Hello guys, long time no see. This is a rant.
So GoMyway just died, due to lack of funding. As a business person, I don’t understand how you are a business if you are not making money, note that this view of mine applies strictly to the Nigerian environment.
Several startups exist in this Country, that are aping western models of Startup philosophy. The Nigerian market is savage, and is killing off Startups that are not modelled to be profitable from the get go.
Part of the situation starts from a wrong perception startup founders in Nigeria have. Get this clear, You need Sales/Marketing Cofounders far far more than you need a Tech/Coder Cofounder. In actual fact, you can always outsource development at the initial stages, if you have an idea, don’t look for a Coder. Look for a Sales/Marketing /Biz deV Co founder, then get another Cofounders to handle Operations. You don’t need a Tech Co founder. The Tech is just an interface between your target market and the service you think you provide. The interface is not the startup. The final service you provide the client is the startup.
Facebook is not a social media company. Facebook is an advertisement company.
Whatsapp is a Communications Company, which will soon become a Financial services company (paystack competitor)
Instagram is an advertisement Company.
Amazon is a Retail Chain.
AlibAba is a One stop Shop.
These guys will still find a way to do what they do without their present online interfaces.
Therfore when people create startups and focus more on the tech and not the service, I just look at them and shudder at their naivety. The Market will kill you.
If you have an idea, find a killer Sales guy as Your first Cofounder, then find a Management ninja as your Operations Cofounder. You don’t need coders, hire someone to build your first iteration, pay the person off, then scale up your iterations as you go on, make sure you start making money from the first day, you should handle customer services.
For tech people out there, I appreciate you guys, I am also an Engineer, but my designs and construction is pointless if people don’t use them or if my client does not recover his funds. Nobody wants to know how beautiful your hotel us if it doesn’t make you profits.
Many things are there for you to create, we have enough ride sharing apps or social networks etc.
Create a startup for clearing and forwarding. Create a startup for crowd based Agro logistics. Create something usefull. Make sure you hire and pay a Sales team and operations team , don’t bother to offer sweat equity. If you wouldn’t accept sweat equity, they won’t too.
Do something groundshaking for a change, if you really are as skilled as you think you are.
This is a rant, it may not make sense, but if you read it with a magnifier, perhaps you can pick something from it.
Have a nice day.