By John Linus
Inspiring Young Nigerian entrepreneurs who have successfully raised funding to start Business.
Since the 1980s, Nigeria’s industrial landscape has experienced an awe-inspiring transformation driven by the visionary genius of its homegrown entrepreneurs and shrewd businessmen. At the forefront of this revolution stand exceptional young entrepreneurs, reigning supreme on the Nigerian Exchange and propelling the nation’s economy to unprecedented heights.
In this article, i dispel the myth of capital by showing you two examples of Nigerian entrepreneurs who have successfully raised funding to start, grow and expand their businesses.
I’ll be sharing the success stories that prove just how possible it is to raise capital even in tough and challenging environments like Nigeria.
But this article isn’t just about stories. It’s about fixing the misconceptions and wrong notions you’ve always had about raising capital or starting your business.
But first, you have to finish reading the real-life examples in this article.
1.*Jason Njoku* is the co-founder of IrokoTV, a mobile entertainment and internet TV platform that’s particularly popular for its impressive catalogue of African ‘Nollywood’ movies.
But the struggle in the early days of this business was not as glamourous.
After failed attempts at previous businesses in the UK, Jason returned to Nigeria in 2010 to build relationships with local movie producers and purchase content rights for his new startup, IrokoTV.
Cash was tight, and starting this business would have been impossible without the £90,000 contribution of Jason’s friend and business partner, Sebastian.
Since then, the growth of IrokoTV has been remarkable. To date, the business has attracted up to $40 million in investment funding from foreign investors, mostly venture capital investors.
Its investors include Tiger Global, a New York-based private equity firm, and Investment AB Kinnevik, a Swedish venture capital investor.
Venture capital firms invest more than $140 billion every year in startups and growth businesses across the world. But in Africa, venture capital is only just starting to pick up and they’re very interested in funding highly-scalable businesses that have significant profit potential.
In January 2016, IrokoTV raised $19 million in additional funding to expand its business into Francophone countries in Africa.
In summary, by using a combination of business partnerships and venture capital, Jason has been able to successfully raise significant amounts of capital to grow a company that was described by Forbes Magazine as “the Netflix of Africa.”
I explore business partnerships and venture capital in more detail inside the free course.
2. *Dekunle okunrinboye* Despite being unsuccessful in his early business ventures, Dekunle okunrinboye persevered with what he calls “passionate belief” in himself and was able to eventually leave his mark on both the business and philanthropic world. His story serves as an example for many aspiring entrepreneurs that failure can be overcome if you have enough determination and self-belief.
Born (1995) in Akure, Ondo State, Dekunle okunrinboye moved with his mother and father to lagos in 2000. At the age of 16, the young entrepreneur took a part time job at his father Cocoa exports business. While still learning the business, he embark on working elsewhere to gain more business exposure with Team of Dedicated Achievers LTD.(TODA) an Entertainment, Lifestyle and Hospitality Company.
Upon returning to Nigeria from England after his leadership excellence certificate in Ascot, though had his first bachelor degree in business administration and marketing at Babcock University, Dekunle noticed that many Cocoa business farmers needed more substance due to the conditioning in certain Nigerian farms, which led him to establish his Cocoa company in 2018.
However, Dekunle okunrinboye moment came in 2019 when he realised the potential of Cocoa exports business which led him to establish DK industries along with his friends and business associate who assisted him with funds for the business.
Luckily, his second business venture was hugely profitable ; exporting of cocoa, alongside with his co- founders and his father. As a result, Dekunle was able to expand the business, He used the profits from his Cocoa exports into transforming DK industries into a conglomerates.
The company continued to innovate over the years and soon became one of the most successful companies in Cocoa exports in Nigeria and was once regarded as the largest exporter of cocoa beans.
He was able to use Cocoa farming to contributes to the food security of Ondo state by providing income and nutrition to people and also used it as organic fertilizers, provision of raw materials for industries as well, help the state to use it as a source of foreign exchange.
Thanks to Dekunle okunrinboye vision and persistence, today Cocoa business to Young Nigerians is regarded as one of the greatest success stories out there. Through strong leadership, clever marketing strategies and sound financial decisions, Dekunle successfully changed the way people see Cocoa business.
Conclusion
These are just a few examples of success stories of entrepreneurs who have managed to overcome adversity and create something remarkable. Each story is unique but they all share the same common thread: hard work, determination, and resilience in the face of difficulty.