The Eunice Ajim Show

In this episode, Eunice Ajim discusses how to meet investors for your startup. She covers topics such as identifying a good investor, considerations for African startups, using similar portfolio companies as a strategy, strategies to meet startup investors, preparing for the first meeting, making a compelling pitch, and follow-up after the first meeting.

Takeaways

• Different investors have different investment criteria, so it's important to identify investors who align with your startup's industry, stage, and location.
• When targeting investors who have not invested in your specific market, use their portfolio companies as a reference to show the potential for success in your market.
• To meet startup investors, be active on social media, invite them to participate in your podcast or event, leverage your network, and ask for introductions from founders they have previously invested in.
• In the first meeting with an investor, focus on building a connection and sharing your story rather than diving straight into the pitch deck. Follow up after the meeting and continue to nurture the relationship.

Chapters

00:00 Identifying a Good Investor for Your Startup

02:22 Considerations for African Startups

03:21 Using Similar Portfolio Companies as a Strategy

06:32 Strategies to Meet Startup Investors

11:08 Preparing for the First Meeting

14:07 Making a Compelling Pitch

16:01 Follow-up After the First Meeting

Make sure to connect with Eunice Ajim on various platforms:

Ajim Capital Website: https://www.ajimcapital.com/

Eunice Ajim Website: https://euniceajim.com/

LinkedIn: https://www.linkedin.com/in/euniceajim/

Twitter: https://twitter.com/euniceajim/

Instagram: https://www.instagram.com/euniceajim/

TikTok: https://www.tiktok.com/@euniceajim

In this episode, Eunice Ajim discusses the focus on tech-focused businesses in Africa and whether it bothers her as an investor. She emphasizes the importance of solving real problems and highlights the need for entrepreneurs to align their passion and expertise with the businesses they invest in.

Eunice also explores the idea that not everyone should be a founder and that employees are just as important as founders in a company. She encourages young entrepreneurs to take risks and enjoy life while finding the right balance.

Takeaways

• Investors should focus on businesses that solve real problems and align with their expertise and interests.
• Not everyone should be a founder, and employees play a crucial role in a company's success.
• Young entrepreneurs should take risks and enjoy life while finding the right balance between work and play.
• It is important to live life to the fullest and pursue dreams while considering personal responsibilities and goals.

Chapters

00:00 Introduction and Discussion on Tech-focused Businesses

03:20 The Importance of Solving Real Problems

05:46 Balancing Personal Vision and Impact

09:11 Not Everyone Should Be a Founder

11:01 Entrepreneurship and Enjoying Life

Make sure to connect with Eunice Ajim on various platforms:

Ajim Capital Website: https://www.ajimcapital.com/

Eunice Ajim Website: https://euniceajim.com/

LinkedIn: https://www.linkedin.com/in/euniceajim/

Twitter: https://twitter.com/euniceajim/

Instagram: https://www.instagram.com/euniceajim/

TikTok: https://www.tiktok.com/@euniceajim

In this episode, Eunice Ajim discusses the pros and cons of launching a venture capital fund. She emphasizes the importance of understanding one's true passion and purpose before pursuing a career in venture capital.

Eunice shares her personal journey and how she discovered her purpose in facilitating resources and capital for African tech companies. She then explores the pros of being a VC, including the opportunity to work with amazing entrepreneurs, the positive vibes in the startup ecosystem, the continuous learning curve, and the freedom and autonomy in managing one's schedule.

On the other hand, she also highlights the cons of being a VC, such as the reliance on soft skills, the long investment horizon, the tendency for pattern recognition bias, the challenge of saying no, the need for effective time management, the fear of missing out, the potential ego-driven behavior, and the difficulty of fundraising.

Chapters

00:00 Introduction: Why do you want to be a VC?

04:43 Pros of Being a VC

09:22 Cons of Being a VC

Make sure to connect with Eunice Ajim on various platforms:

Ajim Capital Website: https://www.ajimcapital.com/

Eunice Ajim Website: https://euniceajim.com/

LinkedIn: https://www.linkedin.com/in/euniceajim/

Twitter: https://twitter.com/euniceajim/

Instagram: https://www.instagram.com/euniceajim/

TikTok: https://www.tiktok.com/@euniceajim

In this episode, Eunice Ajim discusses the importance of building a brand as a startup founder or investor. She emphasizes that as the creator of a product or service, nobody knows your company better than you do. Eunice explains that creating content is a powerful way to share your company's story and connect with your target audience.

She also highlights the significance of personal branding and networking in building a successful brand. Eunice shares common mistakes to avoid when building a brand online and emphasizes the importance of focusing on personal brand alongside the product. Lastly, she discusses the different types of content that can be created to educate, entertain, and inspire your audience.

Takeaways

• Building a brand is crucial for startup founders and investors to connect with their target audience.
• Creating content is an effective way to share your company's story and engage with your audience.
• Personal branding and networking are essential in building a successful brand.
• Avoid common mistakes such as focusing solely on the product and neglecting personal branding.
• Types of content that can be created include educational, entertaining, and inspiring content.

Chapters

00:00 Introduction: Building a Brand as a Startup Founder

01:22 Creating Content to Build Your Brand

04:36 Mistakes in Building a Brand Online

08:10 Focusing on Personal Brand over Product

10:27 Types of Content: Educate, Entertain, Inspire

11:55 Conclusion

Make sure to connect with Eunice Ajim on various platforms:

Ajim Capital Website: https://www.ajimcapital.com/

Eunice Ajim Website: https://euniceajim.com/

LinkedIn: https://www.linkedin.com/in/euniceajim/

Twitter: https://twitter.com/euniceajim/

Instagram: https://www.instagram.com/euniceajim/

TikTok: https://www.tiktok.com/@euniceajim

Eunice Ajim is a 2x founder who previously led a tech startup from homeless into a multi-million dollar business. She then launched a $10M Africa-focused fund with no Ivy League degree, wealthy family, or VC/PC experience.

The Eunice Ajim Show is your go-to podcast for doing business in Africa, investing in Africa, and living your African dream, whatever that means to you.

