The challenges of building a successful tech company

Tech entrepreneurship in Nigeria has seen significant growth in recent years, with a surge of innovative ideas and startups emerging in the sector. However, building a successful technology business in the country comes with its own set of challenges. Uneku Atawodi-Ekun, the Country Director of MEST Africa, highlighted some of these challenges in an interview with CNBC Africa's Damilola Ade-Odiachi at Diamond Bank's tech festival, TechFest. Atawodi-Ekun emphasized the importance of preparedness and understanding the rigorous processes involved in scaling a tech company. She noted that while many individuals believe they have great ideas, the key lies in executing those ideas effectively. One of the major issues faced by Nigerian companies during the incubation process is infrastructural challenges. From slow internet connectivity to unreliable electricity supply, these obstacles can hinder the growth of tech startups. To address these challenges, Atawodi-Ekun explained that incubators like MEST Africa work closely with advisory councils and government initiatives to advocate for a more conducive environment for tech innovation. By leveraging their networks and expertise, these hubs aim to create artificial enabling environments where entrepreneurs can focus on their core business activities without worrying about basic infrastructural needs. The goal is to foster a culture of collaboration and support within the tech ecosystem, ultimately driving the success of tech startups in Nigeria. Reflecting on her experience at TechFest, Atawodi-Ekun emphasized the importance of continued capacity building and knowledge sharing within the industry. She highlighted the need for increased education and awareness among entrepreneurs to bridge the gap between idea generation and investor readiness. By equipping aspiring tech founders with the necessary skills and resources, the likelihood of attracting investors and scaling their businesses successfully increases. Despite the existing challenges, Atawodi-Ekun remains optimistic about the future of tech in Nigeria. She believes that the industry has the potential to overcome infrastructural barriers through innovation and perseverance. As the tech ecosystem continues to evolve, she envisions a bright future for Nigerian tech companies, driven by a spirit of resilience and positivity. With a collective effort to support and nurture homegrown talent, the journey towards building a thriving tech industry in Nigeria is well underway, and Atawodi-Ekun is confident in the country's ability to achieve this vision.