George Asamani, MD, Sub-Saharan Africa, Project Management Institute, has stated that innovative concepts and venture funding are not enough for start-ups to succeed in the digital age.
In a statement available to BrandSpur digital news platform, he warned that even the most inventive firms run the risk of becoming footnotes in the annals of entrepreneurship if they don’t practise focused execution, strong project management, and a clear grasp of the market.
He gave cautionary tale instances of startups that had bright beginnings. He acknowledged that millennials and later generations are the “digital natives,” having grown up with technology. A rush of companies in industries like app development, e-commerce, banking, artificial intelligence, and social media have been spurred by this innate familiarity with digital tools.
“Technology is akin to Play-Doh. It offers boundless possibilities, allowing us to create, innovate, and solve problems. However, technology alone isn’t enough, and much like the mould that shapes Play-Doh into meaningful forms, startups need project management to transform ideas into viable projects,” Asamani stated.
Up to 90% of startups fail, he claimed in Exploding Topics, and more than 60% of these failures may be attributed to issues that are either directly or indirectly related to bad project management, such as overspending, scope creep, poor team dynamics, and a lack of communication, among other things.
Project management, according to him, is the discipline that deals with organising, planning, and supervising projects through to effective completion. He disclosed: “It involves setting clear objectives, allocating resources, managing risks, and ensuring that projects are delivered on time and within budget. It is a strategic discipline that can make the difference between a startup that thrives and one that fails.
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A startup built on a solid project management framework is also better equipped to align its operations with broader social and environmental goals. Ventures like M-Kopa and Andela exemplify this approach, contributing effectively to the Sustainable Development Goals. M-Kopa’s affordable solar solutions combat climate change by providing access to clean energy, while Andela’s tech training programs empower youth in Africa, promoting quality education and decent work,” he added.
According to him, artificial intelligence (AI) is becoming a more potent tool that can improve project management as digital technologies advance. AI has the power to completely transform project management by streamlining repetitive tasks, delivering data-driven insights, and enhancing the process of making decisions. Using AI in project management can help young digital pioneers make a bigger impact and spur innovation.
Continuing, he said, PMI is aggressively incorporating GenAI into its products and enabling project professionals to use it through programs like PMI InfinityTM and the recently launched Prompt Library because it understands the revolutionary potential of AI.
“To achieve this vision, we must invest in education and training programs to build their project management capabilities, equipping them to leverage technology for both social impact and business success,” said Asamani, young people may use technology to start businesses that strike a balance between profit and purpose, solving global issues and producing economic value.
