₦airaland Forum

I’m an upcoming software developer working to build a small tech business and, in the future, train and hire young developers in the field.

I have experience in Laravel, Core PHP, MySQL, PostgreSQL, API development, and some knowledge of blockchain (Solidity for token creation). I’ve already developed several web applications, but due to my environment, clients are not paying much, making it difficult to sustain and expand.

I’m looking for any form of assistance—grants, investors, funding opportunities, or even mentorship—that could help me grow my business. If anyone is willing to offer support or guidance, I’d truly appreciate it. Any help would go a long way!

Most of us in Nigeria are in this boat. You should not work for Nigerian people if you want to make it. I mean don't build products to sell to Nigerian people and don't accept or allow them give you pay off jobs except they are ready to pay up to a million naira. If not, don't give them room to discuss any deal.

Ruke1989:
Most of us in Nigeria are in this boat. You should not work for Nigerian people if you want to make it. I mean don't build products to sell to Nigerian people and don't accept or allow them give you pay off jobs except they are ready to pay up to a million naira. If not, don't give them room to discuss any deal.

Honestly, it's overwhelming.

You can seek opportunities abroad or develop saas - software as a service. They shouldn't pay you do build products. Rather you build and own a product which offers a service and let them pay for your service.

Have you imagined how much people make from university/college portals. They simply collect an amount eg N500 to N1000 per student when a student pays fees. For a school with 2000 students, you collect N500, that's N1000000 per year if that payment comes just once a year

Recharge card, VTU and data app. You may make N5 per recharge. But the profit comes when you have 10000 people using your app everyday. That's N5000 * 365 days for a year

You could build a so called free bible app with Google AdSense hidden somewhere or devotional app which is quite simple to do. Or even a music player with tiny URL and hidden somewhere

The list is endless.

Ruke1989:
You can seek opportunities abroad or develop saas - software as a service. They shouldn't pay you do build products. Rather you build and own a product which offers a service and let them pay for your service.

Have you imagined how much people make from university/college portals. They simply collect an amount eg N500 to N1000 per student when a student pays fees. For a school with 2000 students, you collect N500, that's N1000000 per year if that payment comes just once a year

Recharge card, VTU and data app. You may make N5 per recharge. But the profit comes when you have 10000 people using your app everyday. That's N5000 * 365 days for a year

You could build a so called free bible app with Google AdSense hidden somewhere or devotional app which is quite simple to do. Or even a music player with tiny URL and hidden somewhere

The list is endless.

Thanks you so much for the insight, I really appreciate.
I will check those

I have build the like of VTU for clients, but it's not as if I just wasted my time, no profit.

I am some good project ideas, but seriously I am just finding it difficult to properly execute because of lack of fund which in turn affect timelines.

I really appreciate your insightful advices.

Syntaxbyte:
Thanks you so much for the insight, I really appreciate.
I will check those

I have build the like of VTU for clients, but it's not as if I just wasted my time, no profit.

I am some good project ideas, but seriously I am just finding it difficult to properly execute because of lack of fund which in turn affect timelines.

I really appreciate your insightful advices.

maybe you give me your contact so we talk on WhatsApp. People sometimes think you are lazy until you meet a good client. The ability to market a product is very very important and most time developers don't have that skill. But we have to force ourselves to do it. The people who make a kill from softwares most time are the marketers not the developers -

Right now, a nurse in the UK paid someone to build an app. The app shows the user the nearest gas station to his location. The user simply calls any of the gas stations to come pick their cylinder at home, fill and return. on the app, the user pays for the gas filling, the transport cost and a fee that goes to the app owner maybe N100 or so.

The app is fully operational in Benin and asaba. The developer has been paid off maybe 200k but the nurse who owns the app had to do the real marketing - convincing local gas stations to sign-up and work with him. Right now he has tons of stations signed up. Owning a product and marketing it brings you the real wealth. But building for people leaves you impoverished.

About how to raise money, start gradually. Walk up to a school provider in your neighborhood or a pharmacy - propose a software. Use any online softwares demo for them. Be ready to expand beyond software because you may see them request your assistance to buy laptop, install CCTV. Convince them you are able but negotiate with someone to do it if you can't and just get your share.