Eunice is motivated by the stories of talented African founders and determined to contribute to their success, giving back to the continent that has given her so much.

Investing in startups in Africa is not just a good deal; it's an opportunity to unlock untapped potential and foster transformative growth in emerging markets.

Make sure to connect with Eunice Ajim on various platforms:

Ajim Capital Website: https://www.ajimcapital.com/

Eunice Ajim Website: https://euniceajim.com/

LinkedIn: https://www.linkedin.com/in/euniceajim/

Twitter: https://twitter.com/euniceajim/

Instagram: https://www.instagram.com/euniceajim/

TikTok: https://www.tiktok.com/@euniceajim

In this episode, Eunice Ajim discusses unconventional ways of getting into venture capital without an Ivy League degree or a lot of money. She highlights the example of Harry Stebbings, who used social media to invite top VCs to join his podcast and eventually became a successful VC himself.

Eunice provides actionable steps for breaking into VC, such as starting to invest on your own, doubling down on industry expertise, building a competitive edge, gaining work experience, and networking with investment prospects. She also emphasizes the importance of sharing investment thinking online and helping startups and portfolio companies.

Takeaways

• You can break into venture capital without an Ivy League degree or a lot of money.
• Start investing on your own and consider crowdfunding platforms.
• Double down on industry expertise and share your investment thinking online.
• Build a competitive edge by leveraging your audience and networking with investment prospects.
• Gain work experience and build a reputation by working with great startups.
• Consider getting an MBA or founding a successful company to open doors in VC.

Chapters

00:00 Introduction and Unconventional Ways of Getting into Venture Capital

01:23 Building a Network and Using Social Media to Connect with VCs

03:11 Taking Action: Start Investing and Double Down on Industry Expertise

05:19 Building a Competitive Edge and Leveraging Your Audience

06:47 Gaining Work Experience and Building a Reputation

09:10 Getting an MBA and Founder Success

10:04 Preparing a Market Thesis and Networking for Investment Prospects

11:54 Sharing Investment Thinking Online and Doing Unofficial Internships

13:53 Helping Startups and Portfolio Companies

15:16 Conclusion

Make sure to connect with Eunice Ajim on various platforms:

Ajim Capital Website: https://www.ajimcapital.com/

Eunice Ajim Website: https://euniceajim.com/

LinkedIn: https://www.linkedin.com/in/euniceajim/

Twitter: https://twitter.com/euniceajim/

Instagram: https://www.instagram.com/euniceajim/

TikTok: https://www.tiktok.com/@euniceajim

In this episode, Eunice Ajim discusses the concept of replicating successful business models and the opportunities it presents. She shares the example of three German brothers who replicated eBay's model in Germany and eventually sold their company to eBay.

Eunice also talks about the importance of legal agreements and competition in the business world. She emphasizes the need for African founders to protect their ideas and prevent employees from building similar companies. Additionally, she highlights the importance of adapting business models to local markets and the coexistence of competition. The episode concludes with a reminder to research competition and find unique advantages.

Takeaways

• Replicating successful business models can be a viable strategy for entrepreneurs.
• Legal agreements should be in place to protect ideas and prevent employees from building similar companies.
• Adapting business models to local markets is crucial for success.
• Competition can coexist and even benefit businesses.
• Researching competition is essential to identify unique advantages.

Chapters

00:00 Introduction and Background

01:19 Replicating Successful Business Models

03:15 Legal Agreements and Competition

04:43 Building Complementary Products

05:39 Adapting Business Models to Local Markets

07:06 Competition and Coexistence

08:27 Importance of Researching Competition

08:55 Conclusion

Make sure to connect with Eunice Ajim on various platforms:

Ajim Capital Website: https://www.ajimcapital.com/

Eunice Ajim Website: https://euniceajim.com/

LinkedIn: https://www.linkedin.com/in/euniceajim/

Twitter: https://twitter.com/euniceajim/

Instagram: https://www.instagram.com/euniceajim/

TikTok: https://www.tiktok.com/@euniceajim

In this episode, the host dedicates the conversation to her husband and highlights the importance of having a supportive spouse, especially for women in business. She shares the story of how they met and the intense connection they had from the start.

The host also discusses how her husband supported her during difficult times, including providing her with a car and helping her move out of a difficult living situation. She emphasizes the role her husband played in her entrepreneurial journey and encourages other founders to share and appreciate their work with their spouses. The episode concludes with a dedication to great spouses who push their partners to the next level.

Takeaways

• Having a supportive spouse can be crucial for success, especially for women in business.
• A great spouse is someone who is willing to take a step back and let their partner shine.
• Support from a spouse can make a significant difference during difficult times.
• Sharing and discussing work with a supportive spouse can be beneficial for entrepreneurs.

Chapters

00:00 Introduction and Dedication to Husband

01:28 Meeting and Connection

02:27 Support During Difficult Times

03:50 Moving In Together

05:17 Supporting Entrepreneurship

06:37 Appreciating a Supportive Spouse

07:29 Blessing of a Supportive Spouse

08:22 Dedication to Great Spouses

Make sure to connect with Eunice Ajim on various platforms:

Ajim Capital Website: https://www.ajimcapital.com/

Eunice Ajim Website: https://euniceajim.com/

LinkedIn: https://www.linkedin.com/in/euniceajim/

Twitter: https://twitter.com/euniceajim/

Instagram: https://www.instagram.com/euniceajim/

TikTok: https://www.tiktok.com/@euniceajim

In this episode, Eunice Ajim discusses how to plan your Minimum Viable Product (MVP) for a tech startup. She emphasizes the importance of understanding the problem and conducting user research before building a product. Validating the solution through customer interviews and feedback is crucial. Eunice also highlights the need to start with non-scalable solutions and gradually build towards a technology product. Market research and following Lean Startup principles are essential for success. Finally, she emphasizes the importance of traction and showing potential investors that there is a need for the product before seeking funding.

