truthCoder:


CAVEAT EMPTOR.

Do not discuss anything with him without him disclosing the VC he is working with and a certifiable power of attorney.

After that, sign a proper non disclosure agreement with him before proceeding.

You should verify any document he provides BEFORE discussing with him.

At the end of all discussions, and after getting an insight into your idea dynamics, he would offer you a very ridiculous offer so that you would either be so angry and pull out or so stupid to accept. And that is the goal, so you leave but he has the ideas.

Dont let them use baits to harvest your ideas.

You have been warned.

legitnow1:
IT IS TIME FOR THE ARAB INVADERS OF EGYPT, TO RETURN BACK TO THE ARABIAN PENUSULAR.



ANCIENT EGYPT ARE NUBIAN BY ORIGIN AND BLACK.



AS IT IS IN SUDAN, SO IT IS IN EGYPT.

omoredia:
The name is not even catchy at all. Who doesn't know the sky is blue? Dumb

GreyLaw:
DOA!

Mr. Jack Dorsey, go and create something different, something new! You have the money and the brains. Not in this world or that to come will you rival an established brand as twitter if you are offering exactly the same services they are offering. You of all people should know.

It's just like waking up from the left side of your bed and deciding to produce another youtube. How do you want to succeed?

Princedapace:


Whatsapp:

Princedapace:

I freelance

Bloomsbury:
This is what many have been praying for. You can now register a company in the USA for free. Pay nothing at all.

You even get a free registered state agent and a free bank account with the bank of America.

For those who want to start building a startup or opening a Stripe account to receive payment abroad, am sure you will love this.

Checkout for yourself.
Here's a link to the resource.

https://hackernews.gumroad.com/l/rgiunj

If the link is taken down by Nairaland bots, You can DM me on Whatsapp to get the link ( +234+90+25+48+18+94)

Princedapace:


React Native should solve almost all your problems for both platforms. Except you are doing something that React Native can't handle.
I am a react native developer

Bloomsbury:

First of all, as a startup founder, you shouldn't care if anyone should sue you for their idea.

Bloomsbury:

Infact no one will sue you except maybe IBM, since they have the highest patent.
What if IBM steals from you something that's not theirs nor among any part of their patents ? There are laws in IBM's country that inhibits IBM from doing that, for your own protection.

Currently it is a waste of time and VC money to patent a software idea unless you have a Ph.D original research on it which implies you should be credited for your work.

Please take note. Startups or businesses don't die off from having competitors. Ideas aren't important, what is important is execution and the team building it.
I can tell you all my startup ideas but the question is, can you build it? Can you bring it to the market? What do you even know about the business model, do you have the right team with years of experience to build it (this one isn't relevant unless it a biotech company).

If you are talking about a software company, patents or IP doesn't help. Patents/IP are mostly useful for Biotech and Pharmaceuticals companies not SOFTWARE STARTUPS.

The wise thing to do if you think you have an original idea for a software is to build it into an API and sell access to that API.

With this method, different startups can be born from your idea and they will still be paying you homage.

When you have built your original idea into an API, there are a few tricks you can do to make you still a BOSS in the game.

1. Build your original idea Startup (API) in a language very difficult for an average programmer to build. Build your software in a language that it will be very difficult for the average Startup to get a programmer in that language to remake what you have built.

For instance, build your software or API in LISP, HASKELL, BRAINFUCK, C, ASP.NET etc

For this method, you can code your software in normal programming language and ask OpenAI chatGPT 4 to rewrite the code into any of the languages below.

2. When writing the codes for your original idea Software, obfuscate the code. Make it almost impossible for the general public to get access to the code and read it. Make your video extremely hard to read and understand.

There's this CIA Software that was among the Vault 7 leak of that Year. The Software can make your code impossible to be read by others or other computers. I think the name is EgosticalGiraffe. Or just search for CIA vault 7 WikiLeaks softwares and you will see it.

3. Build your original software and sell immediately on Aquire formerly known as Microacquire. If it's an original idea, am sure you will sell that idea Software for $5M to $30M on Aquire or Microacquire within days .

But take note, your original idea Software should have made some revenue before you decide to sell it. This way your buyer can validate that people are willing to pay for your idea Software.

