From backing Paystack, Moniepoint, PiggyVest, LemFi, OmniRetail and Thrive Agric, Kola Aina offered rare insights into the principles that have shaped one of Africa’s most successful venture capital portfolios during his appearance on The Builders.
When Kola Aina, Founding Partner of Ventures Platform, appeared on The Builders, he offered a masterclass on what it takes to build companies capable of transforming industries. Having invested in some of Africa’s most successful startups, including Paystack, Moniepoint, PiggyVest, SeamlessHR, OmniRetail, LemFi, Raenest and Thrive Agric, Aina reflected on the philosophy that has guided his investment decisions and helped Ventures Platform emerge as one of Africa’s leading early stage venture capital firms.
Contrary to popular belief, Aina explained that his investment decisions had never been driven primarily by technology. Instead, he said the firm’s earliest investments were fundamentally bets on entrepreneurs rather than products. “At the earliest stage, you’re not really investing in technology. You’re investing in entrepreneurs.”
YOU CAN ALSO READ: Jim Ovia’s Extraordinary Journey from Bank Clerk to Banking Legend
He noted that this founder first philosophy had remained central to Ventures Platform’s investment strategy, enabling the firm to identify leaders with the resilience, integrity, domain expertise and execution capability needed to build enduring businesses.
During the conversation, Aina challenged the assumption that groundbreaking technology alone determines startup success. Products evolve, markets shift and technology becomes obsolete, he observed, but exceptional founders continue to learn, adapt and execute regardless of changing market conditions.
“The product you invest in today may be completely different in two years,” he said. “What remains constant is the entrepreneur’s ability to learn, adapt and execute.”
Aina also discussed the growing influence of Artificial Intelligence on entrepreneurship, noting that AI had dramatically lowered the barriers to building software products. Tasks that once required large engineering teams and lengthy development cycles could now be completed much faster, fundamentally changing the competitive landscape for startups.
As a result, he argued, competitive advantage had shifted away from product development towards customer acquisition, distribution, partnerships and execution. “In today’s market, building is easier than ever,” he remarked. “Winning is now about execution.”
Beyond technology, Aina highlighted the evolving role of venture capital, explaining that successful investing extends well beyond providing funding. Investors, he said, must actively support founders through operational challenges, governance issues, recruitment and strategic decision making.
He cited Ventures Platform’s experience with Thrive Agric as a defining example. When the agritech company encountered operational difficulties, the investment firm worked closely with management to stabilise operations, strengthen governance, improve stakeholder communication and support the company’s recovery.
“The real work often begins after the investment,” Aina said, underscoring the importance of long term partnership between investors and entrepreneurs.
Turning to Africa’s broader innovation landscape, Aina observed that despite producing globally recognised technology companies, the continent continued to receive less than two percent of global venture capital funding. Rather than viewing this as a limitation, he described it as evidence of Africa’s enormous untapped investment potential.
He pointed to Nigeria’s youthful population, expanding digital economy and entrepreneurial talent as major competitive advantages but stressed that these strengths must be supported by significant investments in broadband infrastructure, data centres, digital connectivity and human capital.
“Africa has the talent,” he said. “The ecosystem now needs the infrastructure and policy support to match.”
Aina also called for a cultural shift in how failure is perceived across Africa’s entrepreneurial ecosystem. Unlike more mature startup ecosystems, where failed ventures are often regarded as valuable learning experiences, he noted that failure continues to carry significant social stigma in many African societies, discouraging founders from taking calculated risks.
He argued that venture capital naturally expects some investments to fail and that allowing entrepreneurs to learn, recover and build again would ultimately strengthen Africa’s innovation economy.
Integrity, he added, remained one of the most important criteria in evaluating founders. Ventures Platform places significant emphasis on reputation, ethical conduct and trustworthiness during its due diligence process because character is often a stronger predictor of long term success than financial projections alone.
YOU CAN ALSO READ: Jim Ovia’s Extraordinary Journey from Bank Clerk to Banking Legend
During the discussion, Aina also reflected on the growth of Ventures Platform itself. With nearly $150 million in assets under management, the firm has supported many of Africa’s most celebrated technology companies. Yet he maintained that venture capital should not be measured solely by financial returns, but by its ability to build enduring institutions, create jobs and solve meaningful societal challenges.
Looking ahead, Aina expressed optimism about Africa’s venture capital ecosystem, pointing to stronger local investment firms, improving exit opportunities, increased institutional participation and a growing pipeline of ambitious founders. However, he emphasised that unlocking the continent’s full potential would require stronger collaboration among investors, entrepreneurs and policymakers.
As the conversation concluded, Aina left founders and business leaders with a powerful reminder that continues to shape his investment philosophy. While technology may evolve rapidly, lasting businesses are built by people. In an era where innovation is increasingly accessible, he argued that vision, integrity, resilience and disciplined execution remain the qualities that distinguish transformational companies from the rest.
