Some of the richest men in the world including Nigeria’s Mike Adenuga made their money from tech. The incredible amount of money these tech founders make can be very enticing. But Oluyomi Ojo, CEO of Printivo has advised entrepreneurs that making money from tech isn’t anywhere as easy as it appears and tech isn’t a get rich quick scheme.
Sharing his thoughts in a tweet, Ojo explained that although tech companies often make fundraising announcement, venturing into tech isn’t a quick way to make money. He said that it was rather one of the most difficult.
Tech companies in Nigeria raised about $663.24 million in 2019
Tech Startups in Africa raised $1.34 Billion in Funding in 2019 according to WeeTracker. Nigerian tech startups received the highest amount of the sum with $663.24 million, representing a whopping 50.5% of the total funding raised on the continent.
Looking at the numbers from the outside, many entrepreneurs might think to establish a tech startup is a hack for acquiring quick wealth. Ojo explained that working in an oil company probably guarantees quicker wealth than being a tech founder. He expatiated that while the oil worker would be rich in liquid funds, the founder is rich in Equity.
Nigerians react to Ojo’s ‘Tech is not a Get Rich Quick Scheme’ tweet
Replying to Oluyomi Ojo’s tweet, a tweep simply identified as BAO questioned why Nigerians were rushing into tech, highlighting that developers were on the increase. He also shared his view that tech in the country was a scam.
The Printivo CEO replied that Nigerian’s are not rushing into tech. He explained that tech wasn’t a scam and added that the increasing number of developers is due to the fact that they had higher chances of building wealth compared to founders.
BAO further highlighted the possibility of making money from tech through uncertainties and “bad policies”. However, Ojo replied that no single company no matter the situation finds it easy to raise money.
Starting and running a successful tech company is not as easy as it seems. Although the profit might be bountiful when successful, just like every other business, it requires a lot of hard work, self-motivation as well as dedication.