Takeaways

• Before building a product, conduct user research and understand the problem you are solving.
• Validate the solution by interviewing potential customers and gathering feedback.
• Start with non-scalable solutions and gradually build towards a technology product.
• Market research and following Lean Startup principles are crucial for success.
• Show traction and a need for the product before seeking funding.

Chapters

00:00 Introduction and Problem-Solution Fit

01:00 User Research and Understanding the Problem

02:22 Validating the Solution

04:18 Building the Minimum Viable Product (MVP)

07:06 Market Research and Lean Startup Principles

08:59 Iterating and Scaling the MVP

09:55 Importance of Traction and Funding

10:24 Conclusion

Make sure to connect with Eunice Ajim on various platforms:

Ajim Capital Website: https://www.ajimcapital.com/

Eunice Ajim Website: https://euniceajim.com/

LinkedIn: https://www.linkedin.com/in/euniceajim/

Twitter: https://twitter.com/euniceajim/

Instagram: https://www.instagram.com/euniceajim/

TikTok: https://www.tiktok.com/@euniceajim

In this episode, Eunice Ajim discusses different paths to becoming a venture capitalist. She explains that one can either take the entrepreneur route by becoming a startup founder and angel investor, or the job route by joining a venture capital program. Eunice also highlights the challenges of running a venture capital fund, such as the need for capital and travel expenses. She shares some of her favorite portfolio companies and emphasizes the importance of assessing company scalability. Lastly, she discusses the significance of having a fund thesis to guide investment decisions.

Takeaways

• There are two main paths to becoming a venture capitalist: the entrepreneur route and the job route.
• Becoming a mentor and angel investor is a great way to gain experience and understanding of the startup ecosystem.
• Joining a venture capital program can provide valuable knowledge and connections in the industry.
• Running a venture capital fund comes with challenges, including the need for capital and travel expenses.
• Assessing company scalability is crucial in making investment decisions.
• Having a fund thesis helps guide investment decisions and ensures alignment with the fund's goals.

Chapters

00:00 Introduction and Different Paths to Venture Capital

01:41 Becoming a Mentor and Angel Investor

04:23 Joining a Venture Capital Program

06:18 Challenges of Running a Venture Capital Fund

07:41 Investment Highlights and Favorite Companies

11:08 Assessing Company Scalability

13:22 The Importance of a Fund Thesis

14:49 Conclusion

Make sure to connect with Eunice Ajim on various platforms:

Ajim Capital Website: https://www.ajimcapital.com/

Eunice Ajim Website: https://euniceajim.com/

LinkedIn: https://www.linkedin.com/in/euniceajim/

Twitter: https://twitter.com/euniceajim/

Instagram: https://www.instagram.com/euniceajim/

TikTok: https://www.tiktok.com/@euniceajim

In this episode, Eunice Ajim discusses the challenges and risks associated with building a company in Nigeria. She highlights the negative impact of the African press on the perception of African startups and emphasizes the need for more positive coverage. Eunice also emphasizes the importance of due diligence in the investment process and shares her experiences in detecting fraudulent practices. She discusses the consequences of fraud for founders and the legal implications, especially for international investors. Finally, she provides recommendations for investors to mitigate risks and encourages ethical business practices.

Takeaways

- The African press should focus on sharing positive stories and successful use cases of African startups to counterbalance the negative perception.

- Due diligence is crucial for investors to identify and mitigate risks associated with fraudulent practices.

- Fraudulent practices can have severe consequences for founders, including reputational damage and difficulty in raising future funding.

- International investors should be aware of the legal implications and potential challenges when investing in African startups.

- Investors should consider working with experienced funds or syndications to leverage their expertise in conducting thorough due diligence.

Chapters

00:00 Introduction and Setting the Context

01:17 The Role of African Press in Shaping Perceptions

02:12 The Importance of Due Diligence in Investing

03:10 Detecting Fraudulent Practices

05:00 The Consequences of Fraud for Founders

07:22 Legal Implications and International Investors

08:16 Recommendations for Investors

09:16 Conclusion

Make sure to connect with Eunice Ajim on various platforms:

Ajim Capital Website: https://www.ajimcapital.com/

Eunice Ajim Website: https://euniceajim.com/

LinkedIn: https://www.linkedin.com/in/euniceajim/

Twitter: https://twitter.com/euniceajim/

Instagram: https://www.instagram.com/euniceajim/

TikTok: https://www.tiktok.com/@euniceajim

In this episode, Eunice Ajim discusses how to choose the right company to invest in and the strategies for finding deal flow. She explains the inbound and outbound strategies used by venture capital funds and the importance of marketing and creating content. Eunice also shares insights on constructing a portfolio and the two main models used in the startup ecosystem: power law and spray and pray.

Takeaways

- Joining an angel syndicate can help angel investors find deal flow.

- Venture capital funds can attract companies through marketing and collaboration with other investors.

- Portfolio construction involves determining the number of companies to invest in and the allocation of capital.

- The power law and spray and pray models are two approaches to investing in startups, each with its own advantages and disadvantages.

Chapters

00:00 Finding Deal Flow

01:20 Inbound and Outbound Strategies

03:01 Outbound Strategy and Collaboration

04:25 Constructing a Portfolio

05:18 Power Law vs Spray and Pray

Make sure to connect with Eunice Ajim on various platforms:

Ajim Capital Website: https://www.ajimcapital.com/

Eunice Ajim Website: https://euniceajim.com/

LinkedIn: https://www.linkedin.com/in/euniceajim/

Twitter: https://twitter.com/euniceajim/

Instagram: https://www.instagram.com/euniceajim/

TikTok: https://www.tiktok.com/@euniceajim

In this episode, Eunice Ajim discusses why she doesn't invest in blockchain technology companies in Africa. She highlights the lack of painkiller solutions and the absence of successful use cases outside of cryptocurrencies. Eunice also mentions the challenges of fraudulent activity and unpredictable regulations in Africa. She emphasizes the importance of timing and specific use cases for blockchain technology. Additionally, she explains her investment focus on early-stage tech companies in Africa and the need to stick to her investment strategy.

Takeaways

- There is a lack of painkiller solutions and successful use cases for blockchain technology companies in Africa.

