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Why We’re Attracted to Founders with Clear Direction for their Startup – Ifeoluwa Adepoju

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Ifeoluwa Adepoju,
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Ifeoluwa Adepoju, a lawyer with over 6 years of legal experience. She is an LLM graduate of Business Law and currently heads the legal and compliance team at Future Africa.  Ifeoluwa has worked with over 50 startups giving her current role in a VC firm and in her capacity in the tech ecosystem. In this interview with Ugo Onwuaso, she shares her experience assisting startups set up structures, scale and fund-raising processes. Excerpts:

Ifeoluwa Adepoju,

 

What actually led you to pick interest in startups?

I’ve always been drawn to startups because they’re like the underdogs with big dreams. Imagine this: a small group of people with a brilliant idea, working hard to turn it into something amazing. That kind of energy and determination is contagious.

Before I moved into the VC space, I have worked with many founders and their needs to get the right team, the right agreements, getting them ready to becoming investable, starts right from the formation of the company.

There’s this one startup I worked with early on. They had this revolutionary concept, and I got to be a part of their journey. We faced challenges together, including legal complexities, and celebrated victories.

Seeing them grow from a small idea to a successful venture was incredible, and it fueled my passion for helping startups thrive.

It’s like being part of a story where every small decision can make a huge impact. That’s why I love startups – they’re full of potential, surprises, and the thrill of making things happen.

A lot of startups struggle to raise funds. What do you think is responsible for this?

It is one thing to have a great idea; it is another to tell your story. The impact of storytelling is great when it comes to storytelling. One thing that makes each compelling story about how their product or service addresses a real market need is crucial in attracting investor interest.

Investors are not just looking at numbers; they want to be captivated by a story that resonates with the problem the startup aims to solve.

When startups can articulate their journey in a compelling way, it humanizes the business, making it relatable and memorable.

The power of storytelling lies in creating an emotional connection, helping investors understand not just what the startup does, but why it matters. a well-crafted narrative helps startups stand out in a crowded market. It differentiates them, making them more memorable amidst numerous pitches.

Successful fundraising often starts with a captivating story that leaves a lasting impression on potential investors, compelling them to be a part of the startup’s journey.

What are the things startup founders must bring to the table to convince VCs to make investment decisions?

Clear Vision and Mission: A well-defined vision and mission that communicates the startup’s purpose and long-term goals. VCs want to invest in founders who have a clear direction for their company.

Transparency and communication

Coachable founders and Capable Team: A skilled and dedicated team with relevant expertise. VCs invest not only in ideas but also in the people behind them and people who are teachable

Traction and Milestones: Demonstrable traction and achieved milestones, showcasing that the startup has made progress and has the potential for scalability. This could include user growth, revenue, partnerships, or product development milestones.

Market Understanding: In-depth knowledge of the target market, including a thorough understanding of competitors, potential challenges, and the overall industry. VCs want to see that founders have conducted comprehensive market research.

Effective Storytelling: The ability to tell a compelling story. Founders should be able to communicate their journey, challenges faced, and how they overcame them. Storytelling helps create an emotional connection with investors.

Scalability Plan:

There is ongoing debate as why VCs prefer to invest in a Deleware Corporation than an LLC. What is your take on that?

Registering a company in Delaware, whether as an LLC (Limited Liability Company) or a Corporation, is a popular choice for many businesses due to Delaware’s favourable business-friendly laws for startups.

LLCs are “pass-through entities,” meaning that profit (or loss) is passed through to the owners as income, and is taxable as such. VCs want no part of this as they are not investing solely to have any of the profits or losses of these businesses pass through to them.

Instead, VCs want to invest in C corporations, where the profit and loss are ascribed to the business and not the owners, allowing losses to be used to offset future revenues for tax purposes.

This does not mean that some VCs are not opened to taking on these risks and there are other options available to the VCs as well which I am writing on and should be published soon.

When is a startup due to have a board ?

