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5 Important Steps of Launching a New Tech Product (Part 1)

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Tech Entrepreneur & Co-Founder/COO Memo Africa, Darlyn Okojie 

Knowing how to create a successful product launch strategy from development to launch, promotion, and delivery to users is as important as the tech idea itself. The reason for this is that we have seen great ideas fail due to poor market entry strategies. In fact, most consumer tech products that are launched have a higher chance of failing; according to publicity.com statistics, 95% of the 30,000 consumer products that are launched annually fail. This is a common occurrence among small businesses attempting to launch a product. 

Hence, the need to share some steps for launching a new tech product to assist founders, creators, and developers in increasing the chances of their product’s market success and not continuing to second-guess whether the product will survive the next day. 

Here are 5 crucial steps in launching a new tech product that we have tested with Memo.Africa, and recommend that every creator should consider to increase their chances of success:

1). Does Your Tech Product Meet the Users’ Needs?

The first question behind every founder’s mind should be why would someone buy your product? If you can provide a good answer to this question, you have solved a significant part of the question of meeting the users’ needs. Figure out how your product could solve a problem, satisfy a desire or improve someone’s quality of life. You can get answers to this question by conducting a basic market survey. Through this survey, you will be able to understand how your customers will justify buying your product, and that is how you can begin a promotion strategy. A good product launch plan should always put consumers’ needs first and satisfy them in the best way possible.

2). Know Your Competition

Knowing your competition is a crucial aspect of any product development, especially those that are leading in your industry. What is it about the product that makes users prefer them over others? What is their branding like? What makes them unique, what is their price? And compare this with what you are offering. Leverage these insights to build your product. Ask your team, what will set your product apart from the other product in the same category. Why should consumers choose your product over the competition? Identify your product’s unique advantages and leverage them to sell your brand.

3). Make a Prototype and Test it

This is one of the most critical aspects of any new tech product. If you ignore testing, your product outcome might end up failing grossly. To avoid the risk of investing in a product that is overly flawed before it hits the market, create a prototype and get beta testers to try it so they can offer feedback on how to improve it, if necessary. Don’t wait for customer reviews after launch to improve your product, it can be disastrous to the product and your brand, scaring away partners and investors. No matter how excited you are about your product, always test before launching.

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4). Reconfigure Your Product

This is a follow-up to the above point. Once you have a prototype and start testing your product and gaining feedback from testers, friends, family, and colleagues, to correct the defects; do not hesitate to adjust where necessary. Little changes here and there can make a big difference in your product’s quality. Getting somehow outside the team to vet the product can lead to discovering new features that should be added or those that should be removed, which eventually makes the product better. You may not eventually end up with a perfect product, but you will arrive at a product that excites your customers and that you are proud of.

5). Identify Your Revenue Model and Run the Numbers

It is not enough to have a fantastic idea or product; you must be able to identify its primary revenue stream. Some tech ideas are great but they do not have market value.

Also, it’s wise to establish your profit margins as one of your product launch phases. Compare similar products’ performance in the market and, as much as possible, determine the likely number of products sold, total revenue generated, break-even sales volume, and net profit earned. 

In the area of marketing the product, you need to decide what to establish as a reasonable conversion rate for any of your marketing channels e.g., website and then figure out how much traffic you would need to reach that goal. You need every bit of this knowledge to make informed decisions, and avoid winging any aspect of it.

I hope you have learned a thing or two from this piece. Kindly go to Part 2 of this article to complete the basic steps to a successful product launch.

 

Written by: Darlyn Okojie, Co-Founder & COO, Memo Africa

Technology

Lersha Showcases Innovation and Collaboration at GITEX Africa 2024

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Lersha, a one-stop digital platform, recently participated in GITEX Africa 2024, an event celebrated for its networking and exposure opportunities within the tech ecosystem. The event proved to be a platform for Lersha to engage with industry stakeholders, forge strategic partnerships, and showcase its commitment to driving innovation in Africa.

Embracing the theme of innovation and investment, Lersha navigated the vibrant tech landscape of Africa with strategic objectives and meticulous preparation. The event provided a conducive environment for Lersha to foster cross-border collaborations, exchange insights with startups, and explore investment opportunities, contributing to the advancement of African innovation.

Reflecting on the experience, Satta Abraham, Strategy and Growth Lead at Lersha, remarked, “GITEX Africa was an invaluable opportunity for us to connect with industry leaders, exchange ideas, and establish meaningful partnerships. We are excited to harness these connections to drive forward African innovation and empower communities.”

One of the highlights of the event was the productive engagement with the International Finance Corporation (IFC) team. Lersha’s Strategic and Growth Lead participated in insightful discussions, exploring avenues for collaboration and growth over dinner.

