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.

About the writer:

Her story will definitely inspire more Women in Technology in Nigeria! But how did Bola found her mojo’? Did joining organizations such as Black Girls Code and Women Who Code, shaped her career?

Bola takes us through her journey:

“As a young woman of colour in the technology industry, I’ve had my fair share of struggles. When I first entered the field, I was excited to be working with some of the brightest minds in the industry, but I quickly realized that I was one of the only people of colour, and the only black woman, in my entire organization.

I felt like I was constantly being overlooked for opportunities and promotions, despite my hard work and dedication. My ideas were often dismissed or ignored in meetings, and I was frequently asked to take on tasks that were beneath my skill level.

One particularly difficult incident occurred when I was passed over for a promotion that I had been working towards for months. I had been told that I was a top candidate, but when the position was announced, it went to a white male colleague with less experience and fewer qualifications.

Feeling discouraged and disheartened, I decided to take matters into my own hands. I began to actively seek out mentorship and networking opportunities, joining organizations such as Black Girls Code and Women Who Code.

Through these groups, I was able to connect with other women in the industry who were facing similar challenges, and I was able to learn from those who had successfully navigated the labyrinth of the technology industry.

I also began to focus on building my personal brand, showcasing my work and accomplishments on my personal website and social media accounts. By demonstrating my expertise and value to the industry, I was able to attract new clients and opportunities.

Most importantly, I started to advocate for myself and my career goals. I spoke up when I was passed over for opportunities or when I experienced bias or discrimination. I sought feedback and used it to improve my skills, and I was willing to take risks and try new things.

As a result of these efforts, I was able to overcome the barriers and discrimination I faced in the technology industry. I eventually landed a job in a diverse organization where I am valued for my skills and contributions, and I am now in a leadership position. My story is a reminder that, despite the challenges, black African women can rise to leadership in the technology industry, but it requires hard work, determination, and courage

The technology industry has long been known for its lack of diversity, particularly when it comes to black African women. These women face a unique set of challenges in the industry, often feeling like they are navigating a labyrinth in their professional lives.

One of the biggest challenges that black African women in the technology industry face are the lack of representation and visibility.

They are often the only person of colour or the only woman in their team or organization, which can make it difficult to find mentors and role models who understand their experiences. Additionally, black African women may not see themselves reflected in the media and marketing materials of the industry, which can make it hard for them to envision themselves thriving in the field.

Another challenge that black African women in the technology industry face is the bias and discrimination they may experience. They may be passed over for promotions or opportunities because of their race or gender, and they may also face microaggressions and stereotypes in the workplace.

Despite these challenges, there are ways for black African women to rise to leadership in the technology industry. One key step is building a network of supportive peers and mentors. Joining organizations such as Black Girls Code or Women Who Code can be a great way to connect with other women in the industry, as well as to learn from those who have successfully navigated the labyrinth.

Another important step is to build a strong personal brand. By showcasing your work and accomplishments through a personal website or blog, you can demonstrate your expertise and value to potential employers or clients. Additionally, participating in industry events and conferences can help you gain visibility and make valuable connections.

Finally, it’s important to be intentional about advocating for yourself and your career goals. Speak up for yourself when you are passed over for opportunities or when you experience bias or discrimination. Seek out feedback and use it to improve your skills, and be willing to take risks and try new things.

In conclusion, the technology industry is known for its lack of diversity and black African women face a unique set of challenges. But by building a network, creating a personal brand, and advocating for oneself, black African women can rise to leadership in the technology industry”.