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Are There Angel Investors In Nigeria? by ehinmowo: 3:06am On Sep 03, 2020
I was taking some startup course online. I realized that no matter your business idea, you will find someone to pitch to in Us. There are thousands of people looking for where to invest their money. Many of them don't work. Just investing, buying and selling companies etc.

In NIgeria, 90% of those who would ask you to pitch or send them your business idea, would steal it (this is not hearsay). Even big companies. I have one senior FRSC officer who is also passionate about business. He told me how he pitched an idea to one of the new generation banks in NIgeria. Few months later, he saw them implementing it, with few modifications. He went to pitch an idea to the presidency ( Name withheld), one of the ministries. In fact, he passed through the office of the Vice president, who directed him to the ministry. That didn't end well too.

Of course we all know that banks are sorry case in NIgeria when it comes to investment. In fact, they don't invest like other countries' banks. They only give loans 90% of people willing to go into business are youths without tangible assets. The condition for loan alone wouldn't even make you consider that option.

Lest I digress, back to my question. Are there investors in NIgeria investing in startups? If yes, how can one reach them?
Re: Are There Angel Investors In Nigeria? by urchcoded(m): 3:30am On Sep 03, 2020
ehinmowo:
I was taking some startup course online. I realized that no matter your business idea, you will find someone to pitch to in Us. There are thousands of people looking for where to invest their money. Many of them don't work. Just investing, buying and selling companies etc.

In NIgeria, 90% of those who would ask you to pitch or send them your business idea, would steal it (this is not hearsay). Even big companies. I have one senior FRSC officer who is also passionate about business. He told me how he pitched an idea to one of the new generation banks in NIgeria. Few months later, he saw them implementing it, with few modifications. He went to pitch an idea to the presidency ( Name withheld), one of the ministries. In fact, he passed through the office of the Vice president, who directed him to the ministry. That didn't end well too.

Of course we all know that banks are sorry case in NIgeria when it comes to investment. In fact, they don't invest like other countries' banks. They only give loans 90% of people willing to go into business are youths without tangible assets. The condition for loan alone wouldn't even make you consider that option.

Lest I digress, back to my question. Are there investors in NIgeria investing in startups? If yes, how can one reach them?
you wouldn't expect angels in hell fire would u?

6 Likes 1 Share

Re: Are There Angel Investors In Nigeria? by ehinmowo: 10:38am On Sep 03, 2020
urchcoded:
you wouldn't expect angels in hell fire would u?

grin. On a serious note, problems breeds opportunities. There several things that could yield money here. People just need the right investment and impetus.

2 Likes

Re: Are There Angel Investors In Nigeria? by Impactever(m): 10:57am On Sep 03, 2020
urchcoded:
you wouldn't expect angels in hell fire would u?


Hahahaha , you are very funny .

2 Likes

Re: Are There Angel Investors In Nigeria? by NairalandAngel(m): 11:31am On Sep 03, 2020
ehinmowo:
I was taking some startup course online. I realized that no matter your business idea, you will find someone to pitch to in Us. There are thousands of people looking for where to invest their money. Many of them don't work. Just investing, buying and selling companies etc.

In NIgeria, 90% of those who would ask you to pitch or send them your business idea, would steal it (this is not hearsay). Even big companies. I have one senior FRSC officer who is also passionate about business. He told me how he pitched an idea to one of the new generation banks in NIgeria. Few months later, he saw them implementing it, with few modifications. He went to pitch an idea to the presidency ( Name withheld), one of the ministries. In fact, he passed through the office of the Vice president, who directed him to the ministry. That didn't end well too.

Of course we all know that banks are sorry case in NIgeria when it comes to investment. In fact, they don't invest like other countries' banks. They only give loans 90% of people willing to go into business are youths without tangible assets. The condition for loan alone wouldn't even make you consider that option.

Lest I digress, back to my question. Are there investors in Nigeria investing in startups? If yes, how can one reach them?

Investing your money in a start-up business in Nigeria is almost like throwing your money into fire!

Among the people who claim they want to set up a new business in Nigeria you will find people who are dishonest; their main goal is to scam you with bogus business ideas

You also have people who have no idea what it means to run a business and take responsibility for making sure you solve problems so that the business succeeds

Risk and running a business go hand-in-hand but a lot of these guys don't want to take risks with their own funds to pursue their own business aspirations. Do you have any idea how ridiculous it sounds when someone pitches a business idea to you which according to him will require a capital outlay of N7 million and generate returns of N1 million every month then when you ask him to contribute at least 30% of the initial cost of set up he tells you the maximum he can contribute is 200K?! Really?!

