Speech below:

Dear Lagosians,

I have watched with shock how what began as a peaceful #EndSARS protest has degenerated into a monster that is threatening the well-being of our society. Lives and limbs have been lost as criminals and miscreants are now hiding under the umbrella of these protests to unleash mayhem on our State.

As a government that is alive to its responsibility and has shown a commitment to the movement #ENDSARS, we will not watch and allow anarchy in our dear State.

I, therefore, hereby impose a 24-hour curfew on all parts of the State as from 4pm (today,) Tuesday, 20th October,2020. Nobody, except essential service providers and first responders must be found on the streets.

Mr Babajide Sanwo-Olu
Governor, Lagos State.

We launched an annual package (3 editions and 2 capstones combo) for Tekedia Mini-MBA out of requests from the community. While members have been paying for this annual package, today, Emmanuel Echa of Songhai Labs, and a current member, paid for five years. Yes, this implies that Mr. Echa has prepaid for 15 editions of Tekedia Mini-MBA.  Thank you Emmanuel (I asked for his permission to share this).

For the community, thank you for this validation and support of our mission.  We will continue to work harder to deliver value. There is no better ecosystem to master business innovation, growth and execution than Tekedia Institute.

Take a look  and register.

Tekedia Academic Programs

Paystack revenue was just $1,300 when Y Combinator, a U.S -based accelerator, accepted it and gave it about $120,000 in funding for a typical 7% equity. I have explained the numbers here. My focus in this short note is to point out how foreign investors look at things. Yes, when Paystack did this deal, the total revenue was less than N500,000 in Nigerian naira.

Yet, someone brought it home and wired $120,000 in equity funding. Today, that $120k is estimated to be at least $12 million after Paystack exited at $200 million via Stripe acquisition. Until we see things that way, even the promises in Lagos and across Nigeria will not come to us.

Do you have revenue?

Yes

How much revenue?

$1,300

Yup, this was literally everything we had made when we applied! Note that $1,000 of this came from a single transaction ?
I like to point this out when speaking to founders who have overblown assumptions about how much traction they need to have before applying to YC.

When that investor asks for a three year revenue traction in Nigeria, share this piece!

Y Combinator Wins in Africa, Gains from Paystack Cover ALL Investments in African Startups

Since 2014, Y Combinator, the popular U.S. based accelerator, has invested $120,000 for 7 percent equity in its companies. Paystack, the Lagos-operating fintech company which was acquired by Stripe in a deal north of $200 million, attended YC, post- 2014. If we assume that YC invested $120k for the 7%, we can conclude that Paystack was worth $1.7 million during the deal.

By looking at the multiples and the short time they created this value, Paystack is possibly the most successful Nigerian startup on value creation for investors for deals above $50 million.

With an exit of $200 million – a three digit-multiple- and considering the typical delusion, I estimate that YC will receive at least $12 million for its investment at that very early in Paystack. Yes, the Americans have turned $120k into $12 million in your neighborhood in Lagos. Sure, how you wish!!! Sorry, that is why one smart man wrote “Acres of Diamond”. That glory is everywhere if you seek it earnestly! But give it to the Americans; Paystack revenue was $1,300 when YC accepted it.

https://youtu.be/VIzhXzixENE

More so, YC has invested in about 40 African countries. If we keep the same $120k per startup, the total investments will come down to $4.8 million. For this analysis, I am discounting growth phase investments where YC joins other investors, post-graduation in its program.

Simply, YC has risked $4.8 million in all the startups, and one startup has returned at least $12 million. Yes, YC has already won in Africa.

Paystack Is The Most Successful Nigerian Tech Startup on Large Value Creation for Investors

He was a HR Manager for the Year from HR People Magazine Awards. He is an alumnus of Senior Management Program (SMP) at Lagos Business School (LBS), and Action Learning MBA at Business School Netherlands. He is an Associate of Chartered Institute of Personnel Management of Nigeria, Nigeria Institute of Training & Development, Nigeria Institute of Management (NIM), Institute of Business Management & Policy Development Nigeria, Learning & Development Institute, Nigeria and Project Management Institute (PMI).

An ex-Head of Human Resources – Commercial Business Group at Lafarge Africa Plc, he now serves as the COO of  Emerald Zone, a HR consulting and advisory firm. Oladapo Akinloye, a Tekedia Institute Faculty, will teach and speak during Tekedia Career Week Nov 2-7, 2020) on Career Planning within the theme, Nurturing Innovators.   This career week is not designed for finding jobs. Rather, it is structured to TRANSFORM professionals into business leaders and champions of innovation in their companies.

All past and current Tekedia Mini-MBA members, including those who have registered for Edition 4 (Feb 8 – May 3, 2021) attend free. We have 13 courses, videos, cases, etc on how we can plan our careers during this time of disruption. 

Join Dapo and other other Faculty.

Tekedia 2020 Career Week Is Set For Next Week