Half a decade ago, start-ups were just a simple business idea waiting to be hatched into an actual revenue generating enterprise. No one cared much about a simple idea not making money yet.
Today though, the scene has changed, Sillicon valley is the reason behind the awakened business industry for nurturing simple ideas into great business structures recording huge amounts of revenue today.
Continents across the world have warmed up to start-up incubation Africa being one of the major innovation and incubation centre for start-ups. South Africa, Nigeria, Kenya are currently leading in startup incubation in the continent with remarkable result. The countries have well established innovation hubs that mostly link to technology to seize worldwide digital opportunities.
The incubation centres operate on monthly programmes to allow accommodation of multiple ideas per year. At the end of the programme, the startups graduate in readiness to join the corporate world. During these training programmes, startups participate in competitions usually regional, multinational and even global in pursuit of funds and investors.
As challenging as these competitions continue to be, startups have lost focus and turned into trophy and fund chasing entities. They have simply become perennial award winning entities with nothing but trophies to take home. incubation Programme coordinators have also become paper chasing institutions only pushing for these startups to go through competitions forgetting the initial intention being solution provision to the society.
Speaking to a Startup founder and CEO, of an award winning start-up that has received several verbal and trophy endorsements since inception, Awards have become the order of the day having no direct impact on business or even revenue generation. These start-ups eventually sit at the same desks provided in the incubation spaces without much progress revenue-wise which raises the question of the importance of the series of start-up award ceremonies across countries.
On the flip side, some of the startups awarded for their innovations receive tangible funds that help them scale wider into the market with some of them getting notable investments that change their businesses positively.