Why would you want to dump the risks 100% on the investor inspite of the fact that you're the one who will be running the business?!

Then there is the group that just wants to be addressed as CEO or Managing Director; these ones do not know that running a business is very hard work; they think they will just start a business and three months later they start driving a G-Wagon because of the bullshiit one motivational speaker told them.

Personally I have sworn off investing in start-ups for the time being and I'm sure some other experienced investors have also done the same here in Nigeria

4 Likes 1 Share

Re: Are There Angel Investors In Nigeria? by ehinmowo: 12:07pm On Sep 03, 2020
NairalandAngel:


Investing your money in a start-up business in Nigeria is almost like throwing your money into fire!

Among the people who claim they want to set up a new business in Nigeria you will find people who are dishonest; their main goal is to scam you with bogus business ideas

You also have people who have no idea what it means to run a business and take responsibility for making sure you solve problems so that the business succeeds

Risk and running a business go hand-in-hand but a lot of these guys don't want to take risks with their own funds to pursue their own business aspirations. Do you have any idea how ridiculous it sounds when someone pitches a business idea to you which according to him will require a capital outlay of N7 million and generate returns of N1 million every month then when you ask him to contribute at least 30% of the initial cost of set up he tells you the maximum he can contribute is 200K?! Really?!

Why would you want to dump the risks 100% on the investor inspite of the fact that you're the one who will be running the business?!

Then there is the group that just wants to be addressed as CEO or Managing Director; these ones do not know that running a business is very hard work; they think they will just start a business and three months later they start driving a G-Wagon because of the bullshiit one motivational speaker told me

Personally I have sworn off investing in start-ups for the time being and I'm sure some other experienced investors have also done the same here in Nigeria

I agree with you that the attitude of would be business owners could be discouraging sometimes. But I disagree on the aspect of mutual funds. Investors could finance a startup 100%. If he could seduce the prospects. Investment itself is risk.

What baffles me though is why someone would go a long way to develop a business idea, feasibility study, plan etc to squander the resources. If I were to invest in business, I will know every penny you spend along the way. If you don't have any capital or you have meager capital, then you should be prepared to go to jail should you squander my money without unnecessary cause. Which will be included in the agreement. Investment itself is a skill.

1 Like

Re: Are There Angel Investors In Nigeria? by Nobody: 8:18am On Sep 17, 2020
NairalandAngel:


Investing your money in a start-up business in Nigeria is almost like throwing your money into fire!

Among the people who claim they want to set up a new business in Nigeria you will find people who are dishonest; their main goal is to scam you with bogus business ideas

You also have people who have no idea what it means to run a business and take responsibility for making sure you solve problems so that the business succeeds

Risk and running a business go hand-in-hand but a lot of these guys don't want to take risks with their own funds to pursue their own business aspirations. Do you have any idea how ridiculous it sounds when someone pitches a business idea to you which according to him will require a capital outlay of N7 million and generate returns of N1 million every month then when you ask him to contribute at least 30% of the initial cost of set up he tells you the maximum he can contribute is 200K?! Really?!

Why would you want to dump the risks 100% on the investor inspite of the fact that you're the one who will be running the business?!

Then there is the group that just wants to be addressed as CEO or Managing Director; these ones do not know that running a business is very hard work; they think they will just start a business and three months later they start driving a G-Wagon because of the bullshiit one motivational speaker told me

Personally I have sworn off investing in start-ups for the time being and I'm sure some other experienced investors have also done the same here in Nigeria

If you swear off Angel investment based on bad experiences, how will you find the good ones who are also looking for honest investors? As long as you are not after unimaginable returns, you can work perfectly well with someone starting with less than 1M. Many start-ups are looking for honest Angel investors because others are stealing their ideas. Don't write it off. I am still looking for an Angel investor, and I'm close to giving up.

1 Like

Re: Are There Angel Investors In Nigeria? by NairalandAngel(m): 1:07pm On Sep 17, 2020
Deseo:


If you swear off Angel investment based on bad experiences, how will you find the good ones who are also looking for honest investors? As long as you are not after unimaginable returns, you can work perfectly well with someone starting with less than 1M. Many start-ups are looking for honest Angel investors because others are stealing their ideas. Don't write it off. I am still looking for an Angel investor, and I'm close to giving up.

Most people who claim they want to start a business have absolutely no clue about the sacrifices you need to make in order for the business to succeed.

They just want to start a business so they can brag that they are CEO of XYZ Company.

