OgaVenue raises $45k from Spark and Hotels.ng

[davidsmith8900]

I’m glad startups get funded but my only problem when announcing it is (I can only speak for myself, nobody else) it seems as if the amount is always too small. Like from an outsider looking in and NOT knowing the details (because God/devil is in the details) or NOT knowing what’s going on behind the scenes, it’s like:
a. The investor didn’t have enough money but saw potential and decided to put whatever they can manage (which is smart - a half bread is better than none) or
b. The investor doesn’t really believe in the startup itself but tried to help out (which is cool and generous). or
c. The cost of living is low compared to 1st World Countries (but at the end of the day we all need money, right?) or
d. Put a little in now and more in later (I’ve always wanted to know how startups got so much money but yet they have so little customers/downloads) or
e. Something else.

Like ogaVenue is a cool startup but compared to others in the Radar’s competition that was previously held there are way better ones. Why didn’t they get funded? Even before ogaVenue was funded and later announced, I remember seeing it in Vc4a Ventures and to be honest I didn’t look twice at it compared to these ones that I’ve seen. So at first I thought this was some publicity stunt. But it only became clear and it seemed like everything is some type of club after @akindolu mentioned this:

@akindolu

Mostly the type of business they understand or very familiar with. It’s usually a cycle of reinforcements. Patterns and all that. That’s why you should only consider an investor that understand or willing to learn about your business.

At the early stage however, and for the best investors, it is usually a case of people behind the business they try to understand, and their purpose. Their history and true intellect because businesses will typically evolve in their lifetime. It takes intellect to go through that. 10 years after founding, best businesses are not what they started with. Most people know this, so a short cut around is: fund folks with certain backgrounds and education. Or Fund because of pattern or business familiarity and claim it is derived from intellect.

Either way congratulations to ogaVenue and thank you CEO @mark for taking the time to clarify why it is needed to announce when a startup gets funded.