"But I regret to inform you....". An Open Letter to Governor Seyi Makinde

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“But I regret to inform you”…
Many entrepreneurs who have at one time or the other submitted sponsorship proposals to companies will be familiar with the sentence used for this article’s topic. The phrase is usually preceded by a long interesting story of how wonderful the idea in your proposal is and how viable the idea is to become something great. The reader/entrepreneur will be elated by the appetite wetting complementary write-up and in full expectation of a life-changing deal at the end,only to be stunned with the phrase “but we regret to inform you”…. Honestly, at this point, I care less what reasons are given for the rejection.

Many wonderful business ideas and creative contents are still lying on the desk of many entrepreneurs for lack of adequate funds, resources or partnership to pursue the business. We don't have to blame the big companies that reject our proposals to spend on frivolous events. If only the state government can recognise the importance, richness, opportunities and economic advantages of startups.

There is a rapid growth stage in the ongoing evolution of startups in Nigeria. Evidences abound about the fast rising e-commerce space, Lagos’s billion dollar tech ecosystem, and the impressive performance of fintech startups in the country, but it is quite saddening that Oyo state, is not taking the pace in this space.

When I heard about GSM's attempt to woo foreign investors into the state with series of meetings, I wondered if the past governments did not also engage the same tactics and failed at it. Just In the Q1 of 2018, a total of $9,241,196 was raised by startups in one stage of funding or the other. The report further reveals that a higher percentage of that figure is from foreign investors, while grants make up almost 64% of the total number of deals (stats from Techpoint Africa). In the first half of 2018, startups have managed to attract over $82 million in grants and investments from within and beyond the country. So GSM, startups can attract foreign investors to the state if given due attention.

Thousands of jobs have been created with the spread of startups across the country, as each startup employing between five and 10 workers engaged in various aspects of works and training. According to the National Bureau of Statistics, Oyo state has a record of Micro-enterprises of about 1,864,954 with employees of about 3,502,542. This shows the role startups can play with ending unemployment in the state if given the adequate attention.

Way forward:
Oyo state government needs to set up state runned Tech and Social start-up hubs that will be saddled with the responsibility of incubation, business modelling, funding and partnership, co-working space, training, networking etc. We need our own likes of "seedstars" and co-creation  Oyohub in state.

It's time for the birth of pacesetting startup ideas that will affect lives positively, actively engage youths, solve social problems, open doors of employment and attract investors to Oyo state.

I rest my pen.
I'll keep in touch.
Tayo Okanlawon.

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