How To Avoid Nigeria’ Software Firms’ Downfall Of Yesterdays?

Nigeria has been blessed with so many talented entrepreneurs with innovative ideas. Interestingly, such people have translated the ideas into building software firms this nation has ever seen.

Sadly, at the heights of their successes, they soon fall like a pack of cards within a spate of few years.

Big players in this league include Tara Systems, Abics, CSA to name a few.

Many reasons have been responsible for such a sky-fall according to observers. Some believed that this could be related to poor management of success. A few believe that it was due to succession problem common to great companies early on. Divergent visions at a point in their stage of maturity could not be dissociated from downfall, as well.

Though the birth of software companies in the early 90’s came with disadvantages, however, it bore along opportunities never before existed in the history of this nation. Job opportunities are a few of such merits.

Defunct CSA software firm was an epitome of such.

Several bigwigs in today banking sector, payment solutions, newer software firms etc. are beneficiaries of such watershed.

Though Computer Warehouse, AppZones, Neptune, Systems specs, Interswitch, eTransacts, NIBSS are the heavyweights dominating the airwaves, in fact, they need to be wary of yesterday’s landmines otherwise they would be consumed as well.

This piece is a remedy to forestall occurrence of such catastrophe that had bedeviled our nation’s software firms in the eyes. Nevertheless, this isn’t a one-size-fits-all approach but I’m persuaded it would arm the next generation entrepreneurs with the requisite skills needed to navigate through murky waters of yesteryear mistakes.

The major mistakes software founders made was the inability to have a long-term goal regarding their organizations. Meanwhile, they successfully executed their short-term goals. This was demonstrated in the way they shone like a morning star in their financial turn-over at the time, only to suddenly vanish away like an exploded rocket mid-air.

It is worrisome that they could not compete favourably with their counterparts in other climes. Indian is what easily comes to mind in this regard. India mastered the art so well! Due to this setback, the India software Industry soon flooded Nigeria market and even took over Nigeria’s software development like a storm, while we play second fiddle in the late 90's.

According to the survey of Fortune 500 companies, an overnight successful company takes 10-year to survive. Afterward, she has a hope of sustaining the weather. Even at that, 20-year period of an establishment is what it takes to be certain of being out of the wood finally.

Unfortunately, few founders are aware of this.

Talking to the Group Head of IT of FCMB bank, Mr. Kayode, shed more light on the success of the foremost bank in Nigeria. He said, “The success of the FCMB bank is attributed to innovative customer focus as a driving factor. Also, the core values of making employees happy are prime to its survival for decades.

Besides, the Executive Director of NIBSS also has something to say as well. He said, “When local software firms are performing well in terms of short-term goals, then they need a new long-term vision to raise the bars. This is achievable by offering the capital and shares of the firms to the public. By so doing, the untimely death of the entrepreneurs would be avoided.”