How can someone start a business and be dodging putting his/her own money in the business but will be expecting an investor to come and carry the whole risk 100% then immediately there is a challenge in the business he/she will abandon ship cos he has nothing at stake?!

I still invest in new businesses but you must prove to me that you know what you're doing and I must see evidence that the business is actually generating revenue and has been doing so for at least 36 months at the minimum, anything other than that I will not stake my funds in the business.

1 Like 1 Share

Re: Are There Angel Investors In Nigeria? by Nobody: 6:26pm On Sep 17, 2020
NairalandAngel:


Most people who claim they want to start a business have absolutely no clue about the sacrifices you need to make in order for the business to succeed.

They just want to start a business so they can brag that they are CEO of XYZ Company.

How can someone start a business and be dodging putting his/her own money in the business but will be expecting an investor to come and carry the whole risk 100% then immediately there is a challenge in the business he/she will abandon ship cos he has nothing at stake?!

I still invest in new businesses but you must prove to me that you know what you're doing and I must see evidence that the business is actually generating revenue and has been doing so for at least 36 months at the minimum, anything other than that I will not stake my funds in the business.

36 months is not a new business. Mine is new and not up to 2 months and it is a simple business but with a unique method I've given it.
How about you give me your contact? You and I have a conversation and see if it's worth investing or not. We'll both leave this thread here for posterity and reference sake. What do you say?

1 Like

Re: Are There Angel Investors In Nigeria? by sweetmichael007: 7:41pm On Sep 17, 2020
urchcoded:
you wouldn't expect angels in hell fire would u?
grin

Dis op is very funny grin grin grin grin

I have a lot of investors here in Lagos with millions of naira to invest in small to medium scale businesses ranging from #500,000 naira to #500,000,000 million naira investment.

All they want from you is a growing EBITDA or a well prepared practical business plan that can skyrocket there investment in a very short period of time

2 Likes

Re: Are There Angel Investors In Nigeria? by NairalandAngel(m): 4:51am On Sep 18, 2020
Deseo:


36 months is not a new business. Mine is new and not up to 2 months and it is a simple business but with a unique method I've given it.
How about you give me your contact? You and I have a conversation and see if it's worth investing or not. We'll both leave this thread here for posterity and reference sake. What do you say?

By the time a business has spent at least 36 months in operation the owner would have passed the learning curve and experimental stage...

...at that point you're sure this is what he/she wants to do and not some accidental entrepreneur who suddenly lost his job and is merely just using your investment funds to keep busy while he/she is secretly looking for a new job. He will abandon the business and leave you holding the short end of the stick immediately he gets another job.

The minimum I will accept is 24 months financial records which shows that the business concept is commercially viable (I do not care what the current balance is but the bank statement must show evidence that there is an on-going business).

If this is not available then I'm not interested even if the ROI of the business is 100%!

I will never put my money is a start-up business again, never!

2 Likes

Re: Are There Angel Investors In Nigeria? by Nobody: 7:30am On Sep 18, 2020
NairalandAngel:


By the time a business has spent at least 36 months in operation the owner would have passed the learning curve and experimental stage...

...at that point you're sure this is what he/she wants to do and not some accidental entrepreneur who suddenly lost his job and is merely just using your investment funds to keep busy while he/she is secretly looking for a new job. He will abandon the business and leave you holding the short end of the stick immediately he gets another job.

The minimum I will accept is 24 months financial records which shows that the business concept is commercially viable (I do not care what the current balance is but the bank statement must show evidence that there is an on-going business).

If this is not available then I'm not interested even if the ROI of the business is 100%!

I will never put my money is a start-up business again, never!




Things could still go wrong with a 100 year old business, it just takes one government policy. And it's not fair to write off every beginner due to bad experiences. You should see what I have to offer at least. What do you have to lose from having a conversation?

1 Like

Re: Are There Angel Investors In Nigeria? by neonknight(m): 4:34pm On Sep 18, 2020
Before an investor invest in any business, it is note worthy to find out if the person you want to invest in has experience in that business. It is also wise not to dish out the funds at ones but to break it down to stages, because every business has stages. Personal I have been looking for investment in my business, even though it is legit, people here are afraid because they have bad experience.

But one thing is sure, if you want to succeed, you learn from experience so you can better equipped yourself for the next round. That is why there are still angel investors in US because they know no matter how many mistakes they make, it will take one correct project to get back all their years of investment.

