Exclusive:

Luke Charges Start-ups to Transit to Global Brands

The member representing Etinan/ Nsit Ibom/ Nsit Ubium Federal Constituency, Mr Onofiok Luke has lauded the activities of Start-ups in Akwa Ibom State and expressed believe that they can grow into global brands.

Luke gave the commendation at the Second Anniversary of Futurelabs held in Ikot Ekpene, Akwa Ibom State on Wednesday.

Delivering the Keynote Address on the topic; FROM START-UPS TO GLOBAL BRANDS: HOW STAKEHOLDERS CAN DRIVE HYPER-GROWTH, Luke said that the growth witnessed by FutureLabs has resulted in solutions geared at making life less stressful for the people, leveraging technology.

He enumerated some of the solutions to include the recently launched FutureResume which offers hundreds of templates for personalized resumes for job seekers; The Developer Showcase events which gave birth to products like Justin Mark’s Styley among very many other solutions.

However Luke acknowledged the challenges that comes with Start-ups. According to him; “Building from scratch and inspiring local talents to create global solutions from the historic city of Ikot Ekpene definitely comes with challenges – from raising capital, to working your idea off the ground, to the basics such as power supply to internet access/speed, taxes and a lot of others”.

Inspite of these challenges, Luke expressed confidence in the capacity of Future-Labs to create solutions that will solve them for the good of the local communities hosting this hub, Akwa Ibom State and the rest of the world.

“Being an entrepreneur is often associated with being a risk-taker daring enough to do what no one else can or will do. Even if entrepreneurs are prepared to risk everything, starting a business is still difficult”, Luke said.

He advised Startups to seek the advice of lawyers who are experienced in working with small businesses to enable them avoid certain pitfalls that may arise.

“It is also important for startups to be aware of any industry-specific regulations that may apply to their business. For example, a startup in the financial industry may be subject to regulations from the Securities and Exchange Commission (SEC) or the Special Control Unit Against Money Laundering (SCUML) etc”.
“It is therefore important for startups to be proactive in understanding and complying with the legal requirements that apply to their business”, Luke added

The Federal lawmaker acknowledged that the journey from start-up to global brand is a challenging one, but it is one that has been undertaken by many successful companies in the past.

He gave some of the factors that will aid the transition from start-up to global brand as; The development of a strong and differentiated brand identity; The ability to scale quickly and efficiently; The ability to adapt and innovate in response to changing market conditions and consumer needs. Among other key factors.

Luke encouraged Start-ups to seek strategic partnerships with other companies or organizations to help them tap into new markets and resources, which can drive their growth.

He called on Stakeholders to help identify and secure partnerships and play a crucial role in the growth and success of Start-ups.