Global Growth Advisor | Council Member @ Forbes Business Council | Top 100 Women shaping the Future | Blockchain & Technology Innovator
REFLECTIONS: DAY#1 Today is the Beginning of Whatever I Want: Limitless! Building in Africa is not for the faint-hearted. Entrepreneurs here face challenges that demand resilience and creativity daily. In Nigeria alone, 85% of startups fail within their first five years, burdened by limited funding, inadequate infrastructure, and complex policies. Yet, these challenges continue to spark remarkable innovations. In 2023, African startups raised $4.8 billion, Data Trackers set the amount raised by African #startups in 2023 at between $2.9 billion and $4.1 billion, from $4.6 billion to $6.5 billion in #total funding the previous year with Nigeria leading at $1.2 billion. This funding isn’t just fueling industries like #fintech, #agritech, and #healthtech—it’s attributable to the rewritten narrative. Through my journey of building and scaling #techproducts across Africa, I’ve learned pivotal lessons: ✅ Marketing is non-negotiable. A great product is just the beginning; strategic storytelling and understanding customer behavior drive adoption and growth. ✅ People and teams are the heartbeat of any venture. Hiring talent aligned with your vision and investing in their growth creates a foundation for success. ✅ Policy shapes progress. Engaging with regulators early and understanding the ecosystem helps navigate bureaucratic bottlenecks and unlock opportunities. ✅ Resilience is a competitive advantage. The ability to pivot quickly in the face of obstacles often determines whether a startup survives or folds. ✅Adaptability is key. The landscape is ever-changing, and flexibility in strategy often defines survival. ✅Local context matters. Solutions rooted in understanding cultural and economic realities scale better. ✅Funding isn't everything. Creative problem-solving and resourcefulness are as critical as capital. ✅Build for impact. Products that solve real problems create long-term #value for people and businesses. As we wind down 2024 and prepare for 2025, it’s a moment to reflect on the journey—what we've achieved, the obstacles we’ve overcome, and the #lessons learned. 2024 was about resilience and #innovation, and now, as we step into 2025, we have the chance to build on that foundation, tackling new challenges and seizing the opportunities ahead. 🌍 #africanentrepreneurship #startupecosystem #innovation #leadership #techforGood #lessonlearnt #funding #investor #founder
Export/Import/Fintech/ForbesBLK Member/Country Head - Nigeria 🇳🇬 @Eruasia Afro Chamber of Commerce
2wAbsolutely 💯 Thanks for sharing Linda Obi