- Fraudulent activity and unpredictable regulations pose challenges for blockchain companies in Africa.

- Timing and specific use cases are crucial for considering investments in blockchain technology.

- Eunice Ajim focuses her investments on early-stage tech companies in Africa and sticks to her investment strategy.

Chapters

00:00 Why I Don't Invest in Blockchain

03:16 Lack of Good Use Cases in Africa

04:42 Fraud and Regulatory Challenges

07:04 Timing and Specific Use Cases

08:22 Investing Focus on Africa

09:16 Sticking to the Investment Strategy

10:46 Wrap-up

Make sure to connect with Eunice Ajim on various platforms:

Ajim Capital Website: https://www.ajimcapital.com/

Eunice Ajim Website: https://euniceajim.com/

LinkedIn: https://www.linkedin.com/in/euniceajim/

Twitter: https://twitter.com/euniceajim/

Instagram: https://www.instagram.com/euniceajim/

TikTok: https://www.tiktok.com/@euniceajim

Investing in tech startups in Africa is a long-term game, with returns typically expected within seven to ten years. There are three main ways to make money when investing in tech startups: through secondary sales, mergers and acquisitions, and initial public offerings (IPOs). Secondary sales involve selling equity to a bigger investor at a higher valuation. Mergers and acquisitions allow bigger organizations to acquire smaller companies to gain market presence. IPOs can be challenging, especially without a strong customer base and when hedge fund traders bet against the stock. Despite not yet seeing returns, the African tech startup market shows promising growth.

Chapters

00:00 Investing in Startups: A Long-Term Game

01:25 Ways to Make Money When Investing in Tech Startups

03:17 Secondary Sales: Cashing Out on Increased Valuations

04:15 Mergers and Acquisitions: Easier Market Entry

05:12 IPOs: Challenges and Considerations

07:35 Returns on Investment: Current Portfolio Status

08:55 Promising Growth in African Tech Startups

Make sure to connect with Eunice Ajim on various platforms:

Ajim Capital Website: https://www.ajimcapital.com/

Eunice Ajim Website: https://euniceajim.com/

LinkedIn: https://www.linkedin.com/in/euniceajim/

Twitter: https://twitter.com/euniceajim/

Instagram: https://www.instagram.com/euniceajim/

TikTok: https://www.tiktok.com/@euniceajim

In this episode, the host discusses the importance of not missing out on the best investment opportunities in African tech startups. She shares examples of successful companies like Airbnb and emphasizes the need for investors to keep moving forward and explore the numerous opportunities available. The host also highlights the factors she considers before making investment decisions, including her ability to provide value to the founders. She explains that investing in Africa is less risky due to the proven success of certain investment models. Additionally, she discusses the challenges of competition and the importance of working closely with founders to provide support and guidance.

Takeaways

- Investors should strive to not miss out on the best investment opportunities in African tech startups.

- Factors to consider before investing include the ability to provide value to the founders and a clear understanding of the problem and solution.

- Investing in Africa is less risky due to the proven success of certain investment models.

- Competition can make it challenging to determine the success of an investment.

- Founders need support in areas such as fundraising, talent acquisition, and mindset development.

- Having someone who understands and supports founders' challenges is crucial for their success.

Chapters

00:00 Introduction and the Importance of Not Missing Out on Deals

01:17 Factors to Consider Before Investing

03:11 Investing in Africa: Less Risky but Still Challenging

04:03 Competition and Working with Founders

05:24 Providing Value to Founders

06:23 Founders' Mindset and Emotional Support

07:48 Importance of Having Someone to Understand and Support Founders

08:19 Closing Remarks

Make sure to connect with Eunice Ajim on various platforms:

Ajim Capital Website: https://www.ajimcapital.com/

Eunice Ajim Website: https://euniceajim.com/

LinkedIn: https://www.linkedin.com/in/euniceajim/

Twitter: https://twitter.com/euniceajim/

Instagram: https://www.instagram.com/euniceajim/

TikTok: https://www.tiktok.com/@euniceajim

In this episode, Eunice Ajim discusses how to get started investing in African tech startups. The conversation covers different types of investors, including angel investors and venture capitalists. The host recommends joining an angel group to gain knowledge and access to the best deals. Another option is investing as a limited partner (LP) in venture capital funds, which allows for diversification. Eunice advises starting with small check sizes and gradually increasing investments. Making investment decisions depends on factors like the stage of the startup and the amount being raised. The episode concludes with a summary of the key points discussed.

Takeaways

- There are different types of investors in African tech startups, including angel investors and venture capitalists.

- Joining an angel group can provide knowledge and access to the best deals.

- Investing as an LP in venture capital funds allows for diversification.

- Start with small check sizes and gradually increase investments.

- Consider factors like the stage of the startup and the amount being raised when making investment decisions.

Chapters

00:00 Introduction and Types of Investors

01:26 Getting Started with Angel Investing

03:24 Investing as an LP in Venture Capital Funds

04:48 How Much to Invest

07:34 Making Investment Decisions

08:59 Raising Funds as a Founder

09:28 Summary and Conclusion

In this episode, the host discusses what to look for when making an investment decision in tech startups. The key factors to consider include the founders and team, their prior experience, traction, product evaluation, market readiness, target customer definition, and revenue and growth expectations.

Takeaways

- The team and founders are crucial to the success of a startup. Look for founders with prior experience and learn from their failures.

- Traction is an important factor to consider before investing. Look for evidence of customer acquisition and revenue generation.

- Evaluate the product and its ability to solve a problem. Focus on the minimum viable product and customer feedback.

- Assess the market and determine if it is ready for the product. Define the target customer and understand their needs and preferences.

- Consider revenue and growth expectations. Aim for significant annual revenue and demonstrate a clear path to scalability.