Furthermore, Lersha actively contributed to the panel discussion on “Agtech for Financial Inclusion,” where its Strategy & Growth Lead shared key insights on leveraging AgTech to promote financial inclusion in Africa. This discussion underscored Lersha’s commitment to utilizing technology to address pressing challenges in the agricultural sector and enhance financial accessibility for all stakeholders.

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In addition to participating in panel discussions, Lersha showcased its digital solutions alongside other innovative startups, demonstrating its role in shaping the future of Africa’s digital landscape. From cutting-edge technology to groundbreaking ideas, reaffirming its dedication to driving positive change through innovation and collaboration.

As Lersha continues to expand its footprint in Africa, the company remains committed to leveraging technology to empower communities, drive economic growth, and foster sustainable development across the continent.

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Technology

Ark-x: Revolutionizing Tech Talent

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Ark-x is committed to accelerating the Moroccan and African tech ecosystems by ensuring the availability and competitiveness of tech talent through agile, scalable, upskilling, and reskilling solutions. This effort is part of the broader JOBINTECH project, a government-sponsored program.

Founded in 2019, Ark-x has been pivotal in addressing the disparity in access to skilled jobs in Morocco. The “Talent Factory” offers comprehensive training programs designed to transform potential candidates into job-ready professionals, ready to meet industry demands.

“Our mission is to unlock the potential of individuals and organizations through competency-based talent solutions,” said Hamza DEBBARH, Founder and CEO of Ark-x. “With advancements in AI, robotics, and IoT, it’s crucial to equip our workforce with the necessary skills to lead in this new era.”

Key Challenges Addressed:

  • Skill Gap: Rapid technological advancements have created a mismatch between available skills and industry needs.
  • Talent Shortage: Companies struggle to find qualified entry-level developers.
  • Economic Impact: Underutilization of local talent hampers economic growth and innovation.

Solutions Provided:

  • Skills-based Training: Comprehensive bootcamps focusing on in-demand tech skills.
  • Career Coaching: Workshops to enhance soft skills and job readiness.
  • Industry Partnerships: Collaborations with leading tech companies for real-world project experience.

Outcomes:

  • 1000 Careers Accelerated: With a goal to accelerate 10,000 careers by marrying scalability with adaptability.
  • 90% Placement Rate: High success rate of graduates securing positions in top tech firms.
  • 95% Recruiter Satisfaction: Achieved through a recruiter-centric approach engaging recruiters early in the program engineering phase and throughout the talent journey.
  • 89% Trainee Satisfaction: Through experiential learning, real-world problem solving, and expert coaching, delivering a transformative, individualized experience.

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Our commitment to excellence has been recognized by leading tech firms and industry experts. We are dedicated to creating a pipeline of skilled professionals who will drive the digital transformation of Morocco and Africa.

Our successful participation at GITEX AFRICA highlighted our innovative approaches and our significant impact on the tech ecosystem.

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Technology

Polymorpho, a Moroccan cyber security company shines at GITEX Africa

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Polymorpho Team (Image; Supplied).

Founded in 2022 by Moroccan entrepreneurs and cyber security experts with over 15 years of experience, Polymorpho has always been committed to defying the complexity of cyber threats through innovative and adaptive solutions for individuals, companies, governments, intelligence agencies, and law enforcement agencies to prevent and investigate cybercrime. Reda Cherqaoui, Executive Chairman and Co-Founder of Polymorpho, confirmed that the Moroccan cyber security company used their global expertise and know-how to launch their own venture.

Indeed, after many years of experience in France, the United Arab Emirates, and Singapore, the Moroccan founders have chosen to return home and Africa to create Polymorpho, a company offering a comprehensive range of services and solutions meeting the diverse cyber security needs of each organization.

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At GITEX Africa 2024, Polymorpho demonstrated to visitors and potential partners how their constant research and development make it possible for them to be ahead of increasingly diverse and rapid attacks. Through this event bringing together all digital players from throughout Africa, the continent keeps demonstrating to the world that the future of digital innovation is being formed by extraordinary abilities. Yet in cyber security alone, the potential and improvements to be made in Africa are quite substantial.

In fact, according to the most up-to-date statistics by Nairametrics, cyberattacks against African firms increased by 20% in Q1 2024 when compared to the same time last year. While there was a 5% rise in the average number of attacks per firm globally compared to the same quarter last year, the research found that African organizations saw the most attacks compared to others. With an increasingly attacked continent, the need for effective and adaptive cyber security measures is imminent. Polymorpho is ready for the challenge with their cutting-edge services and solutions in defensive security, offensive security, and cyber intelligence.

According to the Polymorpho team, being part of Gitex Africa was a great way to meet key partners and clients in need of more adaptive and tailored solutions. Polymorpho is motivated to keep inventing and pushing the limits of traditional cyber security solutions. We are honored to represent Morocco on the global scene and to demonstrate that Africa has nothing to envy from other continents in terms of technology, innovation, and cyber intelligence.

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