To be sincere, I don't know much about Nigeria Startup legal ecosystem. Nigeria Startup system is still young.

The last time I went for a Blockckchain conference in Abuja and decided to participate in a competition as an impromptu to see how the thing goes and without an effort I came third among 15,000 contestants, I knew we have a long way to go regarding tech in Nigeria.

It was one Indian boy of 16yrs that came first 😁

Princedapace:


I found a solution and fixed it. You need any help?

DissTroy:
This is good. I'm happy for them. But the real question for those of us with interests in tech VC is, at what equity are these funding rounds converted to?

Y Combinator exchanges $500,000 (+ addons) for 7% equity.
They raised $1.5 million earlier on. Now they raised $3 million.

How much equity have they let go? With that many rounds ( which is still low-bar) and VCs, what's the controlling stake for the founders?

Now the last part is what worries me. if only tech bootstrapping were easy...

DissTroy:

Madam kept hammering on controlling percentage as a founder everytime I discuss it with her.

studyless123:


Interesting. Largely, this will be under patents and copyrights. Patents protect inventions, which are new and useful processes.
Copyright protects original works such as source code, scripts, and designs.
The type of IP law that you will need for protecting a web-based solution will depend on the specific nature of the solution.

Please note that patent process is difficult and complex while copyrights are less expensive and easier to obtain than patents.

Yes, a business method can be granted a patent. A business method must meet the same criteria as any other invention. Specifically, it must be novel and useful. It is more difficult to obtain a patent for a business method than for other types of inventions.

Different countries have different laws with regards IP.

obi4eze:


Of course everyone goes into any business with ROI in mind. I wouldn't blame the VCs because they're out to make profit. What I would be more concerned about as a startup is the ROI expected and the time frame given to fulfill such expectations. These VCs based in the US see Nigeria as a fertile ground for investment while the startups are in need of funding so it's a complicated case.
Crowdfunding maybe better when a company has established some popularity and has reputation and is willing to expand. The main issue isn Nigeria is lack of regulation and inherent corruption. It would be very difficult to get crowdfunders when there's no protection for their investment as the CEO could disappear with the funds while investors are left to count their losses.

Octopusssy:
I think the adjective 'simp' is arguably the most misused adjective on this forum, and perhaps on social media. I recall when, some time ago, I was ill and my significant other washed my clothes (hand wash o) he laughingly remarked "if my guys see me washing your clothes, they will call me a simp".

That got me thinking. Does showing care to your partner make you a simp? The toxic social media Alfamails seem to think so. The same 'alpha males' wey no dey give their mama monthly allowance, talk less of her holding their net worth for them, but are here shouting "Hakimi is our hero!" (we are not ready for THAT conversation).

I saw this post on Facebook and decided to repost it with permission.

Princedapace:
omo, to find help within Nigerian tech space is hard shaa. Lol

Let me try!

I want to implement paystack in a react native app that I am working on. I dont want to use any paystack npm package. That was the task given.

I am using react native webview to access paystack webpage within the react native app. Everything working well except the cancel button.

For reason not known to me, the cancel payment button doesnt respond at all. Normally, it was supposed to respond to a pastack url which I could have used to track and close the webview. But it doesn't respond.

I also tried using javscript to detect when a user clicks on the cancel button and with it, I could have close the webview but that is not working.

Any assistance would be appreciated.

Princedapace:
omo, to find help within Nigerian tech space is hard shaa. Lol

Let me try!

I want to implement paystack in a react native app that I am working on. I dont want to use any paystack npm package. That was the task given.

I am using react native webview to access paystack webpage within the react native app. Everything working well except the cancel button.

For reason not known to me, the cancel payment button doesnt respond at all. Normally, it was supposed to respond to a pastack url which I could have used to track and close the webview. But it doesn't respond.

I also tried using javscript to detect when a user clicks on the cancel button and with it, I could have close the webview but that is not working.

Any assistance would be appreciated.

DissTroy:


I'd have said an outright no but I discussed something in that range with my lady today who's also tech-inclined.

Here's what she said which I think makes sense:

If you value the startup and think, regardless of growth, there'd always be a valuation cap in the next 10 years, it's worth it. And if you know the $50,000 would help you scale to a certain level, then earmark the 10%, scale then maybe do a Series A raise for 10% then leave it at that. She didn't use all those technical VC terms but that's the summary of what she told. I sort of agree, partially.
Madam kept hammering on controlling percentage as a founder everytime I discuss it with her.

