Nigeria’s startup ecosystem has matured significantly over the past decade by producing globally recognised companies, attracting billions of dollars in venture capital, and demonstrating how technology can solve critical challenges across sectors.
Yet according to Kolapo Ogungbile, partner at Heave Ventures, one challenge continues to hold many startups back which is distribution.
While speaking with BusinessDay on the evolving realities of startup growth, Ogungbile argued that building a strong product is no longer enough to guarantee success.
“Distribution has become the ultimate competitive advantage,” he said. “The startups that win are not always the ones with the best technology or the most innovative solutions.
“They are the ones that have mastered distribution, built strategic relationships, and gained access to customers, capital, and markets at scale.”
His comments come as African startups recorded one of their strongest funding quarters in recent years, raising more than $700 million in the first quarter
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