You don’t need Capital. You need Customers.

If you weren’t aware already there is a funding problem in Africa. Starting Internet companies usually requires capital. In hostile environments (like Nigeria) what would cost $10,000 usually rises to $50,000 for the first 6–12 months of existence assuming <10-person team, space, genset, laptops, hosting etc.
And guess what? That situation is unlikely to change until the big Internet companies start to see founding team liquidity, because only those who believe in equity will invest in it and have the patience to wait for liquidity. Nigerians believe in bricks and mortar, that’s why they invest (blindly I might ad) in it. Ask most regular real estate investors in Nigeria about their properties rental yield, cost of capital, y-o-y valuation etc. I have and 90% don’t have a clue. And don’t really care to. The very definition of dumb money.
Until that sea change happens, and it will undeniably occur, the very concept of greed (and we Nigerians are greedy) will move the mountains of...

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