jasdooit

FromThe journey of Segway from failure to success in the fintech sector in Kenya and Nigeria shows that innovation thrives when it addresses genuine issues and matches the company’s strategic goals.

In today’s highly connected environment, technology and commerce are in continuous interaction, with each shaping the other as they strive to keep up with changing customer needs and economic challenges. However, during this process, there is an essential question that every leader must consider: when should technology take the lead in business, and when should it come after?

At times, technology appropriately assumes the lead. Throughout history, groundbreaking advancements have established new markets — starting with the personal computer, followed by the smartphone, and now extending to blockchain in international money transfers.

In 2013, Google introduced Google Glass—a daring step into the world of wearable technology. The technical achievements were impressive, yet the market wasn’t prepared. Issues with privacy, undefined applications, and an uncomfortable design made it more of a social novelty than a profitable product.

Jump ahead to the present, and Apple’s Vision Pro has joined the same group—but with a different approach. Apple didn’t simply launch a product; it presented it as part of a narrative around efficiency, leisure, and compatibility with the gadgets users already own. The distinction? One focused on the technology itself, while the other combined tech with business strategy.

There are instances where innovation needs to take precedence.

Innovations that establish new markets: The iPhone didn’t merely satisfy existing needs—it transformed them, making smartphones essential.

Efficiency transformations: Amazon’s initial focus on warehouse automation was a technology-driven strategy that eventually supported its leadership in online retail.

Aggressive defense: Netflix’s shift from DVD rentals to streaming was influenced by technology, yet it prevented the company from falling behind.

In such instances, the company modified its approach to align with technological advancements and succeeded.

History is equally filled with technology-focused errors.

Segway aimed to transform individual mobility but did not address a significant issue for the majority. Introduced in 2001 with expectations of selling millions annually, the $5,000+ self-balancing scooter impressed investors and technology lovers. However, it failed to resolve a critical transportation challenge and encountered restrictions on sidewalks, preventing widespread acceptance.

Rather, it evolved into a specialized device for mall security and guided tours, demonstrating that even extensively funded, advanced products can fail if they don’t provide obvious, daily benefits.

Many cryptocurrency initiatives begin with impressive blockchain features but lack a viable business strategy, making them prone to failure.

The trend is evident: when technology is focused on its novelty instead of its usefulness, acceptance slows down. A remarkable technical accomplishment that fails to meet a genuine need is merely a costly trial.

The ideal approach is ensuring technology and business strategy work together harmoniously. Leaders should consider three key questions before allowing technology to lead: Does it address a customer’s problem? Can we test it efficiently before expanding? Does it match our future objectives?

For instance, Tesla’s autopilot and energy offerings represent tech-driven advancements, yet they are based on a distinct mission: speeding up the global shift toward renewable energy. The technology supports the vision, rather than the other way around.

As AI, automation, and Web3 develop further, the push for technology to take the lead will continue to increase. However, those who succeed will be the ones who incorporate new tools into a business strategy centered around customer needs, which is both well-considered and flexible. Over the next five years, the most durable companies will merge technical flexibility with structured decision-making, making sure that technology supports but does not control their business objectives.

In the African fintech sector, mobile wallets and real-time payment systems have demonstrated how technology can drive significant market changes. Starting with M-Pesa in Kenya, which transformed mobile money, to Paystack and Flutterwave in Nigeria, which simplified online transactions and allowed thousands of businesses to operate internationally, tech-driven innovation has expanded access for millions.

However, for each success story, there are also warning examples of platforms that introduced sophisticated systems but struggled to gain user confidence or establish lasting income sources. The takeaway is clear: even innovative technology needs to be based on a solid business plan and genuine practical requirements.

Ultimately, technology should serve as a collaborator, not a ruler. The most successful companies understand when to allow it to guide and when to maintain control.

In the realm of business, much like in driving, the direction is just as important as the pace.

• Emelia serves as a product manager and is the head of product at FlashChange.

Provided by SyndiGate Media Inc.Syndigate.info).