Afrigather After transferring again to Nigeria from Beijing in 2020, 23-year-old Kennedy Ekezie-Joseph and his brother, Duke, knew that they wished to start out an organization. For seven months, they labored on constructing a software program recruiting startup, which was worthwhile however didn’t develop as quick because the brothers wished. This pushed them to think about one other concept that was extra tailor-made to the native market in Nigeria, and after two months of interacting with small enterprise homeowners throughout the nation, Kippa was born.
Kippa is a fintech startup that’s revolutionising bookkeeping and digital funds for small companies in Nigeria. In beneath two years, the startup has secured over $10 million from world fintech traders and has a workforce of fifty.
In an interview with TechCabal, Kippa’s co-founder and CEO, Kennedy Ekezie-Joseph shares what he’s discovered constructing a startup in his early twenties in addition to how he ensures the corporate grows quick to accommodate their over 500,000 small enterprise homeowners.
What are some belongings you’ve discovered about constructing a bookkeeping and finance app?
Kennedy Ekezie-Joseph: One factor I discovered was that every one options should be tailor-made in the direction of the ache factors of the target market. In our case, the small enterprise homeowners. Psychographically, small companies need to make more cash, and so they need to maintain as a lot of that cash of their pockets for so long as attainable. Which means that no matter options you’re constructing for them should very immediately deal with one of many ache factors that have an effect on their capability to try this.
We additionally discovered that imported options don’t work. You can’t persuade companies that they want an answer that they aren’t satisfied that they want, which has been an unbelievable ache level for us as a result of there’s at all times a danger when constructing software program and replicating a playbook. There’s the tendency to over-index in your playbook to the purpose the place you lose contact along with your clients and what their wants are. That’s one thing essential that we’ve discovered up to now.
Are there different issues that you simply’ve discovered about constructing a startup and dealing with groups?
KE: A giant lesson we discovered whereas constructing Kippa was positively to not scale your workforce too early. It is advisable to have only a few people who find themselves very hard-working and might tackle a number of roles and a number of hats. One other lesson we discovered was avoiding the temptation to throw cash at issues. If you happen to’re ready the place you’ll be able to afford to throw cash at issues, you’ve gotten a high quality downside, as a result of most individuals don’t have the cash to resolve their issues, but it surely’s nonetheless not at all times the most effective resolution.
Kippa has seen fast development since its launch in 2021. What are sure belongings you assume have contributed to this development?
KE: I feel it’s primarily as a result of we’re constructing in one of many only a few segments on the continent the place fast development is feasible. For the longest time, small companies haven’t had anybody deeply constructing for these specific issues that they’ve, and so there’s ample alternative to scale.
Another excuse is that as a startup, we transfer quick. It’s certainly one of our ethos internally, and it’s at all times after I converse to individuals outdoors of my firm that I realise how briskly we transfer. It doesn’t at all times really feel that method, however after I zoom out sufficient, I’m actually in a position to perceive how shortly we transfer from constructing merchandise to transport merchandise which I feel comes from how impatient management is. Why ought to we take 10 days to do what we are able to do in two days? We’re very clear with deadlines and timelines internally, and there’s no job that’s allotted with out the individual allocating the duty issuing a tough deadline. That’s a muscle we frolicked constructing, and we’ll proceed to construct. I feel all of these micro issues assist us on the macro scale to maneuver in a short time and expertise the form of development that we’re seeing.
What’s the workforce at Kippa like?
KE: We’re a workforce that’s not afraid to have arduous conversations. Once we realise we’ve made dangerous choices, which we’ve made in spades, we appropriate them very transparently. There is no such thing as a one who’s above correction, not me, not my co-founder, and positively not any senior member of the workforce.
I feel that constructing and embedding that form of tradition within the workforce can also be accountable for the expansion that we’ve seen up to now. Tradition-wise, we’re not the form of workforce the place you come and discover of us making TikToks on the workplace, or hugging one another and laughing with one another; not that something is incorrect with that. We run our enterprise prefer it’s severe. We all know that the work we’ve signed up for is a really arduous job, and if we’re going to succeed, then we have now to burn all cylinders. We are able to’t let something slip by the cracks.
Are you bothered by the funding winter that’s affecting some startups presently?
KE: Sure, we’re. We can not afford to not be bothered about it, as a result of that might be irresponsible. Our sector can also be one which’s very capital-intensive, and so that you truly do want capital to develop. Luckily, we have now an awesome workforce of traders behind us, and we’re ready the place we are able to afford to place our heads down and concentrate on product constructing. Nevertheless, we’re at all times paying consideration and persistently monitoring how the market evolves.
Past Kippa, what makes this path of serving to SMEs scale essential to you?
KE: Even earlier than Kippa, every thing I’ve executed has been very Africa-centric. I’d describe my private mission as one which includes creating financial prosperity for Africa, and after we have a look at the stats, small companies contribute to 60% of Africa’s GDP. SMEs make use of about 84% of the overall labour pressure and 96% of all companies in Africa are small companies. So financial prosperity for Africa is inconceivable if small companies can not develop sustainably and profitably. For me, Kippa was only a logical subsequent step and I consider that my life’s work is for Kippa to have the ability to dwell out and self-actualize.
How straightforward has it been to search out individuals who share on this imaginative and prescient?
KE: Discovering nice individuals, particularly those that are visually oriented, might be one of many hardest issues to do. On the similar time, it’s essential that we proceed to maintain the bar very excessive. There’s a random component of luck that comes into play with discovering such individuals, as a result of there’s no system for locating them. You may’t depend on numbers of years of expertise or background because it boils right down to the person and what their private motivations are.
How straightforward is it for enterprise homeowners to adapt to your product?
KE: We’re very intentional about product design, so there’s nobody who can use a smartphone and gained’t be capable to use the Kippa app. Nevertheless, I’d say that our splendid clients aren’t those that have by no means used a smartphone earlier than or are digitally illiterate. Our splendid customers are of us who’ve tried to do enterprise on WhatsApp, Fb, and Instagram, and have some form of familiarity with utilizing digital instruments.
