Monetise ideas, Prof Lartey tells entrepreneurs
By Isaac AIDOO, Accra
DISTINGUISHED Professor of Finance and Information Technology Systems and Vice President of Regent University College of Science and Technology, Prof. Samuel Lartey, has delivered a compelling message to aspiring African entrepreneurs at the 2024 Diaspora Africa Conference held at the Academic City University College in Accra.
Moderating the Technology and Innovation session, Prof. Lartey emphasized the critical importance of not only generating innovative ideas but also adding value and monetizing them to drive entrepreneurship across the continent.
Prof. Lartey stressed that the foundation of entrepreneurship lies in transforming ideas into tangible value. “If you want to have an idea, put a new value on the idea and monetize the idea. Don’t share your ideas for free. It will disqualify you from being an entrepreneur,” he asserted.
According to him, the key to becoming a successful entrepreneur is not just about having ideas but strategically developing and commercializing them. “To become an entrepreneur, you should have an idea, add value to the idea, and monetize the idea.”
Addressing the wealth of untapped potential in Africa, Prof. Lartey noted that while Africans have no shortage of innovative ideas, the challenge lies in effectively capitalizing on them.
“My concern is we now have ideas; Africans have lots of ideas. Harvard University, they have African studies; they are studying African ideas. My university, we have African studies; we are studying African ideas,” he remarked. He questioned the audience, “How do we put value on it and monetize it as entrepreneurs?”
In his critique, Prof. Lartey urged African entrepreneurs to shift their focus from individualism to collective progress. “What we need to stop doing is saying ‘I’ and ‘we.’ We want to foster innovation and growth in Africa. We can do better than what we have achieved so far.”
Citing reports from the World Bank and African Development Bank, Prof. Lartey highlighted that Africa recorded a modest 13% growth in innovation by the end of 2022. However, he challenged his audience to aim higher.
“According to the World Bank and African Development Bank reports, Africa did 13% growth on innovation as at the end of 2022. My definition of innovation is how do we add value? How do we look at things differently?”
Prof. Lartey called for focused discussions on innovation across various sectors, including agriculture, technology, and human capital development. He introduced the concept of ‘agriprimation’, a term he used to describe innovation in agriculture, and encouraged the exploration of new ideas that could propel Africa’s growth. “Let’s talk about technology, innovation in technology. Let’s talk about innovation in human capital development,” he urged.
As the session concluded, Prof. Lartey posed a series of reflective questions to the attendees, encouraging them to think critically about the future of innovation in Africa. “What should we start doing to make us better, to innovate better? So, by the close of 2024, our 13% goes to 26% or more. What must we start doing? What must we stop doing? And what must we continue doing to make us more innovative as Africans?” Prof. Lartey’s thought-provoking remarks set the tone for a vibrant discussion on the role of innovation in driving Africa’s economic and entrepreneurial growth, leaving the audience with much to consider as they work towards a more innovative future for the continent.
