Pandemic: Microsoft 4Afrika Calls For Shift To Innovative Economy

Microsoft 4Afrika has ad­vised that for SMEs in Africa to meet up with the current pandemic-driven changes in customer behaviour, then its invention economy must shift to becoming an innova­tion-based economy.

Soromfe Uzomah, Head, Strategic Partnerships, Mic­rosoft 4Afrika, in his paper, titled: Should post-Covid re­imagining prompt African SME’s to revisit their busi­ness models, explained that the invention based econo­my is where there are lots of great ideas with lack of scal­able product; while an inno­vation economy is one based on competitive products that are scalable.

Explaining further, he not­ed that innovation becomes important only when it solves a customer’s problem and has a business model that creates or captures value.

“We must strengthen the innovation ecosystems in Af­rica. For SMEs and start-ups to thrive in the competitive world of business, they need to progressively innovate to ensure that goods and ser­vices reach untapped cus­tomer needs, and for this, business models must allow innovation to flourish.

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“Here, accelerators and innovation hubs have an im­portant role to play in nurtur­ing talent and identifying and supporting future unicorns.

“While the Covid-19 pan­demic has presented signif­icant challenges to SMEs, it also represents an opportuni­ty to adapt in order to make the most of their resources.

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“Business model innova­tion is one of the most effec­tive ways for companies to stand out from the competi­tion and secure their futures, particularly in turbulent times.”

Soromfe disclosed that in times of significant changes, such as those stemming from the current global pandemic that it is pertinent for com­panies to think about what business model changes might help them adapt to the shifting landscape.

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