Build real businesses, VCs tell founders at Techstars Demo Day
- African startups raised $3.2 billion in 2023, the lowest figure in three years.
- Investors believe the funding downturn raises questions about the need for startups to rethink their building mindset.
- The panel at the ARM Labs Lagos Techstars Demo Day discussed the state of VC funding and innovation in Nigeria.
The funding downturn in Africa raises concerns about the need for startups to adapt their building mindset. Realistic valuations, strong unit economics, and building with a long-term perspective are emphasized. Raising funding in local currencies and collaboration between local and foreign investors are suggested as potential solutions to the challenges faced by startups in Africa.
