Camels, Not Unicorns: The Wealth We Leave Behind

I used to believe I needed a $100M exit to be fulfilled. That only a massive liquidity event could justify the grind. But 15 years of building across Africa and the U.S. taught me otherwise.

The lure of venture capital seduces founders into chasing billion-dollar dreams, but at what cost? We tried the Silicon Valley playbook in Africa—raising aggressively and backing flashy ideas. The result? Founders ignoring profitability, markets resisting scalability, and businesses struggling to survive. It was a hard lesson; —chasing unicorn status, the elusive billion-dollar valuation that signals a startup’s meteoric rise, often leads to a dead end.

Meanwhile, our Venture Studio (VS), Venture Garden Group has quietly, since inception in 2011 promoted the idea that our objective is to build 100 real businesses—$3 to $5M ARR, 60% EBITDA, and breakeven in 18 months. Camels instead of Unicorns, not glamorous, but sustainable. We have built about 10 companies so far.....

Recently, a billion-dollar founder asked me, "Why focus on $5M ventures when you could raise $100M?" My answer? Simple math.

The unicorn model is high-risk, low-probability, and often leaves founders with little ownership. The camel model builds long-term wealth—$10 to 15M in real, bankable cash, with control, flexibility, and the power to walk away on your terms. That’s “No, thank you” money, and in Africa, it’s not $100M in theoretical wealth—it’s $5M in liquid wealth.

Jason Njoku, a founder I respect learned this firsthand. While his ambitious streaming platform IROKO struggled (VC model), ROK—his leaner, more localized business—thrived. That’s why I invested $1M into a ROK-style venture, alongside Jason about two years ago. Small, focused, cash-flowing businesses win—not because they’re flashy, but because they’re real, resilient, and focused on the fundamentals. It has worked, again!

My mission now is clear: to help 100 entrepreneurs build $5M businesses. That’s $500M in real, bankable wealth—wealth that funds real lives, not just pitch decks.

This isn’t just about making money. It’s about creating financial independence, building companies that last, and proving that sustainable, profitable businesses are the true engines of economic growth. When we shift our focus from chasing unicorns to building resilient, cash-flowing businesses, we create something far more valuable—long-term impact.

Imagine what happens when 100 founders each build a business generating $5M in revenue, with healthy margins and ownership intact. That’s jobs created, industries strengthened, and communities transformed. That’s a generation of entrepreneurs who don’t just survive but thrive—on their terms. The Venture Studio model can be an enabler of this new path to wealth building. And I argue that all ecosystems that is not California, New York, Boston, Bangalore, and other regions with mature capital stack - should stop doing VC, and start doing VS. Okay, maybe not stop VC altogether. But I just mean that the mix of VC style investment to VS style investment should shift to 20% VC, 80% VS).

So here’s my challenge to founders: Are you ready to stop chasing hype and start building something real?