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 continent. Soyombo, known for his active role in shaping the tech startup ecosystem across Africa, has been a driving force behind some of Nigeria's most successful startups, including Stripe-owned Paystack, PiggyVest, and TeamApt.

Since launching his investment journey in 2014, Soyombo has been committed to supporting innovation, which led to the founding 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 stated. Soyombo also highlighted the significance of market size, scalability, and exit potential.

In terms of mentorship, Soyombo believes it's not just about giving advice, but being deeply involved, 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 explained. This approach enables him to work closely with founders, helping them navigate challenges and figure out product-market fit.

Managing risk in investments, particularly in a volatile market like Africa's, is a crucial aspect of Soyombo's strategy. He acknowledged that there's no perfect formula, but rather a need to learn from experience, adapt to local nuances, and stay flexible. "What we do instead is learn from experience. We look at what's worked in similar markets, adapt to local nuances, and take the plunge. It's all about trying, testing, and iterating until you find something that sticks," he said.

Looking ahead, Soyombo is incredibly hopeful about the future of the tech industry in Africa over the next decade. He cited the continent's huge population boom, with a young, digital-first generation ready to embrace technology, as 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. The next decade is going to be exciting, no doubt about it," he predicted.

Finally, Soyombo offered advice to aspiring tech entrepreneurs in Africa, urging them to invest in themselves, build their skills, and create solutions that serve the world while staying true to Africa. "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 concluded.

As the tech landscape in Africa continues to evolve, Soyombo's insights and strategies for startup success will undoubtedly play a significant role in shaping the industry's future.