At the heart of Victoria Island, Lagos, the PBN Growth Conference—GrowthCon 2.0—unfolded with a vibrant energy that captivated every attendee. The second edition of this remarkable event, powered by the Premia Business Network, took place from July 25th to 26th, 2024, at Harbour Point. It was a gathering of industry leaders and innovators, all converging to explore “The Art of Growth: Increasing Innovation Competency.”
Bola Lawal, the convener of Premia Business Network, opened the conference, setting the stage for a series of enlightening discussions. Among the distinguished panellists was Abimbola Adebakin, the dynamic Founder and CEO of Advantage Health Africa. Her participation in the session titled “Identifying Growth Opportunities for 10x Growth” was one of the highlights of GrowthCon 2.0 event.
Seizing Emerging Trends: A Visionary’s Perspective
Moderated by Damilola Teidi, Head of Platform and Networks at Ventures Platform Fund, the panel at the GrowthCon 2.0 delved into scenarios where companies had identified emerging trends and leveraged them for success. Abimbola shared a fascinating story, underscoring her forward-thinking approach.
“A trend that we saw, maybe more granular than that, was people getting comfortable ordering food and having it delivered to them,” she explained. “If you can trust a third party to bring food to you, then you can trust a recognizable brand to deliver your medication. Back in 2017, it was revolutionary. We decided to aggregate licensed credible pharmacies and deliver medicines to people, addressing a significant gap in the market.”
This insight was not just about recognizing a trend but also about understanding consumer behaviour. Abimbola highlighted the shift in consumer acceptance, likening it to the disruptive impact of Airbnb. By building early communities of pharmacies through simple messaging apps like WhatsApp and Telegram, Advantage Health Africa rapidly grew to encompass 1,000 pharmacies. This innovative business growth strategy positioned the company as a key aggregator in the industry.
The Role of Research in Innovation
When asked if her team conducted extensive research before jumping on emerging trends, Abimbola candidly responded, “I don’t think we did research like that. Some initial research indicated that pharmacists were happy to aggregate. Delivering medication was an obvious need. We started offering, and it grew organically from there. Sometimes, the need is so clear that it drives the business growth strategy.”
This approach underscores the importance of intuition and responsiveness in business development strategy. Abimbola’s experience showcases how identifying and acting on obvious needs can lead to significant business expansion and success.
Balancing Process and Innovation
One intriguing question posed by the moderator touched on the perceived conflict between process and innovation. Abimbola, known for her structured approach, emphasised that innovation is one of Advantage Health Africa’s core values.
“We recognize and reward innovative thoughts,” she stated. “During COVID, one of my teammates came up with the idea of hand sanitizers. They only showed it to me for branding. We encourage our team to think ahead, ask critical questions, and be prepared for various outcomes. This mindset allows innovation to flourish within our processes.”
This response highlighted how a well-defined company growth strategy can incorporate innovation without stifling creativity with processes. By fostering a culture that rewards innovative thinking, Advantage Health Africa ensures continuous growth and adaptation.
“Pharmacies Are Key to Universal Health Coverage in Nigeria” – Abimbola Adebakin
Navigating Economic Challenges
In addressing the impact of inflation, Abimbola provided a pragmatic view. “People must buy medicines if they’re ill. Our business has seen an upturn because of this necessity. However, we also preempted inflation by focusing on bulk purchases. This strategy helps stabilise drug prices and provides value to consumers.”
This proactive approach reflects a deep understanding of market dynamics and the importance of foresight in business growth strategies. By developing products like subscription programs for chronic illnesses, Advantage Health Africa mitigates the effects of inflation and ensures sustainable growth.
Common Pitfalls in Aggressive Growth
Finally, Abimbola shared her thoughts on common mistakes in pursuing aggressive growth. “Entrepreneurship is now a profession, and many people tie their identity to it. Flexibility is crucial. When my board advised me to expand, it was a mandate. Pivoting our business into new areas became essential for survival. It’s important to ensure your business is making money, not just chasing trends.”
Her advice resonates with the entrepreneurial journey, emphasising the need for adaptability and financial prudence in any company growth strategy.
Conclusion
GrowthCon 2.0 was not just a conference; it was a convergence of visionary minds, with Abimbola Adebakin shining as a beacon of innovation and strategic thinking. Her insights on business growth, consumer behaviour, and adaptive strategies provided invaluable lessons for all attendees. Under her leadership, Advantage Health Africa continues to set benchmarks in the industry, showcasing the power of visionary leadership and a robust business development strategy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.