Olumide Soyombo, co-founder of Bluechip Technologies, has shared his insights into the keys to tech startup success, the critical role of founder-market fit, and the evolving opportunities in Africa’s tech ecosystem
Soyombo, one of the continent’s most recognized angel investors, has been instrumental in shaping the continent’s tech startup ecosystem since launching his investment journey in 2014. He has backed some of Nigeria’s most successful startups, including Paystack, PiggyVest, and TeamApt.
His dedication to innovation also led to the founding of Voltron Capital, a fund addressing the gap in early-stage funding for African tech companies. Voltron targets startups in key markets such as Nigeria, Kenya, South Africa, and North Africa, offering investments ranging from $20,000 to $100,000.
Insights on Startup Success
Asked about the critical factors in evaluating tech startups, Soyombo emphasized the importance of founders. “It’s always about the founder and their team,” he stated. “At the heart of it all is the founder. What do they know about their domain? What unique perspective do they bring to the table? These things make all the difference.”
He also highlighted the significance of market potential, scalability, and potential exits. “How big is the market? Can this business scale and attract venture-level interest? These are the tough but necessary questions every investor has to ask,” Soyombo explained.
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Mentorship as a Partnership
Soyombo sees mentorship as a deeply collaborative process, particularly for early-stage startups. “As an early-stage investor, you’re more than just a backer; you’re almost a co-founder. Sometimes, you even play the role of a therapist,” he noted. “It’s about working alongside the founder, navigating challenges, and figuring out product-market fit. The learning is always a two-way exchange.”
A Promising Future for African Tech
Soyombo’s outlook for the future of Africa’s tech industry is optimistic. “With a young, digital-first generation and a massive population boom, Africa is poised to drive the next wave of innovation,” he predicted. “The next decade will be exciting, with opportunities to improve lives and boost business efficiency.”
Soyombo’s message to aspiring tech entrepreneurs is clear: “Invest in yourself. Build your skills. Africa has the potential to become the global hub for knowledge workers as other parts of the world age. Skill up, dream big, and create solutions that serve the world while staying true to Africa.”
Soyombo’s insights underscore the immense potential within Africa’s tech ecosystem and the pivotal role of investors and entrepreneurs in shaping its future.
Culled from Business Insider Africa
