Like you pointed out rightly, these fundraising stories are what people 'want' and it is in sync with the prevalent narratives around the industry. Inevitably, this phase will pass and the demand for more angles to industry reporting will increase, it's only a matter of time.
Personally, i am of the opinion that this 'fixation' on fundraising and the money side of it serves a purpose in the short-term as it paints a picture of a thriving and viable ecosystem. The platforms you have highlighted will have their day surely, it's already on the horizon.
Interesting. This piece prompts me to keep an eye on the situation here in Europe. My intuition is that you've identified a universal obsession with the investment side of tech.
This would be my first comment on your post directly. I have had this observation over the years and I think Tech Media is stuck on the news contrary to your standpoint.
The basis of which it is stuck is in its inability to correctly define what Media is (my observation as well).
I have spent heck of hours really paying attention to some media brands in nigeria and all i see is just a content creator posting out contents because the IG section must not be empty.
To be honest, leveraging on Media is not so easy because it requires some basic skillsets, creativity, storytelling, insights, data and business perspectives and I am pretty sure there are qualified talents out there but because we haven't defined what Media is, we rally it around just passing news to people.
People love fundraising stories, no doubt, but these same people feed off the western media industries just like myself and it is not fundraising. It is content!
I love theHustle, Morningbrew, Myfirstmillionpodcasts and a host of others. They thrive because they have been able to carefully master the art of reinveting content strategy based on trends, entertainment and with a good funnel (business strategy) attached.
Tech in Nigeria is a hotcake where people are seeking to jump on the next wave of information and trends that appeal to their tastes, experiences and progress in their journeys. The moment our media guys understand that it is a fusion of infortainment plus business, there will be flow.
Now, it is not really easy just like I am making it but that is where testing comes into play.
I spoke with an employee in a tech media company in Nigeria and said why is their social media page filled with designs and less videos?
You are not entertaining me with designs of information if you claim to be media, you are pushing information down my throat.
I am a media guy. I understand the fusion where information connects with business and where the audience is placed in the center of the game but whoever must also be this needs to first have a good understanding of the industry (enough information about the industry), must understand content marketing to the core and not just some design and push on IG strategy, must also be able to creatively pivot, introduce and rearrange contents.
A good example is in the Edtech industry in Nigeria. Nigerians love news, gists (look at Zikoko). I believe Edtech can scale if great media approach is introduced (by the way, I'm building and Edtech and Media industry because I saw this huge gap).
The first problem is the talent problem. Yeah, we have talents good at telling stories but do these talents really firstly understand how to gather data, do they watch for trends and do they know the business side of Media?
No in most cases. If a talent doesn't have all of this, which shouldn't be the case anyways, then a team should be able to have all of this but a professional who really understands this would be the one to choose.
Well, not to make this super lengthy, I will drop by next week to continue this convo.
Thank you for the comprehensive reply, Joel. You’re right when you say there can be more, but you’re also right when you point out that it isn’t easy.
First, there’s the huge talent limitation. Tech media needs to solve that problem first. But as you can see, you need money to solve it. And to make money, you need the best talent. What gives?
Next, there’s the unspoken bias for foreign publications and content. I’m willing to bet you that for everything you like in foreign publications, there’s an existing alternative here. And no, it is not about quality. The quality can be just as good, but the bias is there. Ask anyone who’s honest enough to admit.
Lastly, there’s the ecosystem and audience size. The industry here is still growing, despite the level of attention and investment. And so is the media too. It is growing, but it needs to grow faster. How will it grow faster without bigger investments? You tell me.
No denial, David. I have never missed any of your newsletters and I share with my mentees as well and I am a huge fan of the transformation of the media industry in Nigeria.
Media is expensive and I agree with you that investments have not been properly made in such direction owing to many reasons. I feel one is that people do not see the virality of using media as a major channel for traction or perhaps they do not understand the potential well enough.
This is a GenZ and millenial age and I have seen brands use media to gain millions of audience and actively engage them.
While pitching my Edtech startup to some angel investors days ago, I was asked how we intend using Media to increase the audience numbers and grow the profit margin, it was a little bit difficult explaining to them.
On the other hand, i am aware of a few Edtech platforms, Vietcera (i think in vietnam) and another in Uk who used media to get millions of followers. My point; media is effective.
Back to investments, I totally agree that we need bigger investments in order to to implement proper media strategies, leverage on great talents and I do not know how soon this will happen.
From the media perspective, I think it's not that bad. I read Techcabal and Techpoint: they are less focused on fundraising these days. They actually do a very good job of highlighting policy and how the ecosystem relates to traditional businesses.
From the startup point of view, it's one of the cheapest things you can do to get the most publicity. When an unknown player announces a fund raise, people want to know the founders, the solution and the investor for several reasons. To get this kind of attention, you probably have to keep spending on PR regularly - that's what a single round announce can get you. As a startup founder, a lot of potential employees are actually hesitant to work with us because they are not sure we can pay, as they haven't seen us announce any fund raise. Again, it is what it is. As you've pointed out, it's still a function of where we are as a industry.
Ironic that the first Communique was about a fundraising too😀
I will also like to point out that, fundraising PR is one of the major means of revenue for these guys. You won’t bring money for me to reject it. I believe they can do more. RestofWorld is a typical example to follow
Great read.
Like you pointed out rightly, these fundraising stories are what people 'want' and it is in sync with the prevalent narratives around the industry. Inevitably, this phase will pass and the demand for more angles to industry reporting will increase, it's only a matter of time.
