Kofi Dadzie, Rancard CEO spoke on a Facebook Panel Session at TechCrunch StartUp Battlefield Africa 2018, held in Lagos, Nigeria. He was a co-guest with Jason Njoku, Co-Founder and CEO of Iroko TV, on one of the panel discussions hosted by Emeka Afigbo of Facebook on the topic “Building at Scale: Taking an Idea and Delivering Cross Border Success”.
Kofi shared his experiences at Rancard and the various pivots the company has had to go through, learning lessons of value from challenges faced and successes chalked from previous pivots and applying them to succeeding ones – Rancard has transitioned from an Enterprise Resource Planning (ERP) Software Development to the mobile ecosystem where Rancard extended connectivity and API distribution to 25 countries across 3 continents. Rancard is currently in its 3rd pivot.
Rancard has learned lessons from its past experiences. According to Kofi, “one of such lessons has to do with what you control because you can grow a successful business for a time and get stuck in what is working and forget what you need to build and what you need to control were great businesses, once the key customers moved on, those businesses really did not exist anymore.” This has guided Rancard in its current pivot, “to be careful to build an asset that is fundamental to the business, but also one that we [Rancard] own”.
He said an earlier lesson that was learned was in 2001 when Rancard was building a carrier-class WAP gateway but shelved it for 4 years because the Accra market, which Rancard found itself in was not ready. This he said was a big mistake. He, therefore, advised that once you have an idea that is great and the market you find yourself in is not ready, take your idea to the leading market.