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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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JAMB Accuses Student of Securing Admission through Identity Fraud

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Joint Admissions and Matriculation Board (JAMB) has accused a 2025 Unified Tertiary Matriculation Examination (UTME) candidate of manipulating his identity and engaging in online blackmail.

JAMB Accuses Student of Securing Admission through Identity Fraud

Fabian Benjamin, head of public affairs, JAMB, issued a statement on the matter on Thursday.

He said one Chinedu Okeke, currently a 400-level Medicine and Surgery student at the University of Nigeria, Nsukka (UNN), gained admission in 2021 while claiming to be from Amuwo-Odofin, Lagos state.

JAMB said Okeke’s national identification number (NIN) records from 2021 confirm his Lagos origin.

The board stated it does not alter candidate information provided through NIN.

The board, however, said the 400-level student, who is facing potential challenges for incorrect credentials, is now claiming that it retrieved the wrong details for him from the National Identity Management Commission (NIMC) in 2021.

“[This] is unequivocally false, aimed at fabricating a defence for his case,” Benjamin said.

“The evidence suggests that Chinedu altered his records as filled in 2021 before registering for the 2025 UTME, a fact confirmed by even his advocates.”

The board questioned why a 400-level medical student would seek to study mechanical engineering in 2025, especially with “inconsistencies in his claims.”

JAMB alleged that Okeke “took advantage” of Lagos state’s quota in 2021, thereby obstructing the admission opportunities for other deserving candidates from the state.

It added that he then “attempted to manipulate his details with the NIMC” to unjustly claim representation from Anambra state in 2025.

The board criticised “online advocates” for “actively reaching out to Chinedu’s parents to extract emotional narratives rather than factual clarifications, neglecting to seek information directly from the university.”

JAMB affirmed its commitment to maintaining accurate records and preventing candidates from exploiting loopholes.

It warned that if UNN confirms any inconsistencies, it would notify the Medical and Dental Council to consider delisting Okeke.

“When a nation trivialises illegalities, it breeds a future fraught with potential criminality,” Benjamin’s statement concluded.


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Check Point Report Finds Africa as Top Target for Cyber-attacks

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Africa has become the most targeted region globally for cyber-attacks in the first quarter of 2025, according to new research from Check Point Software Technologies. The company’s Q1 2025 Global Cyber Attack Report reveals a steep rise in malicious activity as the continent continues to accelerate its Digital transformation.

Ethiopia emerged as the most targeted country in Africa during the reporting period. FakeUpdates ranked as the most common malware, while 80% of malicious files across the continent were delivered via e-mail. In contrast, 62% of threats in SA were distributed via the web.

On average, organisations in Africa faced 3 325 cyber-attacks per week – a staggering 72% above the global average of 1 938 attacks per organisation.

Check Point Software unpacked the findings at a media roundtable in Johannesburg. Eli Smadja, global research group manager at Check Point, provided a detailed overview of Africa’s evolving cyber threat landscape, which he said is increasingly defined by AI-powered threats, ransomware, infostealers, edge device vulnerabilities and cloud-based risks.

Among the most concerning developments was the discovery of a previously undocumented multi-stage backdoor, dubbed Stealth Soldier, currently being deployed in cyber operations targeting North African government entities. The malware forms part of a broader command-and-control infrastructure used in spear-phishing campaigns.

Smadja noted a growing trend in malware designed to bypass AI detection systems.

“These aren’t aimed at advanced large language models (LLMs), but rather at lower-level ones,” he said. “It’s about LLM evasion – fooling the AI and manipulating prompts.”

Despite the increasing use of AI in cyber security, Smadja cautioned against over-reliance on AI-driven defence systems. “AI still requires human prompting.”

Check Point is advocating for a zero trust model and a holistic, automated and consolidated approach to cyber security. This includes centralised threat visibility and simplified controls to protect against ransomware, phishing, data theft and vulnerabilities at the edge.

“Just having something at the perimeter isn’t enough,” Smadja said. “Cyber-attacks are not just targeting PCs or servers anymore. For instance, we’ve seen state-sponsored attacks aimed at fuel pumps to disrupt national supply chains.”

He highlighted the importance of understanding external risk – threats originating outside the organisation – especially as AI-driven ransomware and attacks on third-party service providers continue to rise.

“Printers, for example, are a major attack vector,” he added. “They’re often network-connected, and threat actors can exploit them to gain broader access.”

Credentials, Smadja noted, are also a lucrative commodity on the dark web, often selling for around $500.

 


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FG Appeals to U.S. Over Single-Entry Visa Rule for Nigerian Travelers

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Federal Government has urged the United States to reconsider its revised visa reciprocity policy, which now limits Nigerian non-immigrant visas to single-entry, three-month validity.

In a statement released today by the spokesperson of the Ministry of Foreign Affairs, Kimiebi Ebienfa, the Federal government expressed concern over the U.S. decision amidst partnership, cooperation and shared global responsibilities by both countries.

“The attention of the government has been drawn to the recent decision by the U.S. to revise its visa reciprocity schedule for Nigerian citizens, limiting the validity of non-immigrant visas, including B1/B2, F and J categories, to three months with a single entry.

Government views this development with concern and keen interest, particularly given the longstanding cordial relations and strong people-to-people ties between our two countries.

The decision appears misaligned with the principles of reciprocity, equity and mutual respect that should guide bilateral engagements between friendly nations.

Nigeria notes this restriction places a disproportionate burden on Nigerian travellers, students seeking academic opportunities, professionals engaging in legitimate business, families visiting loved ones, and individuals contributing to cultural and educational exchanges.

Nigeria respectfully urges the U.S. to reconsider this decision in the spirit of partnership, cooperation and shared global responsibilities, while acknowledging the sovereign right of every country to determine its immigration policies,” the government said.

The government said diplomatic engagements are ongoing and that the ministry would remain committed to pursuing a resolution that reflects fairness and upholds the values of mutual interest.

The U.S. Embassy in Nigeria had on Tuesday, July 8, announced the new policy. The embassy however mentioned that all U.S. non-immigrant visas issued before July 8, 2025, will retain their original status and validity.


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