David Lanre Messan can aptly be described as a global citizen as he is constantly globetrotting to seal mega business deals in all parts of the globe. He is a serial entrepreneur and fundraiser for startups as well.
Tony Ademiluyi managed to pin him down and he had a bare it interview with him.
Sit back, relax, and enjoy the jolly ride!
Buzz Times: You studied Mass Communication at the Lagos State Polytechnic. Why did you decide to transit to the shark-infested world of entrepreneurship rather than chase stories for which you were formally trained to do?
David Lanre Messan: Well, I will say journalism, communication, and everything about mass comm. Is still well embedded in my professional and everyday life so I would not say that I made that transition rather I will say it served as the bedrock for what I do now in the space of entrepreneurship and the tech ecosystem in general
Buzz Times: You became a millionaire at 23 but soon lost it all. A millionaire in what currency? Why did you lose it all? How did you bounce back and what lessons were learned?
David Lanre Messan: I became a millionaire in naira at age 23 and I would say that taking uncalculated risk made me lose it and that is primarily driven by peer pressure. I bounced back understanding that focus is key in business and you can’t diversify too early in business when you aren’t yet strong with how you are making money. Stabilizing your revenue pipeline before delving into other businesses is key to growth else you will lose on all fronts trying to do many things with little resources.
Buzz Times: You famously mentioned in an international conference in Abu Dhabi that you wanted to create a bank so that you could lend funds to entrepreneurs to fail. We both know banks are risk averse which ensures why they do risk analysis when lending loans to business owners. Why this unconventional approach to deliberately backing failure?
David Lanre Messan: Failure capital is important to driving research and democratizing entrepreneurship. We cannot continue to leave enthusiastic entrepreneurs at the idea stage. It is critical for investors to assign capital to entrepreneurs to experiment, learn and rebuild with the lessons learned and that is how we will engender innovation and disruptive inventions. Elon Musk and the likes got experimental money and blew up a number of spaceships before they got one right and that one they got right is now commercialized. Talking about banks being risk averse, I particularly do not think banks should risk money on experiments as these monies are people’s money, I was referring to investors and not lenders. Failure is a catalyst for any successfully implemented innovation so why not create a guided platform for entrepreneurs to fail creatively and objectively…
Buzz Times: Fundraising is not a popular career path in Nigeria; why did you choose to do it full-time by setting up FirstFounders? Hasn’t the internet reduced your influence in the sense that startup owners can easily reach out to venture capitalists and vice versa? Is there still a sustainable place for middlemen like you?
David Lanre Messan: First, we need to establish that FirstFounders is a venture studio and a startup consulting company and under our startup consulting, we have the fundraising-as-a-service which caters to startups and businesses looking to raise funds. In terms of the democratization of access to investors, I think I am happy about it that there is now access but structured access is scarce and that is where I come in. Structured access sits upon three elements: Criteria, Relationship, and Trust. The investor you meet today will vet your startup based on meeting investor criteria and would want to know that he knows you and have a track record either based on recommendation or due diligence – all these things play a key role in accessing investment. Yes, of course, the middlemen role is becoming overrated but for me, I have evolved into setting up something different that caters to investors and startups in one place.
Buzz Times: What is the business model of FirstFounders? Can you mention the successful exits that you facilitated?
David Lanre Messan: We are just 3 years old and still building and pushing our portfolio startups so no exits yet. We should soon in another 2 years.
Buzz Times: Are entrepreneurs born or made? How can Nigeria and Africa as a whole inculcate a national and continental entrepreneurial spirit so that the country and continent can transit from aid dependence to equal partnerships with their Western and Asian counterparts via trade?
David Lanre Messan: Entrepreneurs are made. There are skills to learn to be able to lead a business. Visionary leadership, team playing, strategy, market metrics, etc. All these skills are developed over time and will require a level of mastery to succeed. I do not think entrepreneurs depend on aid to thrive, na government dey find aid so let’s skip that. However, governments need to push policies for free trade and regional integration so businesses can thrive.
Buzz Times: You publicly praised your Chief Operating Officer to the High Heavens. Are you an advocate of employees being loyal to a particular company like the Japanese or do you share the view that they job-hop? What is your leadership style like?
David Lanre Messan: My COO started as my EA and was able to learn fast and not just him but a number of employees showed that dexterity and for me, I am a people person. I believe in raising leaders to lead and my simple philosophy in the company is premised on the fact that you come in as an employee and end up as an entrepreneur or intrapreneur hence you see people like my Samuel Kemeshi, the current COO now owning a part of the company because they came, saw and caught the bug and here they are committed to steering the ship.
Buzz Times: You skydived in the UK and Dubai to honour early-stage African founders and GITEX. Tell us about your experience as skydiving is far from popular in Nigeria and even Africa.
David Lanre Messan: Skydiving is a type of sport but only for the brave as it requires you to jump out of a plane and through the use of a parachute navigate in the air until you land. I love skydiving and do this in every country I go to honour the people that are solving real problems within the continent.
Buzz Times: You have some political interest. Tell us about your experience working as a campaign strategist for the Green party in Oxfordshire for the councillorship campaign of Dr. Dianne Regisford? Why Dr. Regisford? Did she win? Why didn’t you pitch your tent with either the Labour or Conservative Party? Will you run for public office someday in Nigeria and if yes which?
David Lanre Messan: Yes, I have political interests but not to contest elections. Working with Dr. Dianne Regisford was an interesting experience for me where I provided strategy and communication concepts to aid the campaign process and for the first time, Green Party got massive support but of course Labour party with a long-standing history of winning elections in Oxford won. The winner even had to come to give us our flowers for pulling some unique stunts that shook them to their feet. I am sure if she contests again leveraging the support she had then, she will win. I am not sure if I will run for a political office but will be happy to take up appointments.
Buzz Times: You were 40 earlier this year. Can you in all honesty say Nigeria was good to you or you had to literarily break your palm kernels yourself apologies to Chinua Achebe? Are the policies of President Bola Ahmed Tinubu-led administration youth-friendly? Having achieved success as an entrepreneur, would you be fully available to accept an invitation to serve in the Tinubu-led administration at whatever level since he has promised youth inclusion?
David Lanre Messan: Yes, I am now 40 and very happy about how far I have come. I don’t know if it would have been better but then I know whatever the experiences, it is all part of the journey. Yes, I am self-made and grateful for all the failures and challenges encountered – they have made me a better person today. I will be happy to serve in Tinubu’s administration if given the opportunity as long as it will be a platform to represent the interest of the people and drive national growth and I believe his policies will improve the economic landscape.
Buzz Times: Thank you very much for your time; have a safe trip on your next voyage!
David Lanre Messan: You are welcome!
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