Swiych,
15mins

S004: How I Raised Money to Start Keexs – with Jide Ipaye

August 20, 2016
Crowdfunding campaign in Nigeria with Jide Ipaye

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.

Episode Takeaways

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

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.

Rasing money to start Crowdfunding Jide Ipaye Swiych Podcast
Photo Credit: http://thenextweb.com

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 conclusion

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.

Today's Guest

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.

  • Adebisi

    Interestingly, crowdfunding also has other aspects – such as Equity, Loan, Real Estate et al. However, the Nigerian SEC frowns totally at these crowdfunding models. Thousands of Western startups have taken up because of crowdfunding, yet, our SEC does not want to activate rules to govern our own. One just wonders!

    • Samuel

      There is still a lot of work to be done on this side of the divide. With our laws still yet to recognise the difference between “start-ups” and “businesses”, one can only expect SEC (Securities and Exchange Commission, Nigeria) to follow suit. If our economy will grow, great attention should be paid in these areas.

    • It is high time real entrepreneurs, business minded people, people who truly care for economic growth and diversification, fill these political roles.

  • John Adeoye Akinrinade

    I actually knew about how money was raised for Late Mayowa and some of our Olympics athletes befr they could travel to Rio de Janeiro buh I never knew its called crowdfunding until now. Thanx to Samuel Adeoye with his Podlobe team and Jide Ipaye for bringing this to limelight. Its high time our policymakers av a rethink about their stand on crowdfunding so dat start up can easily explore its advantage to. rise especially during this economic recession.
    God bless Nigeria, God bless Podlobe

    • God bless John Adeoye Akinrinade. And that is just one of the unique benefits of crowd funding. Just as Jide said, the possibility with crowd-funding is limitless. And anything can be funded, so long the people agree with the cause. One thing I know is that it is high time that technocrats, entrepreneurs start dictating what works via the power of their economic activities. You and I must strive to be in the position to make those laws. Why? We care more about it than they do. By the way, if there is anything you think we could have do better with our podcast, please feel free to make suggestions.

  • The issue of Nigeria being exempted from certain online businesses is really annoying. Although some Nigerians have managed to stain our flag, I don’t understand why Kickstarter, PayPal and co, continue to place limitations on Nigerians. I think the available set of robust security solutions should be sufficient to handle the risks posed by online fraudsters

    • I was hurt when I heard that punchline: Nigerians are not allowed on our site. Dammnnn! Are they saying all Nigerians are criminals? Like you said, with all the robust security solutions they have, why would they still sideline a whole country? Its pathetic. But heyyy! Its there platform, their rules. We should go and build our own Internet.

  • Omoloro Fasuyi

    I did not even know there was such a thing as crowd sourcing before now. I mean, i have seen it a couple of times, but i thought it was just the same as crowd funding. Good Job Podlobe!! I am actually really enjoying listening to the podcasts. It is almost like i am taking a course in entrepreneurship. Very concise and helpful points. I noticed you have not had the ten words game in a while

    • Concise and brief is how we like to keep it. We don’t want you swimming is seas of words that you forget why you clicked play in the first place. And we are glad we are hitting the right nerve!

      Yeahhhh, the ten word game is always at the end of the interview. And an interview can be split into two episodes if it is too long for one episode. So if you check out episode S005, you will find it there!

  • chized

    This is very informative. Sourcing for finance is typically the challenge (or excuse) for Nigerians nursing entrepreneurial aspirations. I guess crowd funding is the formal name for “village” or “church” contributions we practice here in Nigeria. This episode has definitely sparked up my interest, gonna make more research. thanks

    • Hehehe. “village/church” contributions. Thank you for bringing it back home my sister. I’m glad it sparked a light in you! Leggon with the research! Abeg carry me along shaa!

Scroll to top
Podlobe
Welcome home