RECAP: #StartupsInNigeria tweetchat with @kola_aina

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Yesterday the 7th of October, we had Kola Aina (CEO, Emerging Groups and co-founder of Ventures Platform Hub) on our weekly tweet chat to share his insights about Startups in Nigeria! We talked about the need to promote Startups in Nigeria for a better economy, what mistakes are startups doing and what more startups in Nigeria need to do.

Running for an hour, the chat had a potential reach of Seven  Hundred Thousand plus people.

#startupsinnigeria is now trending in Nigeria https://t.co/jt7iAHVtCP

— Trendsmap Nigeria (@TrendsNigeria) October 7, 2016

Q1: The Nigerian tech space is, undoubtedly, on the rise. What effects do the rise of #StartupsInNigeria have on our economy?

Answer: This is a welcome development, it’d boost our economy as a nation and even position us well in the global market.. But these young companies must be supported to move from startup phase to growth phase..

Q2: Government support, we know, is critical for Startups In Nigeria to flourish. How well is government supporting & what more needs to be done?

Answer: Government’s role is to create an enabling environment for enterprises to thrive. Infrastructure, policy, tax regime etc.

Lots more can be done by government, but it’s cheering to see the ecosystem get some attention. #StartupsInNigeriahttps://t.co/b3TZHpJ7q0

— Kola Aina (@kola_aina) October 7, 2016

@kola_aina @Discuss_NGR We don’t really have to wait for govt to support #StartupsInNigeriapic.twitter.com/KzqnYAaJd3

— Sanni Hussein (@sannihussein) October 7, 2016

Correct. Like I said, all we ask for from government is an enabling environment. #startupsinnigeriahttps://t.co/a6pfrRSVrK

— Kola Aina (@kola_aina) October 7, 2016

Q3: Do you agree with the opinion that more platforms are needed to promote Startups in Nigeria for a better economy?

Answer: Startups can use all the support they can get; be it hubs, incubators or accelerators.. Our ecosystem is only just scratching the surface.

Q4: We love how Ventures Platform hubhosted YCombinator office hours on their recent visit to Nigeria.. How can Startups in Nigeria benefit from @VPlatformHub’s office hours? How is VC’s office hours like?

Answer: Thank you. It was exciting for us @VPlatformHub to host the worlds no 1 incubator in Nigeria as part of their world tour. Our office hours basically provide an opportunity for startups not in our incubation program to get some help. Be it with their business model, market entry, pricing, technology, you name it. We try to provide as much help as we can within 30mins.

It’s free and runs every Friday. All one needs to do is apply on venturesplatform.com

This is part of our contribution to the ecosystem.

Q5: Paul Graham had stated in one of his articles that Poor Investor Management, Single Founder, Bad location, Derivative ideas and so on are reasons why startups fail. What will you say to this in relations to startups in Nigeria?

Answer: I think the challenges of startups are generally universal, as some will argue that “startup” just defines a stage in the business life. But we particularly need to cultivate more depth on the investment side. Exit scenarios are limited here. We need more people participating in startup investment. More angels. More funds. More corporate participation..

Parallel to that is that, the quality of startups and founders needs to rise. People need to focus on building real businesses. And not only just pitching and trying to raise.

Q6: Finally, what recommendations do you have for startups in Nigeria?

Answer: 1) Problems before solution.. 2) Focus on Real problems.. 3) Hyper-focus sef.. 4) Be gritty.. 5) Get offline experience.. And 6) Enjoy the ride! 

What others had to say:- 

https://twitter.com/flezyprince22/status/784651660719190016

https://twitter.com/johnallu1/status/784607772105146368

https://twitter.com/soflarity/status/784514030513876992

https://twitter.com/soflarity/status/784512901566562304

https://twitter.com/walebee01/status/784497877326245888

https://twitter.com/TheMadameZeta/status/784475223223595009

https://twitter.com/alaminzanna/status/784476303063916544

What’s your thought on this? Let’s know your thoughts or what you have to say in the comment section!

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