Funding Crisis Threatens Tech Startups, Says Analaize CEO

The Chief Executive Officer of Analaize, Mmadubuko Michael, has identified inadequate funding as one of the major challenges limiting young technology founders and startups in Nigeria.

Mmadubuko stated this while speaking with National Focus in a telephone interview, stressing that access to funding was crucial for young innovators to develop and scale technology products capable of addressing problems across different sectors.

According to him, Nigeria has numerous technology ideas that could provide solutions to challenges in agriculture, politics and other sectors, particularly through the use of artificial intelligence, but many of the ideas fail to reach the market because their founders lack the financial resources to develop them.

He said the government also needed to create stronger channels for engaging with technology startups and innovators, arguing that there was inadequate representation of young technology companies at the highest levels of government.

Mmadubuko further expressed concern about startup competitions, saying that some young founders may be reluctant to participate because of fears that their ideas could be copied by individuals or organisations with stronger government connections.

“If we then decide to go for competition where we could get funded, what do we get? We get people stealing our ideas because they have government backing or they could probably be funded,” he said.

Recalling his experience as a young innovator, Mmadubuko said he won the Ogun Tech Challenge in 2018 alongside colleagues from other universities during the administration of former Ogun State Governor Ibikunle Amosun.

He, however, said the recognition did not come with the financial support he expected, noting that the winners received handshakes from the governor’s representative but no monetary reward.

“I won Ogun Tech Challenge with a couple of my colleagues and also a group of other people from other universities. What did we get? We got handshakes from the governor’s representative. What did we get? We got nothing. We didn’t get our money, the promise we got, nothing out of that,” he said.

According to him, the experience could discourage young Nigerians from pursuing their technological ambitions, especially when competitions fail to deliver promised support.

He said the experience prompted him to stop participating in public technology competitions and instead focus on developing products and attracting customers through word-of-mouth referrals, organic leads and traditional marketing.

Mmadubuko said the strategy had enabled Analaize to grow its customer base, adding that the company had so far served more than 150 businesses.

He called for greater investment in Nigeria’s technology ecosystem, particularly funding opportunities and stronger government support that would enable young founders to turn innovative ideas into viable products.