By RARZACK OLAEGBE
Are you familiar with the land of unicorns? It is magical. It is a glittering realm of eternal rainbows, where everything seems magical. The land of unicorns is an imaginary place where good ideas are born, and often, remain indefinitely.
On the one hand
In fintech, a business is labelled a unicorn if it appears promising at the outset but only functions and generates profit within an imaginary realm. A unicorn is a privately held business valued at over a billion dollars.
On the other hand
We have five unicorns. But these five unicorns have not shown you how to replicate a unicorn. I do not know how to build a unicorn. I have not built a unicorn. But I have dined with some unicorns. Interswitch and TeamApt [now Moniepoint]. I have shaken hands with Andela. From my experience, to make a unicorn, you need two things: money and magic.
In the long term
In his book, “How to Kill a Unicorn,” Mark Payne referred to the elements I mentioned above—money and magic. Using numerous examples from the global innovation firm Fahrenheit212, Payne explained how to develop innovative ideas and solutions that can succeed in the real world. He described that to foster innovation, you must build a diverse team and encourage debate [not just brainstorming].
Payne founded Fahrenheit212. If you have not heard of Fahrenheit212, the company has worked with some of the world’s biggest corporations. Samsung. Coca-Cola. Nestlé. Toyota. Fahrenheit212 developed innovative ideas. Strategies. Products. It created dream teams with money and magic. That is, it combined finance experts, those with commercial, financial, and strategic expertise, with specialists who know how to navigate consumer wants and needs in a seemingly magical way. That is the winning combination.
How does this work?
Consider an innovative idea or strategy that appeals to consumers but does not generate profit. Without funding, the author notes, the idea is unlikely to be sustainable. Fahrenheit212 tested this by turning Samsung’s new translucent LCD screen into a profitable technology. It assembled a team of analysts, financial experts, designers, writers, architects, and film producers. Together, they devised creative product solutions that were both financially and strategically viable.
To generate great ideas and build a unicorn, you do not need brainstorming sessions with your team. Debate. A 2003 study conducted by UC Berkeley found that debate and criticism, rather than hindering the development of ideas, actually stimulate it. To create a unicorn, you need the right timing and capital. If the timing is right, you need capital to push forward.
For instance, the timing of the COVID-19 lockdown facilitated Zoom Communications Inc.’s rise. The cashless policy and resulting internet downtime pushed rapid funds transfer solutions. If you innovate, you have a unicorn in you.
In the short term
Are you ready to build a unicorn? Find the funds. The magic will follow. That is the winning combination.
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