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Startup founders trying to raise capital from local investors, what’s your heartbreak story?
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Did a business scholarship program with
@cenbank
EDC initiatives in 2014 after i wrote my business plan seeking for 10m start up for my BanVita company to stimulate Ear of maize milling in Benue state that could service many vaccum in the country was overturned by the Oga’s in power
I spent a lot of money in getting a good business plan and then they said I should wait for 1m proof of concept, as of Aug 2019 it was on 750k and I’ve been waiting for 250k for more than a year now. He’s number is no longer connecting but to cut the story short its been launched
Lol. Long story short, we were led on for almost 4 months. The fifth month, oga stopped taking calls.
It took us time to recover. We almost lost our will to continue..
here for the stories…
If I even tell you the one I’m going thru now for a betting platform we developed you will even give me handkerchief to wipe my tears.
Latest is that, they are now asking for a whopping 60% equity for N10million.
Well, we will still launch by this December. We ain’t stopping.
They all wanted to employ me and pay me a stipend to work for them on my idea. I eventually gave someone else and they’ve grown and left Nigeria with the idea.
Lol, we were in a meeting with them for almost six month and on the final day they decided to change the deal!
Stories from other side: https://weetracker.com/2020/11/05/angel-tomi-davies-funding-startups/
Wahala for who dey find local investors o.
Funding for startups is an accelerator for growth. What might take u 5yrs through organic growth, could take you 6 months with funding.
Don’t get it twisted though. If investment fund isn’t forthcoming, you may as well invest your time
In 2017 Someone offered I and my colleague 10 million Naira for 49% with promise of taking our ERP software with him back to the US to present to his colleagues. We didn’t know when we laughed out loud.
I built the ERA app, defended proposals at many agencies, a company offered 2buy for #4.2m, I refused, soon agencies launched a poorly aggregated stand alone prototype of the app. It failed on arrival, until now less than 5k download yet heard they spent 100sofmillions 2 build…
One local investor after all discussions and accepted to invest, called me and said if I put this money how much will I be getting every month? .Another took the idea and later came back to ask for partnerships
Another I remember, offered 20 million for 80% and told me I will still be CEO
Was offered 2m for 50% stake in the business. I’ll step down from my role as CEO for his son. One hot Sunday Afternoon. The craziest thing was I’ll have to swear to Ogun that I won’t betray him.