How Olufunso’s Gadgetlot helps consumers source tech products
Olufunso Akinsanya, a 28-year-old young entrepreneur, is playing actively in the technology sector, sourcing and providing quality gadgets for customers often frustrated by popular online and traditional channels.
Akinsanya’s Gadgetlot has over time built relationships with brands, distributors and other stakeholders in the technology value chain such that it can easily source for almost any tech item on request.
With a team mainly composed of young people who spent some years understanding the Nigerian market, they became a registered company and rolled out Gadgetlot.com in 2017.
Speaking on what motivated him into the business, Akinsanya says, “I have always been interested in tech and reading generally. After graduating from school, I did some market research and experimentation over a couple of years which showed I could establish a business helping others source tech products, as brands like Zinox, Adebowale Electronics and Coscharis have done over the years. This was a welcome adventure for me.”
Having noticed the impact of the sliding naira on its customers’ purchasing power, Gadgetlot recently partnered with two major finance houses to provide credit facility to its clients. The company is currently rolling out this programme to enable eligible Nigerians buy items they desire and ‘pay small small’
On how Gadgetlot sources its gadgets, Akinsanya discloses that the standard policy of the company is that they work with brands that have active presence and aftersales ecosystem in Nigeria, sharing its customers’ need with them and ensuring products are available per time.
He adds that on special requests, his firm sources on behalf of their customers from major hubs around the world.
Speaking on the challenges, he says, “Inefficient government processes are the most stressful, For example a person in same business line in Rwanda spends less time to get through the regulatory requirements, either in starting or running the business.
“Infrastructure is often discouraging. You will not know whether the transformer in your neighbourhood will be available to provide power today or how long it will take to get fuel to run your generator.”
Gadgetlot boss also says that the brands his company works with are Microsoft, Lenovo, HP, Dell, Schneider Electric, Zinox and Philips, adding that all of these brands have a robust logistics and aftersales ecosystem, as evidence of their commitment to the Nigerian Market.
The company’s other stakeholders include organisations like Orange One and Lotus Capital with whom it crafted solutions to enable its eligible customers buy technology products and in instalments.
What plans does he have in terms of tapping into the huge potential the tech industry offers in the near future?
“The growth of the tech industry is strongly connected to people (both young and the young at heart) having the best tools to work with. We see ourselves being the go-to distribution partner in and around Nigeria as more companies (local and foreign) create their technology products and consumables.
“We are commencing our paid internship programme pretty soon to give bright young people opportunities in a nimble team.”
Akinsanya states that the company has dispatch and shipping partners it works with, adding that it will continue to hire and empower smart people to execute and enlarge the long-term vision it has in Nigeria.
He calls on government to improve regulatory processes so as to help start-ups spend more time generating value in the marketplace. “A start-up requires an incubation period, hence states and local authorities should treat them with care else the much desired job creation will be hindered,” he says.
He encourages business owners to be engaged more in policy making. “A clear and recent case is the requirements listed by the Nigerian Investment Promotion Commission (NIPC) for a startup to be considered for pioneer status benefit. Any genuine business operator will realise it is unrealistic in the Nigerian environment,” he says.
Ifeoma Okeke