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Bluechip Technologies’ Post

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Bluechip Technologies

9,821 followers

6mo

We had our Co-founder, Olumide Soyombo, representing Bluechip Technologies on the esteemed panel at the TMT Business Law Breakfast Series held on the 2nd of May 2024 at Ebonylife Place. The discussion was tagged "Show Me The Money" and was moderated by Nichole Yembra. Other panelists include; Yanmo Omorogbe, CFA, COO and Co-Founder, Bamboo; Olu Oyinsan, MBA, Managing Partner, Oui Capital; Dr Femi Kuti, CEO, Reliance Health, and Tosin Faniro-Dada, CPA, CPA, Partner, Breega. As an angel investor with a passion for nurturing innovative ideas, Olumide shared invaluable insights into his approach to identifying and investing in promising ventures. His experience and expertise in the tech industry have undoubtedly been instrumental in guiding numerous startups towards success. Events like these not only provide a platform for knowledge exchange but also pave the way for collaboration and innovation. A big thank you to the organizers, Duale, Ovia & Alex-Adedipe, and fellow panelists for an engaging discussion. #TMTBusinessLaw #AngelInvesting #TechInnovation #Entrepreneurship #BluechipTechnologies #TechEcosystem #Networking

Transcript

Yeah, So to to my my chairman, you've ohh Mr. Lundy, you've guided a lot of companies who want that next could look like when. There was nothing to look at. So how did you make a lot of those decisions? How do you continue to make a lot of risky bets, right, Because not everyone is going has evolved the way that we've wanted them to, but you continue to do it. First, why? But secondly, like what are those things that you're really looking at and trying to balance, right? You want those great returns, but the somebody needs to start. So you made that decision to be that. First, check that first supporter. How do you sort of balance out the risk of that and things that you're looking at? Thanks, Nicole. I think the problem with setting questions right there like that one is that there are questions, their answers for the panel and then they are real answers. And I don't ******** people, so I'll tell you the real answer. I think sometimes we are just making bets now. God, they bring exit, right? Because. There's always a good answer at the end that where we've made when we made those interesting bets. But overall, right, what I tend to think about and I can use certain examples, is the first question is, does this company have to exist? Right. I think that's a very, very fundamental question. When you think about and if you look at other markets, you can start to draw certain parallels. If you look at Latin America, if you look at India for example, you can go, if you want to see what Nigeria looks like 7 to 10 years time. If we get seven things right, you can probably look at India Today and see what companies have had to exist in those markets. So if you can draw a straight line from PCM to money points, you can draw a straight line from beaches to you lesson and the same for piggy vest and payment. Companies and so on. So you understand setting companies that need to exist in in your market and then when you then see a founder that is pitching you that same thing and you think this founder has the right attitude to build, it's almost like that Eureka moment as has happened. So for example if you look at the pace that story right, which is our model story in our ecosystem, a company like Stripe for Africa had to exist and had known shout out for a while and it had to be built. By by someone, I was speaking on a over the weekend at the panel to young people and there was no one in the room, no one, absolutely no one in the room that developed the website six years prior to 2024. So no one in the room had understood that. 6-7 years ago you had to pay 150 thousand naira to inter switch and connect with them for work with them for two weeks before you even got online. So someone building today would would easily would easily do that. So you find that market creating innovation can open new markets that's that would typically inaccessible and selling companies have to exist. So I look at obviously look at that the second thing and so I raised my hand up for team. The team, they're very, very important one because. Many things that people start out with is not what they would end up with, right? The piggy vest team that we see today started out as push CV, but it was still the same that moved from one problem to another problem, right? And we can have all the. Validation right. And the only I thought people the only way to know many times is to do you can have all the fancy fancy sheets, fancy business plans. When I go through investment sessions I tell the founders please keep the keep the deck away because everything there would not happen right. The best work of fiction is in excel sheets and business text because everything that would not happen. So why are we looking at things that won't happen. Let's discuss your thought process right How are you thinking about this problem and. It comes down to I really like you too. So here's the thing. The market doesn't need to be built. Does this company, does this company need to need to exist? And then when you look at the market as a whole, right, what does success look like? Someone on the previous panel brought the points that not every company needs to raise venture capital, right? There's some companies that parents built that were just there to take us to school and they finished taking us to school and they closed it. It's OK. Right. So setting companies don't need to, some companies don't need to exist and not every company, not everybody needs to take, needs to take venture venture capital. Because if you're taking venture capital like this, what I said then you must be prepared to give a return and give an outsized return if I was looking for. In mid size or respirator and I'll put my money in safe lock on forgiveness, right. There's an appetite for risk and and that's why I'm I'm investing in venture. But then I have to think about it that if this company is successful, what does success look like right? If you capture 100% of the market for example, what does success look like in Nigeria, right. So you see certain companies providing credit decisioning for loan companies, right, if you Add all the all the credit. Positioning decisions need to be made and there are five of you in that market. What does success look like for venture, for for venture returns. So when you think about it that way, because you solve a problem, right, doesn't mean that you can make, you can build scale, you can build scale out of it. We're having these conversations over the weekend that some markets too are untapped, right? And there's a reason why they untap people solve the same problem and they left it alone. With your big head, you think you want to solve the problem, leave it alone and do something else. So for me it's. Differentiating between those markets don't need to be untapped because you suffer when you try to tap them and the companies that need to exist in markets that have to exist.

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