Mr. A: We were classmates. I came up with the idea but I did not have money. I shared with three of my classmates who brought money and we started the company. I got 30% share and we registered the company in CAC, Abuja. But on profit, they now insist I get only 20% since all I provided was an idea while they brought money.
My Response: Unlike the old industrial age world of Adam Smith and AO Lawal ( the author of an Economics textbook for secondary schools), we have a new factor of production: Knowledge. Just as people have valued capital (money), Knowledge is even more important. Do not be diminished in any agreement if what you bring is solid knowledge when others are dropping cash. Yes, the 30% ownership means 30% on profits, liabilities and assets. That does mean, you deserve that 30% profit share unless there is another agreement, not typical, you have with them.
In the second edition of Tekedia Mini-MBA, we have two sessions to help people understand contracts, agreements, and business law: Contracting, Negotiation & IP; and Business & Commercial Law. One of our faculty members is a Harvard Law graduate, another is licensed to operate in the U.S., Nigeria and European Union.
Register today and join Tekedia Mini-MBA.
(If registered already, please help us forward)
Tekedia offers an innovation management 4-month program, optimized for business execution and growth, with digital operational overlay. It runs 100% online. The theme is Innovation, Growth & Digital Execution – Techniques for Building Category-King Companies. All contents are self-paced, recorded and archived which means participants do not have to be at any scheduled time to consume contents. Class begins June 22. There are many reasons to register for the second edition of Tekedia Mini-MBA. Here are some:
- Experts from global and local brands like Microsoft, MIT Boston, Deloitte, and Flutterwave are joining to lead different sessions. We are covering 32 areas in business from Innovation to Strategy, Business Law to Operations, Supply Chain to Sales, and beyond, with practicing faculty.
- All participants of Tekedia Mini-MBA in 2020 will attend a virtual Career Week. Our Career Week (coming in Nov) is not designed for finding jobs. Rather, it is structured to TRANSFORM workers, founders & entrepreneurs into business leaders and champions of innovation in their companies. The sub-theme is Career Planning & Resilience During Disruption. Learn more here. Within the week, at least 10 HR leaders will provide guidance to workers and companies on how they can build productivity.
- Joining Tekedia Mini-MBA second edition comes with two free ebooks – Africa’s Sankofa Innovation, and The Dangote System: Techniques for Building Conglomerates.
- You also receive a complementary Certificate cybersecurity course from First Atlantic Cybersecurity Institute. Visit facyber.com and select your course on Cybersecurity: Policy, Management, Digital Forensics and Technology.
- We continue to offer installment payments
Join us for $140 or N50,000 by registering via (bank transfer, Flutterwave and Paypal) – https://www.tekedia.com/pay
Click to join Tekedia Capital and build Next Africa with min of $10,000 co-investment in startups.