During the recent startups’ conference and pitch tournament organized by the Franco-Nigerian Chamber of Commerce and Industry (FNCCI) in Lagos, there was a resounding call for a paradigm shift in the approach of Nigerian startups. The plea came from none other than Samy Chiba, the Co-founder of Bujeti, who passionately urged businesses to foster collaboration and create an ecosystem that thrives on cooperation rather than fierce competition.
Chiba, addressing the innovative minds gathered at the event, stressed the need to move beyond individualistic pursuits and focus on collectively building something meaningful. “We see a lot of innovative young people that are bringing new ideas, new things to the markets. So, as I said during the event, what I like is building an ecosystem of new business, where we are not competing, we are building something together,” he remarked. This perspective advocates for a cooperative environment where this complement each other’s strengths and contribute to a shared success story.
Moreover, Chiba highlighted the emergence of a new generation that goes beyond the conventional pursuit of wealth and financial success. He expressed admiration for the entrepreneurs who are mindful of the community and the well-being of people. In his words, “Managing your finances is good, but building something for the community, for the health of people is wonderful because you are merging business opportunities and social opportunities as well.” This emphasis on the dual impact of business ventures reflects a broader societal responsibility that it can shoulder.
Peter Nwofia, a Partner at Mazars, echoed similar sentiments, emphasizing the vitality of collaboration among startups to infuse energy into the ecosystem. He underscored the significance of events like the FNCCI conference as platforms for startups to connect with potential investors and industry experts. Nwofia urged startups to leverage such opportunities for advice and professional guidance, laying the foundation for a robust support network within the startup community.
The event itself showcased the pitches of 10 startups spanning diverse sectors such as healthcare, logistics, real estate, solar, and energy. The participants included Fast Ryders, Open house, M Doc, Joyalty unisex fashion, Securecycle, Wheatstone gate, Bim Wunmi, Gemhands, Employ Africa limited, and El gazelle foods. The winning startup, M Doc, specializing in healthcare solutions, secured a $1000 prize and a return ticket courtesy of Air France.
Nwofia, while commending the startups’ presentations, noted a room for improvement in terms of clearly articulating their intentions with the funds. “You know, they were focused on presenting their business, but they didn’t say, ‘This is what I want to do with the funds.’ But I know over time they will improve in making pitches or business pitches,” he remarked. This constructive feedback underscores the continuous learning curve that startups navigate as they refine their pitches and strategic plans.
Conclusion: Startups
In essence, the FNCCI conference served not only as a platform for startups to showcase their innovations but also as a forum for thought leaders to advocate a collaborative, community-oriented approach in the Nigerian business ecosystem. As startups continue to evolve and contribute to the economic landscape, the emphasis on collaboration and social impact could shape a more resilient and interconnected entrepreneurial community in Nigeria.
