The L.U.M.I. Brief

The L.U.M.I. Brief

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The 45% Mirage
Africa’s venture capital is raising more from domestic investors than ever. The problem is which domestic investors.
 • Lumi Mustapha
THE PHANTOM UNIT
Your Unit Economics Are Fine. Your Unit Is Wrong.
 • Lumi Mustapha
The $270M Music IP Market African Banks Are Missing—And How Direct Payment Unlocks It
Why the same catalogue supports 20% more debt through structure alone—and what this reveals about making knowledge economies operational
 • Lumi Mustapha
The Camel Imperative: Why Africa’s Next Winners Won’t Be Unicorns
Real markets are 70-90% smaller than pitch decks claim. The businesses that survive will be the ones that needed the least capital—not the most.
 • Lumi Mustapha
Three Paths Diverge: Venezuela, BRICS, and the Battle for Frontier Market Capital
How elite behavioral equilibrium determines whether African markets compound or dissipate under competing global scenarios—and why the positioning…
 • Lumi Mustapha
THE LIQUIDITY MIRAGE: WHY $500M AFRICAN FUNDS CAN’T DEPLOY LIKE $50M ONES
How deal scarcity, governance bandwidth, and exit liquidity create inverse scale economics in African VC—and why bigger isn’t better
 • Lumi Mustapha
FLUTTERWAVE’S MONO ACQUISITION: READING THE BALANCE SHEET
When Africa’s Most Valuable Fintech Pays in Stock, It’s Time to Read the Numbers
 • Lumi Mustapha
The L.U.M.I. Brief
The L.U.M.I. Brief
Where emerging market founders, funders, creatives, and operators level up—on capital, structure, and narrative
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Justin Pemberton
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The L.U.M.I. Brief

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