It also depends on the tech specialty. Is it innovative? How can you successfully predict a valuation cap? I'd he lying if I say I can. I can't.

----
How was Flutterwave to know after their first $1.1 million raise in 2016, they were going to be valued at $3.1 billion by February, 2021 while PayStack which sprang up concurrently and offers same services got sold for $200 million?

Again, Y Combinator gives $500,000 for 7% equity but with a higher competive entry bar while the referred to VC is offering $50,000 for 10%. I guess one has to put a VC cap of what to let go, put a cap on estimated funding to scale then make compromises.

I know of an Indian PAAS which raised $25,000 at first then raised $1.1 million in January. But they don't reveal the percentage equity traded off, of course.

obi4eze:


Yea. These are actually the reality in other climes. VC is fast losing its appeal because of these challenges. Having worked in one of the VC-funded companies in Nigeria, I can say that Nigeria may be a bit of a peculiar case because of the inherent corruption in the leadership of some of these companies.
Crowdfunding may be a better alternative but it is difficult to get people to buy into a startup, especially when the prospects are not publicly known.

DissTroy:


If you google tech startup funding now on Google, you'd be bombarded with an ad from a VC company which gives $50,000 in exchange for 10% equity of your company.

Yes, man - 10%. It doesn't matter whether it's a robotic startup.

DissTroy:


True enough. There also seems to be a particular circle one needs to break into to get access to these VCs. I mean, asides Y Combinator, other publicised tech startups getting funding announced on TechCabal and the likes seem to come from certain circles like the Lagos Investment Network.

How then do tech founders outside these cliques get funding for their viable startups/digital products?

obi4eze:

Sorry. Been occupied. One problem with VC funded companies is that the VC funderscan demand a huge ROI and and this can put pressure on the founders of the company to deliver within a short time.

obi4eze:

Most times these founders do notunderstand the real-life market situations of such business and are excited at the prospects of the funding. This can lead to unexpected challenges as a result of undue pressure from the VCs AND INCESPTES
Another challenge is the fact that the founders of the business/company can lose majority stake in the business. This can lead to a loss of focus, vision and direction in the company as the company's policies and direction would majorly be determined by the majority stakeholders.

obi4eze:

For a company to meet the needs/requirements in VC funding, a set of goals/milestones must have been achieved e.g. staff capacity, financial statement etc. It is usually a complex and tedious process in getting VC and increasing staff capacity can lead to massive recruitment in a company and this may not fit its long-term goals.

Akanoaaa:


Yes, very differently. Their rate make sense and they don't change for exchanging of currency like payday and only 1 usd for card creation of your choice. Master or Visa. Wirepay is own by Maplerad. Check Google play store for customers reviews.

DissTroy:

Most fintechs are essentially just paytechs. Financial technology goes beyond payments systems. The market is almost oversaturated as the customer base already have enough options to choose from.

DissTroy:

The reason most fintechs focus on just paytechs is they want to raise VC quickly. Paytechs have higher transaction volumes which you can use as POC then added to a pitch, investors would open their purses in a shot while.

DissTroy:

See Okra.ng ? It's barely known except by entrepreneurial developers but what's it's doing is core fintech. There's more but the VC ecosystem in Nigeria and Africa is dominated by the early starters who are just paytechs - founders of Flutterwave, PayStack etc.

DissTroy:

Maybe. But I had a lengthy and extensive discussion with other programmers and/or tech founders about it in February on this thread:https://www.nairaland.com/7567838/what-happened-andela-nigeria#120922699
4 pages of it all.

jaxxy:
Nice bt these start ups are all doing same thing and never as efficient as expected.

Akanoaaa:
I still prefer Wirepay anytime any day

shegzhkn:
Is it safe to say to kill the tech ecosystem in Nigeria you just make Stripe available there & PayPal fully functional & then get rid of the petty financial policies and it game over ??

obi4eze:
VC is good but has its disadvantages.

pocohantas:
a friend asked me, what are they doing differently? He did tell me what they are doing differently and I wonder how they plan no sustain no charges in Nigeria. Right now I am just observing him.