ALAT Facilitates Business Management Session for Young Startup Founders

Young startup founders and small business owners converged for the Talk Series organized by ALAT, Nigeria’s leading digital bank on Thursday, August 26, 2021. 

The series themed “developing and sustaining the startups of the future,” was aimed at proffering solutions to problems faced by young startup founders and business owners in Nigeria.

The session, which is the second edition of the ALAT Talk Series held via teleconferencing application, Zoom, with Tomiwa Aladekomo, CEO of Big Cabal Media; Femi Akinfolarin, Head of Corporate Strategy, Wema Bank and Adaora Mbelu, Founder of Lumination Global Network, as speakers.

The Head, Marketing Communications and Investor Relations of Wema Bank, Funmilayo Falola, served as the moderator of the 97-minute session.

Tomiwa Aladekomo shared insights into the African technology ecosystem in Nigeria and some of the biggest challenges faced in the sector.

“In developing a viable business, a wide range of expertise comes into play. If you are building a startup, mastery of the skills and an understanding of the ecosystem in which you play is critical,” he said.

 “Another important thing as a startup owner is to identify the problem you want to solve and provide a scalable platform for you to thrive.”

Femi Akinfolarin who heads the Corporate Strategy function at Wema Bank explained how technology can help small businesses improve customer experience.

He elaborated on the importance of business strategy and development in ensuring the growth and sustainability of a business.

He also highlighted how ALAT by Wema has continually supported young Nigerians through various initiatives aimed at improving their business management skills and ensuring startups have access to loans.

He referenced the importance of embracing technology for customer feedback.

“Technology helps small businesses in various ways by serving to provide a channel for feedback, building a multichannel approach and helping with analytics so that business owners can understand what their customers want.“

“Your brand is not your logo, it is not your ad. Startups make that mistake when starting out. The brand is the fulfilled promise your customers get from your product,” Adora Mbelu emphasized.

She spoke about brand management and positioning as important elements that require deliberate and strategic efforts.

The Talk Series is one of the youth-focused initiatives developed by ALAT to support Nigerians across the country in strategy, branding, technology and other core aspects of business development.