Hmmm

It's crazy out there.
Byju, an India eLearning platform that was once offered about $750million to sell now wants to sell for less than $20million.
Meanwhile the company was once valued in billions with the owner worth over $3billion.
Now the owner just put 2 of his houses on sale to raise about $12million to pay salaries!

Still on Pivo....
Indept study shows that once African techies gets funded, the motivation dies down! Because as part of far reaching agreements for the funds, they knew they are no longer the owners of the idea & business, but mere figure heads kept fat for the kill. This is why lousy mouth board members could vote to fire Open Ai CEO.

A chap fronting for a Tiger Group in China proposed buying my company for $80k USD cash, then retaining me for two years as MD/CEO and co-founder to move the company to projected heights and i wont have to set up another LLC similar to my initiative for the period. Now, $80k USD is mouth watering for a young African in his late thirties, but i said No! $500K, 50% equity or nothing. Ndi ara. Do i look like the Open AI guy that got fired by a members who sat all day long sipping coffee without smelling the street?

This is why i have not raised funds from Western Capitalist fronts. They have no idea how the African; Nigerian markets works. More funds is no guarantee of a successful Venture! They fund you, then they dictate how you should run your idea. Africa is not the West where Institutions work and Institutionalized corruptions & bureaucracy is negligible!

This is one reason why Innoson Vehicle Manufacturing via Innoson Group Inc has been around while more funded businesses like **** have faltered! Companies like IVM & Bigkoko will continue to be around because, they organically grow through hard work, not through easy funding.

With the Igbo Apprentice System properly incorporated into ways of running a businesses, it will be difficult to shut down. Ask people wey sabi run Companies! No go fund swegbessss!

Discover Africa with Bigkoko ~ your Local Tech Company!
Business & Financial Technology for all. Kigali. Abuja. Stockholm. Lusaka

SoNature:


Source: https://techcabal.com/2023/12/05/pivo-is-shutting-down/

$2m in seed capital down the drain in one year! Just one year!
It's either it is audio money, or the investors were hypnotized when they were releasing that money for a venture they didn't conduct due diligence on.
Talk about seed landing on the rock or among thorns. The rock part seems more plausible though.

OKUCHI11:
meaning their closure is not as a result of the harsh economic environment

Read the post, harsh economic environment is one of the factors

NuCypher:
I don't know why the focus of these chicken tech companies is always on expansion. You have barely started crawling, you want to fly. What was the motive of expanding to East Africa when they had barely gotten the business of the ground in West Africa? That's just planning to fail!

You are right you didn't even specify Nigeria self if you think it carefully uba front owner or Access Hilbert's are young people.

pipnator00:
It's crazy out there.
Byju, an India eLearning that was once offered about $750million to sell now wants to sell for less than $20million.
Meanwhile the company was once valued in billion with the owner worth over $3billion.
Now the owner just put 2 of his houses on sale to raise about $12million to pay salaries!

Wow I haven't heard about this.

eepeepook:
A company heavily dependent on electricity will never do well in our clime.

Do u realize there are so many industries in Nigeria that depends heavily on electricity are working perfectly well?
Staying in the village doesn't mean u have a national view.

These ibo women don obsfucate with investors funds...

Series A funding has become a means of siphoning of funds . I just wonder how gullible some investors can be how can they invest in a biz that solves no or less real life problem

DropsMic:
CEO don use the bulk of the $2 million pay himself

Gbam, this is the logic behind setting up a startup, this is where the gain lies, once you can secure that investor money, if you set your salary at 10m, and set benefits like travel allowances, CEO cars etc as you wish

Bigkoko:
A chap fronting for a Tiger Group in China proposed buying my company for $80k USD cash, then retaining me for two years as MD/CEO and co-founder to move the company to projected heights and i wont have to set up another LLC similar to my initiative for the period. Now, $80k USD is mouth watering for a young African in his late thirties, but i said No! $500K, 50% equity or nothing. Ndi ara. Do i look like the Open AI guy that got fired by a members who sat all day long sipping coffee without smelling the street?

This is why i have not raised funds from Western Capitalist fronts. They have no idea how the African; Nigerian markets works. More funds is no guarantee of a successful Venture! They fund you, then they dictate how you should run your idea. Africa is not the West where Institutions work and Institutionalized corruptions & bureaucracy is negligible!

This is one reason why Innoson Vehicle Manufacturing via Innoson Group Inc has been around while more funded businesses like **** have faltered! Companies like IVM & Bigkoko will continue to be around because, they organically grow through hard work, not through easy funding.