Jumia advertised for 8 years, did discounts for 8 years without making N1 profit. They had a European angel investor who invested £800 million and was patient. Even the original Nigerian owner and co developer sold his shares off before the company became profitable because he was tired of waiting. Most successful companies have come a long way requiring patience. Nigerians have scammed angel investors and venture capital firms alot in recent times under the guise of fintech.

Note: you can't even easily get a chance to meet those ventures capital firms and angel investors if you have never travelled out. We don't have patient investors in Nigeria. So you have to build from small with patience

Ruke1989:
maybe you give me your contact so we talk on WhatsApp. People sometimes think you are lazy until you meet a good client. The ability to market a product is very very important and most time developers don't have that skill. But we have to force ourselves to do it. The people who make a kill from softwares most time are the marketers not the developers -

Right now, a nurse in the UK paid someone to build an app. The app shows the user the nearest gas station to his location. The user simply calls any of the gas stations to come pick their cylinder at home, fill and return. on the app, the user pays for the gas filling, the transport cost and a fee that goes to the app owner maybe N100 or so.

The app is fully operational in Benin and asaba. The developer has been paid off maybe 200k but the nurse who owns the app had to do the real marketing - convincing local gas stations to sign-up and work with him. Right now he has tons of stations signed up. Owning a product and marketing it brings you the real wealth. But building for people leaves you impoverished.

About how to raise money, start gradually. Walk up to a school provider in your neighborhood or a pharmacy - propose a software. Use any online softwares demo for them. Be ready to expand beyond software because you may see them request your assistance to buy laptop, install CCTV. Convince them you are able but negotiate with someone to do it if you can't and just get your share.

Jumia advertised for 8 years, did discounts for 8 years without making N1 profit. They had a European angel investor who invested £800 million and was patient. Even the original Nigerian owner and co developer sold his shares off before the company became profitable because he was tired of waiting. Most successful companies have come a long way requiring patience. Nigerians have scammed angel investors and venture capital firms alot in recent times under the guise of fintech.

Note: you can't even easily get a chance to meet those ventures capital firms and angel investors if you have never travelled out. We don't have patient investors in Nigeria. So you have to build from small with patience

you really made valid points honestly, it’s not easy for developers in Nigeria. I am one and I know what I have faced, sometimes people will owe me millions. Honestly Nigeria is not just a place you can easily grow except building a long term investment for yourself. I really have much to add but not this time though, you are really on point.

As for the OP, it’s not easy for you to get funding, just solve problems and get paid, take it slow and steady, be very creative.

Ruke1989:
maybe you give me your contact so we talk on WhatsApp. People sometimes think you are lazy until you meet a good client. The ability to market a product is very very important and most time developers don't have that skill. But we have to force ourselves to do it. The people who make a kill from softwares most time are the marketers not the developers -

Right now, a nurse in the UK paid someone to build an app. The app shows the user the nearest gas station to his location. The user simply calls any of the gas stations to come pick their cylinder at home, fill and return. on the app, the user pays for the gas filling, the transport cost and a fee that goes to the app owner maybe N100 or so.

The app is fully operational in Benin and asaba. The developer has been paid off maybe 200k but the nurse who owns the app had to do the real marketing - convincing local gas stations to sign-up and work with him. Right now he has tons of stations signed up. Owning a product and marketing it brings you the real wealth. But building for people leaves you impoverished.

About how to raise money, start gradually. Walk up to a school provider in your neighborhood or a pharmacy - propose a software. Use any online softwares demo for them. Be ready to expand beyond software because you may see them request your assistance to buy laptop, install CCTV. Convince them you are able but negotiate with someone to do it if you can't and just get your share.

Jumia advertised for 8 years, did discounts for 8 years without making N1 profit. They had a European angel investor who invested £800 million and was patient. Even the original Nigerian owner and co developer sold his shares off before the company became profitable because he was tired of waiting. Most successful companies have come a long way requiring patience. Nigerians have scammed angel investors and venture capital firms alot in recent times under the guise of fintech.

