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Search - "venture capital"
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Most of things I'm about to say are experienced by almost 99% of developers in Africa including my country so I'm going to make it a more general rant.
As an African developer, life is both exciting and frustrating at the same time. Some of the challenges that make life difficult for developers in Africa include:
1). Slow Internet Speed: The internet in Africa can be extremely slow and unreliable, making it frustrating to work on projects that require large file downloads. This is a serious challenge for freelance developers who work from home.
2). Unstable Electricity: Frequent power outages due to inadequate infrastructure, insufficient investment in energy production and distribution, and political instability makes it difficult for developers in Africa to work consistently. Most times I get frustrated because you can experience black out at anytime of the day which could last for hours to days automatically rendering you useless if you have no power backup generator at home.
3). Low Pay: While the opportunities for software developers in Africa are quite high, the salary is often disappointing. Many talented programmers end up seeking better opportunities overseas. In fact I quit my full-time job because of this reason.
4). Lack of Support for Tech Start-ups: There are few venture capital firms in Africa willing to invest in new ideas, which makes it difficult for tech start-ups to get off the ground. It's just sad, you can have an idea and just die with it.
So in summary, it's not a walk in the park to be a developer in Africa, but despite all of that I am glad to be a part of the African journey, having the opportunity to had work at a tech agency firm on various projects ranging from healthcare to finance, I find it rewarding to know that my work has contributed to a better future for my continent. 🤞6 -
Working for this startup as a remote dev for last 6 months.
This month they delayed my payment by saying that they are still waiting for crowdfunding payment to be processed.
After 3 days my teamlead who recruited me quitted with 2 more people saying that its 'personal issues'
1 week later (today) I received a letter of termination saying that my contract ceases its effect after 30 days and I will receive my payment after 45 days as all service providers.
I reminded those fuckers that in contract there is a clause saying that they are supposed to pay me within 24 hours of invoice receipt (because this is not my first time with startups). Then fuckers responded that I will get paid as soon as they receive the money.
Contacted CTO today and he told me the truth. Turns out that venture capital that supposedly raised funding of around 10 million usd last year actually didnt raise shit. In the end startup did not receive this funding because VC convinced investors that this project is shit and not worth investing.
VC's plan is to starve out the startup by giving it bridge payment injections. At some point they want to buy out the startup and resell it for profit.
And here I am fucked in the ass. But for some reason im not mad at that VC because shit happens. Im mad ar startup managers who kept us in the dark for 2 weeks and dropped us like shit :)
I am really tired of broke startups and their bullshittery.5 -
I got my dirty fingers on this leak of an AMAZING ML model capable of pondering EVERY PARAMETER IN THE UNIVERSE and saying if your business idea needs improvement or is good to go.
BEHOLD THIS 100% PURE PYTHON SOLUTION:
```python
import random
def magic(*args, **kwargs):
if random.random() > 0.5:
return "Good to go!"
else:
return "Requires improvement on value proposition"
```
This LEAK is from a startup that just received 4 BILLION USD IN VENTURE CAPITAL to improve their AI SYSTEMS.
Literally enough money to solve world hunger forever.
Who else is gonna invest in NEW THERANOS ADVANCED A.I. RESEARCH INTERNATIONAL INC?8 -
!rant
For anyone interested in startups, Ycombinator is offering a new massive online open course for people all over the world who aren't directly apart of YC. You'd actually be apart of their courses and even get to speak with industry professionals and successful founders. Just an FYI 😊
https://www.startupschool.org1 -
I applied for a position as an engineer for a nonprofit organization that helped kids across the country (and the world) and got the position. The people across the organization were wonderful and, without a doubt, mission driven to help kids and it felt good to do the work. The agile teams worked well together, every team had their roadmaps, and management always emphasized family first. The organization was making crazy money so we were given all the tools we needed to succeed.
Then, within a few months of my hiring, it was announced that the non-profit organization was being bought by a large, fairly well known for-profit company which had also been recently acquired by a venture capital firm.
