From Startup Failure to Venture Scale: A Founder's Epic Diaspora Reinvention

Born in Nigeria, Seyi Fabode developed a profound ability to synthesize and distill information, a skill he harnessed to drive crucial financial and investment decisions throughout his career. His journey began with early experiences, including a job at a metal factory in Agege, Lagos, and a subsequent role as a Risk Analyst at Guaranty Trust Bank (GTBank). These foundational experiences, coupled with observing his father's entrepreneurial endeavors, deeply shaped his professional outlook and instilled an underlying belief: "If you know better, you will do better." Fabode’s career path subsequently led him to work across the UK and US, navigating the complexities of tech entrepreneurship, including a failed startup, successful funding raises, and an exit that significantly benefited his team.
Fabode's approach to professional life was rooted in childhood curiosity. He would immerse himself in library topics, later being required by his mother to summarize his readings, thereby sharpening his ability to process and clearly communicate complex information. This skill became central to the businesses he built, which focused on curating disparate information to empower individuals and businesses to make confident financial or investment decisions without being overwhelmed.
After studying Metallurgical and Materials Engineering at the Federal University of Technology, Akure, Fabode's initial professional experiences included working at a metal factory in Agege, where he observed the profitability of a business addressing a niche market need for metal parts. Following his National Youth Service Corps (NYSC), he joined GTBank as a Risk Analyst. Despite finding the job somewhat mundane due to its reliance on Excel, he noted a striking pattern: 98% of loan applicants were entrepreneurs. This observation, combined with his father's business ventures, fueled his growing fascination with entrepreneurship.
His path took him to a postgraduate degree in Manufacturing Systems Engineering, which deepened his understanding of workflows, production processes, and the operational optimization of large-scale infrastructure. This expertise led him to a significant role managing the operations side of a 1,000-megawatt power station in East London, supplying electricity to approximately half a million homes. It was at this power plant that his true transition into technology began. During a financial crisis, when a major corporate off-taker went bankrupt, Fabode was involved in developing software to trade a 350-megawatt energy surplus on exchanges. Witnessing the creation of this sophisticated system to trade millions of dollars' worth of electricity was a transformative experience. He subsequently left the power plant to join the technology founders, contributing to EnergyQuote, a B2B and B2C product built upon the custom software, which was eventually sold to major corporations.
Inspired by his entrepreneurial influences, Fabode launched his own venture, Power2Switch, upon moving to the US. Positioned as the US equivalent of EnergyQuote, Power2Switch aimed to distill complex grid information to enable consumers and businesses to make smarter financial decisions about their energy usage, coinciding with the opening of US energy markets. The company successfully raised approximately $3 million in 2009 and achieved a successful exit after about five years. Fabode particularly valued the impact on his team, as nearly all 11 or 12 employees went on to launch their own companies, empowered by the financial freedom provided by the exit.
Following this exit, Fabode immersed himself in the venture capital world with Evergreen Climate Innovation, one of Power2Switch's investor funds, contributing to their thesis on the future of the energy industry. He then founded an IoT company focused on sensor-driven systems for city water management, raising $4 million. However, this venture was shut down after four years, as it failed to reach an inflection point and achieve venture scale.
Currently, Fabode is building a company that he describes as "Power2Switch for the AI age," focusing on two interdependent aspects: information play and deployment play. This platform assists infrastructure investors in making better asset investment decisions on the US National Grid. The system evaluates the value of individual assets, such as a wind farm, and matches them to more lucrative contracts or co-location opportunities, like data centers, to maximize revenue.
Drawing on his experiences, Fabode offers unique insights into development challenges, noting the relative nature of problems faced by US founders compared to other markets, given the existing infrastructure and utility interfaces. He advises African founders to build solutions for problems they deeply understand and scale them to a broader market with tenacity. He also identifies Africa as uniquely positioned for the next wave of data center development. He posits that while the US approaches an oversupply of power capacity for data centers, Africa presents a compelling economic case, where a data center with its own private power source can be potentially cheaper than one in the West. This stems from what he perceives as a distorted perception of risk by foreign investment in emerging markets. Fabode highlights that local partnerships, such as offering a village power in exchange for land use, can significantly reduce regulatory friction, contrasting this with the years of bureaucracy and interest payments often encountered by projects of similar scale in the US. This localized, integrated power solution represents a significant economic advantage for Africa.
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