#TechPlus2016: Angel investors to Nigerian startups: Inevitably, you must fail to succeed

#TechPlus2016: Angel investors to Nigerian startups: Inevitably, you must fail to succeed

#TechPlus2016: Angel investors to Nigerian startups: Inevitably, you must fail to succeed

0

Collins Onuegbu, President of Lagos Angel Network, LAN, has told Nigerian startups at #TechPlus2016 in Lagos that failure is inevitable in business success.

[quote font=”georgia” font_size=”22″ font_style=”italic” align=”left” arrow=”yes”]”But the good thing this is that we know that failure is bound to happen and we prepare ourselves for that. I have failed before. I have made bad decisions as a startup; but I do not stop. I keep making my investments. With our kind of business, we invest in many investments and this means we must take risks, and we have to continue to do that,” the LAN President says at the #TechPlus2016 session.[/quote]Ounegbu, who is also Executive Vice Chairman of Signal Alliance, a Nigerian technology company, advises that Nigerian startup should remain focused and determined to achieve their dreams and aspirations in their chosen profession, irrespective of the failure they may encounter.

Onuegbu, who spoke during one a plenary session Saturday at #TechPlus2016 tells startups that there are lessons to learn from failures as they help to teach how to make improvement in areas where necessary.

“Losing money is inevitable for a startup. As long as you are a startup, you will lose some certain amount of money while trying out a certain business. We are not perfect, so we fail. Everyone has failed at a point, and we all fail”, the LAN President told the #TechPlus2016 forum.

#TechPlus2016: Angel investors to Nigerian startups: Inevitably, you must fail to succeed
Monique Woodard of 500 Startups, left, ; Eghosa Omoigui of EchoVC; Collins Onuegbu of Lagos Angel Network and Tayo Oviosu of PagaTech Saturday at the #TechPlus2016 session in Lagos

“But the good thing this is that we know that failure is bound to happen and we prepare ourselves for that. I have failed before. I have made bad decisions as a startup; but I do not stop. I keep making my investments. With our kind of business, we invest in many investments and this means we must take risks, and we have to continue to do that,” the LAN President says at the #TechPlus2016 session.

Highlighting his experience, Onuegbu says he has made bad business decisions that have failed but these mistakes are not unexpected, he says while maintaining that this mindset has helped him to forge ahead in business.

“The first company I invested in failed. The second business I went into failed again. Though the company name is still there, but it has not met the expectations. Now the network we have, we have invested in some other companies that have failed us. But we are still in business, we can’t say we are not going to invest again because we don’t want it to fail. We just have to invest,” Onuegbu says.

Also speaking at the startup forum, Tayo Oviosu, CEO and founder of Paga, advises startups to build up their knowledge in the technology area they want to invest in so as to equip them for the challenges that lie ahead in their businesses.

#TechPlus2016: Angel investors to Nigerian startups: Inevitably, you must fail to succeed
Tayo Oviosu Founder Paga, speaking at the session

The Paga CEO says that experience tends to equip best and that it helps startups to be able to stand the turbulence that may come.

“Tech startups should always strive to get the experience on the business they want to venture into before they start the business. When someone gets into a business he is not well experienced in, he finds himself battling with decision making. He is bound to fail.

“Do not underestimate the power of experience. Discover yourself first, know what you are good at, tell yourself the truth about what you can do. Be sure you can deliver what you want to start delivering, and that you can do it well. It is after all these are defined before you can venture into a business,” Oviosu says.

On his part, Oluyomi Ojo, CEO of Printivo, an e-commerce enterprise, further says that when startups discover their skill and have a viable business idea, they should start immediately without needing to wait for huge capital to start.

“You need to have a business running while you source further more fund to develop it. In Africa especially, where capital is a big problem for startup companies, sponsors and fund-raisers need to see some proof of concept to be sure of what you can deliver”, the CEO of Printivo says.

Startups should offer services that can meet international quality standard and that are more affordable than the international competitors so as to survive in the business, Ojo adds.

[quote font=”georgia” font_size=”22″ font_style=”italic” align=”left” arrow=”yes”]”Hire believers, people who are trainable, people who are intelligent enough to learn fast, and people who have your kind of spirit,” the Printivo CEO says. “All you need to do is to build trust and confidence in them and they will do very well. You may even discover that they are far better than what you may think.”[/quote]”If we have Made-in-Nigeria products or services that have the quality of the international market, and cheaper than the ones in the international markets, then we have confidence that we can make it in the business. But if what we offer is not quality, people who are supposed to buy our products or service will go for other products they have been buying as they do not get anything better from ours here,” according to the Printivo CEO.

He advises startups to hire those who think like them and have the same kind of spirit they have so they can  have a team that can still be able to do the job when they happen to be away.

“Hire believers, people who are trainable, people who are intelligent enough to learn fast, and people who have your kind of spirit,” the Printivo CEO says. “All you need to do is to build trust and confidence in them and they will do very well. You may even discover that they are far better than what you may think.”

Advertising#TechPlus2016: Angel investors to Nigerian startups: Inevitably, you must fail to succeed
Success Kafoi Journalist at Technology Times Media. Mobile: 08077671673 email: success.kafoi@technologytimes.ng