₦airaland Forum

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.

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

Bigkoko:
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.

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

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.

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.

Bigkoko:
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.

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.

BreconHills:
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.

RepoMan007:
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.

BreconHills:
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.

Flier:
The problem is,this people does not know anything about IT or coding,they are just going into into fintech with the aim of making profit
Fintech should be regulated in Nigeria,anyone who have no idea of coding should not be allowed to head a fintech company

omoredia:
These girls go just claim feminist lesbians and this matter will die a natural death

Raheeqilmaktoom:
Right now it's a fashion trend, go into tech, dread and color your hair, put on lipgloss as a guy, wear shorts and do a day in the life of a software engineer, get an idea and make it startup, snap pictures and raise series A, B and C.

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.

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.

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 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!

bigiyaro:
The only viable venture worth investing in right now in Nigeria is agriculture. Any other thing is a waste of resources. Even investmenting in Agri processing sub sector is still 70% risky cos of the Nigerian government policies, machinery and power alone will account for 90% cost of production and multi multiple taxations will suck the rest...

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

akpascomartino:
Shut up your mouth and stop saying what you don't know with your keyboard.

Amadi- Emina family is reputable one from Ebu in Delta State. Stop spilling trash about my sister.

Cmeo:
What do they expect when such a huge money is given to fresh graduate who have little or no experience about running business in Nigeria or anywhere else. These guys should not spoil the funding market for us, the genuine and experienced Nigerian entrepreneur because they havent fund most of our sustainable business o.

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.

nearline:
I like your take on this. Nigeria should try to face reality and go into the hardware side of tech. Na apps everybody wan dey build. Dem too like laptop and software and shiny offices. Whenever tech is mentioned in Nigeria the next thing that you hear is words like fintech or blockchain or web portal or digital economy. These people too like shiny stuff. We have so many infrastructural deficit in this country that physical technology can help with and that private sectors can actually solve but we no wan go there. Take for example I once discussed this idea with someone that airplanes could be used as one of the primary means hauling goods from one state to another within the country and he did not see the point in it. Granted it will be expensive at first but it will get cheaper as more people buy into the idea. Imagine someone ordering some goods from another state and having the goods delivered within the same day to him/her instead of waiting to have it packed in a bus that might loose a tire on the road or that could get robbed in transit before reaching its destination. Apart from that we could put enough effort into developing and building new innovative devices even if we still have to manufacture them in another country like china or india. We could have invented wireless charging, for example. We could be the one to develop a device or electronic component that could change the way we see electronics in general. Something like a battery technology more stable and more long-lasting that lithium ion batteries for example. But instead everybody wants to build the next fintech platform or app or whatever. I recently worked as a software engineer for a now-defunct fintech startup that I will not name. They were primarily into the lending part if the fintech thing. The funds they were originally lending out to customers came from microfinance banks they partnered with. But it got to a point where they needed to step up their game and start using their own money to run their operations so they tried and tried to raise funds, having various meetings with many potential investors but it did not get anywhere. At a point one of my bosses told me one thing of the investors who they had a meeting with told him. He said the investor was like the service you are offering to people and trying to raise funds to run in a more software focused way is already being done by traditional banks like GTB and co. So there was nothing special about the whole operation/platform that would make them put money into it. And they were absolutely right. Any business with a proven track record can enter a bank and request for a loan and get it. Any credible business at all. So we need to diversify into the hardware side of tech. And when i say diversify I mean we need to start doing serious research and development in the hardware technology side and even the scientific side which could help in discovering new materials and new compounds used in the manufacturing of these technological devices.
One last thing I want to say to bring this to a close is that some of the people behind these fintech companies are just into this for personal gain. Take the case of the guy originally behind PayDay for example. I heard he spent company money on himself anyway he wanted and essentially just used the millions PayDay raised to enrich himself. I also heard of a serious case of insider trading at Fultterwave.

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.

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

Pope98:
how can i reach you sir i need to speak with you sir

Streetdoctor:
It's not for idiots like u

nearline:
I like your take on this. Nigeria should try to face reality and go into the hardware side of tech. Na apps everybody wan dey build. Dem too like laptop and software and shiny offices. Whenever tech is mentioned in Nigeria the next thing that you hear is words like fintech or blockchain or web portal or digital economy. These people too like shiny stuff. We have so many infrastructural deficit in this country that physical technology can help with and that private sectors can actually solve but we no wan go there. Take for example I once discussed this idea with someone that airplanes could be used as one of the primary means hauling goods from one state to another within the country and he did not see the point in it. Granted it will be expensive at first but it will get cheaper as more people buy into the idea. Imagine someone ordering some goods from another state and having the goods delivered within the same day to him/her instead of waiting to have it packed in a bus that might loose a tire on the road or that could get robbed in transit before reaching its destination. Apart from that we could put enough effort into developing and building new innovative devices even if we still have to manufacture them in another country like china or india. We could have invented wireless charging, for example. We could be the one to develop a device or electronic component that could change the way we see electronics in general. Something like a battery technology more stable and more long-lasting that lithium ion batteries for example. But instead everybody wants to build the next fintech platform or app or whatever. I recently worked as a software engineer for a now-defunct fintech startup that I will not name. They were primarily into the lending part if the fintech thing. The funds they were originally lending out to customers came from microfinance banks they partnered with. But it got to a point where they needed to step up their game and start using their own money to run their operations so they tried and tried to raise funds, having various meetings with many potential investors but it did not get anywhere. At a point one of my bosses told me one thing of the investors who they had a meeting with told him. He said the investor was like the service you are offering to people and trying to raise funds to run in a more software focused way is already being done by traditional banks like GTB and co. So there was nothing special about the whole operation/platform that would make them put money into it. And they were absolutely right. Any business with a proven track record can enter a bank and request for a loan and get it. Any credible business at all. So we need to diversify into the hardware side of tech. And when i say diversify I mean we need to start doing serious research and development in the hardware technology side and even the scientific side which could help in discovering new materials and new compounds used in the manufacturing of these technological devices.
One last thing I want to say to bring this to a close is that some of the people behind these fintech companies are just into this for personal gain. Take the case of the guy originally behind PayDay for example. I heard he spent company money on himself anyway he wanted and essentially just used the millions PayDay raised to enrich himself. I also heard of a serious case of insider trading at Fultterwave.