Most startups pursue large funding rounds to accelerate growth, but Tonye Irims, CEO of WiSolar, chose a different path. Despite receiving a $1.5 million offer, he declined the investment, opting instead to steer his company through organic growth. WiSolar has since emerged as one of Africa’s fastest-growing companies for two consecutive years, proving that strategic patience and unwavering focus can often be more powerful than instant capital infusion.
From Failure to Opportunity
Irims’ entrepreneurial journey has been marked by resilience. Before founding WiSolar in 2016, he experienced two prior startup failures: WiMobile in 2006 and FriendsChip, a social payments platform launched in Texas in 2011. These setbacks did not deter him. Instead, he saw lessons in failure that fueled his next venture. His decision to focus on solar energy was rooted in South Africa’s ongoing energy crisis, characterized by frequent blackouts, rising electricity costs, and a struggling energy grid. The country’s economy had suffered tremendous losses, up to 850 billion rand (about $46 billion) between 2021 and 2024, highlighting the urgent need for sustainable energy solutions. Recognizing this gap, Irims moved quickly to introduce his innovative approach.
A Fresh Take on Solar Power
WiSolar operates on a digital solar model that allows customers in South Africa and Nigeria to pay for electricity as they use it. Using a power purchase agreement (PPA), WiSolar installs and maintains solar systems in customers’ homes, who then buy power per kilowatt-hour via a mobile app, similar to topping up a mobile phone. The simplicity of this model proved especially effective in underserved communities where reliable energy supply and upfront investment opportunities were scarce. However, convincing customers and stakeholders to believe in the product was initially a challenge. Irims recalls struggling to secure buy-in due to limited capital and the need to educate consumers on how solar electricity works. At one point, he even tried to sell the business when it was still at its nascent stage, feeling that it was worth little.
Things began to turn around in 2018 after Irims received a modest seed fund of around R60,000 (approximately $4,000). This capital enabled him to travel to Shenzhen, China, to gain a deeper understanding of solar technology and establish relationships with suppliers. Despite the early hurdles, WiSolar kept growing. In 2023, the company received a $1.5 million loan from South Africa’s Industrial Development Corporation (IDC). However, Irims declined the offer, perceiving the conditions as too restrictive and risky. The loan required monthly repayments over ten years, along with intrusive disclosure requirements and limited support, factors that could have constrained the company's prospects.
Choosing the Right Investors
Irims is clear that funding is not just about acquiring capital but finding investors whose long-term vision aligns with the company’s mission. He emphasizes the importance of trust, shared values, and the ability to open doors to new markets. For WiSolar, many offers come with conditions that threaten its core intellectual property and operational independence. “‘If you’re just in it to make a quick buck, that’s a red flag,’” Irims notes. He seeks partners who understand the social impact of renewable energy, job creation, and environmental sustainability, rather than purely financial returns.
Thrive Against the Odds
Walking away from the IDC deal did not hinder WiSolar’s progress. Instead, the company has expanded to Nigeria and secured $9 million in revolving credit from Chinese institutions last year to support its Climate Zero Initiative. This initiative aims to deploy solar energy across ten Nigerian states and foster sustainable development. WiSolar’s rapid growth has been recognized officially, ranked as one of Africa’s fastest-growing companies by the Financial Times and Statista, based on its compound annual growth between 2020 and 2023.
Words of Wisdom for Entrepreneurs
Irims’ advice for aspiring startups is straightforward: “It takes a heart of steel.” He stresses the importance of resilience amid doubts, rejection, and skepticism from even well-meaning supporters. His secret to sustained success? “Focus on building one thing well before trying to diversify. Single-minded focus works.” For him, patience, clarity of purpose, and resilience are the keys to transforming bold ideas into impactful realities.
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