L-R: President/Chief Executive Officer, WorldStage Limited, Segun Adeleye; Managing Director, HumanManager Limited, Adekunbi Ademiluyi; Chief Executive Officer, New Horizons Nigeria, Tim Akano; and Moderator/Editor-in-Chief, Global Financial Digest, Mayowa Oludare; at the WorldStage Economic Summit held recently in Lagos.
Adekunbi Ademiluyi, Managing Director of HumanManager Limited (HML), a leading human resource and payroll solutions provider underscored collaboration and perseverance as critical factors for building successful startups at the recently concluded WorldStage Economic Summit (WES) held recently in Lagos.
In her insightful keynote address on the “Startups Journey from Conception to Launch,” Adekunbi Ademiluyi, Managing Director of HumanManager Limited, representing John Obaro, Group Managing Director of SystemSpecs Holdings Limited (SHL), posited that collaboration and perseverance are critical factors for building successful startups. She stressed the importance of entrepreneurs understanding their passion and employing out-of-the-box thinking to achieve success.
“Achieving enduring success involves seamlessly integrating strategic alignment, purposeful innovation, and pragmatic problem-solving. The foundational step towards long-term efficacy lies in comprehending market needs and aligning organisational goals accordingly. Community engagement goes beyond surface-level interactions; it demands an in-depth understanding of their requirements. This pivotal process is transformative, converting abstract concepts into scalable solutions and establishing a resilient business model with a compelling value proposition.” She said.
Segun Adeleye, WorldStage’s President/CEO, affirmed the organisation’s strong commitment to actively supporting emerging startups globally. In his speech, Adeleye pointed out a concerning rise in unemployment and underemployment rates, citing National Bureau of Statistics data that peaked at an unprecedented 56.1% in 2020. This surge has added 133 million Nigerians to multidimensional poverty, highlighting challenges in the economic landscape, including reduced productivity and insufficient growth in traditionally high-employment sectors.
In a high-level panel discussion centred on “Providing an Enabling Environment for Startups,” Adekunbi Ademiluyi, along with Tim Akano, the CEO, New Horizon Nigeria, and Mayowa Oludare, Editor-in-Chief of Global Financial Digest, offered insights into navigating the intricacies of building successful startups. Leveraging her extensive experience, she accentuated the importance of collaboration and a resilient organisational culture within startups, identifying these factors as strategic entry points for potential investors.
“Strategic partnerships constitute the foundational framework for successful businesses. Presenting your idea to discerning individuals who grasp its potential is not just a formality, but a calculated step. It involves aligning with collaborators who not only comprehend the essence of the concept but also envisage its trajectory. It’s a methodical and intentional process, where connecting with the right minds and investors is crucial to translating concepts into enduring success.” She remarked.
Ademiluyi stressed the importance for budding entrepreneurs to prioritise market share and profitability from the outset, rather than simply focusing on the launch itself. “Launching an enterprise is not the ultimate goal; going live is about monetisation, customer satisfaction, and market creation,’ she explained. ‘Other crucial factors include asking the right questions during ideation, challenging the status quo, identifying unmet needs and desires, creating genuine value, and establishing a legal structure,” She elaborated.
Tim Akano concurred with Ademiluyi, affirming that triumph in building startups is a challenging journey requiring persistent navigation through obstacles. He emphasised that prioritising problem-solving and transforming challenges into opportunities serve as the compass for enduring success. He acknowledged that the initial stages often present rocky patches but stressed that passion and perseverance enable entrepreneurs to overcome challenges in the build-up stages.
Ademiluyi accentuated the enduring nature of conceptualisation, portraying it as a continuous and iterative journey rather than a singular event. Her viewpoint highlights the crucial need to mold ideas into robust solutions, equipped to navigate challenges in feasibility, adaptability, and scalability. In her narrative, conceptualisation is not a fixed starting point but a dynamic catalyst propelling ideas beyond mere conception and into the domain of tangible, impactful, and real-world solutions. She urged aspiring entrepreneurs to acknowledge that the path from ideation to implementation is an ongoing process of sculpting and refining ideas, laying the groundwork for lasting success.
When asked about addressing the significant brain drain caused by the ‘japa’ (Nigerian slang for emigration) phenomenon in Nigeria, Ademiluyi urged the government at all levels to enhance infrastructure and advocated for improvements in the educational system and social factors. She highlighted that “immigration is a global issue, but within every problem lies an opportunity. Nigeria has abundant opportunities that can be harnessed by making the country more conducive.”
ABOUT SYSTEMSPECS
SystemSpecs Holdings Limited (SHL), proudly stands at the forefront of the financial technology and human resources solutions industry. With a distinguished history spanning over three decades, SystemSpecs has consistently exemplified its commitment to providing cutting-edge technology solutions and services to clients within Nigeria and across the African continent.
The group encompasses various subsidiaries, such as Remita Payment Services Limited (RPSL), HumanManager Limited (HML), and SystemSpecs Deelaa Limited, all of which synergistically contribute to the Group’s intentional and innovative approach to addressing diverse client needs. This intentional focus on excellence and innovation positions SystemSpecs as a leader in delivering unparalleled solutions within the dynamic landscape of financial technology and human resources.
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