Must Read Report for Every African Entrepreneur

Diaspora Matters by Victor Muchemwa on January 28, 2018 1.44K views

For African entrepreneurs, the future is technology driven! For progress we have to look ahead, study current and future political, economic, environmental, social and technological patterns. The world is changing at a very fast rate creating endless opportunities and risk at the same time. A case in mind is that of Facebook which did not exist in 2013 but is now worth $500 billion and its value is expected to keep rising! The future is therefore technologically driven and countries and citizens therefore need to regularly assess how they are faring when it comes to technology adoption and use.

If the majority of farmers in your country are still doing subsistence farming using manual labour and looking for markets physically then there is a big problem. If we are still relying on rainfall for agriculture then we are still behind and need to catch up fast. Some have already heard of Bitcoins or Crypto currencies-this is a new term and the majority of us are still confused of what exactly this Bitcoin is. Who controls is, how does it get value,who is the owner of it? Whilst wee are still confused, advanced nations are moving ahead with its adoption and use. So for every African Entrepreneur, the key to competitive advantage is through technology! Ensure that technology is a key part of your business. Find ways of automating a lot of your key activities for instance how do you reach out to customers? Do you wait for customers to come to your business and buy? Consider E-Commerce-it is veryfast and efficient, expands your reach beyond your geographical location and customers can buy goods or services 24 hours a day! Or are you a Non Governmental Organization that carries out capacity building by holding conferences-hiring expensive hotels and inviting participants to come and learn under classroom conditions? Use technology to your advantage-conduct trainings through webinars, create a website where you file training material, create digital training material and send videos and audios, engage participants online and file training material for reference purposes. It is more efficient this way than the traditional model of classroom capacity building

So even when applying for grants from Western Donors, if you fail to include how you will use technology in your grant applications, then your chances of success are likely to be limited. A look at the Kwese Tv competition should show that the eventual winners will need to have included how they will use technology to advance their businesses.

Important Technology Skills for Entrepreneurs

Be curious-follow technological developments in your field
Join business forums where they talk of technology
Follow leading tech savvy business people like Strive Masiyiwa
Follow leading business forums such as ZBIN, we have a deliberate policy on technology adoption and use
Read Academic journals-there are a lot that can be found online
Your business strategy should be anchored on technology-constantly review operations
Benchmark your operations-if you operate a clothing store in Malawi then study how clothing stores in USA or UK are doing, how can you match their standards at less cost?

If technology is too expensive -worry not, prices will eventually go down and in some cases, disruptive technology maybe on the way.

Below we feature some of the key trends in technology and they should guide you in terms of business strategies. To remain manual is no longer a viable option for entrepreneurs! The information is coming from the Readiness for the Future of Production Report 2018 which is also attached for your download.

Asses how you country, Company, CEO,Pastor, Lecturer or local MP ranks in terms of knowledge of the trends below:

Artificial intelligence and robotics	Development of machines that can substitute for humans, increasingly in tasks associated with thinking, multitasking and fine motor skills.
Ubiquitous linked sensors	Also known as the “Internet of Things.” The use of networked sensors to remotely connect, track and manage products, systems and grids.
Virtual and augmented realities	Next-step interfaces between humans and computers involving immersive environments, holographic readouts and digitally produced overlays for mixed-reality experiences.
Additive manufacturing	Advances in additive manufacturing, using a widening range of materials and methods. Innovations include 3D bioprinting of organic tissues.
Blockchain and distributed ledger technology	Distributed ledger technology based on cryptographic systems that manage, verify and publicly record transaction data; the basis of “cryptocurrencies” such as bitcoin.
Advanced materials and nanomaterials	Creation of new materials and nanostructures for the development of beneficial material properties, such as thermoelectric efficiency, shape retention and new functionality
Energy capture, storage and transmission	Breakthroughs in battery and fuel cell efficiency; renewable energy through solar, wind, and tidal technologies; energy distribution through smart grid systems; wireless energy transfer; and more.
New computing technologies	New architectures for computing hardware, such as quantum computing, biological computing or neural network processing, as well as innovative expansion of current computing technologies.
Biotechnologies	Innovations in genetic engineering, sequencing and therapeutics, as well as biological computational interfaces and synthetic biology.
Geoengineering	Technological intervention in planetary systems, typically to mitigate effects of climate change by removing carbon dioxide or managing solar radiation.
Neurotechnology	Innovations such as smart drugs, neuroimaging and bioelectronic interfaces that allow for reading, communicating and influencing human brain activity.
Space technologies	Developments allowing for greater access to and exploration of space, including microsatellites, advanced telescopes, reusable rockets and integrated rocket-jet engines.