I like the connection this has formed, I hope you giys build something awesome

Feb 2019 update

We're still at the game for anyone still following. We closed out last year with an angel investment that put in much-needed fuel into our tank to keep us going for another little while. We added another sales rep and are looking to add on another software engineer in the next few weeks.

Sales from January was our best month ever and we're launching a new consumer-facing product over the next few months as well as re-designint our product, considering an acquisition of another startup and also exploring the power of A.I.

I'm busy as ever with a growing family to look after and many other commitments. We chose this life though and will not relent until we're successful at this startup life.

As usual, please like if you're still following and I will write more in-depth update especially around how we secured the angel investment.

Still following.I just wish we get more frequent updates

1k001:
Feb 2019 update

We're still at the game for anyone still following. We closed out last year with an angel investment that put in much-needed fuel into our tank to keep us going for another little while. We added another sales rep and are looking to add on another software engineer in the next few weeks.

Sales from January was our best month ever and we're launching a new consumer-facing product over the next few months as well as re-designint our product, considering an acquisition of another startup and also exploring the power of A.I.

I'm busy as ever with a growing family to look after and many other commitments. We chose this life though and will not relent until we're successful at this startup life.

As usual, please like if you're still following and I will write more in-depth update especially around how we secured the angel investment.

Just seeing this.
Welldone.
More updates pls!

Evolve and stay in the game

I'm impressed that people are still following after all this time. I guess I owe you more regular and detailed updates.

Today marks 4 years since I started this post and would you believe that I'm still at it!

1k001:
I've recently founded a tech start-up and it's been quite a whirlwind.

I've had to try figure out so many things on my own so thought it would be useful to relate some of the things i experience to help me reflect and perhaps help others who may be looking at something similar.

Feel free to jump in and comment or ask questions

I don't know how I haven't given up in that time considering how difficult it has been. I've changed teams, been betrayed by people, suffered low moods, 'traumatized' my family, ran out of money, been in debt of over $10,000 yet still standing strong. At one point, I let everyone go except just one person. I left full time entrepreneurship to get a job but began to funnel all my extra cash back into the startup.

There has been no logical reason for this kind of grit so I often ask myself why I've persisted at this despite all evidence pointing to real prospects of failure. I don't know what the real reason is but somehow I just believe that the world needs what I'm creating and that me working on this is fulfilling my life's purpose somehow. So I push against all odds and obstacles and continue to grind away.

Thinking back to 2015 when I first started out, many of the startups back then are dead now. I personally know several founders who have called it quits and gone on to other pursuits. They clearly weren't doing what is their life's work because for me, this my startup must succeed even if it kills me. This unwavering belief gives me the courage to carry on.

This courage however has not been the only factor. Even though I know that it must work, the 'how it will work' has not been readily evident. So to stay in the game, I needed not only try to be alive but also evolve constantly to a state that provides us the best chance of success. This process has led me to several pivots, experiments, partnerships, trial and errors. Now after 4 years it appears things are beginning to line up.

We've significantly improved our products, services and strategy. This led us recently to win a prestigious opportunity that you will soon all be hearing about if you follow the Nigerian tech scene. Alongside this, many of the people we approached a while back for partnerships are now returning to us to ask to implement our proposals after the initial rejection. We've also raised an angel round and have some interest from several other investors. Things while not yet rosy are beginning to look up.

We've a team size of 5 and looking to expand to 8 very quickly to harness all the opportunities that are now popping up. I don't know how I will pay them but if there's one thing I've learned it's that I will figure it out somehow eventually. So the summary of lesson over the last 4 years working in a hard area of Nigerian tech is this: Do whatever it takes to stay in the game long term and evolve along the way based on the realities you face. The market will eventually come around if you question it earnestly and apply what you learn.

Thanks for sharing the journey with me. I hope to provide more regular updates from now on.

