2023 wrapped: lessons, fears and hopes from 23 tech leaders

2024 Outlook: I think the venture downturn is slowly reversing, I think there will be a lot of local involvement more than before. This is because valuations are no longer  “unreasonable,” and more VCs are getting more money. However, I think most of these investments will be in naira.

our customers a safe space to do their business.

We also need to tighten up our security and stick to the rules we set. Different players in the industry, chasing different goals – be it boosting valuations, increasing transactions, or growing customer bases – have kind of let critical standards slip. So, as we step into 2024, it’s high time we all get on the same page with standards to foster trust and a healthier business environment.

2024 Outlook: 2024’s looking like it’s going to be quite the bumpy ride. We’ll likely see more businesses struggling due to the economic challenges we’re facing. But, those with solid structures and foundations should be able to weather the storm.

Investors are going to get pickier. They’ll look beyond just the size of a business. They’ll be checking out the quality, the systems in place, governance, and resilience against tough times. 

I’m also betting big on AI, particularly generative AI, as a game-changer. Any business that’s not investing in AI is going to miss out. It’s all about being truly digital, not just in the front-end stuff but deep in the backend too. This helps not just in sniffing out fraud, but also in ramping up efficiency and enhancing the customer experience

2024 Outlook: I anticipate a continued emphasis on digital transformation, with AI-driven innovations playing a pivotal role in reshaping industries and enhancing customer experiences. At Fez, we’re already implementing AI-driven solutions in our everyday operations.

2024 Outlook: It’s impossible to build tech away from the government, and so we will see closer collaboration between tech and government. We should start to see an established crop of founders placing bets on policy. We will also start to see governments worry about digital sovereignty and try to be fully involved and, in a way, guarantee against censorship.

have any outside investors. I also kept headcount at ~10.

2024 Outlook: I’m looking forward to a few profitable tech companies exiting on the NGX, more tech companies learning to work with the government, some startups selling to large Nigerian corporates,  and at least a few Nigerian startups getting investment or acquisition from large global tech corporates. 

I’m also looking forward to the implementation of the Nigerian Startup Act and the launch of Itana.

2024 Outlook: The 2023 funding slowdown forced startups to focus on capital efficiency, actionable paths to profitability and improved unit economics, which will benefit the African tech ecosystem in the long term. In addition, a stronger focus on corporate engagement and governance will be key to ensuring that financial mismanagement is avoided. 

I expect progress in the development and use of alternative deal structuring and sources of capital for start-ups — not only in equity sales and SAFE but the use of convertibles, more CPs, valuations based on unit economics and realised tractions, and also the increased use of blended finance, revenue-sharing models and venture debt.

went down the drain.  Innovate fast and try things quickly when you are an early-stage startup. If it doesn’t work, move on very quickly.

2024 Outlook: 2024 will be a very frugal year and entrepreneurs will have to start thinking and building smart because investors are not parting with their money as easily as before. As entrepreneurs, we need to start thinking about profitability and how to build with efficiency. Efficiency is the keyword.

will come, you focus on your growth squarely and ensure you’re doing enough to keep your business alive.

2024 Outlook: Due to the reasons above, in 2024 we’ll see the rise of actual business-minded startups that have fine-tuned things like their unit economics, are focused on providing value for their markets and are doing a decent job at it. As a result, there will be a better inflow of funding into these companies. Also, I expect to see more collaboration among investors, as foreign investors have now learnt to trust local investors more and will work with them to make the right investment decisions in the new year.

Build a great culture: Our engineers worked Saturdays if necessary, with no benefits, only government holidays, and a simple office. But even then, we were rated 4.5 on Glassdoor because we had an amazing culture.

2024 Outlook: Further and larger start-up investments in Africa. More diasporans returning to take advantage of the opportunities available in Africa, especially in the areas of agriculture and medicine.

Listen to your customer. Listen to your team. Be like water—adapt so that you can overcome. ⁠Find healthy outlets to vent when things take a turn for the worse.

2024 Outlook: In 2024, the startup ecosystem will delve deeper into market correction with a renewed focus on profitability over growth.

2024 Outlook: Regarding 2024 though, the macroeconomics aren’t looking good; in terms of US interest rates and our local naira devaluation and spiking inflation. So that just means foreign VC money still walking away from Nigeria like Craig David and more startups shutting down.

One of our partners said, “I’ve made many mistakes, but never the mistake of being deceitful in business. I guess I’ve always understood that people do business with people so I had to make sure people can trust me”. This has truly seeped into our culture at the company.

2024 Outlook: In 2024 we will see more and more corporates opting to use technology to book their travel instead of travel agents. We will also have more first-time overseas travellers.

We recently officially launched our corporate offering, which will give corporate clients access to some of the best travel-tech tools for their needs. We also plan to increase our staff to service our growing business.

Moreover, I have seen first-hand the importance of cultivating exceptional talent who possess a deep understanding of the local landscape to scale a new media enterprise in Africa.

2024 Outlook: I foresee a shift where innovative use of AI will become instrumental in enhancing newsrooms, particularly in discerning and interpreting trends, especially within the financial media space. We will be unveiling an exciting initiative in Q1 2024 along these lines.

Individuals who may appear fraudulent are often just seeking ways to make their lives work through workarounds and hacks. Differentiating between them and actual fraudsters poses a challenge, but one worth tackling.

2024 Outlook: We will crave even more real-life connections. Successful companies will be those creating conditions for these connections to flourish. In the identity space, this will mean enabling genuine human access to platforms and tools that enhance real-life thriving. Achieving this involves effectively combating the rise of identity fraud and addressing the risks associated with AI being used for nefarious purposes.

2024 Outlook: Two predictions are that Abuja will be the next interesting place for startups in the ecosystem. I can foresee that we’ll start to see more startups outside Lagos in places like Akwa Ibom, Enugu, and Edo State building momentum.