{"id":546744,"date":"2022-05-26T04:00:08","date_gmt":"2022-05-26T04:00:08","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/26\/goodbye-lagos\/"},"modified":"2022-05-26T04:00:08","modified_gmt":"2022-05-26T04:00:08","slug":"goodbye-lagos","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/26\/goodbye-lagos\/","title":{"rendered":"Goodbye, Lagos"},"content":{"rendered":"

<\/a> Goodbye, Lagos \u2014 it\u2019s been phenomenal. <\/strong>In a few hours, we\u2019ll be heading back on a six-hour flight to Omm El Donia, with the adrenaline of the past four days slowly dialing down, giving us time to process what we have experienced \u2014 and add all those new connections to our LinkedIn profiles. It\u2019s been a whirlwind of meetings, chapmans (refresher: the local go-to drink), beautiful people, spicy food, inspiring stories, lessons learned, and relationships built.<\/p>\n

If there was one word to describe this trip, it would be vibrant. <\/strong>The energy of the local startup scene is contagious, and we now understand why many stakeholders told us that Nigerians are inherently entrepreneurial.<\/p>\n

On our last day, our dedicated host Tomi Davies put together a reception for us with angel investors and local startups <\/strong>(pictured above). And again, we\u2019ve met some inspiring people. One of them is Yemi Keri (LinkedIn<\/a>), cofounder of The Rising Tide<\/strong>. Keri was able to pool together 87 investors to build an angel investors network \u2014 and here\u2019s the interesting part: they\u2019re all women. <\/strong>So far, they\u2019ve invested USD 1.8 mn in 28 startups. We also met startup celebrity Iyinoluwa Aboyeji (aka E \u2014 LinkedIn<\/a>), who was a cofounder of two of Nigeria\u2019s poster children: fintech Flutterwave<\/a><\/strong> and job placement network Andela<\/a><\/strong>. Today, he is the founder and GP of the Future Africa<\/a><\/strong> fund.<\/p>\n

Lagos and Cairo seem to be very much \u201csame, same, but different\u201d \u2014 at least that is how our trip companions feel. <\/strong>\u201cThe energy levels have been really, really high; people have been super nice and expressive. That feels very much like home,\u201d CEO of the Cairo Angels Syndicate Fund (CASF) Aly Shalakany \u2014 and trip organizer \u2014 said. The streets never sleep, and the people we\u2019ve met in the tech space are a reflection of that, he added. Adham Azzam, CEO and cofounder of fintech startup Balad, agreed, adding that \u201cthings here move very fast.\u201d<\/p>\n

\u2026which led some of us wonder whether expanding into Nigeria may make more sense for Egyptian startups than expanding into the GCC. <\/strong>Given similar market dynamics, the expansion of Egyptian startups into Nigeria and Africa in general may be more successful than moving to the East, CEO and founder of Nawaah Scientific Omar Shoukry tells us. Especially in the life sciences space, Shoukry believes that there is a greater need and opportunity in Nigeria than Dubai, for instance.<\/p>\n

And fintech seems to be the biggest player in Nigeria at this point in time. <\/strong>\u201cEvery second billboard is that of a fintech company,\u201d Azzam tells us.<\/p>\n

We\u2019ve also noticed that a lot of founders and investors were part of the Nigerian diaspora. <\/strong>Based on our conversations with local stakeholders, we\u2019ve realized that a lot of the active players and entrepreneurs are Nigerians who had either lived abroad or studied in another country, and decided to come back to help move their country forward through either building a company or funding startups.<\/p>\n

But building a company seems to be more challenging in Nigeria than Egypt, mainly due to problems in the traditional infrastructure.<\/strong> (Almost) every building in Lagos has a generator, which is operated at least 3-4 hours a day, due to frequent power cuts. Moreover, a lot of neighborhoods in Lagos don\u2019t have access to water, which is why they dig boreholes accompanied by micro-desalination plants, locals tell us. That makes it a lot easier to build a company in Cairo than Lagos, Shalakany suggests.<\/p>\n