Don't do bad deals

'I' shutting down my startup'. This was the shocking message I received from one of my founder colleague in my industry. Similar to me, she'd started out some 3 years ago working in a similar area. He was fortunate enough to have raised some initial capital based on her idea alone. Being a slow market, it took her time to build out the product. Finally after about 2.5 years, she started to show some traction and was excited about the product and biz model. Concurrently she had run out of money so needed a new round of investment. She approached her first investors who began to drag their feet. Turned out that the investor had been burned in the interim in another startup deal they did. They were smarting from this huge loss and were in no mood to support any more 'wasteful' startups.

The founder decided to look elsewhere for capital, infact I was helping her do so when the message came in. 'I'm shutting down my startup'. Called her soon after and she related how a poor investment deal she agreed to starting out has proven to be his downfall. Took me back to a time early on in my journey that one investment consultant wanted to connect us with investors. We spoke for a while and they came up with an offer from one of their investors. 10 million naira for 51% and I wouldn't know the identity of the investor. Na laff I use answer them. .

Lucky for me, I could afford to spurn their offer as I knew my worth and had the financial backup to keep me going bootstrapped for a while. For many others this is not the case. They jump at the first sign of investment and end up ruing that decision. So my advise to founders now is to resist taking people's money before you have revenue. Try to bootstrap for as long as is possible. When you do take money make sure it's a simple and clear agreement. If it smells like a bad deal, it probably is. Most tech investment these days follow a standard format. Learn that format and avoid offers that deviate significantly from it. Also ensure to look for references for the investor before you take their money. Speak to their previous investees. If their recommendation is not glowing or straight forward, AVOID!


Don't do bad deals! They will kill you

1k001:
Evolve and stay in the game

I'm impressed that people are still following after all this time. I guess I owe you more regular and detailed updates.

Today marks 4 years since I started this post and would you believe that I'm still at it!



I don't know how I haven't given up in that time considering how difficult it has been. I've changed teams, been betrayed by people, suffered low moods, 'traumatized' my family, ran out of money, been in debt of over $10,000 yet still standing strong. At one point, I let everyone go except just one person. I left full time entrepreneurship to get a job but began to funnel all my extra cash back into the startup.

There has been no logical reason for this kind of grit so I often ask myself why I've persisted at this despite all evidence pointing to real prospects of failure. I don't know what the real reason is but somehow I just believe that the world needs what I'm creating and that me working on this is fulfilling my life's purpose somehow. So I push against all odds and obstacles and continue to grind away.

Thinking back to 2015 when I first started out, many of the startups back then are dead now. I personally know several founders who have called it quits and gone on to other pursuits. They clearly weren't doing what is their life's work because for me, this my startup must succeed even if it kills me. This unwavering belief gives me the courage to carry on.

This courage however has not been the only factor. Even though I know that it must work, the 'how it will work' has not been readily evident. So to stay in the game, I needed not only try to be alive but also evolve constantly to a state that provides us the best chance of success. This process has led me to several pivots, experiments, partnerships, trial and errors. Now after 4 years it appears things are beginning to line up.

We've significantly improved our products, services and strategy. This led us recently to win a prestigious opportunity that you will soon all be hearing about if you follow the Nigerian tech scene. Alongside this, many of the people we approached a while back for partnerships are now returning to us to ask to implement our proposals after the initial rejection. We've also raised an angel round and have some interest from several other investors. Things while not yet rosy are beginning to look up.

We've a team size of 5 and looking to expand to 8 very quickly to harness all the opportunities that are now popping up. I don't know how I will pay them but if there's one thing I've learned it's that I will figure it out somehow eventually. So the summary of lesson over the last 4 years working in a hard area of Nigerian tech is this: Do whatever it takes to stay in the game long term and evolve along the way based on the realities you face. The market will eventually come around if you question it earnestly and apply what you learn.

Thanks for sharing the journey with me. I hope to provide more regular updates from now on.

Great to hear things are looking up.
I can imagine how rough it has been over these past few years.
You've figured out the most important fundamental principles to succeeding in any startup, which are:
Keep on keeping at it, and continue evolving to fit your market and their demands.
Last last, you go dey alright.
Thumbs up!!

