Top of the Post 📥 

Hello, there!

It’s been an action-packed week 🙌 

• Podcast: AI Pioneer Thomas Kehler on the Third Wave of Human-Empowered AI

• Success story: The Startup Founder Bootstrapping His Creator Economy Business

• Building Your Company’s App, Hassle-Free

• Weekly Business Challenge: The Luxury Vehicle Company with a Leaked Source Code 🤔

But first a tour of the headlines…

Weekly Catchups

News | Industry Insights | Trends

• 💼 Not fit for the grind?

  According to the Wall Street Prep State of L&D in Financial Services survey, most entry-level employees in financial services lack desk readiness. 70% of participants cited improving desk readiness as a top priority. 77% of companies report that most full-time analysts are returning interns. “Despite massive investments in training programs, many juniors show up at the desk completely unprepared and require significant hand-holding from the business to be productive,” Alex Gorbansky, MD of corporate training at Wall Street Prep, said in a statement.  
  

• ⌛ UK Four-Day Week Trial Ends

  The results are out! The four-day work week trial ran in the UK for six months to the end of 2022. More than half (55%) of project managers and CEOs said a four-day week – in which staff worked 100% of their output in 80% of their time – had a positive impact on their organization. Challenges encountered by some companies included working with clients and stakeholders where four-day weeks were not the norm

• 🎙️⚡Music Wars

  In many regions, Apple’s App Store rules prohibit companies like Spotify from billing users for subscriptions directly within the app, making them instead use Apple’s App Store billing service, which takes a cut of up to 30%. The European Commission is all set to fine Apple $ 539 million over alleged breaches of EU competition law. Spotify filed a complaint with the EU in 2019, calling out Apple’s unfair advantage over other streaming platforms.  

Unchartered Horizons

Personal Development | Success Story

Fill In the Blanks

While working for Paystack as a customer success expert in 2016, a great business idea was brewing in Douglas Kendyson’s head. This idea was born out of a loophole. The Nigerian Fintech company had consistently failed to offer services to non-registered businesses. 

After noticing that a sizable portion of the market remained unaddressed, Kendyson saw an opportunity. He and his friends launched Selar.Co, a digital marketplace for creators across borders. His experience at Paystack taught him exactly what digital creators and entrepreneurs wanted. He was resolute in simplifying the monetization of digital products. 

A Seasoned Professional and then CEO

He quit Paystack in 2017. But Before making a big splash with Selar, Douglas worked relentlessly for different payment service providers managing everything from product development to customer management. He also amassed remarkable growth in personal wealth. Starting with 35,0000 Naira to reaching peak earning between $5,0000-$6,000. By 2020, he was prepared to finally scale his side hustle which had been under the wraps for four years. 

Initially, Selar was a bootstrapped company with a small budget. For a long spell, it attracted no decent talent. Tech salaries remained high at the peak of the funding period in 2021. But Kendyson remained steadfast in raising capital for Selar. 

As he began to work incessantly on his passion to democratise digital commerce, Paypal and Stripe came knocking on the door to support this business fuelling the creator economy. In 2022, Selar finally reached profitability. Merely three years after running his business full-time, Kendyson said his company paid over 4 billion Naira ($ 4.4 million) to creators in 2023. 

Strategies | Tools | Marketing Tips

Jumping on the Bandwagon: Apps For Business

Think beyond investing in a responsive website for your business. The Global app store spending in 2023 standing at $171 billion confirms that apps are here to stay. However, not all business owners can afford to shell out thousands of dollars just on app development. Not to forget, the cost of hiring a professional developer stands tall at $105,000. So, should you stay away from it?  

You can develop an app, without breaking the bank. Here are a few considerations…

#1 Setting a Realistic Budget

Mobile apps, depending on features and the complexity of a project, come with various price tags. A simple one may cost $16,0000-$32,0000. While slightly more advanced specifics can fall anywhere between $32,000-$48,0000. You must be prepared to spend approximately $72,000 on complex app development.

 #2 Your Website is the Perfect Starting Point

Fancy getting an app interface designed from scratch after days of referencing only to be stuck in a frustrating feedback loop with app developers? That’s a lot of work for an entrepreneur with their hands full, dealing with various aspects of a business. Cut the clutter and keep the app’s design similar to your business's preexisting website. Another great reason to replicate your website’s design for the app? It’s a sure-shot way to maintain consistency in your design language.

#3 Focusing on Must Haves

If you’re on a tight budget to develop this app, consider thinking deeply about some features that you cannot compromise on. A minimum viable product (MVP) has the basics one needs to satisfy users and get feedback for future iterations. An MVP costs a fraction of the development costs with exclusive features. Moreover, the development cycle for an MVP is smaller and simpler.

#4 Outsource

Eliminate the cost of recruiting, training, and retaining in-house app developers. Collaborate with freelancers or app development agencies instead. 29% of businesses with fewer than 50 employees adopt outsourcing for various purposes including mobile app development. The cost savings are bigger if businesses choose to hire off-shore developers

#5 Test and Improve

The rules of app development are not set in stone. It entails continuous improvements, upgrades, and feature enhancements. The predictable cost to maintain an app might reach up to 20%  of the total cost to develop an app.

Don’t Miss It!

Networking | Business Development | Entrepreneurship

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