Major shifts in Nigeria’s consumer landscape
The Nigerian consumer landscape is set for a multitude of shifts. By 2025, 55% of Nigerians will live in cities or towns as a result of 50% growth in population in urban areas, which represents the fastest urban growth rate globally, ahead of China and India. This was just one of a wealth of insights that emerged at a recent Nielsen event in Lagos, which looked at whether retailers and manufacturers are equipped to beat the odds they are facing in Nigeria by anticipating and preparing for ...
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Forms of innovation
The OECD Innovation Strategy (OECD, 2015) explains these four forms of innovation in the following way: Product Innovations are typically a new product or service. This might be radical, incremental, or even disruptive, and is a new thing. Process Innovations are new ways to produce or acquire a thing. The product or service itself might be fundamentally unchanged but by making or selling it in a new way it creates new value to the maker or the buyer, or both. When Amazon star...
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JACK MA – HOW TO BUILD AN AFRICAN INNOVATION ECOSYSTEM THAT WORKS FOR EVERYONE
Jack Ma, co-founder and chairman of the e-commerce behemoth Alibaba made a number of Africa trips last year 2019. On one of those trips, he came to Ghana for the Africa Netpreneur Prize on November 16. The event saw ten Netpreneur prize finalists battle it out in a televised pitch competition for a share of the $1million prize. Earlier in the day, before the televised pitch competition, Ma had an opportunity to deliver a thought-provoking keynote that stirred the hearts of everyone in atte...
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Disruptive Innovation: A Catalyst for Change in Business and Market Modeling
The disruptive innovation theory was coined by Christensen (n.d.) as “A process by which a product or service takes root initially in simple applications at the bottom of a market and then relentlessly moves ‘up market’, eventually displacing established competitors”. An approach used by new entrants to undermine incumbents is the release of a service or product into new or unattr...
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When You Can’t Innovate, Copy
Yet, the focus on entrepreneurship training and startup intervention programs has centered on innovation. Few people ask entrepreneurs to go out there and copy others. While innovation funds are common, it’s rare to read of imitation funds. Innovation has become a buzzword that connotes respect and profitability. It is seen as the fulcrum that will propel a business to success. So, firms are encouraged to invest in R&D to outflank competitors with potentially better products that co...
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