Wow

Following. Nice updates, really building a confidence in me

1k001:
Jack of all trades

I just goggled 'how to publish a cook book' and couldn't help but chuckle and share my thoughts.

Since becoming an entrepreneur I've literally become a jack of all trades: photographer, graphic designer, copy writer, human resources manager, accountant, financial analyst, investment banker, statistician, marketer, salesperson, product designer, and now a cookbook publisher. I wonder what will be next, clowning?

Thank God for Google and thank God for being able to learn. Lack of knowledge is now no longer an excuse, the question is do you want it bad enough?

So if your're wondering whether to start or not? just do it! What other job would you get to do all these varied things?

If you end up failing, look at all the skills you can put on your CV


Nothing is as exciting and enriching as being in a startup!

.

cutegentility:


Weldone job sir, I have so much interest in programming but I will like to seek for your opinion on which one will make a better programmer?
I have basic idea of HTML, CSS, PHP and python but wish to do more.
So the question here is which will make me a better programmer, Computer science in university or Udemy, edureka etc and or learning on my own.
Thanks

From what i hear about our compyuter science curriculum you may be better served by the likes of udemy, coursera and self study. We're still in a degree based world however so it may not be totally smart to forego a degree. Get one but do the aforementioned on the side so you come out with paper and practical qualifications.

Quick update for April.

We made it into a popular accelerator recently. Getting some cash and mentoring as a result.

Getting some good inbound requests and conversations and our pivot back to B2C is making sense.

Increased my team size and doubled my burn. Runway is short <6 months but we have faith that we are on to something.

Fun times ahead. We will prevail!

1k001:
Quick update for April.

We made it into a popular accelerator recently. Getting some cash and mentoring as a result.

Getting some good inbound requests and conversations and our pivot back to B2C is making sense.

Increased my team size and doubled my burn. Runway is short <6 months but we have faith that we are on to something.

Fun times ahead. We will prevail!

It is not an easy journey, right?

Congratulations sir!

SHALOM

Stumbled on your thread today and I've read it all.. am happy you still in the game.

I joined a startup in 2016, picked up web development skills and have been part of them ever since.

It's not been easy but we standing, journey began in Akwaibom but we are currently based in Victoria island, Lagos. It's not been easy but we keeping on.

Shared your experience with our founder as we were bunk mates in the university, we in the game full time, we've burnt bridges and there's no going back. We've taken zero funds as our product has somehow managed to take care of our expenses without really making huge profits but just enough to keep hunger away from us... I appreciate your thread and will say I had fun reading.. wish you all the best!

1k001:



From what i hear about our compyuter science curriculum you may be better served by the likes of udemy, coursera and self study. We're still in a degree based world however so it may not be totally smart to forego a degree. Get one but do the aforementioned on the side so you come out with paper and practical qualifications.

alright, thanks sir

You have fought a good figh and you are such a great inspiration to myriads of young folks who are passionate about making a difference...

I must say I stumbled on this thread last night and I just finished studying it. I didn't read, I studied it and I took note the traditional pen and paper way. Infact, I got to know about 'pocket' from your post and I have downloaded and started using it.

The truth is we have something in common which is LEARNING. And I have also started and failed couple times in business, but the life lessons you get can't be gleaned from the best business school in the world.

Right now I'm in a paid employment and I'm working underground on my next entrepreneurial pursuit, and I must say that you don't know how valuable sharing this your story has been....

Having said that though, i'll like to get your help or insight on couple of things:

1. The guy that developed your Android app that you didn't eventually use because the conference couldn't hold, can you recommend him?

2. You said something about not outsourcing your core application but in the domain I'm in, this OTS strategy works well.....but based on your experience what is the best way to get a competent developer as CTO/ co-founder?

3. You have been able to assume a position of an EXPERT in start up with your thread, I must say. will you be willing to take up the role of a consultant if you're called up on?

We need all the collaborations and the support systems and the safety nets to succeed in this ecosystem....

