Eunice Ajim


Unveiling the Truth: Shocking Advice from a Seasoned VC on Investing in African Startups



I’m the founding partner of Ajim Capital, an early-stage VC fund backing world-class African tech entrepreneurs solving some of the most challenging problems on the continent. 








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Investing in startups can be a rewarding yet challenging endeavor, especially when it comes to emerging markets such as Africa. Recently, I had the opportunity to sit down with a highly successful venture capitalist (VC) who shared some unconventional wisdom gained from over two decades of experience in the industry. In this blog post, I will unveil the shocking advice he offered on investing in African startups, shedding light on valuable insights that could reshape your investment strategy. Let’s dive in!

“Never invest in a startup whose founders have never failed before.”

Founders who have experienced failure possess crucial lessons and resilience that can prove invaluable when faced with challenges down the road. The ability to learn from past mistakes and adapt is vital for a startup’s long-term success.

“Never invest in a company whose pitch includes the word ‘disruptive.”

The term “disruptive” has become cliché and loses its significance when overused. It is often employed merely for the sake of impressing others, rather than conveying a genuinely groundbreaking concept. Investors should focus on substance over buzzwords.

“The team is more important than the idea.”

While a groundbreaking idea is appealing, a team with exceptional skills, experience, and dedication is the true catalyst for success. A mediocre idea can flourish in the hands of a great team, thanks to their ability to adapt, pivot, and navigate challenges.

“Don’t be afraid to invest in messy, unsexy businesses.”

Popular sectors like Fintech and AI have attracted substantial attention, resulting in intense competition. However, overlooked industries such as Agriculture, Logistics, and Retail still harbor significant opportunities. By venturing into less glamorous sectors, investors can discover untapped potential and generate impressive returns.

“Don’t be afraid of investing in a solo founder.”

Contrary to conventional wisdom, a single exceptional founder can outperform a team of mediocre individuals. Solo founders often possess a clear vision, flexibility, and agility, enabling them to make quick decisions and pivot effectively when necessary.

“Invest in industries you understand.”

Investing in African startups shares many similarities with investing in startups worldwide. Familiarity with the industry allows investors to discern genuine opportunities from exaggerated claims. Having knowledge of valuations, competition, and business models enables effective decision-making.

“Good entrepreneurs understand that they are selling and not just building products.”

Entrepreneurial success relies on the ability to sell ideas, products, and visions effectively. Entrepreneurs who can articulate their value proposition to clients, employees, and investors have a higher chance of achieving sustainable growth.

“Africa is not a monolith.”

Each African country possesses its unique cultural, regulatory, and industry nuances. A solution that succeeds in one country may not necessarily yield the same results elsewhere. In-depth understanding of the specific region is crucial for making informed investment decisions.

The insights shared by this seasoned VC offer a fresh perspective on investing in African startups. By challenging conventional wisdom and shedding light on crucial factors such as team dynamics, market understanding, and founder experience, investors can position themselves to make more informed and successful investment choices. Embracing these unconventional ideas and tailoring strategies to the African market can unlock significant opportunities and contribute to the growth of the continent’s startup ecosystem.

Remember to follow me on Twitter @euniceajim for occasional gems of wisdom and useful insights on startup investments in Africa.

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Hi, I'm Eunice

My mission is to facilitate access to funding and support African startups in scaling into billion-dollar companies. 

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