This was the theme of my presentation at the January 25 pre-launch event for the Business Hackathon event organized by the Mara Foundation (http://www.mara-foundation.org/) and Mara Launch Pad (http://www.mara-foundation.org/entrepreneurship/mara-launchpad.html).
This would be my second hackathon-style event after the Startup Weekend that I had participated in April 2012 (http://wp.me/pXn3W-5v) where I pitched an idea that had been cooking, baking and squirming in my head for a coupla years. When Nigel Ball (@nigel_ball) asked me which side I wanted to be on, I took the opportunity to sit at the end of the table to mentor.
So back to the prelaunch event, assembled were the following (in the order that they presented):
- Reinier Battenberg, @batje, Director Mountbatten and Open Source Evangelist, Drupal, mapping et al
- James Makumbi, @jmakumbi, Software Developer and Founder of Billable Hours Uganda, a cloud based law firm management solution, and one of the first Ugandan developers on Stack Exchange (my inspiration to join and become active)
- Simon Kaheru, @skaheru, Director Business Convergence SMS Media is one of Uganda’s first enterprenurs in the tech scene through SMS Media and a though leader in the mobile technology space
- Solomon King, @solomonking, Web Solutions Provider and Founder of Fundibots, a non profit to encourage passionate African children (and adults) grow and experiment with machines, gadgets and technology – do I hear soldering, garage workshops and Sky net development in basements.
- Christine Ampaire, @axtine831, Founding Team member MafutaGo, GirlGeek, Geekprenur
- Davis Musinguzi, @davisthedoc, Health IT Developer and Enterprenur, Mentor for the WinSenga team that won the Microsoft Imagine Cup in 2012
The first presentation (below) was a reality check on what the enterprenurs are to expect before the event, and after to provide context with regard to what opportunities are out there and what to take advantage of.
Additional lessons that were given by the other panelists are summarized below:
- You do not have to start a business with a product, you can provide services to customers by packaging and supporting existing software solutions
- Tech startups do not have to be about software and hardware, they can provide laptop sleeves, covers, and other accessories using local materials
- Look at alternate revenue streams by leveraging the brand and buzz created by your core product or services
- Do not be afraid to pivot your business, from Eric Ries of the Lean Startup: Pivot or Reboot (http://to.pbs.org/WaCA9w) or Pivot Do not Jump to a new vision (http://bit.ly/TAFZ36)
- Not all the people you pitch to will have the same vision as you do, listen to them, do not give up, learn from them
- Leverage and use the simplest technology you can
- Use other people’s money, 100% of $1,000 is way less and more risky than 10% of $25,000 investment – watch the numbers, allow investors to let you grow to sustainable levels
- Develop credibility – register a legal entity, track the total cost of ownership to client (licenses, hardware, warranty and support costs), have a person who watches the money (revenue and costs)
- You need teams of people to support your vision, you cannot do it alone
- Complete your education and take opportunities that arise when they do, those papers “may” help you get to the next level
- Get out of the office to the street and into the lives of the people who use your product – listen to them and learn from them
What are your opinions, what did we miss? Leave a comment