Failure rate for technology start-ups is about 75%: Leo Ekeh

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The Chairman of Zinox Group, Leo Ekeh said yesterday that the failure rate of technology start-ups in the country was about 75 per cent.

Ekeh, who acquired online shopping outfit, Konga said that the start-ups failed because they talked more than providing the content, as a solution to a problem.
“The failure rate of start-ups in this country is about 75 per cent and this is a shame to the quality of brains we have in Nigeria.

“The problem with most of the young people in tech and this is one of the reasons most tech start-ups fail, is that they do more talking than content and they want to live large.
“You must incubate and grow. There are so many opportunities to generate creative wealth in the world today.
“Knowledge is open so you need to constantly read and learn but you must embrace humility and be ready to incubate for a period and be spiritually strong.

“Above all, though you must be close to God. Any successful man or a quality entrepreneur that is not close to God is not really successful,’’ he said in a statement in Lagos.
Ekeh said that he was determined to invest in incubation centres to develop youthful talents through mentoring, as they would transform the fortunes of the nation.
He said that technology was a leveler and the only profession in the world that could bridge the gap between the rich and the poor individuals and countries of the world.
“Technology is the only way the son of a poor man can become rich in the 21st Century and that is the only way the son of a rich man can consolidate the wealth of the family.
“The challenges of your family or country are things that activate innovation and solutions.
“Many entrepreneurs transplant foreign technology or strategies here without considering the needs of the country,’’ Ekeh said.

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