Note: you can't even easily get a chance to meet those ventures capital firms and angel investors if you have never travelled out. We don't have patient investors in Nigeria. So you have to build from small with patience

Patient is the key, and good moves also. Thank you alot

Here's my WhatsApp Number: +2349049708527

Emmy2022tech:
you really made valid points honestly, it’s not easy for developers in Nigeria. I am one and I know what I have faced, sometimes people will owe me millions. Honestly Nigeria is not just a place you can easily grow except building a long term investment for yourself. I really have much to add but not this time though, you are really on point.

As for the OP, it’s not easy for you to get funding, just solve problems and get paid, take it slow and steady, be very creative.

Thanks for the feedback, I really appreciate.

You won't believe what I have single handedly build, before resigning from where I was working before, did a lot of work but nothing good comes out. It really terrible.

I have build for foreign countries while there.

Starting a software development business requires financial resources, and securing funding can be a significant hurdle. Here's a breakdown of how you can get financial support:

I. Planning and Preparation are Key:

Develop a Comprehensive Business Plan:

Executive Summary: A concise overview of your business, its mission, and financial goals.
Company Description: Details about your business, its legal structure, and its mission.
Market Analysis: Research your target market, identify your competitors, and highlight your competitive advantage. Include market size, trends, and growth potential.
Products and Services: Clearly describe the software products or services you'll offer. Explain their features, benefits, and pricing strategy. Include mockups or wireframes.
Marketing and Sales Strategy: Outline how you will reach your target customers. Include channels, pricing, and customer acquisition costs.
Management Team: Describe the skills and experience of your team. Include any advisory board members.
Financial Projections: This is critical.
Start-up Costs: Detail all expenses needed to launch (software, hardware, office space, marketing, legal fees, etc.).
Funding Request: How much money you need and how you plan to use it.
Revenue Projections: Realistic estimates of your sales over the next 3-5 years (or longer). Include assumptions behind these projections.
Expense Projections: Detailed estimates of your operating costs (salaries, rent, marketing, software subscriptions, etc.).
Profit and Loss (P&L) Statements: Projected profitability over the next 3-5 years.
Cash Flow Projections: Show how cash will flow in and out of your business. This is crucial for demonstrating your ability to manage your finances.
Balance Sheets: Projected assets, liabilities, and equity.
Break-Even Analysis: Calculate when you expect your business to become profitable.
Appendix: Include supporting documents like resumes, market research data, and letters of intent.
Personal Finances:

Assess your Credit: Get your credit report and understand your credit score. A good credit score is essential for loans and investment.
Personal Investment: Determine how much of your own money you are willing to invest. This demonstrates commitment to potential investors.
II. Funding Sources:

Bootstrapping (Self-Funding):

Benefits: You retain full control and ownership of your business. You don't have to answer to investors.
Methods:
Personal Savings: Use your savings to fund the startup.
Sweat Equity: Dedicate your time and skills to build your business.
Friends and Family: Ask for loans or investments from people you know. Be sure to have a legal agreement in place.
Freelancing/Consulting: Use income from freelance work to fund your business.
Small Business Loans:

Banks and Credit Unions:
Types: SBA loans (backed by the Small Business Administration - see below), term loans, lines of credit, and equipment financing.
Requirements: A strong business plan, good credit, collateral (assets to secure the loan), and possibly a personal guarantee.
Process: Apply for a loan from a bank or credit union. They will assess your creditworthiness, business plan, and financial projections.
SBA (Small Business Administration) Loans:
Benefits: Lower interest rates and longer repayment terms than conventional loans. The SBA guarantees a portion of the loan, reducing the risk for the lender.
Types: 7(a) loans (most common), 504 loans (for fixed assets), and microloans.
Requirements: Meet SBA eligibility requirements (size of business, industry, etc.). Prepare a strong business plan.
Process: Apply through an SBA-approved lender (typically a bank or credit union).
Alternative Lenders:
Online Lenders: May offer faster approvals and more flexible terms than traditional banks. However, interest rates can be higher.
Peer-to-Peer Lending: Borrow money from individual investors through online platforms.
Grants:

