Onyeka Akumah is the CEO and co-founder of Farmcrowdy, an agric-tech platform.
Farmcrowdy gives Nigerians the opportunity to participate in Agriculture by connecting farm sponsors with real farmers for the purpose of producing high-quality farm produce.
Onyeka returned to Nigeria from India in 2016 and has since then worked with businesses like Konga, Wakanow, Jumia, and Deloitte before going ahead to start his first business, QuickGist.
Though QuickGist did not work out, Farmcrowdy is doing phenomenally well. In 2017, they raised a $1M round.
In this episode you’ll learn:
- The importance of transparency to your customers and investors when running a business
- Understanding the demand and supply side of the market at a macro level and how to use that to your business’s advantage
- Why starting small is important to the success of your business especially if you need to test your idea
- Farmcrowdy uses sponsors. What does it mean? How does it work? How can you implement it for your business
- Why you need four streams of income to be successful
- The challenge of replicating successful business models in other markets in the Nigerian market
- How to handle your public relations for a new product with a relatively low budget
- Onyeka left Wakanow to join Sabunta. When he did so, he took a 40% pay cut. Find out why
- About QuickGist, his first business, the triumphs, challenges and why it didn’t work out
- Why repeat founders are important for the African ecosystem
- Why did they go with a crowdfunding platform?
- And more
Selected links from this episode
- Travel beta
- British Council
- Tiger global
- Rocket internet
Selected book from this episode