Why N50m is a big deal

I spend all day on Medium, so let me try post something here.
A few weeks back Oo told me that Nigerian startup founders (including myself) lacked ambition. That they think once they get to N50m/year in revenue we have ‘made it’ so then relax. That in SF, people think about world domination, then spend whatever it takes to get there. I smiled. Do you know how hard it is to generate N50m/year in revenue in Nigeria? In a word. Brutal. Like really really brutal. Generating revenue in Nigeria is like breaking rocks and then bleeding them. For consumer internet companies, it’s something akin to the perfect storm. Customers don’t want to pay and will frustrate you for every Naira you earn. Even when you verify a lead and send to a business customer and have a contract saying you they are obligated to pay a commission. They still frustrate the hell out of you. The difficulty in getting paid in Nigeria has to be a silent killer of companies. Its one of the most frustrating things about opera...

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