2 Likes

Re: Are There Angel Investors In Nigeria? by Kormex: 5:34pm On Sep 18, 2020
Deseo:


If you swear off Angel investment based on bad experiences, how will you find the good ones who are also looking for honest investors? As long as you are not after unimaginable returns, you can work perfectly well with someone starting with less than 1M. Many start-ups are looking for honest Angel investors because others are stealing their ideas. Don't write it off. I am still looking for an Angel investor, and I'm close to giving up.



Same thing happening to me right now.
I have a powerful idea that can the world and Africa like tsunami
Re: Are There Angel Investors In Nigeria? by Nobody: 7:01pm On Sep 18, 2020
Kormex:




Same thing happening to me right now.
I have a powerful idea that can the world and Africa like tsunami

Mine will just bring good money, I'm not interested in setting anywhere on fire.
Re: Are There Angel Investors In Nigeria? by Corroro: 7:06pm On Sep 18, 2020
@op you're not totally wrong with what you're saying, I think one very good way to go about this is to start up your business yourself no matter how small, then people can invest in your business not ideas. Also, while running your business, you can open an online business account with FCMB and enjoy transactions without charges for 3-months, just visit https://on.fcmb.com/online-account-business3 to start. Many a times people believe what they see, when you start something, it's easier to convince people to invest, so many people hardly believe ideas cos many ideas can't work. Try it and thank me later.

1 Like

Re: Are There Angel Investors In Nigeria? by Mystic1(m): 10:22pm On Sep 18, 2020
Deseo:


36 months is not a new business. Mine is new and not up to 2 months and it is a simple business but with a unique method I've given it.
How about you give me your contact? You and I have a conversation and see if it's worth investing or not. We'll both leave this thread here for posterity and reference sake. What do you say?
What sector/Industry is your idea?
Re: Are There Angel Investors In Nigeria? by stacyadams: 10:36pm On Sep 18, 2020
I need a person to buy a car and invest in uber, , while I pay up.
Re: Are There Angel Investors In Nigeria? by Nobody: 11:00pm On Sep 18, 2020
Mystic1:
What sector/Industry is your idea?

Tech.
Re: Are There Angel Investors In Nigeria? by Femoje(m): 11:38pm On Sep 18, 2020
@NairalandAngel, you are just bragging, you know nothing about Angel Investment... the last thing I will do is to let anyone claiming investor here in Nigeria into my business ( they are the worst set of people) with the quick return syndrome mentality.

to the entrepreneurs in the house please work hard, start all by yourself get co-founder, put in all your efforts if you fail you fail, if you succeed glory be to God.
my start up failed last year after 2 years of investment I learnt a lot from the failure. I'm happy because I fund it with my money and with the help of my co-founder.

And lastly people don't invest in ideas they only invest in business.

1 Like

Re: Are There Angel Investors In Nigeria? by Femoje(m): 11:57pm On Sep 18, 2020
Deseo:

Tech.
Hit me up let's talk business.
Re: Are There Angel Investors In Nigeria? by Mystic1(m): 12:36am On Sep 19, 2020
Deseo:


Tech.
Drop your contact lets talk.
Re: Are There Angel Investors In Nigeria? by Mystic1(m): 12:39am On Sep 19, 2020
Femoje:
@NairalandAngel, you are just bragging, you know nothing about Angel Investment... the last thing I will do is to let anyone claiming investor here in Nigeria into my business ( they are the worst set of people) with the quick return syndrome mentality.

to the entrepreneurs in the house please work hard, start all by yourself get co-founder, put in all your efforts if you fail you fail, if you succeed glory be to God.
my start up failed last year after 2 years of investment I learnt a lot from the failure. I'm happy because I fund it with my money and with the help of my co-founder.

And lastly people don't invest in ideas they only invest in business.
Failed after 2 years? Seems you didn't do something right on your part, my guess is you didn't scale it fast and early.
Re: Are There Angel Investors In Nigeria? by ehinmowo: 2:41am On Sep 19, 2020
Mystic1:
Failed after 2 years? Seems you didn't do something right on your part, my guess is you didn't scale it fast and early.

Didn't scare fast and early? Bro I swear to God you do not know anything about startup 101.

Businesses don't die because they do not scale too early. They die because they scaled too early.

1 Like

Re: Are There Angel Investors In Nigeria? by Nobody: 7:33am On Sep 19, 2020
Mystic1:
Drop your contact lets talk.
I have sent you an email.
Re: Are There Angel Investors In Nigeria? by Mystic1(m): 8:52am On Sep 19, 2020
ehinmowo:


Didn't scare fast and early? Bro I swear to God you do not know anything about startup 101.

