The Chairman of Zinox Group, Mr Leo Stan Ekeh has decried high rate of startup failure in Africa, blaming it on desire by entrepreneurs to ‘take pleasure before pain’.
In a statement recently, Eke said: “Success for an entrepreneur in Africa does not come cheap.
“This is because the continent is still struggling with a lot of infrastructure deficiencies, many of which technology will help to resolve soon.”
Ekeh said that success in many African economies would require that an entrepreneur should have commonsense, spirituality – in view of the highly religious nature of Africans- and knowledge of the particular business he invested in.
“It is worrisome to see the high failure rate among startups on the continent, as young African entrepreneurs are not ready to take pleasure before pain.
” They get too excited at the first sign of business breakthrough and allow sentiments to take over,” he said.
Ekeh said that Africa’s population, dominated by youths, placed the continent as the world’s most attractive continent.
“The current generation of youths have the benefit of better education and global exposure as a result of the internet-mediated world we live in.
“With the right leadership in place, and technology accorded its rightful place as the driver of its future development, Africa may just be the continent for smart investors,” Ekeh said.
The Zinox chairman called on potential investors in Africa to be determined to cause positive changes and empower youths on the continent.
He said that investors should not be interested only in ‘milking the continent’, adding that Africa needed investors that would change its narrative for good.
“Africa needs investors who are interested in growing the economy, in creating employment opportunities and empowering local talents in the various communities and urban centres,” he said.
On the e-commerce platform, Konga, acquired by Zinox Group, Ekeh said that Konga would hit a market valuation of over four billion dollars by 2022.
He said that the figure had to do with structures being put in place by the new management, many of which, he said, would empower millions of Nigerians and other Africans.