Why Nigerian startups should look beyond fintech

The Nigerian startup ecosystem faces some challenges; however, it has been growing over the years. Founders and entrepreneurs need more than technical skills to thrive.

Business growth expert Jeffrey Williams-Edem, speaking at the Digital Nigeria 2022 conference, said that startups in Nigeria have shown a huge push over the past decade, while Analytics Intelligence’s David Edoja explained that there is a presence outside the fintech space Huge opportunity for business.

Charles Okafor, CTO of Convexity, emphasized that while the blockchain startup space has seen a plethora of products enter the market, most Nigerian builders are creating locally useful products. We need to build for the world, not just for our local ecosystem.

Bilic.io founder and CTO Saminu Salisu said that founding team members need to be trained in soft skills, not just technical skills. Teaching them how to scale a product from the seed stage to an IPO is critical.

Beyond FinTech

Nnaemeka Clinton, CEO and co-founder of Spark Africa, stressed that non-oil opportunities should be promoted. More products should be developed that solve problems in other sectors of the economy.

Maryam Gwadabe, founder of Blue Sapphire Hub, explained that women’s inclusion is also crucial to developing Nigeria’s entrepreneurial ecosystem. She also noted that local investors should be encouraged to invest in local products through the support provided by the government.

The CTO of Convexity added that the hype surrounding the use of blockchain should not be the focus of blockchain startups. Work to create solutions to human problems, improve your business model, and be vigilant about cross-border regulations.

Also read;

How to Build a Successful Startup in Nigeria

How Africa is attracting investors

Source of information: compiled by 0x information from CRYPTOTVPLUS, the copyright belongs to the author Chuks Nnabuenyi Jr, and may not be reproduced without permission

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