#lets tame the tiger together

Nice thread, thanks Op

1k001:
More Setbacks, some positives, looking for staff

The last few weeks has brought with it more twists. In January we started with a team of 3 and an office in Nigeria. As of today we have a team of zero and no office. Basically the team has been shut down thanks to all the disappointment by people. We've also lost quite a bit of cash in the process. I don't understand people. They say things are difficult in Nigeria but yet when they get a golden opportunity they sabotage it. How is it that i'm hungrier for success despite the comfort and success I've already attained while people who haven't gained any success really can't dedicate themselves to providing results.

We have unfortunately incentivized the wrong kind of behaviors in our country. As such people don't know how and don't want to work. This is a disaster trip we're on if we continue like this.

Anyway, the strange thing in all of this is i'm even more excited and determined to become a success. My skin is fully in the game, i've lost personal cash so i'm going all in. Perhaps my determination comes from my strong belief in the need for and potential of what i'm doing. Over the last few weeks, we've seen users grow by an average of over 100% week on week. Also have a few things in the works to improve user acquisition, retention and engagement.

We will likely be recruiting over the next few months so if you know anyone in Lagos or Abuja who is enterprising, self starting and loves learning, send them my way.

I am one sir. I have always desire to work with a start up because I dream of starting up mine in the nearest future. I have ideas that also needs urgent attention but I'm scared of starting up another one without learning the rudiments and essentials of a start up. I have founded a small start up before and it failed just after launch. I lost money in a tragic manner, that was when I learnt about "don't run out of fund" statement. I have learnt my lessons and I can channel my energy to help your start up succeed. I always like to be part of founders success story.

Hope to hear from you sir.

ekolina:
I am so grateful op for this great piece. I have always wanted to start something of my own but my biggest problem is having an idea that is unique. So far from your post I have learnt I need to start reading and looking for problems to solve within my environment.

Are you a programmer? If you are, I have tons of ideas we can work on together. I have made inquiry about them and I could assure you the market will accept them. They are simple but nobody is on it yet in Nigeria, at least from my research. My only hindrance has being finding a technical partner that will write the codes. This is even the major reason why I'm looking out for job in any start up firm. Wants to learn, contribute and earn so that I can save up for future product. That said, if you are a programmer, please oyediranmayowa2@gmail.com. thanks

1k001:
Quick update for April.

We made it into a popular accelerator recently. Getting some cash and mentoring as a result.

Getting some good inbound requests and conversations and our pivot back to B2C is making sense.

Increased my team size and doubled my burn. Runway is short <6 months but we have faith that we are on to something.

Fun times ahead. We will prevail!

Good to see you're still at it. I remember commenting on this thread four years ago.

Thanks for the update. I came back and the lessons are just so practical.

The drive and the struggle, it all goes to show that at the end, it will all start to make sense if you keep at it long enough.

Thank you for sharing with us. This kind of thing needs to be put on the front page but it most likely won't.

We are on the up

So things have been happening over the last few months. We got into 2 accelerators and now have funding of over $180,000. We're in the process of raising even more to reach our goal of millions of customer.

To every entrepreneur out there, your dreams are valid. Don't give up but keep learning, trying and iterating. There is money and impact to be made.

1k001:
We are on the up

So things have been happening over the last few months. We got into 2 accelerators and now have funding of over $180,000. We're in the process of raising even more to reach our goal of millions of customer.

To every entrepreneur out there, your dreams are valid. Don't give up but keep learning, trying and iterating. There is money and impact to be made.

Perfectly Awesome!!!

I remembered when we started, since 2015 or so...

Whao, it's been a fruitful journey.

Congrats and greater heights.

Lemme ask my techpoint friend if he can tell me about your ocmpany. Lol

Keep pushing !

SHALOM

1k001:
We are on the up

So things have been happening over the last few months. We got into 2 accelerators and now have funding of over $180,000. We're in the process of raising even more to reach our goal of millions of customer.

To every entrepreneur out there, your dreams are valid. Don't give up but keep learning, trying and iterating. There is money and impact to be made.

