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Most Popular and Expensive Properties in Lagos, Nigeria

Nigeria Property Centre, a popular go-to website to find properties in Nigeria, today released popular places to rent a 3-bedroom apartment within Lagos state, Nigeria based on the extensive data and information found and listed on their website.

Lekki was revealed to be the most popular place for renting 3-bedroom apartments due to the large volume of properties listed in this local government area with Magodo and Ikeja coming in second and third place respectively. Kosofe and Isheri North were revealed to both having the lowest number of properties listed in 2013.

The most expensive 3 bedroom apartment listed in 2013 was found in Ikoyi going for N45 million naira (forty five million naira only), a slight drop from 2012 when a N55 million naira (fifty five million naira only) apartment was listed. Badergy had the cheapest 3-bedroom property that went for N180, 000 (one hundred and eighty thousand naira only) this year, which is also consistent with the property value in the same region for last year.

The 10 most expensive 3-bed apartments listed for rent in recent months are:

Ikoyi   – N6,750,000

Yaba   – N3,000,000

Magodo  - N18,000,000

Victoria Island (VI) – N4,000,000

Lekki  - N11,200,000

Ikeja   – N8,000,000

Ojodu     – N7,000,000

Maryland  -  N6,500,000

Isolo   –  N5,000,000

Gbagada   –  N3,500,000

You can check out the infographic containing more information about this data here.

About Nigeria Property Centre

NigeriaPropertyCentre.com is a real estate and property website in Nigeria with property listings for sale, rent and lease; offering Nigerian property seekers an easy way to find details of property in Nigeria like homes, houses, lands, shops, office spaces and other commercial properties to buy or rent. More at nigeriapropertycentre.com

What You Need To Know About Startup Funding Rounds – Series A and B

venture round is a type of funding round used for venture capital financing, by which startup companies obtain investment, generally from venture capitalists and other institutional investors. The availability of venture funding is among the primary stimuli for the development of new companies and technologies.

Series A Funding

Series A Preferred Stock is the first round of stock offered during the seed or early stage round by a portfolio company to the venture capitalist. Series A preferred stock is convertible into ordinary shares in certain cases such as an Initial Public Offer or the sale of the company. Series A rounds are a critical stage in the funding of new companies.

A typical Series A round is in the range of $2 million to $10 million, purchases 20% to 40% of the company, and is intended to capitalize the company for 6 months to 2 years as the company develops its products, performs initial marketing and branding, hires its initial employees, and otherwise undertakes early stage business operations.

Jobberman is one company that fits this shoe. Because there are no public exchanges listing their securities, private companies meet venture capital firms and other private equity investors in several ways, including warm referrals from the investors’ trusted sources and other business contacts; investor conferences and symposia; and summits where companies pitch directly to investor groups in face-to-face meetings.

Smaller investment amounts are not worth the legal and financial expense, the burden on a company of adjusting its capital structure to serve new investors, and the analysis and due diligence on the part of institutional investors. A company that needs money for operations but is not yet ready for venture capital will typically seek angel capital. Larger amounts are usually unwarranted given the cost of business in fields such as software, data services, telecommunications, and so on.

However, there are routinely Series A rounds in excess of $10 million in fields such as pharmaceuticals, semiconductors, and real estate development. There are many Series A rounds in other business contexts, underwritten by investment banks, corporate investors, angel investors, public agencies, and others, that do not often receive press coverage. They all share a similar legal and financial framework, but specific terminology, deal terms, and investment practices vary according to business customs within different countries, business sectors, investor communities, and geographical regions.

Series B Funding

Because the company will generally have advanced its business by the time of the B-round financing, it will typically have a higher valuation by this time. This means that the Series B investor will usually pay a higher price for investing in the company than the Series A investor. Private equity investors prefer convertible preferred stock to common stock for the various financing rounds because of the special features of preferred stock, such as dividend accrual and anti-dilution, that may not be available in common stock.

As seen on Tech 360

Verge Now Offering SaaS Business Intelligence Solution

Verge, a fully scale SaaS Business Intelligence solution recently launched by technology entrepreneur and developer, Francis Osifo, aims at giving businesses full control and insight into operations of their entire business process and chain.

According to the founder, having seen the many challenges that businesses face including: problems with inventory management, loss of inventory and revenue generated from sales to theft, and lack of the necessary infrastructure and in-depth business performance and analysis report to enable business owners make more informed data driven decisions, there was a need for a solution like Verge.