Chapters

00:00 Importance of Founders and Team

03:12 Prioritizing Founder Experience

06:37 Importance of Traction

08:05 Evaluation of Product

10:59 Assessing the Market

14:16 Defining the Target Customer

15:41 Revenue and Growth Expectations

Make sure to connect with Eunice Ajim on various platforms:

Ajim Capital Website: https://www.ajimcapital.com/

Eunice Ajim Website: https://euniceajim.com/

LinkedIn: https://www.linkedin.com/in/euniceajim/

Twitter: https://twitter.com/euniceajim/

Instagram: https://www.instagram.com/euniceajim/

TikTok: https://www.tiktok.com/@euniceajim

Summary

In this episode, the host discusses the reasons why investing in African startups is interesting. She shares her personal experience of hiring African developers and the challenges she faced in finding talent and managing payroll. She then talks about how she discovered the African tech ecosystem and started investing in startups. The host explains the different categories of investors, including angel investors, incubators, accelerators, and venture capital funds. She also discusses the risks and opportunities of investing in African startups, highlighting the technological advancements and abundance of tech talent in Africa. The episode concludes with a call to early investment in the African tech ecosystem.

Takeaways

Investing in African startups can be less risky than commonly perceived, as many technologies have already been proven in other markets.

African startups have the opportunity to leapfrog technologies and build solutions that are adapted to the local market.

Africa has a talented pool of tech professionals who may transition from being employees to becoming founders in the future.

Early investment in the African tech ecosystem can provide unique opportunities for growth and returns.

Chapters

00:00 Introduction: Why Investing in African Startups is Interesting

01:12 Getting Started: Hiring African Developers

02:09 Challenges: Finding Talent and Payroll

03:07 Overcoming Challenges: Finding Solutions

04:04 Discovering African Tech Ecosystem

05:28 Transition to Investing in Startups

06:24 Opportunities in African Tech Ecosystem

06:44 Investor Categories: Angel Investors, Incubators, Accelerators, and VCs

07:43 Investment Options: Startups vs Other Asset Classes

09:05 Micro VCs and Institutional VCs

10:28 Corporate Organizations and Foundations as Investors

11:26 Risks and Reasons to Invest in African Startups

12:58 Technological Advancements in Africa

14:25 Leapfrogging Technologies

15:47 Abundance of Tech Talent in Africa

17:37 Early Investment Opportunity in African Tech Ecosystem

18:07 Conclusion

Make sure to connect with Eunice Ajim of various platforms:Ajim Capital Website: https://www.ajimcapital.com/Eunice Ajim Website: https://euniceajim.com/LinkedIn: https://www.linkedin.com/in/euniceajim/Twitter: https://twitter.com/euniceajim/Instagram: https://www.instagram.com/euniceajim/TikTok: https://www.tiktok.com/@euniceajim

Welcome to another episode of The Eunice Ajim Show! In this edition, Eunice Ajim sits down with Janade, one of the founding members of Launch Africa, a leading early-stage VC fund focused on Africa. Recorded live at GITEX in Dubai, the conversation delves into Launch Africa's journey, its unique approach to seed-stage funding, and its impact on tech startups across the continent.

Janade shares insights into Launch Africa's beginnings, highlighting their commitment to filling the gap in seed-stage funding during the challenging times of 2018-2019. With a focus on supporting startups for 12 to 18 months, Launch Africa became the largest seed fund in Africa, investing in an impressive 133 companies across 22 different African countries.

The discussion explores the significance of investing in non-traditional markets, such as Sudan, Zimbabwe, and Cameroon, and the potential for growth in Francophone Africa. Janade emphasizes the importance of being the first investor in emerging markets, citing the need for someone to take the brave step.

Notably, Launch Africa celebrates its first exit in Cameroon, marking a significant milestone in the fund's success. The conversation also touches on the future plans of Launch Africa, including the possibility of Fund II and the activation of a vibrant secondary market in Africa through securitization and internal M&A.

The episode concludes with a discussion on the economic opportunities in Africa, urging investors to recognize the continent's youthful population, vast arable land, and the need for innovative risk mitigation products for startups.

Join Eunice Ajim and Janade Du Plessis in this insightful conversation about Launch Africa's impactful journey and the exciting prospects for tech investment in Africa. Don't miss out on the valuable lessons and perspectives shared in this episode!

#LaunchAfrica #TechInvestment #AfricanStartups #GitexDubai #EuniceAjimShow #SeedFunding #AfricanTechScene

Join Eunice Ajim in another episode of The Eunice Ajim Show, where she delves into the often overlooked aspect of entrepreneurship – building and maintaining a resilient mindset. In this candid discussion, Eunice shares her personal experiences and insights on what it takes to stay motivated and determined through the ups and downs of the entrepreneurial journey.

Eunice emphasizes the importance of setting clear goals, daily routines, and unwavering commitment to your vision. She acknowledges the challenges entrepreneurs face, including rejection, adversity, and moments of self-doubt, but she offers practical advice on how to overcome these obstacles and stay on course.

Discover the secrets to staying motivated, even on the toughest days, and how to maintain the unwavering belief that your entrepreneurial journey is your destiny. Eunice's message is a reminder that, like a rainbow after a storm, success often follows the most challenging moments. Tune in for an inspiring and encouraging conversation about the resilience required to pursue your entrepreneurial dreams.

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I get this question a lot “Are there even exits in Africa?”

How do investors generate returns for their investment in African startups since they are not publicly traded entities?

Africa has a record number of exists.

Just like every other startup ecosystem, African founders understand how important it is to generate returns on investment for their investors 

In Africa, we see a lot of these exits happening as acquisitions, while IPOs occur less frequently.

Another reason driving the many acquisitions in Africa is that global companies who have an interest in Africa see acquisition as a way to enter these new markets, or gain access to new talents.

To demonstrate the magnitude of mergers and acquisitions taking place in Africa, the value of disclosed mergers and acquisitions in Africa grew from over $500 million in 2018 to around $57 billion in 2021. And by 2022, the value of M&A in the African market had surpassed 97.8 billion dollars.

Let’s take a look at some of these amazing M&A deals in Africa.

Paystack was acquired for nearly 20x of the total funding it had raised.

Founded in 2016, paystack raised a little over $10M before they were acquired by Stripe for over $200 million in 2020. 

