Meet Jerry Oche from Zowasel
Q: Could you give us a brief introduction to yourself and your startup, Zowasel?
A: I’m Jerry, the CEO of Zowasel.
We’re an AgTech startup driving the future of sustainable agriculture in Africa.
Our mission is to improve productivity, sustainability, and income for smallholder farmers. Initially, Zowasel started as a marketplace, but we’ve expanded our services to include climate alternative financing and sustainable agriculture platforms. Our platform provides digital tools for farmers-facing organizations to drive sustainable agriculture and better support their smallholder farmers.
Recently, we’ve ventured into regenerative agriculture, collaborating with major organizations to help farmers transition from conventional methods to more sustainable and regenerative practices. Our goal is to make carbon farming impact in the agricultural sector by supporting farmers with innovative solutions and resources.
Q: What was the inspiration behind starting Zowasel?
A: The idea for Zowasel came from a desire to solve local problems in Nigeria, especially in the agricultural sector. With a population of over 200 million, Nigeria faces significant challenges in food security. Given that over 70% of our people are involved in agriculture, addressing issues in this sector is critical. My own family’s involvement in agriculture was a major influence. Seeing the challenges firsthand, I was driven to find solutions not just for my family but for the broader community engaged in similar work.
Zowasel wasn’t initially conceived as an independent company. My journey started while running a marketing agency, where organizations like the World Bank engaged us to research agricultural value chains and propose solutions. Through this work, it became evident that I had a deep understanding of the issues at play, given my connection to the sector.
After completing this project, the potential and opportunities in agriculture became clear. Zowasel evolved organically from a concept to address these issues into the company it is today. In the process, I stepped down from my previous company to focus on this new venture. My approach wasn’t about waiting for venture capital funding. Instead, I invested my resources, raised funds independently, and reinvested earnings to grow the business. This self-sustaining approach, without relying on external venture capital, has been instrumental in our expansion to Kenya and Tanzania.
Our growth strategy has been customer-centric, leveraging relationships within the agricultural value chain partners. We’ve focused on generating revenue from customers and partnerships rather than solely depending on external funding. This approach reflects my background in business and a practical understanding of what it takes to build a company from the ground up.
Zowasel’s Involvement with Founder Institute
Q: How did Zowasel become involved with Founder Institute?
A: Founder Institute came into the picture for us in 2019, when they first expanded to Nigeria. Interestingly, three years before that, Adeo Ressi, the CEO of Founder Institute, had discussions with me about introducing the program to Nigeria. At that time, I was the CEO of one of the first digital marketing agencies in the country and was tied down. Although initial attempts to bring Founder Institute here weren’t successful, their eventual entry into Nigeria marked a turning point.
They reached out to me, inviting me to explore their program, and I was intrigued. So, I enrolled to better understand what they offer. The timing was perfect because I was looking for ways to validate our business model. Founder Institute presented an opportunity for business validation and to connect with a network of local entrepreneurs and professionals in the ecosystem. This engagement was a significant value addition for Zowasel, providing us with insights, connections, and a deeper understanding of the local startup landscape. Joining Founder Institute helped us build valuable relationships and further develop our business strategy within the Nigerian context.
Zowasel’s Application and Participation in Founder Institute
Q: Can you describe the application process for Founder Institute and how it impacted Zowasel?
A: Yes, I remember the application process for Founder Institute quite well. At that time, there was a significant application fee, which ranged from $400 to $500. Considering the economic context, it was a substantial amount. After paying the fee and submitting the necessary documents, we were selected and attended our first meeting to understand what the program entailed. It’s important to note that Founder Institute’s approach is unique. Unlike other accelerators or programs, it’s not a platform for raising funds. Instead, the primary focus is on the entrepreneur, not the business itself. This distinction is crucial. Founder Institute aims to develop the entrepreneur, who might even pivot their business idea during the program.
The idea is that by training the entrepreneur, they can adapt and evolve their business effectively.
As for the financial aspect, participants pay to be admitted, and in addition, Founder Institute takes an equity stake in the business. When I joined, the equity taken was around 4-6%. This dual investment of money and equity underscores their commitment to entrepreneur development. The program involves attending lectures, receiving assignments, and actively working to validate your business. However, the core focus remains on empowering the entrepreneur to understand and navigate the business landscape effectively. This approach significantly influenced how we at Zowasel viewed business development and entrepreneur skill-building.
A Glimpse into the Daily Routine at Founder Institute
Q: Could you describe what a typical day looks like in the Founder Institute program?
A: The structure of the Founder Institute program can vary between being hybrid and entirely online, depending on the participant’s location and situation. A typical day involves a series of weekly assignments. Participants are grouped into teams within their cohorts, and they might have small group meetings or other related activities. Weekly assignments are quite hands-on, often requiring desktop research, market analysis, and sometimes even visiting customers if applicable. At the end of each week, these assignments are turned in for review. Feedback is a crucial part of this process; mentors review the assignments, grade them, and provide constructive insights for improvement. An interesting aspect of the program is the pitch sessions, referred to as the “hot seat.” Here, participants present their ideas to mentors and are graded. These sessions are critical, as consistently low grades can lead to being removed from the program. Not everyone who joins Founder Institute graduates; it’s a demanding process that requires meeting all the necessary academic and practical benchmarks.
