What African start ups can Learn from Therano’s Game of Lies.
Over the past few weeks,I have been reading extensively on this story doing rounds on social media on how the queen of Silicon Valley,Elizabeth Holmes fooled everyone even the most respected icons of Silicon Valley.From Marc Andreessen to Google Ventures.The Allegations by the FDA that her claims of detecting hundreds of diseases by a prick on your finger have been confirmed to be true.😤😤
Okay enough with the “sorry state” of this emotional roller coaster .As a developing start up ecosystem in Africa,there are lessons we can learn from this story to avoid going in the same path.((….Oh!!One more,the Ghafla founder fell out with Ringier Africa when they found out that they cooked the metrics,read about it here and here ))
Lets get into it:-
- Never,Ever should you cook a story about your start up to please the media,they will always find out.
- If people discover their are flaws with your solution,admit it,correct the mistake and seek a professional opinion.
- Don’t rush to raise money when your solution is merely working,especially in Africa where investors are picky in what they are getting into.
- When hiring,be clear on what the to be employee will be working on to avoid speculations.
- If you building a biotech start up in Africa,work with the necessary bodies in the health sector to get your solution approved.
- Never ignore the role of government in regulation,consider the regulations in place when you building your product.
So..next time you giving that interview with that blogger,be careful on what you say because they will come back to haunt you😁😁
Hit the 💟 to encourage an entrepreneur.