How We Build Our Metrics at the Beta Collective 🌍
As a startup, your whole existence is one big hypothesis…lol. You have to find some way to measure your progress and the metrics you chose can be dependent on stage.
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📮 Founder's Notes
How We Build Our Metrics at the Beta Collective
Maybe you've seen those viral startup videos insisting that “revenue is the only metric that matters” if you're not measuring revenue, you're doing it wrong. I respectfully disagree.
As a startup, your whole existence is one big hypothesis…lol. Of course, revenue—and the associated cash flow, balance sheets, etc.—is important. But if you don’t have these numbers yet, does that mean you should just sit on your hands? Nope. You have to find some way to measure your progress and the metrics you chose can be dependent on stage.
Initially, your main priority is to prove that what you’re building meets market needs. This involves validating that your value proposition is not only compelling but also delivered through the right channels and business models.
At The Beta Collective, we design our metrics to reflect our mission, our impact, and the challenges that come with building something meaningful. We’re testing multiple hypotheses and refining our metrics as we go. So how do we do it?
Let me illustrate. To better understand the specific needs of the African Innovation ecosystem, I conducted qualitative research by interviewing over 40 African founders. One theme kept popping up: funding—funding—funding.
Thankfully, I had multiple opportunities to physically immerse myself in the market I was building for. That firsthand experience not only provided crucial context but also helped me organize the qualitative insights I was gathering from founders.
This research laid the groundwork for products like Blitz—a Beta Collective solution focused on the funding challenges for founders building for African communities. Even though I knew funding was a pain point, I still had to determine the right platform to deliver the right value proposition. So our next step was to determine if a dedicated portal was indeed what founders needed and if our business model/pricing was a fit for our target users. To answer some of these questions, we rely on simple metrics:
- Website Visits: The number of people coming to our site.
- Call-to-Action (CTA) Clicks: How many visitors are engaging with our core messaging.
- Page Views: Insights into which parts of our site attract the most interest.
We continuously optimize these metrics to ensure they accurately reflect user behavior and provide actionable insights. This iterative process helps us validate or pivot our approach based on feedback.
Even for more mature startups, revenue is just one piece of the puzzle—a lagging indicator that shows you the results of past efforts. To truly gauge business health on a daily, weekly, or monthly basis, it’s vital to track both leading and lagging indicators. It really is a balance.
Quick sidenote: What Are Leading and Lagging Indicators?
Leading Indicators: These are forward-looking metrics that help predict future performance. For example, user engagement, sign-ups, or early adoption trends can signal potential revenue growth.
Lagging Indicators: These metrics reflect the outcomes of past actions, like revenue figures, profits, or customer churn. While they confirm trends, they’re less useful for anticipating future changes.
At the Beta Collective, our metric strategy is built around this balanced approach. We start by defining hypotheses, tracking relevant leading indicators through metrics, and then confirming our results with lagging indicators. This combination allows us to continuously refine our strategy and ensure we’re on the right path—even before a product has revenue.
If there's one takeaway I'd love for you to have, it's this: progress isn’t just about revenue. But also to find balance, let data guide you—not overwhelm you.
If you’re figuring out your own metrics and want to bounce ideas around, feel free to join us during one of our open office hour sessions.
Warm regards,
Ukeme,
Founder, The Beta Collective
Community
Updates from The Beta Collective Community
Meet Our Community Session Host: Ukeme Daniel 🌟
We're excited to have Ukeme Daniel, Founder & CEO of The Beta Collective, host our first community session!
Ukeme is a medical doctor and innovation strategist with over five years of experience helping early-stage startups turn ideas into scalable businesses. Her expertise in business strategy, human-centered design, and market validation has guided numerous startups to product-market fit and secured seven-figure funding.
She has collaborated with global organizations like the Clinton Global Initiative and the World Health Organization, and her strategic insights have shaped the trajectory of startups in diverse industries, from digital therapeutics to social commerce.
If you're looking for clarity, actionable insights, and expert guidance, this is your chance to learn directly from a startup coach who has helped founders like you succeed.
🚀 Don't miss out on this opportunity to gain invaluable knowledge and connect with fellow innovators!
🗓️ Save the Date & Join Us! 🙌🏽
Ecosystem
News, Events, and Updates
News
African Remittance Startups Booming as Inflows Hit $56B!
African fintech is on fire! Startups in the remittance sector are experiencing rapid growth as money transfers to sub-Saharan Africa reach a record-breaking $56 billion in 2024.
🔹 Key Highlights:
✅ LemFi – UK-based startup surpasses $1B in monthly transactions, securing $53M funding
✅ Nala – Expands to Philippines & Pakistan after a $40M funding round
✅ Juicyway – Uses stablecoins for seamless, low-cost transfers
✅ Flutterwave – Partners with US banks to simplify remittances to Africa
🏦 The Big Picture:
- Traditional players like Western Union & MoneyGram face stiff competition from fintech disruptors.
- Lower fees & faster transactions are drawing millions of new users.
- Despite progress, high forex fees and regulatory challenges still need to be tackled.
📌 Why It Matters: Remittances are a lifeline for millions in Africa, contributing over 5% of GDP in 15 countries! Fintech startups are reshaping the industry, making cross-border transactions easier, cheaper, and more accessible.
Read more here.
Funding and Resources
An Unmissable Opportunity for African Healthtech Innovators
The Investing in Innovation Africa (i3) program is back with its third cohort, offering African healthtech startups a chance to scale, connect, and secure funding. If your startup is transforming healthcare delivery, pharmacy care, or product distribution, this is your moment.
Why Apply?
🔹 $50,000 grants for early-stage startups
🔹 $225,000 grants for growth-stage startups
🔹 Access to major healthcare customers & investors
🔹 150+ strategic connections to scale impact
i3’s Proven Success
📈 $3M+ in grants awarded
🤝 $11M in contracts facilitated
👩💼 43% women-led startups supported
Who Can Apply?
✔️ African healthtech startups solving supply chain and access challenges
✔️ Founders ready to scale with funding, mentorship & global partnerships
📅 Deadline: February 28, 2025
👉 Apply now: Sign up here
Events
Lagos Tech Fest 2025: Powering Nigeria’s Digital Future
Get ready for Lagos Tech Fest 2025, the ultimate gathering of startups, investors, and tech leaders driving Nigeria’s innovation economy! Now in its 5th edition, this event promises insightful discussions, networking, and groundbreaking showcases across fintech, AI, e-commerce, and more.
📅 Event Details:
🗓 Date: February 19-20, 2025
📍 Venue: Landmark Event Center, VI, Lagos
🎤 What’s Happening?
💡 Nigeria’s Tech Leadership Roundtable – Exclusive discussions with top executives & policymakers
🔎 Live Expo – Showcasing cutting-edge solutions from top tech brands
🚀 Pitch Live – A launchpad for startups to present their boldest ideas
🤝 Networking Lounges – Connect with key players shaping the industry
🎉 Pre-Event Happy Hour – A relaxed evening to kickstart the fest
👉 Learn more here
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