Recently, I was arguing about this topic with a friend. Are they designed to be a startup? What is a startup in the African context?
I don’t think MainOne and Interswitch are startups. In this video at Techpoint Inspired in 2017, Ms Funke Opeke mentioned how they raised $240 Million, which $3.2 Million was from family and friends. So, a business that raises $240 Million as a seed is not a startup but established company.
In the same vein, Interswitch is not a startup. According to Silicon Valley playbook, a startup shouldn’t be older than 10 years to reach $1 billion valuation, to achieve Unicorn status. Interswitch was found in 2002.
I agree with @Adewale.
However can a case be made for MainOne seeing they’re exactly 10 years? Why I ask this is because Uber, founded in 2009, was always considered as a startup by the general public despite raising billions until it IPO’d last year.
MainOne and Interswitch = eja nla aka big fish
Maybe that’s why they’ve not made profit, we should start calling them established company and let’s see what happens.
A startup is an idea developed into reality by a small team in a small office or a garage(sometimes). A company is which started to make revenue through it’s idea with a huge investment and big office and has a huge staff.
@Adewale Rightly mentioned all the facts about MainOne and Interswitch.
A startup to me is easier to build.
Most people will rather start it because
it is cost effective.