S004: How I Raised Money to Start Keexs – with Jide Ipaye
In this episode, Jide Ipaye describes how he raised £17,871, an equivalent of 8 million naira, from strangers in 6 weeks. Jide Ipaye is a serial entrepreneur and co-founder of Keexs, who needed this fund was to start production of his socially conscious footwear, Keexs—the first in Africa.
In this episode, you will learn
- what inspired Jide to launch Keexs, a social and urban footwear brand,
- the difference between crowd-sourcing and crowdfunding,
- how to decide if crowdfunding is an appropriate funding option for your project,
- how he raised 8 million naira in 6 weeks from KickStarter, a prominent crowdfunding platform , and
- the unique benefits of crowdfunding beyond just raising money.
Raising money to Start
There are different ways to raise money to start your business/startup, but usual methods do not always work out. For instance, Burrowing from banks might be a risky option to consider, and your friends and family might not have enough to support you. Most times, we do not think of strangers. Yet, when Jide Ipaye wanted to launch his startup Keexs, speaking to strangers was exactly what he did.
Crowdfunding has made raising money to start from strangers very easy. In simple terms, it is the use of a small amount of money from a large number of people to finance a project. It has grown from just an idea on the list to a serious funding option for entrepreneurs and anyone for that matter. Jide Ipaye breaks down this concept and describes how it works.
Its promising growth in Nigeria
The number of crowdfunding platform users in the world is growing astronomically every year. However, this growth seem to be a slower here in Nigeria. (We are always the late adopters). However, the future is very promising for startups or anyone with a cause seeking to raise money to start a project. If you still do not believe, ask Ahmed Mayowa Shukurat.
In summary, this episode helps you understand what crowdfunding is all about from the practical viewpoint of things. In addition to that, you get to learn from the experience of our guest, Jide Ipaye, who raised 8 million naira in 6 weeks to start keexs, using this growing funding option.
Jide Ipaye is a serial entrepreneur with startup experience spanning over 14 years. He has co-founded 3 startups, since he forayed into entrepreneurship. He is the founder and CEO of of Keexs – Nigeria’s first social footwear brand and 3CNET Nigeria Ltd—a privately owned provider of Information and Communication Technology. He is a winner of Sterling’s Bank “Meet The Executive”, 2016 and a recipient of the 2008 PAFE (Paragon Award for Excellence) Award for Innovative Entrepreneurship.