Iyinoluwa Aboyeji, co-founder of Andela, has revealed a significant shift in his approach to entrepreneurship, now favoring direct company creation and operation over investing in other founders. Speaking on the Afropolitan Podcast, Aboyeji described his evolving mindset as a “radical view” on investing, emphasizing that building businesses himself allows for greater control, impact, and alignment with his vision. He questioned the conventional wisdom that investing is the primary path to success, pointing out that global icons like Elon Musk built their empires by creating companies, not by funding others.
Aboyeji explained that his entrepreneurial journey has evolved through distinct phases. In the first six years, he collaborated closely with seasoned founders to build businesses from the ground up. This was followed by a phase where he transitioned into investing, providing capital while leaving execution to other entrepreneurs. However, he found that this model often yielded inconsistent and unreliable results, which he described as “shaky.” He believes that for complex and mission-driven challenges, especially in Africa, deeper involvement is necessary to ensure success.
The entrepreneur stressed that the problems he aims to solve are too critical to entrust to founders who may prioritize personal gain over long-term impact. “The problem I’m trying to solve is too important for a bunch of founders who just want to ride the big car and japa for me to trust them with my vision,” he said. He argued that many investors, including himself, have the experience and capability to build companies directly and should not assume that founders are always the best executors.
Aboyeji also highlighted the unique challenges of building businesses in Africa, where execution risks are high and trust in founder-led ventures can be fragile. “If you can help build, why don’t you just build? As an investor, you’re trusting somebody else’s execution,” he remarked. He believes that investors with operational experience should leverage their skills to create value firsthand rather than relying on others.
This shift reflects a broader trend among experienced Nigerian entrepreneurs who are rethinking traditional investment models. Aboyeji’s move toward direct ownership and operation signals a growing preference for hands-on leadership in Africa’s startup ecosystem. His perspective may influence other investors to reconsider their roles and embrace a more active approach to building sustainable enterprises. As he continues to focus on creating and running businesses, his journey could inspire a new wave of entrepreneurial leadership across the continent.
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