Swiych,
15 mins

S005: How to Start a Crowdfunding Campaign in Nigeria- with Jide Ipaye

August 24, 2016
Crowdfunding campaign in Nigeria with Jide Ipaye

S005: How to Start a Crowdfunding Campaign in Nigeria- with Jide Ipaye

In this episode, Jide Ipaye describes how to launch your own successful crowdfunding campaign in Nigeria. Jide Ipaye is the co-founder of Keexs. And he raised £17,871, an equivalent of 8 million naira from a KickStarter (a crowdfunding platform). More interesting is the fact that it took him and his team just 6 weeks.

Episode Takeaways

In this episode, you will learn about the following

  • Things you need to put in place before launching a campaign,
  • Criteria you should use when selecting a crowdfunding portal to use,
  • Tips and advice you will need when you launch a campaign,
  • How to arrive at the most reasonable figure when crowdfunding,
  • The major challenge he has faced as a Nigerian Entrepreneur over the years.

About Crowdfunding

In our last episode, we started a conversation with Jide Ipaye. There, he explained what crowdfunding is and how he raised 8 million naira in 6 weeks in his first crowdfunding campaign in Nigeria.

Undoubtedly, crowdfunding provides anyone with an idea the opportunity to pitch it in front of thousands (if not millions) of waiting investors. To put it another way, 1 million naira from one person is a lot of money, but 10,000 naira from one hundred people sounds better.

Before the crowdfunding boom

In the past, entrepreneurs had to wait for years before raising the amount of money they need to launch. Usually, you had to rely on your savings, wait on friends and family, or set out to look for “angel” investors. That is changing. In truth, Entrepreneurs can now raise funds quickly with crowdfunding.

Crowdfunding campaign in Nigeria with Jide Ipaye Swiych Podcast
Crowdfunding (Photo credit: http://www.edisonawards.com)

Crowdfunding Campaign in Nigeria

Crowdfunding is at its early stage in Nigeria. However, its future is promising. For instances, Nigerians raised about 32 million naira for sick Ahmed Mayowa Shukurat. Soon, Startups will be able to raise enough capital in a short time from crowdfunding campaign in Nigeria. In fact, some entrepreneurs (like our guest Jide Ipaye) have already funded their ideas from it,

Setting your crowdfunding goals

In addition, our guest describes why you must be careful with how you set your target in a crowdfunding campaign in Nigeria. This can be a very tricky decision to make. Most times, it is much more than the money raised.

Finally, he shares the challenges he faces as a Nigerian entrepreneur and how he has been able to deal with them. Download or Listen to Jide shares all of these in detail.

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.

  • “Crowdfunding to get married”? Kidding me? Would backers get free IVs or get hot amala delivered to their homes

    • Lmaoo, yeahhhh! There are crazier projects that have been funded. One guy asked for $10, and got $10,000. Not all crowd funding modes require you giving something back to backers. You just have to give them a cause they can relate to. Once they key innnn, you are more likely to succeed. Thanks for the comment Jonah. We appreciate!

  • Omoloro Fasuyi

    lol. Jonah i was also just as shocked. I noticed how most of the speakers have similar point; have a value you want to sell, making good relationships and treating people right.

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