Personally, i am of the opinion that this 'fixation' on fundraising and the money side of it serves a purpose in the short-term as it paints a picture of a thriving and viable ecosystem. The platforms you have highlighted will have their day surely, it's already on the horizon.
You took the words from my mouth.
Spot on!
Interesting. This piece prompts me to keep an eye on the situation here in Europe. My intuition is that you've identified a universal obsession with the investment side of tech.
That’s interesting. How would you assess the situation there in Europe?
I'm not close enough to have a more intelligent comment. But you might find this piece I saw today about tech startup PR interesting https://kwokchain.com/2021/09/29/narrative-distillation-1/
Alright. Thank you!
This would be my first comment on your post directly. I have had this observation over the years and I think Tech Media is stuck on the news contrary to your standpoint.
The basis of which it is stuck is in its inability to correctly define what Media is (my observation as well).
I have spent heck of hours really paying attention to some media brands in nigeria and all i see is just a content creator posting out contents because the IG section must not be empty.
To be honest, leveraging on Media is not so easy because it requires some basic skillsets, creativity, storytelling, insights, data and business perspectives and I am pretty sure there are qualified talents out there but because we haven't defined what Media is, we rally it around just passing news to people.
People love fundraising stories, no doubt, but these same people feed off the western media industries just like myself and it is not fundraising. It is content!
I love theHustle, Morningbrew, Myfirstmillionpodcasts and a host of others. They thrive because they have been able to carefully master the art of reinveting content strategy based on trends, entertainment and with a good funnel (business strategy) attached.
Tech in Nigeria is a hotcake where people are seeking to jump on the next wave of information and trends that appeal to their tastes, experiences and progress in their journeys. The moment our media guys understand that it is a fusion of infortainment plus business, there will be flow.
Now, it is not really easy just like I am making it but that is where testing comes into play.
I spoke with an employee in a tech media company in Nigeria and said why is their social media page filled with designs and less videos?
You are not entertaining me with designs of information if you claim to be media, you are pushing information down my throat.
I am a media guy. I understand the fusion where information connects with business and where the audience is placed in the center of the game but whoever must also be this needs to first have a good understanding of the industry (enough information about the industry), must understand content marketing to the core and not just some design and push on IG strategy, must also be able to creatively pivot, introduce and rearrange contents.
A good example is in the Edtech industry in Nigeria. Nigerians love news, gists (look at Zikoko). I believe Edtech can scale if great media approach is introduced (by the way, I'm building and Edtech and Media industry because I saw this huge gap).
The first problem is the talent problem. Yeah, we have talents good at telling stories but do these talents really firstly understand how to gather data, do they watch for trends and do they know the business side of Media?
No in most cases. If a talent doesn't have all of this, which shouldn't be the case anyways, then a team should be able to have all of this but a professional who really understands this would be the one to choose.
Well, not to make this super lengthy, I will drop by next week to continue this convo.
Joel Ajayi
Thank you for the comprehensive reply, Joel. You’re right when you say there can be more, but you’re also right when you point out that it isn’t easy.
First, there’s the huge talent limitation. Tech media needs to solve that problem first. But as you can see, you need money to solve it. And to make money, you need the best talent. What gives?
Next, there’s the unspoken bias for foreign publications and content. I’m willing to bet you that for everything you like in foreign publications, there’s an existing alternative here. And no, it is not about quality. The quality can be just as good, but the bias is there. Ask anyone who’s honest enough to admit.
Lastly, there’s the ecosystem and audience size. The industry here is still growing, despite the level of attention and investment. And so is the media too. It is growing, but it needs to grow faster. How will it grow faster without bigger investments? You tell me.
No denial, David. I have never missed any of your newsletters and I share with my mentees as well and I am a huge fan of the transformation of the media industry in Nigeria.
Media is expensive and I agree with you that investments have not been properly made in such direction owing to many reasons. I feel one is that people do not see the virality of using media as a major channel for traction or perhaps they do not understand the potential well enough.
This is a GenZ and millenial age and I have seen brands use media to gain millions of audience and actively engage them.
While pitching my Edtech startup to some angel investors days ago, I was asked how we intend using Media to increase the audience numbers and grow the profit margin, it was a little bit difficult explaining to them.
On the other hand, i am aware of a few Edtech platforms, Vietcera (i think in vietnam) and another in Uk who used media to get millions of followers. My point; media is effective.
Back to investments, I totally agree that we need bigger investments in order to to implement proper media strategies, leverage on great talents and I do not know how soon this will happen.
Once again, great work with CMQ
It is what it is.
From the media perspective, I think it's not that bad. I read Techcabal and Techpoint: they are less focused on fundraising these days. They actually do a very good job of highlighting policy and how the ecosystem relates to traditional businesses.
From the startup point of view, it's one of the cheapest things you can do to get the most publicity. When an unknown player announces a fund raise, people want to know the founders, the solution and the investor for several reasons. To get this kind of attention, you probably have to keep spending on PR regularly - that's what a single round announce can get you. As a startup founder, a lot of potential employees are actually hesitant to work with us because they are not sure we can pay, as they haven't seen us announce any fund raise. Again, it is what it is. As you've pointed out, it's still a function of where we are as a industry.
Ironic that the first Communique was about a fundraising too😀
Thanks for this insightful article. Well done.
I will also like to point out that, fundraising PR is one of the major means of revenue for these guys. You won’t bring money for me to reject it. I believe they can do more. RestofWorld is a typical example to follow