Google pays Apple $3 billion every year… juicy.

News broke on the interwebs that Google might have been paying Apple up to $3 billion inorder to remain the default search engine on Apple’s iOS devices.

Google paid just $1 billion about 3 years ago… so, Apple might even demand a bigger paycheck next year.

Crazy.

Just crazy.

What can we learn?

Let us zoom in…

See, Google is not a fool for coughing out $3 billion to secure the partnership.

Analysts estimates that iOS users generate about 50% of Google’s mobile search revenue. Therefore, it is only logical for Google to defend such a profitable field.

If a corporate body is paying so much more money to remain the default option on another man’s platform, know that it is because the profits make it worth it. Nobody is getting a free meal anywhere.

On the flip side, I see the benefits to owning a platform.

I was discussing with some friends a few weeks back and someone raised a point that if not for Android’s dominance, Google would have been sidelined or rigged out of the game by now.

By owning a slice of the mobile landscape, Google is able to also dictate the conversation.

Therefore….

Beyond just building apps, websites and all the rest…

We also need to think in terms of platforms.

Maybe someday, someone will also pay us $3 billion inorder to gain access to our users.

Or what do you think?


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Take it 6 weeks at a time

It takes a lot of deliberate work and strategy to build an innovative business.

To really innovate usually involves going deeper to produce a simpler and more coherent solution than what is generally obtainable. This is a lot of work.

The thinking can be much overwhelming.

That is why I like the idea of structuring work in 6 weeks cycles.

It is an idea I got from the great guys at Basecamp. You can read it in full over here.

The basic idea is to handle projects you can tie up within 6 weeks or less.

When I work with clients who are trying to build their innovative business ideas, I always get them to a state where-in they can launch something within 21 days (3 weeks) and then we spend the next 3 weeks on tweaks and initial customer push.

It is just way better to work that way.

It saves us from an endless running without knowing when to stop and catch our breathes.

You will be fine. Just take things 6 weeks at a time.

 


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The biggest reason why startups succeed

Bill Gross did an extensive research, looking for patterns… the #1 reason why startups succeed or fail.

After much study, he came to a conclusion: it is all about the timing. (You can watch him discuss this in this video)

Innovation requires a lot of moving parts to come together and work together in a nice way.

You have to hop in at precisely the right moment.

Preferably at the dawn of a trend… just before the concept goes mainstream.

It is dangerous to carry ideas in your mind for more than 2 years.

You either go build it out… or toss it into the trash can.

The timing would have changed. Nobody would be interested in your idea again.

A lot of products and services working so well today are not built by their pioneers. The original pioneers usually messed up the timing and failed.

However, later on, when the timing is better, someone re-visits the idea and wins big.

Perfect timing is better than having a brilliant idea.

What are the current trends in the startup space? Which ones are well timed to go mainstream now??

 


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What I consider to be an innovative business

SImple, really, these are businesses developed to improve pre-existing templates and processes.

Businesses that favour higher efficiency and productivity over sentiment.

Businesses that are forward thinking and run with a global thinking spirit.

Why should you build one?

You should build one of such, because the marketplace is over saturated with thousands of businesses, just like yours and only innovation can help you rise above the noise.

In 2017, there is really no other way to go…. that is, if you really want to succeed in business.

 


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Let’s talk about those 27 new Pioneer Industries in Nigeria

A few days ago, the Federal Ministry of Trade released the list of 27 new industries that are now eligible for Pioneer Status. (The announcement was made via Twitter. Another reason to use Twitter: Government people use it… hehe)

From the Nairametrics.com site, I find this extract to be relevant:

The pioneer status incentive is tax holiday given to companies for a period of time, to encourage the growth and development of the Nigerian economy. A new company or an existing company with an expansion plan may apply for a certificate of pioneer status which lasts for 3 years and is renewable upon application for 2 years. It may also be a seven-year tax holiday in respect of industries located in economically disadvantaged local government areas of the country.

The industries on the list that I am most grateful for are Ecommerce services, Software development, and business process outsourcing.

I am interested in building businesses in this 3 industries and so I am super excited.

Also included are creative industry, entertainment, real estate investment trusts, investment in cosmetic assets, such as Mortgage Backed securities. The list also includes several aspects of mining and manufacturing ventures.

So, check out the complete list of the 27 industries they posted on Twitter and then be sure to read this Nairametrics.com article that explains all the incentives.

 


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If all you have is a hammer…

We have been trying to decode why the most powerful company in the world failed at social media… 

I got some interesting responses yesterday. Very interesting responses… 

For example, Victor; one of our members pointed out that Instagram and Snapchat started after Google+ and both have gone on to become hit social platforms in their own right. 

Interesting… yeah? 

Anyways, why do I think Google struggles to nail it when it comes to social? (None of you raised this point, BTW) 

I remember that wise saying that “If all you have is a hammer… then the whole world becomes a nail” 

Picture this: try going through the day using only a hammer for all tasks. 

You would have to hammer open locked doors (no keys mate!), hammer the tap to start running, hammer your smartphone to launch the blue app… 

Ok, you get the picture. 

So, until quite recently after some interesting acquisitions, Google lacked any serious knowledge about social platforms and what makes them tick. 

They always thought it was a tech problem… they where wrong. 

Social platforms are about the people. Not about the tech. 