Government Grants:
Federal, State, and Local: Research grant programs for small businesses, particularly those in the technology sector or promoting innovation. These are highly competitive.
SBIR (Small Business Innovation Research) and STTR (Small Business Technology Transfer) Programs: Fund early-stage research and development. Often require innovative technologies with commercial potential.
Private Grants:
Foundations and Non-profit Organizations: Look for grants from foundations that support technology, entrepreneurship, or specific causes related to your software.
Angel Investors:

Who They Are: High-net-worth individuals who invest in early-stage companies in exchange for equity (ownership).
Benefits: Provide capital and often mentorship and industry connections.
Process:
Network: Attend industry events, join relevant groups, and connect with angel investors through platforms like AngelList, Gust, or local angel investor networks.
Prepare a Pitch Deck: A concise presentation summarizing your business plan, the problem you're solving, your solution, market opportunity, team, and financial projections.
Due Diligence: Be prepared to answer detailed questions about your business.
Valuation: Negotiate the valuation of your company with the angel investor. This will determine how much equity they receive for their investment.
Venture Capital (VC):

Who They Are: Firms that invest in high-growth potential companies. Typically, VC investments are larger than angel investments.
Benefits: Significant capital, strategic guidance, and access to a network of resources.
Process: Similar to angel investors, but VCs often have more rigorous due diligence processes.
Requirements: High growth potential, a strong team, a scalable business model, and a large market opportunity.
Stages: VC funding typically happens in rounds (Seed, Series A, Series B, etc.), with increasing amounts of funding at each stage.
Crowdfunding:

Platforms: Kickstarter, Indiegogo, GoFundMe, and specialized platforms.
Types:
Reward-based: Offer rewards (e.g., early access to your software, exclusive features, merchandise) in exchange for contributions.
Equity-based: Offer investors equity in your company (available in certain jurisdictions).
Benefits: Raise capital, validate your product idea, and build a community of supporters.
Challenges: Requires significant marketing effort to reach a large audience. May require you to fulfill the rewards you promised.
III. Key Tips for Success:

Network: Build relationships with potential investors, mentors, and industry professionals. Attend industry events, join online forums, and participate in startup competitions.
Practice Your Pitch: Develop a clear, concise, and compelling pitch for your business. Practice pitching to different audiences and get feedback.
Be Realistic: Set realistic financial goals and expectations.
Manage Your Finances Carefully: Track your income and expenses meticulously. Create a budget and stick to it.
Seek Mentorship: Find experienced entrepreneurs or business professionals to mentor you. They can provide valuable advice and guidance.
Consider Accelerators and Incubators: These programs can provide funding, mentorship, workspace, and networking opportunities.
Protect Your Intellectual Property: File for patents, trademarks, and copyrights as needed.
Stay Persistent: Securing funding can be a challenging and time-consuming process. Don't give up!
By carefully planning, preparing, and exploring these funding options, you can increase your chances of securing the financial support you need to launch your software development business. Remember to tailor your approach to the specific needs of your business and the preferences of the funding sources you are targeting.

HateIt1:
Starting a software development business requires financial resources, and securing funding can be a significant hurdle. Here's a breakdown of how you can get financial support:

I. Planning and Preparation are Key:

Develop a Comprehensive Business Plan:

Executive Summary: A concise overview of your business, its mission, and financial goals.
Company Description: Details about your business, its legal structure, and its mission.
Market Analysis: Research your target market, identify your competitors, and highlight your competitive advantage. Include market size, trends, and growth potential.
Products and Services: Clearly describe the software products or services you'll offer. Explain their features, benefits, and pricing strategy. Include mockups or wireframes.
Marketing and Sales Strategy: Outline how you will reach your target customers. Include channels, pricing, and customer acquisition costs.
Management Team: Describe the skills and experience of your team. Include any advisory board members.
Financial Projections: This is critical.
Start-up Costs: Detail all expenses needed to launch (software, hardware, office space, marketing, legal fees, etc.).
Funding Request: How much money you need and how you plan to use it.
Revenue Projections: Realistic estimates of your sales over the next 3-5 years (or longer). Include assumptions behind these projections.
Expense Projections: Detailed estimates of your operating costs (salaries, rent, marketing, software subscriptions, etc.).
Profit and Loss (P&L) Statements: Projected profitability over the next 3-5 years.
Cash Flow Projections: Show how cash will flow in and out of your business. This is crucial for demonstrating your ability to manage your finances.
Balance Sheets: Projected assets, liabilities, and equity.
Break-Even Analysis: Calculate when you expect your business to become profitable.
Appendix: Include supporting documents like resumes, market research data, and letters of intent.
Personal Finances:

Assess your Credit: Get your credit report and understand your credit score. A good credit score is essential for loans and investment.
Personal Investment: Determine how much of your own money you are willing to invest. This demonstrates commitment to potential investors.
II. Funding Sources:

Bootstrapping (Self-Funding):

Benefits: You retain full control and ownership of your business. You don't have to answer to investors.
Methods:
Personal Savings: Use your savings to fund the startup.
Sweat Equity: Dedicate your time and skills to build your business.
Friends and Family: Ask for loans or investments from people you know. Be sure to have a legal agreement in place.
Freelancing/Consulting: Use income from freelance work to fund your business.
Small Business Loans:

Banks and Credit Unions:
Types: SBA loans (backed by the Small Business Administration - see below), term loans, lines of credit, and equipment financing.
Requirements: A strong business plan, good credit, collateral (assets to secure the loan), and possibly a personal guarantee.
Process: Apply for a loan from a bank or credit union. They will assess your creditworthiness, business plan, and financial projections.
SBA (Small Business Administration) Loans:
Benefits: Lower interest rates and longer repayment terms than conventional loans. The SBA guarantees a portion of the loan, reducing the risk for the lender.
Types: 7(a) loans (most common), 504 loans (for fixed assets), and microloans.
Requirements: Meet SBA eligibility requirements (size of business, industry, etc.). Prepare a strong business plan.
Process: Apply through an SBA-approved lender (typically a bank or credit union).
Alternative Lenders:
Online Lenders: May offer faster approvals and more flexible terms than traditional banks. However, interest rates can be higher.
Peer-to-Peer Lending: Borrow money from individual investors through online platforms.
Grants:

Government Grants:
Federal, State, and Local: Research grant programs for small businesses, particularly those in the technology sector or promoting innovation. These are highly competitive.
SBIR (Small Business Innovation Research) and STTR (Small Business Technology Transfer) Programs: Fund early-stage research and development. Often require innovative technologies with commercial potential.
Private Grants:
Foundations and Non-profit Organizations: Look for grants from foundations that support technology, entrepreneurship, or specific causes related to your software.
Angel Investors:

Who They Are: High-net-worth individuals who invest in early-stage companies in exchange for equity (ownership).
Benefits: Provide capital and often mentorship and industry connections.
Process:
Network: Attend industry events, join relevant groups, and connect with angel investors through platforms like AngelList, Gust, or local angel investor networks.
Prepare a Pitch Deck: A concise presentation summarizing your business plan, the problem you're solving, your solution, market opportunity, team, and financial projections.
Due Diligence: Be prepared to answer detailed questions about your business.
Valuation: Negotiate the valuation of your company with the angel investor. This will determine how much equity they receive for their investment.
Venture Capital (VC):

Who They Are: Firms that invest in high-growth potential companies. Typically, VC investments are larger than angel investments.
Benefits: Significant capital, strategic guidance, and access to a network of resources.
Process: Similar to angel investors, but VCs often have more rigorous due diligence processes.
Requirements: High growth potential, a strong team, a scalable business model, and a large market opportunity.
Stages: VC funding typically happens in rounds (Seed, Series A, Series B, etc.), with increasing amounts of funding at each stage.
Crowdfunding:

Platforms: Kickstarter, Indiegogo, GoFundMe, and specialized platforms.
Types:
Reward-based: Offer rewards (e.g., early access to your software, exclusive features, merchandise) in exchange for contributions.
Equity-based: Offer investors equity in your company (available in certain jurisdictions).
Benefits: Raise capital, validate your product idea, and build a community of supporters.
Challenges: Requires significant marketing effort to reach a large audience. May require you to fulfill the rewards you promised.
III. Key Tips for Success:

Network: Build relationships with potential investors, mentors, and industry professionals. Attend industry events, join online forums, and participate in startup competitions.
Practice Your Pitch: Develop a clear, concise, and compelling pitch for your business. Practice pitching to different audiences and get feedback.
Be Realistic: Set realistic financial goals and expectations.
Manage Your Finances Carefully: Track your income and expenses meticulously. Create a budget and stick to it.
Seek Mentorship: Find experienced entrepreneurs or business professionals to mentor you. They can provide valuable advice and guidance.
Consider Accelerators and Incubators: These programs can provide funding, mentorship, workspace, and networking opportunities.
Protect Your Intellectual Property: File for patents, trademarks, and copyrights as needed.
Stay Persistent: Securing funding can be a challenging and time-consuming process. Don't give up!
By carefully planning, preparing, and exploring these funding options, you can increase your chances of securing the financial support you need to launch your software development business. Remember to tailor your approach to the specific needs of your business and the preferences of the funding sources you are targeting.

This give long insight, appreciated !

Ruke1989:
You can seek opportunities abroad or develop saas - software as a service. They shouldn't pay you do build products. Rather you build and own a product which offers a service and let them pay for your service.

Have you imagined how much people make from university/college portals. They simply collect an amount eg N500 to N1000 per student when a student pays fees. For a school with 2000 students, you collect N500, that's N1000000 per year if that payment comes just once a year

Recharge card, VTU and data app. You may make N5 per recharge. But the profit comes when you have 10000 people using your app everyday. That's N5000 * 365 days for a year

You could build a so called free bible app with Google AdSense hidden somewhere or devotional app which is quite simple to do. Or even a music player with tiny URL and hidden somewhere

The list is endless.

Please what payment gateway do you advice for this as the profit is slim

Syntaxbyte:
Thanks you so much for the insight, I really appreciate.
I will check those

I have build the like of VTU for clients, but it's not as if I just wasted my time, no profit.

I am some good project ideas, but seriously I am just finding it difficult to properly execute because of lack of fund which in turn affect timelines.

I really appreciate your insightful advices.

please what payment gateway did you use

Sylvaxxl1:
Please what payment gateway do you advice for this as the profit is slim

For VTU you can't use payment gateways because they will take your entire profit. The cheapest gateway in Nigeria is flutter wave and they take 3.5%.. if your profit from N100 recharge is N4 and they take N3.5, your bank normally will still deduct from your account thereby destroying your profit. Most VtU apps on play store display an account number you are to pay to and a link to WhatsApp them after payment for confirmation and activition

Thanks alot for your reply. In that case I'd probably use providous virtual account

Sylvaxxl1:
please what payment gateway did you use

Well, you may use Monnify Virtual Dedicated Account.
1% of the transaction amount.

I have used it for two clients and no complains.

But I suggest you implement MoniePoint Bank instead of Wema

Good luck

Syntaxbyte:
Well, you may use Monnify Virtual Dedicated Account.
1% of the transaction amount.

I have used it for two clients and no complains.

But I suggest you implement MoniePoint Bank instead of Wema

Good luck

Thanks alot bro. I just even checked providous bank and theirs is 1.4% which is still high. Right now, I'm exploring squadco, theirs is 0.25%, which is quite favourable.
I'd like to know if anyone has any experience with them

Sylvaxxl1:
Thanks alot bro. I just even checked providous bank and theirs is 1.4% which is still high. Right now, I'm exploring squadco, theirs is 0.25%, which is quite favourable.
I'd like to know if anyone has any experience with them

No I do not have experience with them, but just make sure they are reliable,

Goodluck with your development

Syntaxbyte:
I

Go do yahoo or go do gay...people dey cash out from these two business well well

severee:
Go do yahoo or go do gay...people dey cash out from these two business well well

Lol,.
Is that what you're currently doing?

Syntaxbyte:
No I do not have experience with them, but just make sure they are reliable,

Goodluck with your development

Thanks bro. Squad is by GTBank