1/n A few thoughts about the potential impact of some of the new AI tools on businesses with @get_carbon as an example but applicable to other startups, particularly those with limited capital or resources. 2/n On marketing, we use graphic designers for images but #dallle can produce some stunning images. I wanted to push something out highlighting annoyed customers queuing for an ATM. These three images in a digital art style were done in less than 3 minutes.

1/7 Increasingly doubtful of lending as a standalone business when I look at the fortunes of companies I used to track. The reasons vary; business model failure, market downturn, poor underwriting to flouting regulation - but it seemS that legacy banks outlasted their challengerS 2/7 In the UK, wonga and Provident Financial were opposites but excelled. Wonga pioneered digital lending and wrote many of the rules everyone uses today including that famous slider. Yet it seems they were only able to operate through eye watering fees and some sharp practices.

0) After #10years, I know that the humility to seek and listen to other views is critical for all founders.

But what is even more important is the ability to trust your intuition and act decisively even when you are wrong.

The naysayers will keep talking anyway.

A thread 1) They said you couldn’t trust Nigerians to pay back unsecured loans

-We set up a debt collection company and found that there were millions of Nigerians looking to soar, and began the 10 year @get_carbon journey

0) After a decade of building @get_carbon, I thought it would be fund to share a few facts that are not widely known. Its been a wild ride and a book must come out at some point but for now, maybe just a few titbits! 1) We actually started out as a debt collection company, Uno Credit, and worked with 5 Nigerian banks to recover bad loans.

But we saw that these banks were bad at credit assessment, even worse at collecting on their loans but most importantly, customers were keen to repay.

Are we going through the great reset in the Nigerian startup ecosystem?

I think we are.

What are the features of this phenomenon? It cuts across all stakeholders. Here are my predictions / wishes/expectations.

Please push back, agree, even insult me! All join 2/n Capital. Goodby good times, welcome normalcy. Foreign capital will not be as generous in valuations and I expect to see greater participation from local angel investors. This is a good thing because local money has more context, smaller cash and so are more judicious

1/13 Day 21 On my biggest regret

Careful what you wish for as you may just get it. Most founders will say that capital is what is holding them back. @get_carbon I'd argue we were too lucky in our early raise. But it brought some k-leg. @ChijiokeD how you see am? 2/13 So what are the issues with getting funds too early. There are three issues but the overarching them is that you do stupid shit!!! Before you start stoning me, yes we were blessed & I wouldn't change history o. But for those who become lucky like us - shine your eye.

1/13 Inspired by our senior auntie @ElohoGM’s recent 30/30 marathon I’ll be sharing hopefully 30 days of random musings on our entrepreneurial journey. Just threads o, not essays as I dont’ know book like that yet. So today’s is on our experience ‘collaborating’ @get_carbon. 2/13As a credit-led digital bank there are three key levers of success; cost of our finance, our distribution and the ability to underwrite loans. Finish.

In the early years, we felt we could accelerate by partnering with banks who had low deposits and millions of customers.

On bad belle in founders! So as @TheAishetu will confirm, I have fought against a scarcity mindset for a long time. Once upon a time my body language was “anytime a friend/competitor/stranger succeeds (and i don’t) a little part of me dies”. Maybe not that drastic but close This mentality is what you get when there are seemingly scarce resources (and i see it in a lot of founders) and you come up short. The race for talent, funding and any type of 3rd party validation can be very corrosive if you dont’ actively fight it.

Scarcity mentality is a terrible thing. In the early days of startup fundraising, any new investment into other Naija companies was terrible.
“Lord when?” (@asemota 🤣)
“Why not us?”

Every founder that denies having thought this may be a saint. But more likely a dirty liar I confessed to my wife @afdozie once (this was when she saw me with her two naked eyes) - “every time a friend/startup does a great raise part of me dies”

True talk o.

But with time one sees that we are not fighting ourselves. We can all collaborate and still live to fight

So the update on @paylaterNG #arise data science 8 week internship program

From 1199 applicants, 202 were selected and 177 responded to week 2's challenge, and 149 for week 3's challenge.

48 got a perfect score for week 2, 6 interns got a perfect score for week 3. We are currently on week 5

After week 6 the interns will receive a 2 week long challenge that will test all the skills they have learnt throughout the program.

After that, 20 will be selected for interviews.

Warning: Rant Alert!!

I read the cover letter shared by @ebunomoni to @Andela_Nigeria and wallahi, I almost cried. Nothing sweeter than a job candidate whose goals are tied to company’s mission. Our experience at @paylaterNG has not been as sweet No1 pet hate. You want an interview because you are passionate about disruption, fintech and you want to take over digital bank. Sounds exciting.
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