Insane reaction to this tweet. But here is why many entrepreneurs chose to build a startup vs an SME.
1. Options to Japa aplenty
2. Path to $1M personal worth was almost sure, in record time!
3. Street credibility
4. Invites to exclusive events
5. Viable career path
More 👇🏾
I hope that the outcome of all the tech ecosystem brouhaha is that: More entrepreneurs consider building SMEs.
The ZIRP boon of 2020-2022 made many people hyperfocus on building tech startups when they could have built profitable tech-enabled service-based businesses.
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Replies
1. Way to Japa
The developed world has a knack for tech innovators. And it’s understandable as the emergence of tech as a way to soft power & boomed over the last few decades.
Thus, they create programmes and pathways for tech talents to migrate to their countries.…
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2. Path to $1M
In the funding frenzy of 2020-2022, founders could sell secondaries from as early as 3 years in or Series A+ round, which is just insane!
If someone tried to work and save up for $1M it’d take them almost their lifetime to get to that number. But a young person…
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Point 3 & 4 can go together.
As the startup founder of an innovative company, you get lots of love and street cred. Your investors will invite you to networking events, which will usually be outside Nigeria (cause 70% of Africa-focused VCs are international).
You sponsor…
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5. Viable career paths
Even if you failed, or shutdown afterwards, many bigger companies or peers will be looking to bring you in to senior roles w/ great comp. & some stock options.
In most cases, you don’t automatically lose your residency because your company failed and in…
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