Italian firm Bending Spoons may not be a household name in Nigeria, but its recent moves have sent quiet shockwaves through the global tech economy. In just two days, the company acquired AOL and raised $270 million, pushing its valuation to a stunning $11 billion.
What makes this remarkable is not just the speed of the ascent, but the strategy behind it: buying struggling or overlooked tech companies and turning them profitable again. It’s a model that challenges the obsession with unicorns and shiny new startups, reminding the world that innovation also happens in the slow, steady rebuilding of tools people already use.
This “buy, fix, and hold” mindset is gaining traction, especially with firms like Curious, led by Andrew Dumont. Instead of chasing hype, these companies focus on “venture zombies”—software products that once had promise but stalled after the VC spotlight dimmed. Dumont argues that most of the companies written off in traditional venture capital still have solid foundations; they just need a different kind of stewardship. By cutting costs, adjusting pricing, and centralizing operations like marketing and finance, firms like his are able to revive old platforms into revenue-generating engines almost immediately. It’s not glamorous work, but it’s sustainable—and increasingly profitable.
There is a powerful lesson here for Nigerian youth navigating the global tech landscape. Many young innovators think success can only come from creating something brand new, yet this emerging model shows that there is real opportunity in rescuing, redesigning, and repurposing existing tools.
Even a modest software product generating $1 million in revenue, an amount far below Silicon Valley hype levels can be transformed into a thriving business with the right strategy. And because these acquisition firms aren’t in a rush to flip their companies for huge exits, they get to focus on long-term value rather than short-term excitement. For young builders in a developing digital ecosystem, this opens up a more accessible path to entry.
As artificial intelligence reshapes global competition, older digital products will continue to fall behind, creating a growing pool of companies ripe for revival. Curious alone has reviewed more than 500 such businesses in under two years, and plans to acquire dozens more. It’s a model built on patience, skill, and a sharp eye for underpriced potential, traits Nigerian innovators have long demonstrated. In a world where global digital inequality remains stark, this wave of tech turnarounds offers a reminder that you don’t always have to invent the future from scratch; sometimes, you simply need to breathe new life into what others have overlooked.