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You do not necessarily need an idea to be a business owner; you could have the fund and someone else with an idea but no money. As such, both of you or more can come together as founders or directors of the startup company in Nigeria.

In contemporary days, it has been established that successful entrepreneurs in developed and developing countries do not depend on banks to grant them loans again but think out of the box by coming together as business angels to build businesses they could call theirs. They invest their idle funds or savings in startups (new small and medium size companies) instead of placing it in low-interest generating fixed deposits, a digit interest rate savings account or non-performing shares at the capital market.

As a well paid employee of any of the top companies in Nigeria or an existing entrepreneur with some cash reserves, you might not have the time to manage the process or system of your desire company or a new company but someone has such time and the skill to manage both human and other resources; so both of you could pull seed capital (financial, intellectual and knowledge) together to establish and run the tech startup or any SME business. After exhausting the seed capital, you could approach business accelerators or venture capitalists for Series A and B funding, after which you could exit the business or further dilute ownership through Initial Public Offer or Private Placement in the future.

This new trend is further backed by the fact that banks (especially in Nigeria) do not grant loans to support StartUps or SMEs. Banks prefer to grant loans to companies manage by the bank directors’ cronies and/or already successful blue-chip companies especially in the oil and gas, telecommunications conglomerate sectors.

With a growing youth population and market for internet related ideas, interested individuals that understand how Business Angels operate or want to invest in a business but do not understand how Business Angels operate can get in touch through the contact below.

Business Type: Tech or Internet Based
Location: Lagos, Nigeria
Market: Nigeria and Africa
Type of Funding: Seed Capital / Series-A Capital



DISCLAIMER: It should be noted that the fusing of two or more people together to start and build a company or business is a PROCESS. The process starts with interactions or discussions through telephones, mails and physical meetings. There shall be no talk or discussion about MONEY, FINANCE or FUNDING until competent LEGAL representatives of all parties meet with potential co-founders or co-directors to initial funding.