With the Igbo Apprentice System properly incorporated into ways of running a businesses, it will be difficult to shut down. Ask people wey sabi run Companies! No go fund swegbessss!

Discover Africa with Bigkoko ~ your Local Tech Company!
Business & Financial Technology for all. Kigali. Abuja. Stockholm. Lusaka

What does ur start up do?
Want to find out.

DeLaRue:
The so-called investors have more money than sense, hence the reason they invest in 'tech' companies that are ultimately doomed to fail.

Many of these so-called tech companies have nothing more than brightly coloured offices, a few computers/laptops and a half-baked, bound-to- fail idea that they wax lyrics around and sell to investors as a viable business.

Many of these founders have no tangible business or life experience - yet, misguided investors will give them money.

It is no surprise over 95% of them fail.

This particular company raised $2m less than a year ago, yet they're already out of business. No doubt the founders took very good care of themselves and left the naive investors licking their wounds.

If you are smarter than the investors in the matter of profitable investing, you would be a dollar multi-billionaire already.
Venture capitalism is like gambling, you win some you lose some but hope to win more than lose.
Only insiders will understand why.

SoNature:


Source: https://techcabal.com/2023/12/05/pivo-is-shutting-down/

Two very smart Lesbians decieving he-goats to invest their money. Unless and until you realize that women are more sneaky and tricky than men, you will never fully understand why smart men don't invest in female run companies unless it's a partnership between them and a man. It's not misogny, these are facts!

eepeepook:
A company heavily dependent on electricity will never do well in our clime.

Yes, companies like all banks and all Telcos.

BigBlackPreek:
Another batches of unemployed people to the streets

How many people did they employ? Majority of These fintech startups are not more than personal enrichment
schemes. They offer nothing sustainably. Unless we go back to production and extend our agriculture value chain....

The reason this tech companies fail is very simple, They are not extra ordinary. To succeed in an intensely competitive market or even any market, you have to be able to do things others cannot do, and they have to be "invisible" from the market to have an edge.
This is assuming this startups have a genuine intention in the first place, cos most of them are rooting for their own failure as means to cash out.

Most Nigerian startups are just bullcrap or rather cockshit. Who shuts a business down after raising $2M? Like wtf is this?
I know investors will prolly not give them all the money at once unless they reach a certain milestone, but come on, what happened to pivoting a bit just to sustain the steam?

Nigerian startup founders have vowed that they'll never succeed unless they raise money. Raise money to do what exactly? To expand to East Africa when you've not conquered Nigeria or West Africa, you're going to East Africa. LMAO 😂

If you're a founder and you don't know how to make money with your startup and use the profit to gradually expand, you have no business raising money.
I don't blame the founders. I blame the investors who don't have anything meaningful to do with their money.

Most of these startups have limited understanding how their market changes and its dynamics.
They tend to try building the supporting IT system instead of the processes the IT is supporting.

Most of these so called Nigerian tech start-ups are scams! Until their foreign grant providers start coming after them.

DeLaRue:
The so-called investors have more money than sense, hence the reason they invest in 'tech' companies that are ultimately doomed to fail.

Many of these so-called tech companies have nothing more than brightly coloured offices, a few computers/laptops and a half-baked, bound-to- fail idea that they wax lyrics around and sell to investors as a viable business.

Many of these founders have no tangible business or life experience - yet, misguided investors will give them money.

It is no surprise over 95% of them fail.

This particular company raised $2m less than a year ago, yet they're already out of business. No doubt the founders took very good care of themselves and left the naive investors licking their wounds.

Yes.
I saw this coming a few years ago. I invited the Nordic founder of a leisure booking company to come and speak to a group of young founders. What you said above was exactly what he warned them about. Nigerians have hacked fund raising but they have not hacked character and momentum hacking.

Unfortunately we are seeing more and more of the "owambe" "pepper dem" mentality in the founder world. Founders are no longer doing "lean" They are doing optics. In a society where broke shaming is a major catalyst of "success" this is inevitable.

I see them as mad people. Imagine a 21yrs old guy setting up such a business tech venture , in less than 1yr he will start looking to expand to other African countries and the world at large. Next thing you hear they folded up or their system are hacked . Fundamentally what does a 21yrs old know about business or life itself

DeLaRue:
The so-called investors have more money than sense, hence the reason they invest in 'tech' companies that are ultimately doomed to fail.

Many of these so-called tech companies have nothing more than brightly coloured offices, a few computers/laptops and a half-baked, bound-to- fail idea that they wax lyrics around and sell to investors as a viable business.

Many of these founders have no tangible business or life experience - yet, misguided investors will give them money.

It is no surprise over 95% of them fail.

