I met Mikul Shah for the first time at the Artcaffe restaurant at the Westgate mall in 2010. The most memorable part about that meeting was a waiter who was giving us the run around when we has asked for a password for the restaurant wifi. We needed it so that he could show me his new site www.eatout.co.ke.
Eventually we had to give up on the waiter who weirdly enough had a very strange tweng on him neither of us could identify. I eventually logged onto the website and I was impressed by its simplicity and functionality. Unfortunately, the genius that I am I could not see how he could have made money from it.
Three years on and Eatout.co.ke after becoming profitable after only months went on to built a whole bunch of Internet brands including yummy.co.ke, sleepout.co.ke and God knows what else. Then I wake up to the news that Eat Out had entered into an agreement with Dutch venture capitalists Africa Media Ventures Fund (AMVF). The agreement will see the Dutch firm take a minority shareholding in the locally grown innovative start-up. The plan is to go regional as well as incorporating a delivery compenent to the business.
The lesson here is that there is money on the web if you can work hard enough with the right focus.