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Also, Nigeria is a huge country (population 230 million). US startups aren't necessarily expected to expand even as far as Canada or Mexico. It's not clear why
by foldr 3y ago
Also, Nigeria is a huge country (population 230 million). US startups aren't necessarily expected to expand even as far as Canada or Mexico. It's not clear why there should be an analogous expectation on a Nigerian startup.
- Ozzie_osman 3y agoWell no economy in Africa compares in size to the economy of the US by any means, and for our VC-fueled industry, it's more about total addressable market than anything. That said, totally agree with the comment you're replying to. The idea that startups need to expand across "Africa" or "the Middle East", etc, is both a result of VC-fueled startup strategy and ignorance of the diversity of those continents/regions. Hell, even expanding across a single country like India can be drastically more difficult than the US due to differences in laws, language, culture, etc across different states / regions.
- bluGill 3y agoToday. Hopefully those countries will grow their ecconomy. If you can help that you will do well.
- FinnKuhn 3y agoInvestors don't measure potential for companies not by how many potential customers they have, but by the purchasing power of their potential customers.
- foldr 3y agoInvestors are interested in ROI. A Nigerian business will tend to have lower costs as well as lower potential income. It may be a smaller investment than a company that’s targeting the US market, but not necessarily a bad one.
- lupire 3y agoIs Nigerian cloud computing as cheap as Nigerian food? Unless the whole supply chain is local, you're still paying global prices for some things.
- mooreds 3y agoGDP is about 1/3 of Australia. https://www.imf.org/external/datamapper/profile/NGA https://www.imf.org/external/datamapper/profile/NGA https://www.imf.org/external/datamapper/profile/AUS https://www.imf.org/external/datamapper/profile/AUS Seems big enough to support a lot of great companies to me!