Nobody cares about who has the better tech when it comes to social… just ask Telegram #CaseClosed 

That is why even though they built very cool social apps. Nobody used them. 

They were used to hammering at everything with their tech hammer, but now, to win at social demanded a different kind of toolset. 

Some people are going about their business this very way… They lack a truly diverse tool set that can crack open different sets of problems. 

Don’t be that guy! 

You don’t go through your day using only the hammer, you also need keys, a vacuum cleaner, and sometimes… your hands will do. 

We must realise that running an innovative business requires extensive tooling and equipping. 

You have to learn all you can and try applying different approaches to challenges you face. 

That is why you must build a truly diverse team and get some partners you can collaborate with. 


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Analysing how the most powerful company in the world failed at social media…

There was this powerful internet company, arguably the most innovative company of our time…. yet they where struggling to have a social platform that could host conversation and community. 

They at first denied it was a problem…. then later they decided it was a threat and then swung in to fix it. 

They started to throw all sorts of social apps and platforms out there… without any overall strategy or rhythm… 

The whole social push sucked. 

The whole project failed. 

Infact, one day… we woke up and found out we now had a social network attached to our email inbox! 

24 hours later, the whole world agreed the idea to add some buzz to our email was a bad one and the company quietly started winding down the project. 

Till today, this company is yet to own or control any meaningful platform where people converse and host community. 

They just kept failing at everything…. do you wonder why? 

Me too. 

Why do you think the all-powerful, un-touchable Google could not win the social media game? 

Let me have your thoughts. 

I will share mine tomorrow…. 


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It begins with the customer, it always does.

A classic rookie mistake we all make: we begin our projects by focussing on our initial idea.

This is why sometimes, we make things that are technically awesome, but irrelevant to anybody. I see companies spend many many years working on projects only to emerge with something that has no practical use case.

I understudied a man that wanted to start a very common type of business.

Personally, I was skeptic about his chances, I mean… why play in the mud?

However, he pointed out that he could truely make a different if he got the right angle. And so, he got to work, making research upon research. Talking to the target audience.

Working hand-in-hand with the target customer, he identified pain points, frustrations and sweet spots.

When he finally launched; he won.

He won BIG.

It always starts with the customer! This was the biggest lesson I learnt earlier this year after I invested some serious cash into taking a marketing class.. My trainer explained over and over again: You need to know your customers intimately.

What gives them the biggest headache?

What frustrates them?

What do they aspire to become?

What is their dream lifestyle like?

How can you now make a product/service that helps them get everything they want?

 


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The thing about coaching for business builders

Yesterday’s post about how to really add value to the economy was well received for the most part…. 

It was this part that caused some ruckus

We need to forget all this life coaching and motivational pitching, we need to do away with all these information product peddlers. 

People disagreed…. and that’s fine. We cannot always agree on everything.

This comment perfectly sums it up: 

I think everyone  needs a coach.  

Even the biggest  business men are coached or were coached. 

No matter how prodigious  one may seem, you would deft need to be coached

So, I need to clarify things a bit. 

First of all, coaching and mentoring is totally optional. Some people have succeeded without any mentoring or coaching. 

Its just that things take at least 12x longer than if you have coaching/mentoring. 

Now that I have stated that clearly, I can now explain that the coaching that helps you move ahead must be well aligned. 

Turkey’s cannot coach eagles. Only Innovators can teach and train innovation. 

Motivational speakers I spoke about yesterday have nothing valuable to impart you. They don’t have any “self-prove” of any kind. 

They’ll just keep talking you that you can do it until you get fed up and move on… 

This is totally different from my Insiders Mastermind group where you are “jamming” with others like you: guys trying to build big businesses based on Innovation and Excellence. 

So…. I am not saying coaching is bad idea. 

I am saying get the right coach. 

With all the respect, the advice I give to start-up builders are usually more actionable and relevant than what big name consultants dole out. 

This is because I have a wealth of relevant knowledge from over a decade to pull from… 

I am just saying…. get the right coach.


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How to add value to the national economy

You are only adding value to the economy when you are hard at work, working on providing tangible products and services at scale.

We need to forget all this life coaching and motivational pitching, we need to do away with all these information product peddlers. It is time to get into the heart of the matter.

The immediate past two (2) generations of “forward-thinking” Nigerians have focused more on motivating people rather than getting to work.

This is the trend: running a business is hard, so I rather motivate others to start instead. My protégées also try to start, but since they start earning more from talks than from doing, they also shift into talks full-time and the cycle repeats itself.

People need to acquire real business skills and dial down the fan-fare.

We cannot continue to motivate people and think national problems will go away… They won’t.

If you motivate a fool, you simply get a motivated fool.

Let us acquire the skills we need, then get to work, chip-by-chip, working out the change we wish to see.

I believe so much in what you can get done when you commit to work, and that is why I committed to sharing my thoughts with you through this platform.

That is why I run 3 major empowerment platforms committed to the real work, not fluff.

That is why I am starting The Insiders mastermind group next week.

We need people who are actually working out on the field everyday to share their learnings with the rest of us, we don’t need some “thought leader” that has no corresponding business depth to share.

You are ONLY creating value when you get to work, providing tangible products and services at scale.


Interested in building innovative business ideas?

Since 2014, #TMP has been empowering people to learn, collaborate & build out innovative business ideas. #TMP is an online innovation hub.
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