How Nigeria can build a strong start-up ecosystem

Nigeria, a country with immense potential, is striving to build a robust tech ecosystem to support budding entrepreneurs and innovators. Ugwem Eneyo, the Co-founder and CEO of Solstice Energy Solutions, sheds light on the challenges and opportunities faced in developing a strong startup ecosystem in Nigeria. In a recent interview with CNBC Africa's Gugulethu Mfuphi, Eneyo emphasized the need for a supportive environment for product development, R&D, and testing of new solutions in the local market. One of the key challenges highlighted by Eneyo is the lack of readily available resources for technology development in Nigeria. He expressed frustration at having to rely on the United States for materials, laboratories, and environments conducive to rapid product iterations. Eneyo stressed the importance of creating a stronger ecosystem within Nigeria that would accelerate the pace of innovation and entrepreneurship. When discussing the protection of intellectual property (IP), Eneyo acknowledged the necessity of securing and defending their IP rights. He highlighted the importance of developing a global IP strategy, starting with securing provisional patents in the US and expanding regionally. While aware of the risk of copycatting, Eneyo remains confident in the uniqueness and complexity of their innovations, particularly in software R&D algorithms. In terms of advice for aspiring entrepreneurs, Eneyo shared words of encouragement based on his own journey. He emphasized the value of persistence, noting that success often comes after years of setbacks and perseverance. Eneyo also underscored the significance of young people in Africa, urging them not to underestimate their potential and highlighting organizations like the Harambe Entrepreneur Alliance that showcase the success stories of young African entrepreneurs. As Nigeria continues its quest to foster innovation and entrepreneurship, Eneyo's insights serve as a reminder of the determination and resilience required to navigate the challenges of building a strong startup ecosystem. By addressing the gaps in resources, prioritizing IP protection, and inspiring the next generation of entrepreneurs, Nigeria can pave the way for a thriving tech industry that drives economic growth and societal impact.