INTRODUCTION
The year 2022 has been a challenging one for most businesses as the economy recovers from the effect of the pandemic. At RAD5 Tech Hub, we faced a number of challenges and obstacles that tested our resilience and determination. Despite these challenges, we are proud to report that we have made significant progress in a number of areas, and we have set the foundation for future growth and success.
OVERVIEW OF THE PAST YEAR
During the past year, RAD5 Tech Hub has focused on delivering more value while adjusting to the reality of remote work and engagement, improving our services and acquiring new markets. We took a hard decision to suspend a few offerings, announced a new program and invested in new technologies and products which have helped to drive our growth and improve operational efficiency.
Key Accomplishments
- We announced and launched our program, RAD5 StartupClub – a program geared towards investing and empowering innovators and entrepreneurs to build successful ventures leveraging shared resources while helping them find product and market fit. The program which launched in the month of February currently supports 6 ventures namely Chooya, Mayvibe, Beacamp, Celot, SchoolSuiteNg and GroupKash.
A few of the year’s feedback from the entrepreneurs include:
Beacamp – it’s been a journey trying to explore workable ideas. The program has helped us see what is possible and an approach to what is not possible. It granted insight and understanding of team building.
Celot – Our initial mindset was to lunch, run Ads and acquire users but the club has provided insight on writing pitch desk, enhanced communication, branding, team building, business model, customer acquisition and user engagement.
Schoolsuite – Prior to joining the program, I had a shallow view of startups but the program has provided me with deep insight into the value proposition and running a startup.
- We reactivated our suspended RAD5 Tech Bootcamp through our Academy in the 2nd half of the year. The program saw 25 young persons joining the intensive instructor-led bootcamp. Watch out for the demo day.
- We consulted for the African Union through AfriLabs in the AU Digital and Innovation Fellowship and AU Civic Tech Fund (AUCTF) programs as technology and product development trainer and mentor.
- We have implemented a number of cost-saving measures, which have helped to improve our bottom line and increase our profitability.
- We hosted DevFest Aba in partnership with Google Developer Group Aba. This led to the identification of extraordinary talents and developers within the community and we look forward to working with them more in the coming days.
Key Challenges
- Limited partnerships and opportunities in Southeastern Nigeria.
- Limited resources to support more young persons, innovators and entrepreneurs.
- The past year has been marked by unprecedented economic uncertainty, which has made it challenging to forecast and plan for the future.
- Poor marketing and Public Relations (PRs)
OUTLOOK
Looking ahead, we are confident that our strong commitment combined with our continued focus on innovation and empowering young persons and entrepreneurs, will help us to achieve our growth targets and continue to drive value for our partners and ventures. We are committed to maintaining our position in providing equal opportunities to all and to building on the progress we have made in the past year. We also look forward to announcing more initiatives and opportunities in the coming weeks. We also look forward to reactivating our social project, TeenHack this year.
CONCLUSION
In conclusion, the past year has been a challenging one, but we are proud of the progress we have made and the foundation we have laid for future success. We are confident that our focus on innovation, customer satisfaction, and financial performance will help us to achieve our growth targets and drive value for our community, ventures and partners.
Interested in our activities or partnership? Kindly get in touch – Contact Us
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