500 Startups founder says industry potential investment hub for entertainment

Mclure made the assertion at a forum tagged “Geeks meet Nollywood at Eko Hotels and Suites, Victoria Island Lagos.

The News Agency of Nigeria (NAN) reports that McClure an entrepreneur based in the San Francisco Bay Area, U.S., founded and run the business accelerator 500 Startups.

McClure came to Nigeria to partner The African Technology Foundation on a business trip called “500 Startups Geeks on the Plane Tech Tour to Nigeria’’.

The event served as a flagship of bringing Silicon Valley’s leading Media and Technology investors who are transforming the global film industry to Nigerian entertainment industry.

It also aimed at evolving a synergy between the startups and the Nollywood’s finest creative’s and way-makers to network and to explore greater connections between both ecosystems.

The event includes special industry discussions, investor networking and the screening of the documentary, “Venture: An Enterprise Journey’’ showcasing the activities of five top African startups invited into the Silicon Valley ecosystem.

McClure said that the Nollywood was a big market enough for worthy investors to put their money in with the assurance of getting the profits in a right business atmosphere.

“Nollywood is a big industry compared with other entertainment industries in the world. It is only behind Hollywood and Bollywood. It is an industry with great potential.

“We are not afraid to come into the business because we have seen some potential. The actors are good, the market is fertile and the industry itself ready for a help.

“What we need to bring to the table is the technological development, how we can help the industry grow better and people getting the reward of their sweat.

“There are risks in businesses, but I think it worth our risk in investing in Nigeria’s entertainment industry. I think it will bring out positive results,’’ he said.

McClure said that piracy in Nollywood did not apply to it alone but was a global issue which could be fought with the use of appropriate technology and right business model.

“Piracy is not just a Nollywood problem it is a global issue. Piracy is everywhere. In the U.S. it is a punishable offence that attracts jail terms.

“For us, we need to evolve a model in which we will make piracy uninteresting through the right business model which also forms the reason why we are in Nigeria.

“We evolve how we push the distribution channels. We need a business model; in the U.S the film goes from the theatre to other forms of distribution such as airplanes and others.

“We need to work on a business model to see what is best for Africa and Nigeria,’’ he said.

McClure said that many efforts had been put in place to checkmate the activities of pirates in order to discourage the illicit trade.

“A lot of efforts have been put in place in Nigeria, some in the digital distribution level and some in the Silicon Valley professionals and that is what we are looking for.

“We are looking for the opportunity in Nigeria, how we can use technology to cross that value chain and how to put a string on piracy.

“Do we stop piracy at the stage of distribution or at the stage of marketing? It is not a one sided effect, it is much more than that.

“Piracy can be checkmated through appropriate technology and that is our interest, of course, we need to protect our investments too, so, all our efforts are geared toward making Nollywood better,’’ he said.