challenge is achieving traction. The simple truth is that growth is never by mere chance, it is the result of forces working together to give your startup the needed jump in the marketplace. See five tips that will help any entrepreneur turn their ideas into a brand: Idea matters Just like it is important for artists to record good songs in the studio before they can think of ace-level concerts, as an entrepreneur, you have to get three things right. To start with, is there a gap in the market? Secondly, is there a market in the gap? Finally, do you have the skill and passion to pursue the opportunities that the gap provides? three things is usually a step in the right direction; it means you have solved the clarity problem. You stand a better chance than hundreds of other founders who just throw stones at the sky and hope that they get lucky. Research helps, let the facts validate the idea Most people jump into execution without proper and extensive research. If you think you have found the right business idea, it is advisable that you still plan and conduct a proper research. A proper research does not have to be McKinsey-level work. You just need to have some basic numbers, or at least visible demand to prove that you are on a profitable adventure. Ask yourself who your target customers are? It surely can’t be everyone. If you sell the sweetest candy, diabetic patients won’t make a customer, so you can’t possibly sell to everyone. Your target customers are those who want and already pay for something similar. No matter how ground-breaking your product or service is, there is a version that is currently serving your target market. The early adopters of Facebook were Harvard students who could already could use a computer, surf the internet, play games and were involved in some sort of social activities. So when Mark Zuckerberg’s team marketed Facebook to them, they already understood the idea around online social interactions. Build your MVP So you have found “it”. Your research has proven that there is evidence to prove that there is a clear demand for your product or service. Next is to develop that product, start the business. You do not need a lot of money to do this. You can start with your personal savings or money from friends and family. Many people make the mistake of trying to build everything in a product or plan to sell to everybody when starting the business. This is why it is important and build to identify the key features that are critical to your product/business. This is what Iterate quickly You would know you’ve hit the gold mine when users love your MVP. If they don’t, tweak things. This is the real growth hack - your nimbleness as a business. Your ability to make needed changes or updates as the case may be. At this point, you have sold to a few customers, gotten some downloads, delivered some products and services. You now have to ensure that you are a smart listener and can quickly implement relevant feedback. This will give you that competitive advantage that will enable you to serve more customers. Focus on what users love, every other thing can wait. Scale is identifying your KPI and growing your numbers. KPI means key performance indicators. They shouldn’t be more than three. They are the numbers that must go up to prove that you are growing. You must identify these numbers. It could be the number of downloads on your apps, how much money you have saved for your clients, how many people are registering on your platform etc. Find the numbers that count. After that, your next milestone would be to come up with a growth plan. A growth plan is summarily an answer to the question - “how can these numbers go up?” Build your answers into a model. Repeat that model. Revise the model if you have to. Finally, remember that growth is never accidental. There is always a trigger. Find yours today. “Growth is never accidental. There is always a trigger. Find yours today.” @the sp ark ng 35
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