The next thing we knew, everything changed all at once. We went from building applications for kids to helping this company either make money or build value for their owners. Honestly, I did not know what my day-to-day work was doing for this company. The executives would tell us repeatedly that we were expensive and not a good value compared to their other teams. It felt like we were only being kept until the systems were integrated and their had access to our decades of data.
You might think I'm being paranoid but a year after the acquisition, we still did not have any access to any of their systems. We operated on a separate source code solution and were not given access to theirs. When requests came from them that would facilitate them connecting applications to the data, it was to be considered highest priority.
The final straw for me was when I was told my compensation would be cut for the next year. We were strung along for the whole year leading up to it saying that the company was evaluating our salaries compared to others in the industry. Some of us figured that we would probably even go up knowing that we were underpaid for a for-profit tech company because we chose to work in a non-profit for a lower rate to be able to do worthwhile work. Nope! We were told that we were overpaid and they talked about how they had the data to prove it. One quick look at LinkedIn would tell you they must be smoking something that had gotten stale in a shoebox. Or they were lying.
So that was my rant. If you think you are protected from the craziness in tech right now just because you are writing code at a nonprofit, you might be wrong. Dishonest executives can exist anywhere.3 -
I don't care about market cap. Stick your hype-driven business practices up your ass. Infinite growth doesn't exist. I won't read your fucking books and attend your fucking bootcamps and MBAs. You don't have a business model. Selling data is not a business model. Fuck your quick-flip venture capital schemes, and especially fuck your “ethics”.
I will be the first alt-tech CEO. I only care about revenue. The real money, not capitalization bubble vaporware. You don't need a huge fleet of engineers if you're smart about your technology, know how to do architecture, and you're not a feature creep. You don't need venture capital if you don't need a huge fleet of engineers. You don't need to sell data if you don't need venture capital. See? See the pattern here?
My experience allows me to build products on entirely my own. I am fully aware of the limitations of being alone, and they only inspire lean thinking and great architectural decisions. If you know throwing capacity at a problem is not an option, you start thinking differently. And if you don't need to hire anyone, it is very easy to turn a profit and make it sustainable.
If you don't follow the path of tech vaporware, you won't have the problems of tech vaporware, namely distrust of your user base, shitty updates that break everything, and of course “oops, they raised capital, time to leave before things go south”.
A friend of mine went the path I'm talking about, developed a product over the course of four years all alone, reached $10k MRR and sold for $0.8M. But I won't sell. I only care about revenue. If I get to $10k MRR, I will most likely stop doing new features and focus on fixing all the bugs there are and improving performance. This and security patches. Maybe an occasional facelift. That's it. Some products are valued because they don't change, like Sublime Text. The utility tool you can rely on. This is my scheme, this is what I want to do in life. A best-kept secret.
Imagine 100 million users that hate my product but use it because there are no alternatives, 100 people in data enrichment department alone, a billion dollars of evaluation (without being profitable), 10 million twitter followers, and ten VC firms telling me what to do and what data to sell.
Fuck that. I'd rather have one thousand loyal customers and $10k MRR. I'm different, some call it a mental illness, but the bottom line is, my goals are beyond their understanding. They call me crazy. I won't say it was never about the money, of course it was, but inflating your evaluation is not “money”. But the only thing they have is their terrible hustle culture lives and some VC street wisdom, meanwhile I HAVE products, it is on record on my PH. I have POTDs, I have a fucking Golden Kitty nomination on health and fitness for a product I made in one day. Fuck you.7 -
In the mid-2010s, we barely had any apps in our native language and popular coupon and review sites were lackluster in our neck of the woods.
So me and some old uni colleagues got together to make a WhatsApp based "wtf is going on right now and right around here"
think Groupon meets yelp meets Google maps meet trending topics. The idea was that local business would post deals and events and people would comment on it giving stars on real time, with geolocation. So you could see what was going on right next to you, and business owners only needed WhatsApp installed to post new topics.
We... failed to go viral. That simple. Things get frustrating when infinite no-questions-asked venture capital is not available.
Then me and the other founders got very lucrative jobs in former British colonies and that was it.
This idea might still work nowadays, but it would be reeeealy hard to navigate around Whatsapp's terms of service.
Good luck to anyone who might want to try.3