This particular company raised $2m less than a year ago, yet they're already out of business. No doubt the founders took very good care of themselves and left the naive investors licking their wounds.

Wrong, Government regulation and policies is the reason why the majority of there's tech startup are failing, lack of basic infrastructures and change in policies has impacted the logistic business

Some startups are coded criminals disguising to invest Fintech ecosystem and use the opportunity to raise seeds and divert the funds for personal gains. It's a pity that the financial and other regulators in the country are not paying close attention, perhaps they maybe part of the fraudulent scheme.

Why do they look like a couple ..🤔

NuCypher:
I don't know why the focus of these chicken tech companies is always on expansion. You have barely started crawling, you want to fly. What was the motive of expanding to East Africa when they had barely gotten the business of the ground in West Africa? That's just planning to fail!

Even Nigeria sef
You must be very successful in your locality first before going abroad

Oricha79:
I hope dey never run the investor mmm so?

Na normal business na...

Take real osusu and give blotted posh ideas as returns...

The same way real gold and other precious metals magically turned to paper. Ah, I know... These metals are limited while useless paper is unlimited... Very bright idea

Surprise why Nigeria remains poor? E no hard..

We need so many things over here but can't ever exchange the little we have for what we need but only paper and digitized value. After all, how production lines or whatever go take benefit our odogwus and Alhadjis.... Shey socialites with skimpy dresses dey take production line?

Bankruptcy na only investors dey suffer am. Only then they'll understand say na play dem been dey

Bigkoko:
Still on Pivo....
Indept study shows that once African techies gets funded, the motivation dies down! Because as part of far reaching agreements for the funds, they knew they are no longer the owners of the idea & business, but mere figure heads kept fat for the kill. This is why lousy mouth board members could vote to fire Open Ai CEO.

A chap fronting for a Tiger Group in China proposed buying my company for $80k USD cash, then retaining me for two years as MD/CEO and co-founder to move the company to projected heights and i wont have to set up another LLC similar to my initiative for the period. Now, $80k USD is mouth watering for a young African in his late thirties, but i said No! $500K, 50% equity or nothing. Ndi ara. Do i look like the Open AI guy that got fired by a members who sat all day long sipping coffee without smelling the street?

This is why i have not raised funds from Western Capitalist fronts. They have no idea how the African; Nigerian markets works. More funds is no guarantee of a successful Venture! They fund you, then they dictate how you should run your idea. Africa is not the West where Institutions work and Institutionalized corruptions & bureaucracy is negligible!

This is one reason why Innoson Vehicle Manufacturing via Innoson Group Inc has been around while more funded businesses like **** have faltered! Companies like IVM & Bigkoko will continue to be around because, they organically grow through hard work, not through easy funding.

With the Igbo Apprentice System properly incorporated into ways of running a businesses, it will be difficult to shut down. Ask people wey sabi run Companies! No go fund swegbessss!

Discover Africa with Bigkoko ~ your Local Tech Company!
Business & Financial Technology for all. Kigali. Abuja. Stockholm. Lusaka

don't mention bigkoko alongside with IVM, they are not mate

Sincerely I feel most of this so called Fintechs don't really understand how Nigeria works or they dont want to quickly adapt to the Nigerian way of doing things
I insist that the only Fintechs in Nigeria today are those so called Loan apps and what have you
I sincerely believe that before you transit into the online space of doing business you must use the offline space for some time
Technology is just a added tool to doing business and should never be the business itself,this is why our Fintechs always fail

DeLaRue:
The so-called investors have more money than sense, hence the reason they invest in 'tech' companies that are ultimately doomed to fail.

Many of these so-called tech companies have nothing more than brightly coloured offices, a few computers/laptops and a half-baked, bound-to- fail idea that they wax lyrics around and sell to investors as a viable business.

Many of these founders have no tangible business or life experience - yet, misguided investors will give them money.

It is no surprise over 95% of them fail.

This particular company raised $2m less than a year ago, yet they're already out of business. No doubt the founders took very good care of themselves and left the naive investors licking their wounds.

You are grossly uniformed.

Globally, 20% of new businesses will fail during the first two years and 45% during the first five years.

It's even worst for Nigeria.

Do you think running a business is a joke in Nigeria?

Pepper eye. Na IVM tel you so?

Mates in Capitalization or worth? For sure IVM is a giant, way way ahead of my baby. Mates in Strategy or Continuity Plan? I tell you, no much difference. Go and verify.
From next year we go begin dey buy all these failing mushroom startups instead of disgracing Africa Tech market.

iHart:
don't mention bigkoko alongside with IVM, they are not mate