Highlights from FATE Foundation's 5th Alumni Conference

Highlights from FATE Foundation's 5th Alumni Conference

October 06, 2020

Dear  

,

On the 24th and 25th of September, we hosted our 5th FATE Foundation Alumni Conference which was also our first virtual one. The event was live-streamed on YouTube and Zoom and the combined attendance from both platforms is 761 participants for Day 1 and  524 participants for Day 2.W

e will like to say "Thank you" to everyone who took out time to be with us virtually. Though it was very different from our usual it was definitely packed with a lot of great insights as we got to hear from four amazing speakers, four excellent moderators, our Founder, Mr Fola Adeola and The Governor of Lagos State, Mr Babajide Olusola Sanwo-Olu. For those who attended we hope you had a great time of learning, unlearning and relearning. If you missed it don't worry, Here's a recap of what happened during the conference.

Governor's Welcome Address

: The Governor commended FATE Foundation for our visible contribution to the growth of entrepreneurship in Lagos State and encouraged us to continue with our good work. Here are some highlights of his welcome address:

  • Be Resilient: He encouraged entrepreneurs to be resilient  As entrepreneurs, always face roadblocks. Entrepreneurs should embrace receiving feedback and improving their product offering as this is essential for success.

  • Target the right audience: Entrepreneurs need to identify and communicate well with people who will be willing to buy the product/service that is offered.

  • Get your business registered: The Governor encouraged those that are yet to register their business to take advantage of the Companies and Allied Matters Act (CAMA) provisions and register their businesses for free.

Ndidi Okonkwo Nwuneli 

MFR talked to entrepreneurs about how to "

Identify New Opportunities and Untapped potentials"

during this season. These are a few salient points from her discussions:

Entrepreneurs should have the following skills and attributes to survive:

  • Vision: entrepreneurs need to have the vision to redesign, disrupt the value chain, ecosystem and the way business operates.

  • Empathy: having empathy as a skill is required now more than ever and not just for your staff but also for external stakeholders.

  • Cost: it's important to be frugal and plan for the next 12 - 18 months for different scenarios - the best case, mild and worst case.

  • Technology: Technology and Innovation needs to be incorporated into your ecosystem.

  • Collaboration: collaborate with others - your competitors, customers, suppliers and in ways you have never done before.

  • Policy Interventions: it's imperative to get involved in shaping policies for your ecosystem at the local, state and federal level in order to create an ecosystem that works for you and for others in your industry.

Nnaeto Orazulike

 talked about "

Strategies to Navigate Turbulent Times".

He told entrepreneurs that crisis is always present in the journey of entrepreneurship and that building resilience is a necessary skill that must be honed to ensure every season. Here are more salient points from his discussion:

  • Doggedness: entrepreneurs need to believe in their story and vision of their businesses despite problems that might arise along the way.

  • Opportunities in gaps: he encouraged entrepreneurs to find gaps in their market place and work on solving those problems and create a market for them. 

  • Diversification and growth: once entrepreneurs have established their processes and businesses it is important to have a growth mindset. This is one of the ways to ensure that one builds a sustainable business. 

John Obaro

 talked about "

Leapfrogging with Technology".

He talked about how his business grew while trying to solve an internal problem his organisation was having. And also how he was able to sustain growth through the values of Trust and Integrity. Here are more salient points from the discussion:

  • Gaining Competitive Advantage: being at the forefront of change means having the ability to move rapidly through the adoption of modern systems without going through intermediary steps. It also requires a lot of creativity and listening to your different types of customers.

  • Building a Team: entrepreneurs need to be able to build a team that can deliver consistently. To do this one has to build a culture of trust and service. A Tech company requires top talent to grow and the ability of your company to attract and retain skilled people contributes to growth.

  • Integrity when no one is looking: it is important to always do what is right from the beginning. In areas such as bookkeeping and carrying out activities related to your business. This speaks for your business and can help build a sustainable business over time. One that will attract people and partners that will accelerate your growth.

Dr Stella Okoli

OON talked about "

Embracing Change and Transformation"

.

 

She talked about how to embrace change and transformation during this period. Here are some salient points from her session:

  • Opportunity in Crisis: everyone needs to be on the lookout on how to take advantage of opportunities that arise in the time of crisis.

  • Flexibility in Crisis: entrepreneurs need to learn how to adapt to the needs of their employees in the time of crisis. This can help is improving service delivery. Entrepreneurs also need to be creative during a crisis. This may require changing your revenue model in the time of crisis to survive. 

  • Building the Emzor Team: it is important to hire for attitude and invest a lot in training employees to become better than they are.

  • Bootstrapping for a startup: she encouraged entrepreneurs to be frugal and focus on the financial needs of their businesses when starting up. Even when family and friends may turn you down it is important to stay focused and persistent in your dream by avoiding unnecessary expenses.

  • Be part of a community: it is important to be part of industry trade associations and network with entrepreneurs within your industry.

Alumni President's Presentation on The Business Recovery Programme

: Max Menkiti, President of FATE Foundation's Alumni Executive Committee presented the signature programme that has been specially put together by the Alumni Exco and FATE Foundation team for members of the alumni community. The "

Business Recovery Programme

(BRP)" was designed to help FATE Alumni build resilience during and beyond the COVID-19 pandemic. The programme has 6 focus areas as follows:

1. Resilience Building Workshops

2. Digital Transformation Workshop

3. Remote Consulting & Advisory

4. Resources & Market Linkages

5. Community Building &

6. Funding Linkages

This programme will be free to access to all FATE Alumni for a limited time period and it will be implemented virtually.  All FATE Alumni can take part in this programme by registering at 

. Kindly note that Registrations opened on the

4th of October 2020

.

Fatai Olayemi

Lead, Growth Support Services  

FATE Foundation