While tech giants and startups alike have been shedding employees in recent times, a Nigerian entrepreneur has defied the odds. Chris Adolphus, noticing the job market struggles, identified a specific pain point: crafting compelling cover letters. This gap in the market birthed CoverAI, an AI-powered solution to help job seekers overcome their cover letter woes.
Adolphus wasn’t alone in his cover letter aversion. After validating his idea with potential users, he teamed up with a developer to build the first iteration of CoverAI in May 2023. This initial version allowed users to input their experience and achievements, generating a personalized cover letter. The solution resonated with the target audience, attracting over 200 users within a fortnight.
Fueled by user feedback, the duo refined CoverAI, culminating in a minimum viable product (MVP) launch. Recognizing the potential for acquisition, Adolphus strategically listed CoverAI on a marketplace in September 2023. This move proved successful, with the startup attracting interest from 15 potential buyers before ultimately being acquired by Writesea for an undisclosed five-figure sum.
“Our focus from the outset was on building for acquisition,” explained Adolphus. “We have a pipeline of exciting ideas we’re eager to explore, and this sale allows us to pursue those ventures.”
CoverAI’s organic user base of 13,000 at the time of acquisition is a testament to its ability to address a common pain point. “Let’s be honest, everyone hates writing cover letters,” Adolphus admits. “We capitalized on this universal frustration, and a simple LinkedIn post was all it took to gain traction.”
With valuable lessons learned from CoverAI’s journey, Adolphus is already onto his next venture. He aims to replicate his success with a new product, targeting a six-figure sale within six months. This time, however, he emphasizes the importance of understanding user needs from the get-go, incorporating marketing strategies from the initial stages of development.