Here are some use cases for Verge:

Do you have POS terminals?

Verge seamlessly integrated to the POS terminals of all your outlets and sync’s the data with the Verge cloud service ensuring you have access to manage and control your business wherever you are.

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No basic infrastructure?

Verge’s strategic partnerships with hardware(Laptop, mobile, tablet) and data partners ensures you have the required resources to get started immediately in ensuring you enjoy the immense benefits of Verge.

Don’t have POS terminals?

Relax; as Verge can act as your POS terminal generating receipts and controlling the sales process. Verge automates the entire transaction flow of your business.

inventory

Have several Outlets to manage?

Verge allows you to create multiple outlets, warehouses, users, products etc while allowing you to determine where they fit into your business operations.

Want to move content to/from Verge

Verge allows you to seamlessly import and export customer, transaction and product information making the process of dealing with large dataset
a breeze.

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With Verge, common operations such as managing, controlling and planning the direction of your business is guaranteed to be easy, fast,and virtual. It is also quite affordable with three different pricing offers – basic(N2000), complete(N5000), and premium(N7500) monthly subscriptions.

More information available at Verge.com.ng

5 Steps To Raising Fund For Your Startups – Entrepreneur Resources

Raising fund may be a tough task in Nigeria as many entrepreneurs are tirelessly looking for investors. But taking a look at the other side of the story shows that investors are also looking for viable business opportunities. So, what is the problem? And how do we resolve this? We at OTEKBITS are looking at identifying the problem and at the same time provide some tips on how to overcome the problem.

Starting from today, we will be sharing resources that can help to prepare the entrepreneurs for the right investors and bridge the gap between the investors and entrepreneurs. We will be bringing you this resources in partnership with VC4Africa which has broad number of expert investors. So, if you don’t have an account yet on VC4Africa, now is the right time to do this. It only takes you few minutes to complete the required steps.

Today, we will be sharing 5 steps on how to prepare yourself and venture for fundraising and connect with investors on VC4Africa.

Prepare your Venture

Before your venture is put into fundraising mode, it is important to post documents to your venture profile. This gives investors an opportunity to do a first assessment of your business and is required as part of your fundraising application. So, if you are thinking of raising fund for your business via VC4Africa, you need to upload a copy of your certificate of incorporation and also a pitch deck and/or summary of your business plan. The recommendation is that you should add financial projections, letters of Intent from strategic partners (if available), or contracts with existing customers to increase your chances. And most importantly add relevant media that can help to give the right impression of the company and team. Interesting thing is that you don’t have to worry as only investors registered as part of the VC4Africa Investor Network can access your documents.

Also, you need to add team members and advisors to your team page. As part of this process, you will be asked to complete the VC4Africa Quick Scan. This is a straightforward questionnaire to help you check if your venture is investor ready and to identify any points that need to be addressed before investors can take you seriously. After you have completed the Quick Scan document, upload it to the documents section of your venture profile. The VC4Africa team provides investors with a pre-assessment of your venture and it is important you provide the most relevant documentation when you apply.

SEE ALSO: The Anatomy Of A Failed Startup

Register your Intention

Given the results of the VC4Africa Quick Scan, the next step is to register your intention to raise a round of funding. You need to indicate the financing stage – Seed, Start-up, 1st round (Series A), 2nd round (Working cap), 3rd round (Mezzanine) and 4th round (Bridge). You also need to indicate the financing type – Equity, Debt or Hybrid and your capital needs (between USD $10,000 and USD $1 million). Your registered intention is reviewed by the VC4Africa team. Once approved, your venture is added to the list of ventures fundraising on VC4Africa.  The next step is to garner investor interest and secure a lead investor. Post updates and progress to your venture profile showing you are on your way to achieve the milestones indicated in your documentation. Investors who are interested in your work can express their interest to join as a possible lead investor.

Engage Potential Lead Investors

If you have done your work and your venture clearly shows traction, you will hopefully secure interest from a number of possible lead investors. You can engage them and work to understand the differences between them. It’s up to you to decide who the best investor for your business is and agree to a fair term sheet. Do not approve the lead investor until you feel confident about the terms of the deal they are offering. If they have not made the investment into your business, you can ask them to send a bank guarantee showing they have the required capital on reserve. When the lead investor is approved, you can upload the term sheet to the documents tab on your venture profile.