A 20 to 100x return from a startup sale or Initial Public Offering (IPO) is generally considered a good deal. 

Interestingly, Paystack is not the only African startup to have done an exit of this magnitude

• Jumia IPOed and raised $196 million

• Visa purchased a minority stake in Interswitch for $200 million,

• Ethomed was acquired by Excellence Health Inc. for $175 million,

• Experian acquired Compuscan and Scoresharp for $263 million,

• Fawry was acquired for $100 million (Fawry later IPOed and raised  $22.3 million)

• 2U acquired GetSmarter for $103 million

• Worldremit acquired Sendwave for $500 million

• BioNtech acquired InstaDeep for $600 million

The list goes on and on …

These acquisitions and exits should serve as a wake up call for more investors to consider startup equity as an asset class. 

You too can be a part of the next success story in Africa so you do not look back five years from today and say “Oops... I should have invested in these African startups in 2023."

Let me blow your mind even further

A decade ago, no African startup had attained unicorn status, making Africa's emergence on the spotlight even more intriguing. 

And what do these startups have in common with those we have seen in other emerging markets - India, China, LatAm?

They are products of proven business models that have worked in developed markets.

Flutterwave is the Stripe of Africa

Interswitch is the Square of Africa

Jumia is Africa’s Amazon

Opay is Africa’s Revolut

Again, this shows that looking at what has worked before can be a powerful strategy for success.

Investors who are looking for the next big thing after China, India or want to diversify away from the highly competitive and already saturated Silicon Valley, can begin to turn their attention to Africa.

In today's episode, I answer this questions: How many businesses have you funded and how are they faring, Which market do you Raise Funds from as a VC, How To Deal With the Negative Africa Narratives, Do you think BRICS is gonna make Africa a more attractive marketplace for investment, How did you start your venture capital journey, what are the Biggest Challenge as a VC, How to get funded as a business which is not tech, what does it take to be part of a venture capital firm, How to raise capital for a founder just getting started & More Comment with any idea content you'd want me to answer and I'll add it to my content list!

In today's episode, I answer this questions: How To Pitch, Industries Focus, What is The Biggest Advantage To Invest in Africa vs the US & More Comment with any idea content you'd want me to answer and I'll add it to my content list!

In today's episode, I answer this questions: How to Break Into VC, What Motivates You, What are Your Top 5 Books & Advice on Self Doubts.

Comment with any idea content you're want me to answer and I'll add it to my content list!

Which is the best African country for launching a tech startup?

Let's investigate the 8 contenders:

1) Nigeria

2) Kenya

3) South Africa

4) Egypt

5) Rwanda

6) Ghana

7) Tanzania

8) Morocco

I share more detail information on my Twitter as well, you can find it here: https://x.com/euniceajim/status/1711741530568876280?s=20

Check out https://www.ajimcapital.com/ to invest in Africa's Best Startups with us.

I read this post from Kola on LinkedIn which I believe explains best the podcast:

2 months ago, I heard that a founder was paying himself $15k monthly, the company packed up. This past weekend, I heard another founder was paying himself $50,000 monthly, the company packed up. Both of them, on investor funds. Like many people like me who invest in and/or back early stage companies, I was horrified if I’m being honest. I think it’s about time we begin to talk about what it really takes to build successful companies.
I’ve recently found that there are really only a few founders in Africa who set out to solve real problems and create thriving businesses, others are just offering “entrepreneurship as a service” (EaaS). They set out to solve their own problem, poverty.
Whenever a founder, director or owner doesn’t understand or practice the principles of ‘delayed gratification’, the death of whatever they’re building is around the corner. Cash flow in business is like blood in your body, once there’s an area of serious bleeding, death could become inevitable.
For context, I founded my first company in 2011. It broke even & became profitable within 15 months. The company was unbelievable liquid by year 2 ending, but I (the founder) wasn’t. I didn’t have an office or earn a constant monthly salary. My then two senior managers earned more than me, this is still a practice in many of my companies today. I pay exec hires more than I pay myself, if at all I earn anything.
Call me an old school entrepreneur, but I don’t like paper valuation. I like:
1. Strong balance sheet
2. Healthy cashflow
3. Frugality (keep cost down at all costs)
I am brutal with cost. I do not like to run a company like I’m Santa, spending like there’s no tomorrow. Now as a fund manager, this means I’m able to return higher ROI to my investors than your favorite hedge fund managers; because of the low cost of running our funds.
Whether it’s fintech or farmland, the principles behind starting, growing and scaling a company are the same. Break them and they will hunt you down!

The rule of thumb regarding sending an investor update email to your current investors is to do so on a monthly basis. Once a month is a reasonable interval giving you a chance to keep them informed about your work and assure them that their money is well-spent. 

During early stages, things change pretty quickly. You might even want to share weekly investor updates in order to get much needed advice, recommendation or introduction faster. Sending updates once a week will accelerate establishing the relationship, especially if your investors are actively involved in your work.  

If your company is in series A or B, the changes might not be as drastic as in the early stages. In such cases, you might opt for quarterly investor updates. However, bear in mind that it might have a negative side - your investors might not remember details as they usually have other startups that pitch at the same time. Your email may get lost among other updates.

Receiving regular data featuring both ups and downs of a company is the key to open conversation and timely support and help.

Ajim Capital is a pre-seed/seed fund investing into high-growth tech companies in Africa. https://ajimcapital.com/

Become unrecognizable in 2024. Follow these 9 steps to transforming your life in one year.

1) Create a long-term vision.

2) Identify your “why.”

3) Set specific goals.

4) Establish daily routines.

5) Make health a priority.

6) Invest in personal growth.

7) Surround yourself with positive influences.

8) Take action every day.

9) Monitor your progress.

I dive into this 9 steps with very specific examples from my personal experience. Remember, transformation takes time, but it’s worth it.

The best path is the one that aligns with the founder's goals. Some startups have succeeded with bootstrapping, while others have with venture capital. There is no one-size-fits-all answer, but with careful consideration and execution, both paths can lead to success.

