Technology Is No Solution to Everything Under the Sun: The Crucial Role of Domain Expertise in Business and Startups

While tuning in to Business Week on Channels TV this Sunday morning, I came across a compelling one-on-one interview with Tomiwa Aladekomo, CEO of Big Cabal Media. The discussion centered around the growth and development of Africa’s tech ecosystem.

On the pivotal importance of domain expertise transcending technological proficiency in startups and businesses alike, I align with Mr Aladekomo’s thoughts. Domain expertise ensures that alongside “technical expertise” (technology), as he puts it, there is domain expertise in the specific sector a business or startup operates. This ensures that alongside the Chief Technology Officer (CTO) or other technology-focused team members, there are also co-founders or co-managers who possess invaluable sector-specific knowledge and experience.

In the evolving landscape of crypto and blockchain for instance, where regulatory compliance is incrementally imposing cautious growth trajectories on startups due to escalating operational costs, the infusion of domain expertise becomes increasingly beneficial. Operating within distinct sectors such as health, agriculture, education, finance, wealth management, or regulatory technology, necessitates a balanced blend of technological prowess and sectoral acumen. 

Blockchain in Health (HealthTech) requires health professionals alongside tech experts. Same with AgroTech, EduTech, Fintech, RegTech, WealthTech, etc. Each demands sector-specific expertise beyond technological know-how.

Transitioning today

Until businesses and startups in the crypto and blockchain sector fully embrace this transition—one that a growing number are already undertaking—potential growth, impact, or realization of goals may remain limited, stunted, or unrealized.

Takeaway

Technology is no solution to everything under the sun. Infusing domain expertise is vital to building successful businesses and startups. Closing this gap calls for more strategic collaborations in the ecosystem. No one is an island.

What do you think?