Nigeria's startup scene, once abuzz with excitement, has hit a rough patch. Lazerpay, 54Gene, Pillow, Vibra, Bundle, PayDay, Pivo Africa—the collective tally of their extinguished dreams surpasses $90 million in lost funding. Is this a mere blip or a systemic crack in the very foundation of Nigeria's startup ecosystem?
It's tempting to think it's just a money thing, but that doesn't fly. Woven Finance had Coronation Bank, a financial kingpin, backing them. So, what gives? Did their fancy virtual accounts flop? Or were they outgunned by bigger players like GTCO's squad?
Competition is good, but whispers suggest these giants aren't playing fair. Are they squeezing out the Davids before they even get a chance? Or maybe some startups, blinded by VC promises, flew too close to the sun and got singed.
The silence from the fallen stars doesn't help. Did they self-destruct or get pushed? Were their dreams just mirages, or were they crushed by unrealistic expectations?
Instead of doom and gloom, let's see this as a learning opportunity. The scene is young and still finding its wings. Maybe these shutdowns are like bumps on a runway, leading to a smoother takeoff later.
We need to shift gears and focus on real-world solutions, not just quick wins. It's time to refine the fuel, strengthen the wings, and get ready for a new flight. The sun might be setting, but a brighter dawn could be just around the corner.
Let's not write the obituary just yet. Nigeria's startup story still has chapters to be written, and with some smart course correction, they could be filled with success, not setbacks.
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