Silicon Valley welcomes entrepreneurs from all over the world including other parts of the United States.
It is one place entrepreneurs believe that they can leverage various types of resources in order to take their businesses to a whole new level. I have had to ask myself a few times, what makes the Silicon Valley model unique? Can this successful model work for a country like Nigeria?
The quest to find answers led me to spend the past few days in the heart of Silicon Valley, trying to study the model and see if there are profound lessons for Africa. Imagine a place where some of the top global technology brands have come out of with the exception of a few such as Microsoft and Amazon that started elsewhere.
One reality that stared me in the face is that the few days I presumed would be adequate to help me research and dig deeper were simply not enough because it is such a huge and complex environment. In only a few days, I met and interacted with well over 30 people who were willing to share enough information by answering my questions and offering fresh insights.
I gathered that Silicon Valley is the success it is partly because of a combination of factors such as the presence of entrepreneurs, universities, research institutions, angel investors, mentors, incubators, accelerators, financial advisors and large corporations all supported by sound federal and state government policies.
It may not be that easy finding these types of resources all in the same place but the reality is that a number of places such as Yaba and Enugu already have these characteristics but what I see lacking is government support.
So, my key message to all stakeholders is that we must join hands to ensure that governments at all levels truly support entrepreneurs across the country by providing cheaper access to capital or at the very least, sound policies that will enable the industry thrive.
The irony is that I have interacted with some experts who believe that the Silicon Valley model is pretty much full of hype and that it should not be embraced because it fits only the American system. This is highly contestable.
However, I believe that it’s wrong to copy the model without adapting it to the local environment. Africa is a young continent with tonnes of talented people who are passionately taking on big challenges and one of my goals is to help attract attention and support to them as much as I possibly can.
I cannot begin to mention how many young start-ups have asked me to — Finish Reading on the Punch
