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How do I start a tech startup in a developing country?

In my opinion, here are several steps for starting a tech startup:

  1. Make a clear business plan, explaining which problem am I really trying to solve, who are the target customers, how to promote the product at the early stage…
  2. Build your team, find someone you trust to work with you. Your partner should have expertise that is different from you, for example if you are an engineering, maybe you need someone who is experienced in product development, company management, marketing, or business development…So that you can utilize the strength from each of your partner to grow your business
  3. Develop a core and basic version of your product without wasting too much money. Because you need a real product instead of just an idea to convince your early customers.
  4. Protect your intellectual property. Since your core value is the technology of your product, so before pushing your MVP to the market, remember to patent it in case of any infringement. This is even more important when you want to start business in a developing country.
  5. Put your product to a smaller market to test and keep improving. At this time, if your team has someone having distribution channel, it will be easier for you to push your product to the market.
  6. Fundraising to make your business bigger. For tips to reach investors, you can read my article here: How Startup Companies Reach Investors in Developing countries?

If you want to start your tech business in Nigeria, I recommend ERMS Investment, which provides one-stop consulting service and Intellectual property solution to help foreign tech startups to start business in China.

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