While Y Combinator CEO, Michael Seibel was at Ventures Platform in Abuja yesterday giving his valuable two cents to the tech community there, the Incubator’s COO, Qasar Younis was at Cranium One in Lagos having a fireside chat too!
During the fireside chat, Qasar discussed topics ranging from the commonalities amongst successful tech startups to the future of Nigeria’s technology ecosystem and where entrepreneurs should focus their energy.
For the sake of those who didn’t attend, and those who were under a rock and didn’t know YC was in town, the key points during the discussion have been highlighted for their consumption.
So, here goes!
Only work with people you actually want to be around and can see yourself spending time with. This includes investors.
Start small but start what matters.
The commonality amongst most of the successful tech startups is that they have amazing product to market fit. They provide a product that is so needed that the market adopts it quickly.
Get your hands dirty early on and learn the ‘hard skills’.
His advice to his 25 year old would be to work for a high growth startup.
The timing of your product in the market is crucial. If the timing isn’t right you have no business.
Focus on local problems rather than foreign ones and build your business around that. Nigeria is blessed with a massive population teeming with problems that need to be fixed. Focus on them.
The more you can delay fundraising when starting out the better. Don’t reduce your equity on the cap table too early on. It’s expensive.
Getting your first 5 users is harder than getting the first 10, but the most crucial.
Who you expose yourself to in your career is a major key to success. Surround yourself with smart, successful, talented people you can work with.
The best founders are very empathetic.
Build something people really want and need.
Silicon valley took 70+ years to get to where it was so don’t expect instant success in your local ecosystem.
Important piece of info, right? Live by these and you shall succeed!!!
This is part of activities through which the premium coworking space aims to contribute to the growth of the startup ecosystem in Nigeria.