In this article, Bola Soremekun discusses how you can build a scalable and investible tech startup:
The Nigerian tech ecosystem is rapidly growing and a number of startups have achieved unicorn status in recent years.
These companies have not only disrupted traditional industries but have also attracted significant investment from venture capitalists and private equity firms.
As a product leader with experience in consulting for unicorns, I have identified several key lessons that can be applied to building a scalable and investible tech startup in Nigeria.
1. Understand the market
One of the key lessons from top unicorns in Nigeria is the importance of understanding the market. This includes identifying the needs and pain points of the target audience and developing a product or service that addresses them.
A deep understanding of the market can also help identify opportunities for growth and expansion.
The need to adopt a market framework to impact your business forward is very crucial to its success.
2. Build a strong team
A successful startup requires a team of individuals with different skills and expertise. This includes a mix of technical, business, and operations expertise.
Building a strong team can also help attract top talent and create a culture of innovation and collaboration.
3. Develop a unique value proposition
To be successful in a crowded market, it is important to have a unique value proposition that sets your product or service apart from the competition. This could be a unique feature or service, or a new business model.
4. Focus on scalability
As your startup grows, it is important to focus on scalability. This includes having a robust infrastructure that can handle increased traffic and demand, and a business model that can be easily replicated in different markets.
5. Build a strong brand
Building a strong brand can help attract customers and investors. This includes developing a strong visual identity, creating a consistent message, and building a positive reputation.
6. Create a strong investor pipeline
To attract investment, it is important to have a strong investor pipeline. This includes identifying potential investors, building relationships with them, and presenting a compelling case for investment.
7. Network & Seek Mentorship
Surround yourself with experienced mentors and build relationships with key players in your industry.
8. Focus on Growth
Continuously invest in growth initiatives to drive your business forward.
9. Stay Innovative
Stay ahead of the curve by continuously exploring new technologies and business models.
In conclusion, building a scalable and investible tech startup in Nigeria requires a deep understanding of the market, a strong team, a unique value proposition, scalability, a strong brand, and a strong investor pipeline. By applying these lessons from top unicorns in Nigeria, startups can increase their chances of success and attract the investment they need to grow and scale.
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