Catch Oyin Solebo break down the current state of investments in Africa. Drawing from her extensive experience investing at the ARM Labs Lagos Techstars Accelerator, she highlights why local investments are a smart bet for the future. #ASFXLagos #ASF2024
So much talk of Local investments for startups but yet we just don't see the impact of "Local investments". We got our support from #Israel 🇮🇱, and we're a Nigerian fashion-tech startup, and yet a foreign entity supported us and helped us accelerate to right where we are. 🤷🏾♂️🤷🏾♂️🤷🏾♂️
Well said Oyin Solebo, Local investment is crucial, it’s both a demand and supply problem. Corporate ventures are yet to find a suitable model for Africa, leaving it to multinational corporations, so they end up using the CSR angle with tiny tickets. Startups on the other hand haven’t created scalable value to challenge corporates. Both need to work together and design a suitable grounds -where to start.
Great point...but Oyin Solebo did you mean $200 (for Africa) is a monthly average salary while $60,000 (for the US) is the average annual salary? I definitely agree that there's still a lot of work to be done to attract more investors and a clear path to exits.
Ifedy Eze
5d
I agree, Oyin Solebo. We urgently need a homegrown venture model that understands the nuances to unlock patient local capital, especially for early stage startups. Our market (and economy, sadly) is not yet developed enough for the SV VC playbook.
Oyin Solebo
6d
Correction - I refer to the monthly salary in Nigeria vs annual in USA
Brilliant as usual ✨✨ Oyin Solebo ❤️
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I agree
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1wThe way we find our startups and by extension our businesses on the continent needs an overhaul. And I agree with Oyin wholeheartedly. The current model (80%+ of all funding comes from outside the continent) is not sustainable. And this in my opinion poses an existential threat to the ecosystem. We must develop local funding vehicles such the DSF (Diaspora Super Fund) which I have suggested to fund businesses on the continent. The DSF itself is not a panacea but it’s a good start we could build on. I believe the money is there, the talent is there and the willingness is also there. All we need now to organise ourselves into a trusted partner to deliver.