Every entrepreneur in Nigeria has a unique story to tell and usually an inspirational one of how their own personal entrepreneurial journey started. For Damilare Ogunleye, CEO and co-founder of Lasiko Limited, his inspiration came when he identified a market potential in merchandising brands.
“In America and Europe, movies and musical artistes rake in millions of dollars by just putting their brand logos and elements on things like t-shirts and children bags, among others. But in Nigeria, many of our artistes do not take advantage of such opportunity,” Damilare says.
“To change this, I, alongside my other co-founders, established Lasiko Limited in 2015, launching a unique technology platform called suvenia.com, to allow individuals create, design, buy and sell ideas on products such as apparel, drink ware, and other accessories,” he explains.
To achieve this, he and his co-founders undertook training in communication marketing.
“To make my transition to a marketing career, I took up courses in marketing to broaden my skills in the sector.”
The engineer-turned-entrepreneur tells Start-Up-Digest that he started his business with N3 million with each of the co-founders contributing N750, 000. He says the money was raised from their individual personal savings while working. The money was spent on registration of the company, stationaries and as working capital for the first set of projects undertaken.
He notes that the business has grown since starting as it has been able to attract grants from the Tony Elumelu Entrepreneurship Program, World Bank GEM Business Plan Grant, Systemspecs NITDA seed funding, and from the Lagos State Employment Trust Fund to expand its operation.
“Since we commenced operations, the journey has been filled with lots of sleeplessness, doubts, mistakes, frustrations around the operating environment we find ourselves in and, most definitely, a couple of wins that compensate for all,” the young entrepreneur says.
Currently, the business is made up of 11 team members that see to the daily operations of Lasiko Limited.
The accessories used in branding are sourced both locally and internationally. “We source locally and internationally. We source 60 percent locally while we import the rest of our ram materials we use in branding.”
Speaking on why people should patronise Lasiko Limited for brand promotions, he says the business prides itself in providing 100 percent quality service delivery.
Also, he discloses that the business provides the opportunity for creative individuals to make money through the sales of their designs.
He highlights that the country’s huge infrastructural challenge remains the biggest constraint challenging the business.
Similarly, he notes that government policy flip-flop remains another major business hiccup.
“While we do have an amazing team, a challenge I have experienced is also in the quality of human capital available. This is the biggest one that worries and scares me,” he says.
He calls on the government to bridge the huge infrastructure gaps in the country, adding that it will help speed up industrialisation in the country.
On the business expansion plans, he states that Lasiko plans to launch in other markets outside the shores of the country. Also, it is seeking to execute some major brand partnerships on a scale.
Answering question on his biggest piece of advice to other start-ups, he says, “Do not get fooled by the hype of how some entrepreneurs are succeeding and doing well and it looks like they have it easier. Nothing could be further from the truth.
“Overnight success is sometimes the outcome of over 10 years of consistent handwork. So, keep putting your bit daily into your business. It may not look like what you are seeing, but in the end it will make sense.
“However, as you do this, be very attentive to the market you are serving. The market is always talking, but are you listening and adapting to it?” he asks.
Josephine Okojie
