I’ll tell you what’s so fascinating about the Igbo Apprenticeship System (IAS) and the valuable lessons for startups.
If you’re familiar with the Nigerian or West African business landscape, you’ve likely encountered the IAS—a sort of business incubator that aids newbies in mastering trade secrets to eventually establish their businesses successfully.
Now, let’s see how it could apply to startups.
In the Igbo Apprenticeship System, young apprentices work under successful business owners for 5-8 years. In the end, they receive cash support and gifts to kickstart their own businesses—popularly known as a settlement.
Fast forward to today’s startup world, many founders grapple with brilliant ideas but lack the execution knowledge, leading to challenges at every stage and, sadly, closures.
Rather than solely pursuing venture funds and accelerators, startups can embrace this apprenticeship concept. Raising funds doesn’t have to be through competitive accelerator programs only; it can be on a more personal level. Connect with accomplished startup founders, humbly learn the ropes (even if unpaid), and absorb valuable insights to navigate the market.
This process provides clarity on your solution and the confidence to pitch it effectively. And trust me, you’ll feel more confident to pitch your idea when opportunities come (and not say “I’m building the next Uber for suya”). That’s exaggerated, but we’ve all been there, right?
Finally, this is a call to already established startups: Partnering with and mentoring younger founders extends your influence into untapped market segments. Investing in coaching and grooming not only benefits them but also provides crucial support when you need it most.
In this ecosystem, collaboration is key—startup founders, seasoned entrepreneurs, and successful businesses all need each other to thrive.
So whether you are going through the apprenticeship route, seeking venture capital, or aiming for renowned accelerator programs, remember to look beyond raising capital and focus on raising loyal customers.