What can we learn from Lagos? Definitely hustling. <\/strong>\u201cThe market in Nigeria is much more competitive [than Cairo], and a lot of the founders here know that they have a tough journey ahead,\u201d Shalakany says. Since the volume of startup funding to Nigeria is crazy, competition is very high, which pushes for higher quality products and services \u2014 and pushes people to work harder.<\/p>\n

And maybe that purely digital solutions are not necessarily \u2026 solutions, especially in the fintech space. <\/strong>\u201cHere, every fintech company has a hybrid model,\u201d Azzam says. Having a business model that combines on-ground activities and physical solutions, while also providing the digital solution allows for larger market penetration, he adds.<\/p>\n

Lastly, there was one narrative that kept repeating itself: building Africa. <\/strong>Whether we were talking to entrepreneurs or investors, almost everyone was aligned on a continent-wide objective, as opposed to a country-focused one. Davies summed it up beautifully at yesterday\u2019s reception, saying: \u201cWe are building Africa \u2014 profitably and impactfully.\u201d<\/strong><\/p>\n

Big final thanks Davies and his team at TVC Labs: Mayowa and Segun Ojuri <\/strong>(along with their nine-month old son and his grandmother, who also accompanied us on our trips through Lagos). They allowed us meet the maximum number of people in such a limited time and made sure everything ran smoothly. They were even kind enough to welcome us at the airport with a WiFi modem so that we could tell our folks back home we\u2019d landed safely.<\/p>\n

Over the next weeks, we\u2019ll be publishing in-depth analysis of the conversations we\u2019ve had in our What\u2019s Next vertical. <\/strong>And in case you\u2019ve missed some our travel logs this week, catch up on them here: Enterprise is visiting Planet Startup \u2014 in Nigeria<\/a> | Day one<\/a> | Day two<\/a> | Day three<\/a>.<\/p>\n

