Across Africa’s growing startup landscape, thousands of founders are building smart solutions to local problems—from mobile lending to logistics, healthtech to digital commerce. Yet despite this innovation, many still struggle to raise capital. The issue isn’t always the business—it’s the pitch.
Investors across the continent increasingly point to a common gap: promising founders who struggle to translate vision into a compelling, fundable story.
A great pitch doesn’t guarantee funding. But a bad one will almost always guarantee rejection.
What’s going wrong—and how to fix it
1. Confusing the problem with the product
Too many pitches dive straight into features—”we built an app that does X”—without clearly explaining what real-world pain point they’re solving.
What investors want: A clear, local, and specific problem. Not just “financial inclusion,” but “unbanked vendors in Ibadan can’t access working capital after 4 p.m.”
Fix it: Open your pitch with the pain—not the platform. Anchor it in real user stories or market data.
2. Overestimating the market—or misunderstanding it entirely
“1.2 billion people in Africa” is not your addressable market. Nor is “all SMEs” or “everyone with a smartphone.” Broad TAM (Total Addressable Market) claims make your pitch look shallow.
What investors want: A clear, realistic view of your beachhead market—the first group you’re targeting, how you’ll reach them, and what traction you’ve achieved so far.
Fix it: Start with a narrow, well-defined market segment and show how it scales.
3. No clear business model
“We’ll monetize later” or “we’ll grow users first” is risky unless you’re building a hyper-growth, VC-style platform—and even then, most investors want to see revenue logic early on.
What investors want: A credible pathway to revenue and profit—even if it evolves. Who pays, when, how much, and how often?
Fix it: Show how you’ve tested pricing, what customers are willing to pay, and how margins look over time.
4. Poor financials or no unit economics
Many founders pitch without knowing basic unit costs, margins, or burn rate. Some present five-year projections with hockey-stick curves—without explaining how they’ll get there.
What investors want: Simple, believable numbers grounded in reality. Show you understand cash flow, customer acquisition costs, and payback periods.
Fix it: Start with one customer: how much it costs to acquire, serve, and retain them. Build from there.
5. Lack of founder-market fit
Investors back people more than products. If you’re solving a problem you haven’t lived or deeply studied, your pitch may lack credibility.
What investors want: Founders who understand their market intimately—through lived experience, domain expertise, or sustained customer insight.
Fix it: Highlight your unique relationship to the problem. Why you?
6. Ignoring competition—or claiming none exists
Saying “we have no competition” signals one of two things: you haven’t looked hard enough, or the market isn’t real.
What investors want: A realistic view of what else your target customer already uses—even if it’s pen and paper.
Fix it: Show how you’re different or better than existing alternatives, and why customers would switch.
7. Weak storytelling
A pitch deck isn’t just data—it’s a narrative. If your story lacks flow, clarity, or emotion, even good numbers won’t stick.
What investors want: A journey. A pain, a solution, a market, and a team ready to deliver.
Fix it: Use structure: problem → solution → market → traction → team → ask. Practice with non-experts—can they repeat your idea in one sentence?
The investor’s mindset: signal over noise
Investors hear dozens of pitches a week. What cuts through?
- Clarity over complexity
- Traction over ambition
- Market understanding over flashy tech
- Coachability over confidence
They want to see if you’re solving a real problem, in a way people will pay for, with a team that can grow with the business.
Final thought: pitch like you operate
Your pitch should reflect your startup’s DNA: focused, resourceful, and responsive. Avoid jargon. Tell the truth. Show you’ve done the work.
And remember: you’re not just asking for money—you’re inviting someone to join a journey. Make it worth the trip.
About the author
Aurel Kinimbaga is a contributor specializing in innovation, business strategy, and inclusive growth in Africa. He writes on entrepreneurship and the economic trends shaping the continent’s future.