Raising Capital

Once a lead investor is secured, the venture can go into “Raising Capital Mode” for 90 days. At this stage, investors registered on VC4Africa can review the term sheet and express their interest to participate. They can outline how they plan to contribute in non-financial ways and any terms or conditions they might have as part of their participation. The amount of capital pledged by each investor will appear in the progress bar indicating your venture finance goal. At the end of the 90 day period, copies of these pledges are sent to the entrepreneur and lead investor.

RELATED: How To Make An Angel Investor – Iyinoluwa Aboyeji

Closing the deal

At the end of the 90 day period, it’s time to close the deal. You will receive copies of the registered intentions and can follow-up with the lead investor to close the financing round. Once completed, the venture is put back into building mode. Update your network on progress and make sure you maintain the foundations needed to raise additional capital in the future!

About VC4Africa

Venture Capital for Africa is the continent’s leading founder’s network, the largest and fastest growing community of entrepreneurs and investors building promising companies in Africa. Our focus is connecting people and ideas on a peer-to-peer level. We are the only open and accessible platform dedicated to the subject and our network of entrepreneurs and investors extends to more than 159 countries around the world. The community currently supports more than 1,000 ventures in more than 30 African countries. Already, entrepreneurs have been featured in mainstream media, established joint ventures and secured funding.

Mobile Phones Nigerians Want, And At What Cost [RESEARCH]

With the way original equipment manufacturers (OEMs) keep releasing various mobile devices into different markets, one wonders if the released devices are meeting consumers’ needs.

OTEKBITS partnered with Eskimi to carry out a research on the type of phones Nigerians are looking for and how much they would want to pay. The research was done with Eskimi user base system and 450 unique customers participated.

Here is a breakdown of what we found in the Eskimi Database:

Are you planning to upgrade your phone in next 6 Months?

eskimi-otek-1

What kind of phone are you planning to purchase?

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How much are you planning to spend?

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If you plan to buy a new one –  which manufacturer?

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The result above show clearly the type of phones Nigerians are planning to buy and how much they are willing to spend for the next gadget. This result can also help developers to understand the right market to focus on when developing mobile applications.

 About Eskimi

Eskimi is developed by a mobile marketing company ActiveSec. Eskimi is a mobile social network having more than 5 million registered customers.

What Businesses Should Know About The Project Management Triangle

This is a the second part of our Project management series. If you missed the first edition you can read it here. In the first edition, I tried to explain who a project manager is. So, you may have to read it first before you continue with this piece. One key concern for anyone who has ever had to take on a project is how to ensure that all projects are delivered according to a specified budget or cost, scope and the delivery time. Most issues or constraints that arise from projects not been successful are derived from any of these three factors.

To discuss the project management triangle, let us look at three case scenarios and decide what option best addresses them.

  1. You gave out a project to a contractor and agreed on how much it will cost to deliver the project. The contractor then comes back after some weeks into the project that they did not envisage a part of the project and thereby was not included in the costing. They will therefore need to review the project cost upwards and you have no choice but the bear the additional cost

  2. You gave out a project to a contractor to be delivered in four weeks. You even ensured that all payments were made to the contractor so that there won’t be any financial excuse not to deliver the project on time. Three weeks into the project, you find out that the contractor has not started because they haven’t sourced a major material needed to start

  3. You are a contractor that has just been awarded a contract to deliver exercise books to a secondary school. After all negotiations and timelines have been concluded, you set out to deliver the project. You have made all necessary arrangements to deliver the project on time. Some weeks to your promised timeline, the project owner called you that he just remembered that he did not tell you that you have to design a special cover for the exercise book

SEE ALSO: Prowork Now Lets You Manage Your Projects Over Email

These three scenarios show different factors that can affect any business per time if not well managed.  These factors are the core reasons why a lot of projects are failing.

Case 1: shows a project which cost was not well defined at the beginning of the project. The cost constraint refers to the budgeted amount available for the project. This is expected to show how much in Naira and Kobo the whole project will cost

Case 2: shows a project which timelines for different aspect was not well planned for. The time constraint refers to the amount of time (in days, months or years) that the project has been planned to be completed

Case 3: shows a project which scope was not well defined at the initiation of the project. The scope constraint refers to what must be done to produce the project’s end result.

There really won’t be any need for project management if time, money, or project scope were unlimited. All projects irrespective of their size will have many constraints/factors affecting it.

