AKA. Surviving a bear market.
No.. this is not a graph of the fortunes of 9ja Cosmos.
This is a recent coin graph from another blockchain related business, which I will not name.
Join Tekedia Capital Syndicate which begins April 8, 2023, and owns a piece of Africa’s finest startups. By joining, you join Tekedia Venture investments and portfolio management program at no extra cost. John here.
Tekedia Mini-MBA (June 5 – September 2, 2023) opens NEW registrations; beat the early bird deadline on April 4 for discounts on registration here.
They are winding down. A quote from the notice said:
“As we have built our entire technology stack, it comes with expensive operating costs of $50,000 USD per month”
I take that to mean the operating costs of their platform; not the total cost of running their business.
That doesn’t seem like a lot of money considering Facebook lost millions for years and still did. Now in this current age, Meta is seriously limiting its immersive product ambitions, if not mothballing them indefinitely.
Back to the company in the graph: ‘ ….we have so far been unsuccessful in raising additional capital to enable us to grow ….
Despite our best efforts, several deals that were in the pipeline did not materialize, which has left us unable to continue…’
It’s getting a little repetitive and predictable in the blockchain space, isn’t it?
Enterprises get a pot of money, they operate at a loss on “wing and a prayer” growth forecasts that are not based on any kind of common sense normality, and still they expect a new round of funding to come down with angels.
Why?
If they were not deliberate, measured and frugal with the first injection, why should they expect to be cleared with another larger one?
As the founder of 9ja Cosmos, which on September 13, 2022 – Launched the world’s first ever Web 3 Country Top Level Domain (ccTLD) – .9jacom for Nigeria… I run a startup.
The last time I spent money on something for 9ja Cosmo’s benefit was last October (around $300). Now the venture must sustain itself.
I won’t give it a dime. Its “baby” period is over. Time to grow up.
It may have growth challenges, but it does not lead to losses.
Many people ask me why I was not in Paris Blockchain Week this month.
9yes Cosmos can’t afford it. I don’t want to pay for it myself, so it wasn’t done.
But 9ja Cosmos is still here and not being in Paris didn’t kill it.
400+ West Africans have provided innovation stimulus through region-centric Web 3 SLDs (Second Level Domains) since September 2022.
200+ Web 3 TLDs (Top Level Domains) sold in 2023 alone.
Campaign expenses: 0. Social development expenses: 0.
Naija si cut suit to size cloth.
New technology companies must still follow traditional lessons.
