The bike-hailing transport company, MAX.ng turns four this August. It was the first bike-hailing company to break into the Nigerian horizon and probably set the bar for others coming behind.
It is one thing to be the first, and it is another to maintain innovative growth. Recent happenings show that despite tough competitions in the bike-hailing transportation sector from the likes of GOkada and ORide, MAX.ng remains in the limelight.
This year saw the startup gaining some grounds like when it raised N7 million to scale transportation in Nigeria, N6 million from equity investors and N1 million in grants, in June 2019. Also, in July, through the FinTech startup, PiggyVest, MAX.ng gave the public an opportunity to invest in it, with as low as N5,000.
While the above strides may endear the transportation startup to commuters and micro-investors, it doesn’t share lessons from the four years of journey experienced. To compensate, TechEconomy.ng shares words from one of the Co-Founders, Tayo Bamiduro.
Bamiduro shared some personal insights and showed displeasure at Nigerian investors and their apparent view of Tech Entrepreneurs in the country.
Speaking at the recent SME Funding Connect hosted by Fidelity Bank, Mr Tayo, talking about how entrepreneurs can get funding, shared his view about the power of storytelling in pitching and convincing investors, amidst some disagreement from other members of the panel on which he sat.
He argued that the entrepreneur should ensure that the business has a unique story which should be connected to the entrepreneur’s personal story. He reminded the audience that while the investors may appear stern, they were humans who are interested in good stories and have emotions. He, however, didn’t negate the need to get the figures right.
Sharing his story of how the startup got its first funding, the Co-Founder bemoaned the role Nigerian Investors don’t play in helping tech startups.
Using the bike-hailing transport business as a point of reference, he showed the audience that each of the present bike-hailing businesses in the country is funded or backed by foreign investors. This he saw as sad for a business that is run in the country.
Attributing this slackness to a view the Nigerian investors have of the country’s entrepreneurs, he urged investors to take the Nigerian Tech entrepreneurs more seriously.
Kudos to the MAX.ng at four. Nigeria waits to see what more innovative invention it would come up with.