CORRECTION- <\/em>In our coverage of day one in Lagos, we\u2019ve mistakenly referred to Victoria Island as Virginia Island. The mistake has since been corrected on our website. <\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Goodbye, Lagos \u2014 it\u2019s been phenomenal. In a few hours, we\u2019ll be heading back on a six-hour flight to Omm El Donia, with the adrenaline of the past four days slowly dialing down, giving us time to process what we have experienced \u2014 and add all those new connections to our LinkedIn profiles. It\u2019s been […]<\/p>\n","protected":false},"author":1,"featured_media":546745,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[9136],"tags":[1915,1917,9116,1918,72,962,1964,1916,801,1914,802,95,123,1963],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-546744","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-enterprise-on-the-road","tag-adham-azzam","tag-aly-shalakany","tag-cairo-angels-syndicate-fund","tag-enterprise-on-the-road","tag-enterpriseam","tag-flutterwave","tag-future-africa","tag-lnddo","tag-nawah-scientific","tag-nigeria","tag-omar-shoukry-sakr","tag-startup-watch","tag-startups","tag-the-rising-tide","wpautop","entry"],"acf":{"mongo_id":"7271e449-4333-4492-b5b2-8d79e4d7c01c","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/5\/355.jpeg","photo_position":"above","related_issue":[546722],"teaser":"","voice_url":""},"yoast_head":"\nGoodbye, Lagos - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/26\/goodbye-lagos\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Goodbye, Lagos\" \/>\n<meta property=\"og:description\" content=\"Goodbye, Lagos \u2014 it\u2019s been phenomenal. 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Think of Victoria Island as the Zamalek of Lagos \u2014 just a bit greener and more colorful. From the plane, we could see colorful rooftops covering the ground below. Refresher: We\u2026","rel":"","context":"In "ENTERPRISE ON THE ROAD"","block_context":{"text":"ENTERPRISE ON THE ROAD","link":"https:\/\/enterpriseam.com\/egypt\/category\/enterprise-on-the-road\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/5\/301.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":546662,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/24\/day-2-in-lagos-nigeria\/","url_meta":{"origin":546744,"position":1},"title":"Day 2 in Lagos, Nigeria","author":"enterpriseam admin","date":"24 May 2022","format":false,"excerpt":"DAY TWO- We\u2019ve had a fabulous and dense day two in Lagos, ladies and gentlemen. Between tuktuk-rides through Lagos\u2019 Yaba Valley, walking up six flights of stairs, and learning the term \u201cPidgin English,\u201d we met up with a bunch of local entrepreneurs and investors and visited an innovation hub.We spent\u2026","rel":"","context":"In "ENTERPRISE ON THE ROAD"","block_context":{"text":"ENTERPRISE ON THE ROAD","link":"https:\/\/enterpriseam.com\/egypt\/category\/enterprise-on-the-road\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/5\/320.jpeg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":546699,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/25\/day-3-in-lagos-nigeria\/","url_meta":{"origin":546744,"position":2},"title":"Day 3 in Lagos, Nigeria","author":"enterpriseam admin","date":"25 May 2022","format":false,"excerpt":"DAY THREE- Lagos doesn\u2019t cease to amaze us \u2014 and frankly, it feels like we\u2019ve been here for three weeks, not just two and a half days. The energy of the local entrepreneurship scene has kept our adrenaline pumping, along with the little bits and pieces of chaos that remind\u2026","rel":"","context":"In "ENTERPRISE ON THE ROAD"","block_context":{"text":"ENTERPRISE ON THE ROAD","link":"https:\/\/enterpriseam.com\/egypt\/category\/enterprise-on-the-road\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/5\/335.jpeg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":546585,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/22\/enterprise-is-visiting-planet-startup-in-nigeria\/","url_meta":{"origin":546744,"position":3},"title":"Enterprise is visiting Planet Startup \u2014 in Nigeria","author":"enterpriseam admin","date":"22 May 2022","format":false,"excerpt":"Enterprise is heading to the other side of the continent for a little visit: A couple of hours after we hit \u201csend\u201d on this morning\u2019s issue, one of us will be leaving on a jet plane to Lagos, Nigeria, with our friend Aly Shalakany, CEO of the Cairo Angels Syndicate\u2026","rel":"","context":"In "ENTERPRISE ON THE ROAD"","block_context":{"text":"ENTERPRISE ON THE ROAD","link":"https:\/\/enterpriseam.com\/egypt\/category\/enterprise-on-the-road\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/5\/282.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":550473,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/30\/nawah-scientific-is-heading-to-saudi-arabia\/","url_meta":{"origin":546744,"position":4},"title":"Nawah Scientific is heading to Saudi Arabia","author":"enterpriseam admin","date":"30 October 2022","format":false,"excerpt":"Scientific research startup Nawah Scientific is investing up to USD 10 mn in the first phase of a regional expansion to Saudi Arabia, CEO and founder Omar Shoukry (My Morning Routine) told Enterprise on Thursday. Total investments in the expansion are expected to exceed USD 20 mn, Shoukry says. Nawah\u2026","rel":"","context":"In "Startup watch"","block_context":{"text":"Startup watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/startup-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/10\/372.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":598831,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/06\/10\/swvl-announces-expansion-into-nigeria-in-july\/","url_meta":{"origin":546744,"position":5},"title":"Swvl announces expansion into Nigeria in July","author":"enterpriseam admin","date":"10 June 2019","format":false,"excerpt":"STARTUP WATCH- Swvl says it will expand into Nigeria in July: Egyptian transportation startup Swvl has announced that it is expanding into Nigeria, with initial plans to launch 50 buses in Lagos by mid-July, MENAbytes reports. The mass transit app listed the role of Country General Manager for Nigeria last\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/546744","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=546744"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/546744\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/546722"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/546745"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=546744"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=546744"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=546744"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=546744"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=546744"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}