Wow! Wow!! Wow!!! Superlative congrats!
So much hardwork and sacrifice has been put in over these years.
Finally, The end of the tunnel is in view.
Success is visible on the horizon.
Keep it up.
All the best!

Any update.

xammax:
Any update.

Wow you're still following.

Yes, we're still in business. Staff strength of 15 people. Thousands of customers, Raised over $300,000. Making rapid progress in a market with lots of opportunities.

Not been without its ups and downs though. With covid now and an impending recession, business is going to be tougher than ever. If you've followed this from the beginning, you will all know however that I'm tougher than any tough situation. I will survive this.

1k001:


Wow you're still following.

Yes, we're still in business. Staff strength of 15 people. Thousands of customers, Raised over $300,000. Making rapid progress in a market with lots of opportunities.

Not been without its ups and downs though. With covid now and an impending recession, business is going to be tougher than ever. If you've followed this from the beginning, you will all know however that I'm tougher than any tough situation. I will survive this.

Great, more Greese to your elbow. Actually I'm am undergraduate and I have ideas I want to work on immediately I graduate.

Your story has inspired me a lot. More success to you sir.

1k001:


Wow you're still following.

Yes, we're still in business. Staff strength of 15 people. Thousands of customers, Raised over $300,000. Making rapid progress in a market with lots of opportunities.

Not been without its ups and downs though. With covid now and an impending recession, business is going to be tougher than ever. If you've followed this from the beginning, you will all know however that I'm tougher than any tough situation. I will survive this.

Wow

I stumbled on this thread by mistake and I ha e learnt a lot.
Read every single page from when you started till the last update

Kudos to you Sir.
I am a final year medical student and I will be launching my startup this week.
It is a B2B startup.
I just pray the Spirit guide me so that this won't be a failure.
My budget is lean because I believe the business should fund itself with time.
I just hope I am not wrong

Wish me well Sir

1k001:


Wow you're still following.

Yes, we're still in business. Staff strength of 15 people. Thousands of customers, Raised over $300,000. Making rapid progress in a market with lots of opportunities.

Not been without its ups and downs though. With covid now and an impending recession, business is going to be tougher than ever. If you've followed this from the beginning, you will all know however that I'm tougher than any tough situation. I will survive this.

This story is the most inspiring I've read on NL. Myself as a Computer science graduate I have a lot of ideas that I would love to work on like automating supply chain is evident that it is a problem that we never realised it exist. AI, data mining and lots. Back in school I have class mates and lecturers that if I have the opportunity to bring out the best in them I'll create a mini silicon valley
Whenever I come across a person making it in tech I feel very proud and empowered. And one thing I learnt again you have to believe in your self and keep going.
Well done sir

1k001:


Wow you're still following.

Yes, we're still in business. Staff strength of 15 people. Thousands of customers, Raised over $300,000. Making rapid progress in a market with lots of opportunities.

Not been without its ups and downs though. With covid now and an impending recession, business is going to be tougher than ever. If you've followed this from the beginning, you will all know however that I'm tougher than any tough situation. I will survive this.

Wow, just wow!
Happy for you man!
Keep firing ahead ahead.

1k001:
The beginning

I never thought i'd become an entrepreneur. I'd lived outside Nigeria for a decade, was having a great comfy life with a good income from my job. I had a young family and most things were going great.

Due to some events, a personal frustration arose with poor services in a particular Nigerian sector. As i pondered over my frustration i thought to myself, I can come up with a solution as I happen to have expertise in the sector. So i started researching far and wide for a workable solution. I spent hours and hours after work reading like crazy, much to the chagrin of my spouse.

I've since learnt that this is the best kind of way to get an idea for a start-up. Find something that frustrates you everyday that you have some sort of knowledge of or at least passion for. It's going to be a long, hard, broke road so you have to love it and be solving the problem for yourself to keep you motivated.

Hello,

Helium Health?

One of the most interesting start up stories on Nairaland.