It’s 5 Years Since FEZAH Was Incorporated. If we fail – and that’s possible, I want absolutely no doubt in my mind that we gave it our best shot and tried everything in our power. – Elijah Kitaka, CEO
We’ve made it into the 50% that get to the 5-year mark. Today, 12th February 2021, marks 5 years since we incorporated FEZAH. The statistics are brutal; 90% of startups fail, under 50% make it to their 5th year, 33% make it to the 10-year mark, and 25% to 15 years.
For the larger part of these 5 years, we didn’t have product-market fit. We only found that recently inside the COVID-19 pandemic. So what helped us survive this long then? Resolve, seed capital, and adaptability.
Over the years, about $400K has been invested in FEZAH by 8 investors – an average of $50K per investor. To make it sound scary, let’s state it as UGX 1.5Bn.
This UGX number in addition to the countless hours of sacrifice invested by The Fantastic Five (5 early employees that earned sweat equity over the last 5 years) provides high resolve not to waste people’s trust and confidence in myself, team FEZAH, and our vision – read madness.
Over the years, FEZAH has evolved from being “Entertainment’s Booking App” to having no mobile app at all. This is after we won The Most Innovative App award from MTN back in our early piloting days. Adaptability. The app was not the business.
Today we start the journey to the 10-year mark, enabling better economics for musicians both online and offline. Only 33% make it to that 10-year mark. If we fail – and that’s possible, I want absolutely no doubt in my mind that we gave it our best shot and tried everything in our power.