In project management parlance, these three factors (cost, time and scope) are referred to as the Project Management Triangle. These three factors go a long way to determine how well the project is going for all the parties involved. The contractor/project manager wants to ensure he has understood every detail of the project and made plans for them in terms of the costing and the delivery time. The project owner wants to ensure that every detail for the project is well understood by the project manager and that he is getting the project at the right cost and also to be delivered on time.

Each constraint is placed at every side of a triangle. One side of the triangle cannot be changed without affecting the others. Whenever a change is made to any of these constraints, it automatically has resulting effects on the other two, e.g. whenever you change the scope of a project, it will surely have a resulting effect on the project cost and time of delivery. A further refinement of the constraints separates product quality or performance from scope, and turns quality into a fourth constraint.

The three project management constraints are often competing constraints. If you adjust any one side of the triangle, the other two sides are affected. For example, if you decide to adjust the project plan to:

  • Ensure the project is finished on time, then you might end up with the project costing more and possibly the scope reduced by not doing some part of the project

  • Meet the project budget, the result might take longer to complete and a decreased scope

  • Increase scope by adding more job/features to the project, your project might take more time and cost more money in the form of resources, such as workers

The main responsibility of a project manager is to manage these constraints of the project management triangle. Project management practice provides the tools and the techniques for the project manager to be able to manage all these constraints. The project management triangle is used by managers to analyze or understand the difficulties that may arise due to implementing and executing a project.

Application of the Project Management Triangle

Most times when a client requests or does something unreasonable, like adding a feature or shortening project due date while still expecting everything to remain unchanged, many contractors or project managers just respond in simple terms to the client that it is not possible. Most clients might insist on what they want and at the end, its either they get a job that is rushed and not well done or possibly get job with materials of very poor quality.

The project management triangle should be used as a communication tool. It should be used to communicate the constraints involved in achieving the change in the project structure and how best to achieve the project with the new details needed by the client. This will help business people on not saying “no” to potential clients. For example, if a client wants to move the due date forward by two weeks, we can advise the client to either remove some of the features of the project or add more workers to the project.  Always get the client’s consent before changing any feature of the project.

Credits: Wikipedia, Projectsmart.co.uk

Prowork Now Lets You Manage Your Projects Over Email

Improvising emails for project management is a great productivity killer however Prowork realizes that some of your team members might still be used to that way of working. That’s why they have introduced Email Connect to provide a seamless way to start using Prowork for project management and collaboration.

With Email Connect you can easily:

  • Create tasks and assign them to project members via email
  • Update a task status, add notes to a task, or upload a file to the project via email
To create tasks and assign them to project members via email

Send an email to Prowork with the Project ID of the project you want to post in. The Project ID is the first number set in the URL when you are in a project.

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Send the email to the address task+PROJECTID@prowork.me, replace PROJECTID with the number from the URL. The email subject will be the task title. You can assign the task to one or more project members by including them in the “CC” field of the email. Any email body text included will be added as a note to the task.

To update the task status, add notes or upload a file to the project via email

Reply any task email notification from Prowork with a response starting with ‘done’ and the task will be updated to done. Any other response will be added as a note to the task.

To upload a file to the project, send it as an email attachment.

So you have:

  • Email recipient = task+PROJECTID@prowork.me
  • Email subject = Task title
  • CC recipients = Task assignees
  • Email body = Task note
  • Email attachments = Project Files

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As seen on Prowork Blog

Here’s Help On How To Make Your Brand Perform Better Online [SLIDES]

It’s the weekend, and time to reflect on how productive it’s been. Don’t spend time on regrets, better yet plan for the next. Here are a few slides that I believe will come in handy if you looking to increase your performance in terms of building an online presence for your brand via social media.

Visual Content Marketing: Capture and Engage Your Audience


How to Write Awesome Facebook Status Updates


And for the advance learners…

How to Build a Better Inbound Marketing Machine


iconify it

Get Hundreds Of Free Vector Icons For Your Next Design Project From Iconify.it

For our UI/design guys, we’ve found a little something that you might like — hundreds of free vector icons from Iconify.it that you can use in  your mockups,  apps and websites.

Hundreds of Free Vector Icons   Iconify.it

 

The icons come under three broad categories — objects, web and apps, and social. They are available under a Creative Commons and GPL license. The downloaded files are Adobe Illustrator files, take note.

You never, these might just come in handy on for next project, so go get them now from iconify.it. You might also want to share them with your designer buddy who’s still into web 1.0 png icons.

Got any other great developer/design resources that the community could use? Give me a shout on Twitter, and I’ll put them up here, thanks!