In an exclusive interview with Business Insider Africa, Olumide Soyombo, one of Africa's most recognized angel investors, shared his unique perspective on what makes a tech startup successful in the African market. With a track record of backing successful startups like Stripe-owned Paystack, PiggyVest, and TeamApt, Soyombo's insights offer valuable guidance for aspiring entrepreneurs and investors alike.

Soyombo, who launched his investment journey in 2014, has been a driving force behind the growth of Nigeria's tech startup ecosystem. He is also the founder of Voltron, a fund dedicated to addressing the critical gap in early-stage funding for African tech companies. Voltron focuses on investing in startups across key African markets, including Nigeria, Kenya, South Africa, and North Africa, with investments ranging from $20,000 to $100,000.

When asked about the key factors he considers when deciding to invest in a tech startup in Africa, Soyombo emphasized the importance of the founder and their team. "It's always about the founder and their team. They are the ones who build the product, take it to market, and make it work. At the heart of it all is the founder. That's where it starts for me, founder first," he explained. Soyombo also highlighted the significance of market size, scalability, and exit potential, stressing that these are crucial questions every investor must ask.

In addition to his investment approach, Soyombo shared his thoughts on mentorship, emphasizing the need for deep involvement, especially at the early stage. "As an early-stage investor, you're more than just a backer, you're almost a co-founder. Sometimes, you even play the role of a therapist," he said, underscoring the importance of a partnership between investors and founders. This partnership, Soyombo believes, enables a two-way exchange of knowledge and expertise, ultimately benefiting both parties.

When asked about managing risk in investments, particularly in a volatile market like Africa's, Soyombo acknowledged that there is no perfect formula. Instead, he emphasized the importance of learning from experience, adapting to local nuances, and staying flexible and open to change. "Risk is part of the game, and honestly, if we could model everything perfectly, we'd all be geniuses. What we do instead is learn from experience," he said.

Looking ahead to the future of the tech industry in Africa, Soyombo expressed optimism, citing the continent's huge population boom and the emergence of a young, digital-first generation. "We're seeing a huge population boom, a young, digital-first generation that's ready to embrace technology. This is a massive opportunity to improve lives and boost business efficiency. With a median age under 20, Africa is poised to drive the next wave of innovation," he predicted.

Finally, Soyombo offered advice to aspiring tech entrepreneurs in Africa, urging them to invest in themselves and build their skills. "Africa has the potential to become the global hub for knowledge workers, especially as other parts of the world age. So, skill up, dream big, and create solutions that serve the world while staying true to Africa," he said.

Soyombo's insights offer a valuable perspective on the African tech startup ecosystem, highlighting the importance of founder-market fit, mentorship, and adaptability in a rapidly evolving market. As the continent continues to drive innovation and growth, entrepreneurs and investors alike would do well to heed Soyombo's advice and invest in the next generation of African tech leaders.