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According to him, four innovation practices are important namely, creating products and services that fulfil Africa’s unmet needs; rethinking business models to truly engage with customers; getting lean to drive down costs and price points; and harnessing technology to unleash the next wave of innovation.
Similarly, business models must allow innovation to flourish, where accelerators and innovation hubs have an important role to play in nurturing talent and identifying and supporting future unicorns.
However, innovation in Africa is often stymied by resource constraints, a lack of access for SMEs to financing, a lack of technical skills and inadequate infrastructure that make it hard to generate profits and generate the growth needed to survive.
He said invention is important, but it only becomes innovation when it solves a customer problem and has a business model that creates or captures value..
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