Q: Is there a risk of failing the program despite paying the admission fees?
A: Absolutely, there’s a very real risk of failing the program. Participants can be removed from the program as early as the first week if they don’t meet the required standards. This means that despite paying the admission fees, there’s no guarantee of completing the program. It’s a rigorous and challenging process, emphasizing the importance of commitment, continuous improvement, and meeting the set criteria to successfully graduate from Founder Institute.
Highlighting Key Aspects of Founder Institute: Customer Validation
Q: Reflecting on your experience, what was a standout feature of the Founder Institute program?
A: For me, the most significant aspect of the Founder Institute program was the emphasis on customer validation. This component is crucial because it not only helps in validating your customer base but also in affirming your revenue model. Understanding who your customers are and ensuring that your business model effectively meets their needs is fundamental for any startup. These modules on customer validation and business model verification were, in my opinion, the most impactful and should be a primary focus for anyone participating in the program. They provide essential insights and tools that are instrumental in building a solid foundation for a startup and guiding entrepreneurs towards creating a viable and sustainable business model.
Areas for Improvement in the Founder Institute Program
Q: What aspects of the Founder Institute program do you think could be improved?
A: There are a couple of areas in the Founder Institute program that I think need improvement. Firstly, the program should focus more on providing seed capital to startups. Many graduates, both in Nigeria and globally, complete the program without the necessary seed funding to take their business to the next level. Continuously graduating participants without addressing this crucial need for funding is a gap. If the program is taking equity, it should ideally provide some form of kickoff capital to these businesses. This step is essential to help startups get off the ground.
Another aspect is the support system post-graduation. If the program is taking equity and participants are paying an admission fee, there should be an ongoing pipeline of support for these businesses. This support shouldn’t just be reactive, waiting for startups to reach out, but proactive, both from the local and global chapters of Founder Institute. Continuous support is critical for the long-term success and growth of these businesses. In summary, the key areas for improvement are establishing a seed fund to provide startups with the necessary capital and creating a more robust, continuous support system for graduates to help them scale and succeed in the competitive business landscape.
Current Progress and Achievements of Zowasel Post-Accelerator
Q: Can you share an update on Zowasel’s status and accomplishments since completing the accelerator program?
A: Since participating in the Founder Institute program, Zowasel has experienced significant growth. We’ve expanded our operations to three countries, which is a major milestone for us. In terms of capital, we’ve managed to raise funds internally, which has been crucial for our development. Our technological advancements, operational improvements, and expanding network have been key growth areas. We’re now working with some of the world’s leading companies, which has been instrumental in validating both our business model and technology. Building these processes and partnerships has put us in a strong position. If we were to seek venture capital funding, I believe we’d be looking at substantial figures given our current trajectory. However, our focus has been on growing organically and sustainably, leveraging our resources and the partnerships we’ve developed. This approach has allowed us to build a robust foundation for Zowasel and position ourselves effectively in the AgTech space.
Founder Institute’s Role in Supporting Zowasel’s Growth
Q: In your current stage, do you feel that Founder Institute is still a supportive resource for Zowasel?
A: It’s important to clarify that while Founder Institute was immensely helpful in the early stages of our business, especially in terms of business model validation and understanding our customer base, our needs have evolved beyond what the program currently offers. As Zowasel has grown, we’ve found that we’re moving at a faster pace than the support provided by the Founder Institute. For instance, the kind of support needed now, like connecting with venture capitalists, and investors, or establishing significant partnerships, isn’t as effectively addressed by the program. This might be due to the large number of startups in the program, leading to less individualized attention. It’s also crucial to understand the target audience of the Founder Institute. It’s ideally suited for aspiring entrepreneurs who are just starting and need to learn the basics of setting up a business. It’s great for those who need to validate their ideas or learn how to start a business from scratch. However, for businesses that are already established, actively raising funds, or scaling up, the Founder Institute might not be as beneficial. At this stage, such businesses might have outgrown the resources and support the program offers.
So, for entrepreneurs at the very beginning of their journey, the Founder Institute can be a valuable resource. But for more established businesses like Zowasel, the program’s utility may diminish as the company’s needs and pace of growth evolve.
Key Advice for Aspiring Entrepreneurs Considering Accelerator Programs
Q: What advice would you offer to those considering applying to Founder Institute or similar programs?
A: My advice for anyone thinking about applying to Founder Institute or similar programs is to clearly understand the core purpose of these programs. Founder Institute is specifically tailored for early-stage or aspiring entrepreneurs who are at the initial stages of developing their business ideas. It’s an ideal platform for those who need to validate their business concept before officially launching their venture. If you are a young entrepreneur or a beginner in the business world, Founder Institute can be a great starting point. It offers the tools and guidance needed to validate your business idea, which is a critical step before formal business registration. After going through this process and having a clearer business model, the next stage could involve seeking seed funding from networks like Y Combinator or other similar platforms that provide early-stage capital. Founder Institute is structured to help entrepreneurs understand the fundamentals of starting and running a tech business. It’s about learning how to form a business, validate an idea, and understand your customers. For those in the tech space wanting to grasp these essential aspects of entrepreneurship, Founder Institute is a highly recommended choice. It provides a solid foundation for taking the first steps in the entrepreneurial journey.