By Falegan Tunmise.
Read about your favourite startup or company and one thing will stand out to you is how unique the business idea was. This is what we like to call Disruptive idea.
We live in a world where people are naturally inclined to pay for services that would ease them of any stress, add major ease to their life and satisfy their need whether or not they were conscious of that need before they were presented with that service. Now this is where the concept of a disruptive idea comes in.
Long before ubers came into existence the thought of being able to book a ride straight from your phone was out of sight and as they say, out of sight is out of mind. But once the option became available, we have experienced the increase in the use of ride hailing apps, not just in one region but all over the world.
Taking a closer look at Africans, startups and fintechs.
It is not news that fintechs in Africa continue to overshadow all other startup especially in fundraising. Why did the African market become very receptive to fintechs? What were they offering that the African banking systems lacked and how did they become such essential entities to the African populace?
Fintechs simplify financial transactions for consumers or businesses making them more accessible and generally more affordable. Mobile money (POS) is said to be the most widely used technology in Africa, especially in East Africa and it has continued to thrive because of the lack of banks and ATMs within certain region. Startups like Piggyvest and cowry wise help young people handle savings and investment even better as compared to traditional banking system whereby saving often comes at a loss for individuals and the investment is better reserved for wealthier individuals.
In all that I’ve listed above, it should be noted that fintechs have been on a success streak within the continent because they have been able to solve one problem or another presenting people with superior services they never realised they needed through disruptive ideas.
Another example is flutter wave and the solution they created for African business owners, giving them the opportunity to carry out payment transactions with their international clients at ease. Talk about an idea creating solutions to a problem!
Although ideas may be disruptive enough, note that they must be solving a problem. In the world of startups, businesses and innovations, one must keep in mind that no matter the service that is being rendered, it has to be needed to be valued. So before you start working on that disruptive idea of yours, you must be sure enough that it is actually solving a problem.
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