Some key considerations when deciding between bootstrapping and venture capital:

◦ Founder's goals

◦ Business model and market potential

◦ Scalability of the idea or technology

◦ Competition and market timing

◦ Availability of resources and expertise

Investing in African startups is a high-risk, high-reward game. By following these steps, you will be able to identify and evaluate investment opportunities, reduce risk, and increase your chances of success.

1) Understand The African Startup Ecosystem

2) Determine the startup’s industry.

3) Determine your investment style.

4) Choose Your Investment Vehicle

5) Conduct Thorough Research

6) Diversify Your Portfolio

7) Invest In What You Know

As a startup founder, believing in yourself is one of the most important things you can do for your business. Self-belief can often be hard to come by, especially when dealing with the challenges of launching a startup. However, having a strong belief in yourself and your vision is essential for success.

Having self-belief means that you have faith in your abilities and that you are confident that you can handle whatever obstacles arise. It's easy to doubt yourself when things get tough, but having confidence in yourself allows you to keep pushing forward. Your self-belief gives you the motivation to keep trying even when things seem impossible.

Not only does self-belief give you the motivation to keep going, it also encourages you to take risks. Taking risk is often part of being successful as a startup founder its necessary to put yourself out there and take chances in order to make progress. Without self-belief, its difficult to take risks because you may be too afraid of failure or not confident enough in your own ideas. Believing in yourself allows you to take risks without fear and be more innovative and successful as a result.

Believing in yourself is key for startup founders it gives you the motivation to keep going when times get tough, encourages risk taking, helps with networking, and keeps you focused on reaching your goals. It takes courage to have faith in yourself as a founder, but doing so will pay off in the long run as your business grows and succeeds.

My step-by-step guide to launching a 506c venture capital fund. This took me over 12 months to learn, I’ll teach you in 30 minutes.

I'm back and better. I'm starting a 100 day challenge of very unedited podcast recordings to challenge myself and be as consistent as posible to create my podcast. By the end of this challenge, I should have 100 episode uploaded. Stay tune!!

Join us for an enlightening episode where we unveil the unvarnished truth about entrepreneurship in "The Hard Truth of Building a Company."

In a world saturated with success stories, we're here to shed light on the often untold side of the entrepreneurial journey. Our host, Eunice, delves into the raw realities of building a company that rarely make it to the headlines. From the sleepless nights to the tough decisions, and from failures that become valuable lessons to the persistent grind – we discuss it all.

Gone are the illusions of a carefree, always-positive voyage in the business world. Instead, we explore the challenges that test the mettle of every entrepreneur. Eunice, brings you candid insights that will resonate whether you're a seasoned business owner or someone contemplating stepping into the world of entrepreneurship.

Tune in to gain a deeper understanding of what it truly takes to establish and grow a company from scratch. Subscribe now to The Eunice Ajim Show for more unfiltered discussions on the realities of business and entrepreneurship.

Engage with us by sharing your thoughts and questions in the comments. Let's start a conversation about the genuine challenges entrepreneurs encounter on their path to success.

#EntrepreneurshipReality #BuildingACompany #RealTalkBusiness #TheEntrepreneurJourney

Ajim Capital mostly invests in proven business models.

Our investment process is guided by our in-house, proprietary database that includes over 300 business models that delivered over $388B in value in China, India, and LatAm with the highest probability of success in the African market.

We find and invest in the best companies in Sub-Saharan Africa.

In this video, I share exactly what we look for when making an investment decision. For information about investing or pitching Ajim Capital, go on https://www.ajimcapital.com/

Investment in Africa is becoming increasingly popular. Major tech companies and foreign investment firms are recognizing the potential wealth this exciting continent has to offer, and money is flowing into African markets.

In a move that reflects the growing trust in African markets and the potential for lucrative investments, J.P. Morgan recently opened a regional office in Nairobi. This makes it its first presence on the continent since it debuted a $20m fund for black-owned businesses in South Africa in 2021. 

Google has also committed $1 billion to boost Africa’s digital transformation. This massive investment will help spur innovation across the continent, giving tech-savvy entrepreneurs the resources they need to succeed.

Microsoft is another major industry player that has put its money where its mouth is. The tech giant invested $500 million to accelerate the growth of 10,000 African startups over the next five years. This significant financial commitment shows that Microsoft believes in Africa’s potential and wants to be part of its success story.

Not to be outdone, Amazon has also made an investment in Africa. The e-commerce giant opened its first African office in South Africa through a real estate investment of over $280 million. This move will bring new jobs and opportunities to the region, helping it become even more attractive for foreign investments.

Visa has pledged to invest $1 billion in Africa by 2027 to help boost the continent's digital transformation and strengthen its payment ecosystem.

Big tech companies and foreign investment firms are beginning to recognize the considerable wealth potential in Africa. As such, these companies are investing heavily in the continent, with more expected to follow suit.

It is clear that Africa has become an attractive destination for foreign investments. This can be attributed to the emerging tech ecosystem. With so much untapped potential, now is the perfect time to invest in this growing region through VC firms like Ajim Capital. 

The possibilities are truly limitless. 

So, who is investing in Africa? The future looks bright for African markets, and it's an exciting time for those looking to invest in this emerging region.

And there you have it, the remarkable story of Africa's rise as an attractive investment destination. From J.P. Morgan to Google, Microsoft to Amazon, and Visa to numerous VC firms like Ajim Capital, the flow of investments into Africa is gaining momentum. Thanks for joining us today, and don't forget to like, share, and subscribe for more insightful investment discussions. Until next time, happy investing!"

Welcome to The Eunice Ajim Show! In this exciting episode, we dive into the world of African tech startups and explore various avenues for investment. Join us as we uncover valuable insights and practical strategies on "How to Invest in African Tech Startups."

Investing in the African tech ecosystem offers a unique opportunity to be part of the continent's burgeoning innovation and growth. Our host Eunice Ajim, an experienced investor at Ajim Capital, shares expert advice on how you can become an impactful investor in this dynamic space.

In this episode, Eunice discusses different approaches to investing, starting with the role of mentorship and advisory. Learn how your knowledge and expertise can make a significant difference in nurturing and guiding emerging tech entrepreneurs.