Businesses don't die because they do not scale too early. They die because they scaled too early.
Don’t be too quick to judge (that someone knows nothing). This is a faceless forum and I just ‘assumed’ what your problem was, I didn’t state for a fact.

BTW; I have a startup in its 4th year and it’s growing just fine, thanks to proper scaling. I don’t think you can go wrong with scaling, a business must scale to survive. First, understand the true meaning of scaling.

1 Like

Re: Are There Angel Investors In Nigeria? by Mystic1(m): 8:54am On Sep 19, 2020
Deseo:

I have sent you an email.
.

1 Like

Re: Are There Angel Investors In Nigeria? by Femoje(m): 9:15am On Sep 19, 2020
Mystic1:

Don’t be too quick to judge (that someone knows nothing). This is a faceless forum and I just ‘assumed’ what your problem was, I didn’t state for a fact.

BTW; I have a startup in its 4th year and it’s growing just fine, thanks to proper scaling. I don’t think you can go wrong with scaling, a business must scale to survive. First, understand the true meaning of scaling.

in the startup world failure is inevitable, but not every failure will end the business. if you are not ready to fail then you can't be an entrepreneur. Opay failed too which is not any of their fault, life happens and we learn.
Re: Are There Angel Investors In Nigeria? by Femoje(m): 10:03am On Sep 19, 2020
NairalandAngel:


Most people who claim they want to start a business have absolutely no clue about the sacrifices you need to make in order for the business to succeed.

They just want to start a business so they can brag that they are CEO of XYZ Company.

How can someone start a business and be dodging putting his/her own money in the business but will be expecting an investor to come and carry the whole risk 100% then immediately there is a challenge in the business he/she will abandon ship cos he has nothing at stake?!

I still invest in new businesses but you must prove to me that you know what you're doing and I must see evidence that the business is actually generating revenue and has been doing so for at least 36 months at the minimum, anything other than that I will not stake my funds in the business.



"They just want to start a business so they can brag that they
are CEO of XYZ Company."
you are saying nonsense, let me tell you key reasons why we build start-ups.
1.
Re: Are There Angel Investors In Nigeria? by Femoje(m): 10:09am On Sep 19, 2020
NairalandAngel:


Most people who claim they want to start a business have absolutely no clue about the sacrifices you need to make in order for the business to succeed.

They just want to start a business so they can brag that they are CEO of XYZ Company.

How can someone start a business and be dodging putting his/her own money in the business but will be expecting an investor to come and carry the whole risk 100% then immediately there is a challenge in the business he/she will abandon ship cos he has nothing at stake?!

I still invest in new businesses but you must prove to me that you know what you're doing and I must see evidence that the business is actually generating revenue and has been doing so for at least 36 months at the minimum, anything other than that I will not stake my funds in the business.



"They just want to start a business so they can brag that they
are CEO of XYZ Company."
you are saying nonsense, let me tell you key reasons why we build start-ups.
1. Income Potential
2. Pursuing a Passion
3. A Good Idea
4. New Lifestyle
5. Self-Expression.
so are you going to tell Dangote not to claim the glory and chairmanship of his company because you invest in his idea?
come on Sir, people invested in Facebook without getting any profit in 7 years. that never stops Mark Zuckerberg claiming CEO of Facebook group.

3 Likes

Re: Are There Angel Investors In Nigeria? by Mystic1(m): 10:36am On Sep 19, 2020
Femoje:


in the startup world failure is inevitable, but not every failure will end the business. if you are not ready to fail then you can't be an entrepr eneur. Opay failed too which is not any of their fault, life happens and we learn.
Opay didn’t fail as a company, they are still in business, they only had one of their start up truncated by factors beyond their control (Gov policy), which I also suspect is not the cause in your own case. Remember they started with transportation then expanded into other sectors including finance. That is a form of scaling. You have to scale to retain your relevance.
Re: Are There Angel Investors In Nigeria? by Femoje(m): 11:39am On Sep 19, 2020
Mystic1:
Opay didn’t fail as a company, they are still in business, they only had one of their start up truncated by factors beyond their control (Gov policy), which I also suspect is not the cause in your own case. Remember they started with transportation then expanded into other sectors including finance. That is a form of scaling. You have to scale to retain your relevance.

you talk about scaling as if you are going to scale with toilet papers, Opay got $50 million investment and so many international network. so don't compare one guy in Nigeria with self investment fund. there are hundreds of reasons start-ups fail but the lesson is much important.
90% of start-ups failed anywhere in the world.

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