It goes without saying — startups are a difficult and high risk endeavour, especially in an environment like ours. We are often reminded that 9 out of every 10 startups fail within 2 years; a statistic that is mythical at best. Actual research-based figures say 75% of US-based startups fail. Peculiarities aside, the situation is pretty similar back home, if not worse.
Every other day, we read about yet another app or service that is supposed to disrupt the way we do things. A sizeable number of them never make it past the initial buzz. Only very few actually make it beyond the buzz. They are the ones building actual kickass stuff, but no one is really following up on their success story. No, Press Releases don’t count.
I feel like a big injustice is being done to the ecosystem. More people need to be inspired by these success stories because that will, in the long run have a huge positive impact on the ecosystem as a whole.
Which is why I am pleased to introduce our new series — The Founders’ Table. Every Monday, I will get up close and personal with some of the ecosystem’s biggest success stories. The idea is to gain better insight into their inspirations, challenges and aspirations. The long term benefit, if it isn’t already obvious, is that as more people are inspired by these stories, we will experience a rising new crop of capable technoprenuers who will be empowered to build on these successes.
I look forward to a wonderful time with you all. Watch this space.
Suggested Reading: ACE.NG: The Mafia Disrupting The African Logistics Market
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Nigerian startups raised $55.4m in Q1 2020; over 99% of which came from foreign sources. Find out more when you download the full report.