It is never too early or late. What matters is having the right members who have the same goal and passion with you. You can wait till you become big and still not.

This year we have witnessed some startups shutting down business/operations. Some due to financial mismanagement, economic situations, lack of skills. But for you, do you think there are foundational challenges with startups, especially in Africa?

Beyond the personal mismanagement by founders, where fundraising is sometimes viewed as an opportunity for personal financial gain rather than contributing to the company’s overall objectives, I’ve identified additional critical factors.

One major concern is the regulatory environment, which often lacks the conducive conditions necessary for a thriving business in many African startup ecosystems.

Furthermore, the engagement of shareholders and venture capitalists (VCs) post-investment is crucial. The lack of follow-up by investors can pose a significant challenge.

This emphasizes the importance of a robust board that includes experienced mentors. With the right board members providing guidance and mentorship, startups stand a better chance of navigating challenges and achieving scalable growth.

 

 


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Ugo Onwuaso is an ICT enthusiast. He believes technology should be used for general good. He holds a Master of Public Administration (MPA) degree from the Lagos state University. Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

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Galaxy Backbone Confirms Over 150,000 Active Official Government Email Accounts, Clarifies Status of GOVMAIL

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Galaxy Backbone Limited (GBB), Nigeria’s foremost ICT infrastructure and shared services provider to the Federal Government, wishes to reiterate and clarify the availability, maturity, and ongoing expansion of the Federal Government’s official email infrastructure, widely known as GOVMAIL.

GOVMAIL is a secure and centralized official email platform established for use by Ministries, Departments, and Agencies (MDAs) to facilitate professional, auditable, and efficient communication across all arms of government.

The platform was launched by the Office of the Head of the Civil Service of the Federation, Mrs, Didi Esther Walson-Jack as part of a broader digital transformation agenda aimed at modernizing public service workflows and reducing reliance on paper-based correspondence and fragmented, external email services.

Recent statements by the Head of the Civil Service of the Federation, Mrs. Didi Esther Walson-Jack, underscore the strategic importance of GOVMAIL in the wider push towards a paperless civil service.

In late 2025, she announced that over 100,000 official GOVMAIL accounts had been created for civil servants across federal MDAs under an expanding paperless policy and that the transformation reflects a clear shift away from traditional paper correspondence to secure digital communication at scale. Today, that number has grown to over 150,000 Official government email accounts, current in use by government workers across MDAs.

Galaxy Backbone also affirms that these email accounts operate within a protected sovereign government domain environment hosted on secure local infrastructure, supported by enterprise-grade cybersecurity architecture.

The platform underpins centralized identity management and ensures compliance with national data protection standards, reinforcing accountability, audit-trail visibility, and overall digital governance efficiency.

In addition to GOVMAIL, Galaxy Backbone operates secure national Tier III and Tier IV Data Centres, a robust National Fibre Backbone, a Security Operations Centre (SOC), and a Network Operations Centre (NOC) that jointly power mission-critical government digital services. This infrastructure is closely aligned with the Federal Government’s digital economy strategy and its efforts to deepen digital service delivery, transparency, and efficiency across MDAs.

To accelerate adoption and ensure that every government worker who is expected to have an official email has one, GBB is working collaboratively with MDAs to close existing gaps and onboard remaining staff within the shortest possible time. These coordinated efforts reflect the shared objective of equipping public servants with the digital tools necessary for responsive, efficient, and secure inter-agency communication.

Galaxy Backbone remains committed to working with stakeholders across the different arms of government to sustain and build on this progress. The company appreciates the emphasis placed on strengthening digital governance and remains ready to provide technical clarifications and support collaborative engagements that further advance Nigeria’s digital public service ecosystem.


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NITDA Equips Federal Character Commission with Data Tools to Drive Public Sector Reform

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In a strategic move to modernise Nigeria’s public service, the National Information Technology Development Agency (NITDA) has concluded a specialised digital capacity-building programme for the Federal Character Commission (FCC).

