https://discovery.insidify.com/according-to-toletcomng-founders-here-are-4-things-you-should-do-to-get-a-million-dollars-in-funding-for-your-startup

Getting funding for your startup is in no way a small feat especially in an ecosystem where funding is hard to come by. Granted, dynamics are changing and tech hubs are springing up from every nook and cranny of the country but what shot does the average innovation from these tech hubs have at getting actual investment? Quite slim, one would say.

However, when you take a look at the startups that are actually getting the big investments, you probably think your solution is way tenable that theirs. This might be true, but how well structured are you for such investors? Do you have what it takes for an investor to put their money in your entrepreneurial venture?

In this interview, we have the ToLet Co-founders, Fikayo Ogundipe and Dapo Eludire telling us as it is, what you need to do, have, be and how to go about attracting firms like the Malaysian based Frontier Digital Ventures that invested a whopping 1.2 million dollars in their startup.



1.Ensure that you have a big and juicy market

On how to raise money for your startup, Fikayo says to ensure that you have a market that’s big and juicy enough for the investor. This is because the investor wants to put in a thousand and get a million. And as fast as possible too. For example in a space of 6 months, let your business be popping enough for investors’ money to yield returns.

2.Have the right team in place

To grow your business, you need the right team in place. Your employees are the backbone of your business, as you alone will not be able to efficiently run your business. When you are forming a team it is important that everyone have a clear vision, understanding of the core values, and an appreciation for the business’ culture. When things are aligned the team will focus on reaching the business goals. It is important that your team know their role in generating and maintaining client relationships. Once you have the right team in place in your small business, your ability to grow will be endless. Also ensure you align each person with the best of their capabilities and capacity.


https://www.youtube.com/watch?v=vxob5AoWj9A

3.Make sure you have traction

Although they’ve advised that you shouldn’t be bothered about starting up big, it is important you’re your startup has some traction to its credit. According to the Fikayo Ogundipe, the CEO of ToLet.com.ng, this would be based on the team and the market. At least what you’ve built should have gathered a little mileage or traction as the case may be.

4.You don’t have to start up big, just get out there.

They started the platform Estanode.com with about 30,000 naira. They were bootstrapping off their parents, their savings, but in all, they did start, using a small cubicle outside of Ikeja where they gathered everyday on how to make their dream work. They did this for about six months and then they started getting traction; listings, site visits, a couple of agents started using the platform.

On the whole, they added that you also need to make sure that your product is clean and then you can start reaching out to these organization. As it goes without saying, he mentioned that as startup owners, you should be abreast of information making the rounds not just in your industry but for other organizations who might be interested in seed-funding a startup.


https://discovery.insidify.com/according-to-toletcomng-founders-here-are-4-things-you-should-do-to-get-a-million-dollars-in-funding-for-your-startup
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