- African startups need to pitch more for mentors and not just for cash.
- Tomi Davies says when mentorship is missing startups get choked.
- He advises startups to work with experience and experts on the field in order to scale their products.
Nigerian investor, Tomi Davies, explains why it is good for African startups to pitch for mentors and not for cash
Tomi Davies says African startups need to look for ways to blend technologies and artificial intelligence into their activities.
Harry Tomi Davies, President of African Business Angel Network and co-founder of the Lagos Angel Network, says African startups need to pitch more for mentors and not just for cash.
Davies stated this on Tuesday at the 2019 Social Media Week (SMWLagos) during a session on “Introduction To Angel Investing,” organised by the Lagos Angel Network.
The tech expert told Business Insider SSA by Pulse that African startups need to look for ways to blend technologies and artificial intelligence into some of their activities, stating that all products have a tech-end.
“In Nigeria, everyone thinks cash is the only thing but we have discovered a lot of the African startups if you give them all the money they need, they don't know what to do with it.
“So they need guidance and advice, not just about the money and that's where angel investors come in because they are seasoned entrepreneurs and professionals who have been there and done a lot.”
He said money is important and there is a lack of it but advised startups to work with experience and experts on the field in order to scale their products.
“I am not underestimating the value of money in any startups but mentorship is essential. Those that even get the money get choked at the end. And that's why we have not seen the likes of Andela and Flutterwave.”
The class also exposed students to fundamental strategies and specific tools required to take full advantage of this rapidly growing asset class, from building your reputation as a smart investor to negotiating fair deals and adding value to your portfolio of companies through to helping them implement smart exit strategies.
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