The initiative, which included the donation of 35 laptops, aims to transition the Commission from manual processes to a data-driven oversight model, ensuring more transparent and equitable representation across all government MDAs.

In alignment with President Bola Ahmed Tinubu’s key priority area of reforming the economy for sustained and inclusive growth, as well as improving governance for effective service delivery, it forms part of NITDA’s Digital Literacy for All (DL4All) programme aimed at strengthening digital capacity across public sector institutions and building a workforce equipped to drive Nigeria’s digital transformation agenda.

The training, held at the Commission’s headquarters, focused on enhancing participants’ competencies in critical areas such as data analysis and data management, skills considered essential to improving institutional performance and service delivery.

Representing the Director General of NITDA, Kashifu Inuwa CCIE, the Acting Director of Digital Literacy and Capacity Building, Dr Ahmed Yusuf Tambour, explained the purpose of the intervention.

“We are here at the Federal Character Commission to carry out a training for staff of the Commission in the area of digital literacy to enhance their proficiency,” he stated.

He noted that the training was deliberately tailored to align with the Commission’s statutory responsibilities.

“We are particularly focusing on data analysis and data management, because this really aligns with the core mandate of the Commission,” he said.

The Federal Character Commission, which is responsible for monitoring and ensuring equitable representation in public service across Ministries, Departments and Agencies (MDAs), relies heavily on accurate and well-managed data to carry out its oversight functions.

By strengthening staff capacity in data handling and digital tools, NITDA aims to enhance the Commission’s ability to manage nationwide datasets efficiently and transparently.

Describing the programme as impactful and well-received by participants, Inuwa said, “So it’s been a great journey. We’ve trained 35 participants here, and the training has been very well received.”

As part of the intervention, NITDA donated 35 laptops to the Commission to facilitate continuous learning and enable staff to seamlessly integrate digital tools into their daily operations.

The gesture is expected to reinforce the sustainability of the training outcomes and improve workflow efficiency within the Commission.

Expressing optimism about the long-term benefits of the initiative, Inuwa added, “We are hoping that this will help the Commission to manage the very, very important data that they collect across all MDAs.”

The intervention reflects NITDA’s sustained commitment to deepening digital inclusion within government institutions under the Renewed Hope Agenda. By equipping public servants with practical digital skills and the necessary tools, the Agency is advancing institutional efficiency, strengthening data-driven decision-making, and supporting the Federal Government’s vision of a modern public service capable of driving inclusive national development and economic reform.


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Nigeria, EU Ink Research, Innovation Deal Worth €100Bn

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Nigeria and the European Union have inked a scientific and technology deal that grants access to about €100 billion in research and innovation funding for scientists, start-ups, and public institutions.

The agreement is a significant boost to the country’s tech environment, providing new prospects for research, innovation, and start-up growth.

The arrangement was signed in Abuja by Gautier Mignot, head of the EU delegation to Nigeria and ECOWAS, and Kingsley Udeh, Nigeria’s minister of innovation, research, and technology.

After more than two decades without a formal framework, the agreement transfers cooperation from informal to structured, large-scale collaboration.

The European Commission’s Horizon Europe programme, the world’s largest public research budget, is at the heart of the deal, which will bring together Nigerian researchers and firms to work on cross-border projects in health, agriculture, climate, food systems, and new technologies.

Udeh stated that the relationship puts Nigeria as a continental powerhouse for science and enterprise, with an emphasis on translating research into commercially viable products and assisting startups in scaling into global players.

Gautier Mignot noted that Nigerian organisations are already active in several Horizon-backed and global health research projects, but the new pact provides a legal and political framework to significantly expand participation, funding access and visibility.

To ensure delivery, both parties created a Joint Science and Technical Cooperation Committee to drive implementation and track measurable outcomes.

Beyond academia, the agreement aims to support innovators, boost university–industry collaboration, and help more Nigerian tech firms compete globally, strengthening Nigeria’s position as a leading startup hub in Africa.

 


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