Crowdfunding has emerged as a powerful way to invest in startups, democratizing access to early-stage opportunities. Eunice unpacks the potential of crowdfunding platforms, highlighting the benefits and risks associated with this approach.

Angel investing, another popular avenue for supporting startups, is explored in-depth. Discover the key factors to consider when identifying promising startups and how to build a diversified angel investment portfolio.

Furthermore, Eunice delves into the advantages of investing in venture capital funds, like Ajim Capital, which pool resources to back a diverse portfolio of startups. Learn about the growth potential and risk management associated with VC fund investments.

Lastly, she addresses the accreditation requirements for investing in African tech startups. Whether you're an individual investor or represent a corporate entity, understanding these criteria is essential to participate in this vibrant ecosystem.

Tune in to this episode to gain invaluable insights into investing in African tech startups and discover how you can play a pivotal role in shaping the future of innovation on the continent.

10 myths about investing in Africa.

Let’s clear the air on what is or isn’t true: Myth 1: Africa is underdeveloped. → Africa is home to some of the fastest-growing economies in the world. → Urbanization rates are increasing. → Technology is transforming the continent with leading startups. → Intra-African trade is projected to grow. Myth 2: Political instability is rampant in Africa. While there are pockets of instability, many countries are stable. → Two-thirds of African countries are democratic. → Many countries have had peaceful transfers of power over the last decade. Myth 3: Africa is a country. Africa is a continent comprising 54 unique, independent countries with different economies, cultures, and languages. It’s important to understand each country’s unique opportunities and challenges. Myth 4: Africa is only suitable for natural resources. While Africa is endowed with vast natural resources, it also has a growing middle class with rising consumption. The services, manufacturing, and technology sectors are also growing. Myth 5: Africa is too risky to invest in. Risk is present in every market globally. → African economies are more open than ever before. → Risk mitigation practices have improved. → The African Union has enacted policies to foster regional integration and growth. Myth 6: Corruption is rampant in Africa. While corruption does exist, it's not unique to Africa. In many African countries, there are robust legal frameworks and anti-corruption agencies. Protect yourself by implementing strong corporate governance and compliance policies. Myth 7: Africa lacks skilled labor. Africa is home to a young, growing workforce. → Many African countries rank highly on the World Economic Forum's Human Capital Index. → Africa is inching towards having the largest working-age population in the world. Myth 8: Infrastructure in Africa is inadequate. Infrastructure development is necessary, but it's not a deal-breaker. → Significant improvements have been made in roads and airports. → Innovative solutions are employed, e.g. mobile money, mini-grids, and ride-sharing. Myth 9: Africa only receives aid. While aid still plays a role in Africa's development, it is no longer the sole funding source. Private investment and trade are increasing, and aid is replaced with sustainable business models. Myth 10: Africa is not for everyone. Investing in Africa is not a one-size-fits-all approach. Understanding your investment objectives and risk tolerance is essential. While it may not be for everyone, it may be worth considering as part of a diversified portfolio. I hope you found this content useful. If you’re looking to invest in world-class African tech startups, you can learn more about investing with us at AjimCapital.com

Africa is rising.

But most of the world is missing the opportunity.

Here are 10 compelling reasons why investing in Africa could be your next big move:

1. Massive market potential.

1.3 billion people - and growing.

By 2050, Africa's population will double to 2.5 billion.

That's a lot of potential customers.

2. Booming middle class.

By 2030, Africa's middle class will increase by 42 million.

The middle class will account for 1/3 of Africa's population.

More middle-class Africans means more consumer spending.

3. Growing tech ecosystem.

Africa has the world's fastest-growing mobile phone market.

93% of Africans access the internet via mobile phone.

The tech ecosystem is rapidly expanding.

4. Untapped resources.

Africa has the world's largest reserves of cobalt, platinum, and diamonds.

It also has 60% of the world's uncultivated land.

Untapped resources mean untapped opportunities.

5. Infrastructure development.

Africa needs to develop its infrastructure.

From transport to energy to water.

As infrastructure improves, investment opportunities grow.

6. Youthful demographics.

60% of Africa's population is under 25.

Youthful demographics translate into more innovators, entrepreneurs, and consumers.

7. Business-friendly policies.

Many African countries are implementing business-friendly policies.

Favourable policies attract investment, which spurs economic growth.

8. Natural beauty.

Africa's natural beauty is a tourist attraction.

The tourism industry generates revenue and creates jobs.

9. Joint ventures.

Large multinational corporations often enter into joint ventures with African companies.

Joint ventures can reduce costs and risks and access local knowledge and contacts.

10. First-mover advantage.

Investing in Africa now gives you a first-mover advantage.

As the African economy grows, so will the competition for investment opportunities.

The time to act is now.

It all started with a journey driven by my ambition to make a significant impact in Africa.

I’m a 2x founder who previously led a tech startup from homeless into a multi-million dollar business. I then launched a $10M Africa-focused fund with no Ivy League degree, wealthy family, or VC/PC experience. 

I'm an entrepreneur with a story that's probably not so different from yours. Growing up in Cameroon, I always wanted to be my own boss. While studying in the US, I started a few businesses to pay for my education.

After a brief stint at Apple, I realized the typical corporate 9-5 life wasn't for me. Inspired by tech moguls like Uber and Airbnb, I founded DataGig, a platform connecting data science professionals with small businesses. But let me tell you, the startup journey wasn't a walk in the park. I faced homelessness, lost friends, and encountered countless obstacles. But guess what? I never gave up!

Eventually, I found an investor who believed in me, and we built a successful startup together, raising millions in funding. Fast forward to the pandemic in 2020, when everything went haywire. I convinced my co-founders to hire software engineers from Africa, and that's when I saw a whole new set of challenges. But those challenges sparked my mission to bridge the funding gap for African startups.

So, I launched a venture capital fund to invest in and support hundreds of incredible companies across the continent. Together, we're rewriting the rules and making dreams come true. Join me on this journey of empowerment and opportunity!