My problem with the African VC landscape in general is *most of the people that run the funds do not have the requisite experience / competence to help founders build world class companies.
A game (Lagos Life) run by a Nigerian -
@Shalom_HeyEliy has built a game that in a week has 1M users and 50K active at a single point in time. Then there is Lagos Danfo Run by
@Eureka_seamless
How can an African VC help when none of them have built or been involved in bulding a game with 10K users?
If we dey Yankee now, you'd have funds run by ex Zynga or Rovio veterans that will tell you how to ensure retention. What metrics matter in the first 24 hours, week etc. You'd have people with connections that can get your game Published on XboX or featured on the Android store.
They know the right talent you need to recruit for your next stage of growth.
Here, shigbain! Best case scenario na for VC to send newsletter, LP Update Linkedin say "our portfolio just hit 1M users"; best case scenario run retreat. But in practice they cannot help you get to the next level
They are not bad people it's just that "nemo dat quod non habet!" or as my people say "If e no dey, e no dey"
This reality existss in many verticals we see people build for. We need to be transparent about our challenges.
You can say "Oo is rude" but you cannot say "Oo dey lie".
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PS: I am supposed to write a proper blogpost about the African VC Problem. But procrastination hold me for headlock.
PPS: I know most of our VCs in person and can consider some of them my "guys and gals". I have had this discussion and more with them in private. So na me just dey voice frustration we dey inside me for a while.
PPPS: I used most, as an alibi. if anyone accost me I go tell them say dem dey inside the ones wey dey outside the most.
PPPPS: They know how to deal with Nigerian regulators sha. So if you dey do Naija FINTECH, some of them are useful
❤️+💡