Founders from across Nigeria gathered in Lagos for the second edition of Crimson Oak’s Founders Conclave, an event aimed at connecting ambitious entrepreneurs with potential investors. Olatunji Gbesan, a key speaker, emphasized that the issue lies not with the availability of funding but with the quality of business proposals.
Gbesan stated that many startups fail to secure investment because they lack clear, scalable business models. He noted that investors are increasingly looking for ventures with strong financial projections and a clear path to profitability. “Funding isn’t scarce,” he said, “but fundable businesses are.”
The conclave, hosted by Crimson Oak, brought together over 200 entrepreneurs and investors. Participants shared insights on how to build sustainable businesses and navigate the challenges of the Nigerian market. Several case studies were presented, showcasing successful ventures that had secured funding through strategic planning and market research.
This event follows a series of similar gatherings in Lagos aimed at boosting the startup ecosystem. Previous events have focused on improving access to credit and fostering innovation in key sectors like technology and agriculture. The latest conclave, however, places greater emphasis on the need for entrepreneurs to refine their business strategies before seeking investment.
The Nigerian startup scene has seen rapid growth in recent years, but many startups still struggle to attract consistent funding. With increasing interest from both local and international investors, the focus is shifting toward more disciplined and data-driven approaches to business development.
