At the ongoing Africa Startup Festival, industry leaders highlighted key factors that determine whether startups attract funding and succeed in competitive markets.
Yvonne Johnson, CEO of Indicina, emphasised that the first step in evaluating any startup is confirming the problem being solved and assessing the proposed solutions. "The first thing I do is to confirm the problem that is being solved and proposed solutions, to know how valid the proposed solution is. The other thing is the personality factor - looking into remittances and diligence on the part of the team leading implementation," she said.
Johnson also noted that product credibility is a common challenge when seeking funding. "When you are building a solution, ensure that the product credibility is dotted. One way to overcome challenges is through product positioning - how you position the product to add value," she added.