At least $50–75Mn is the amount I am aware has been pumped into Internet + Mobile technology companies in Nigeria between 2010–2012. If you look at the The top 10, at least 9 of those are venture-backed. There is an amazing opportunity to create increasingly interesting and large scale Internet companies which serve the 160Mn Nigerian community. The money is mobilising in 2013–14, there has been a flurry of fact finding missions of investors looking at the Internet opportunity in Nigeria. I myself have spoken to so many VC’s over 2012 and they have always complained about the lack of scalable (read fundable companies).
The Nigerian ecosystem needs to cease the self-flagellation and hippy-stuff to focus on building real companies. Product is all important but you need a solid revenue generating machine alongside you, otherwise you and your ‘product’ will never leave your bedroom.
The opportunity is now. 2013. Go and start something.
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