HermonWay
22171

HermonWay

Nigeria
Branch: Internet and IT, Information and media, Public catering, Services
The stage of the project: Operating business

Date of last change: 06.10.2017
Min amount of loan
$ 1.000
Estimated yield
19 % a year
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Collected
Total required
$ 4.500
$ 15.000
Rating
equalizer 391 from 1000
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Idea
A Software as a Service email broadcasting platform backed by Amazon SES giving it's user a cheap high value alternative to the big brands in the email broadcasting market.
Current Status
The project is already completed with a little over 100 clients currently using the service. The delivery rate is high with automatic bounce handling. Sales currently is on the increase with more sign ups expected within this quarter and the coming year. We are planning to further enhance the platform and reach out into the West African market with Ghana to start with.
Market
Our target markets are local business and religious organizations.

Nigeria at a time was called the most religious country on earth. 70% of the 180 million population has a religious affiliation. By providing an affordable email broadcasting service, we will take away the high cost of printing of their weekly bulletins and announcements.

Local businesses are also getting into the electronic commerce segment with many of them generating leads through social media platforms.
Problem or Opportunity
The USD exchange rate in Africa with reference to Nigeria is on the high side and as such, organisations have to pay as much as 50,000 naira a month to send out up-to 10,000 emails.

By building our platform on the trusted Amazon SES service, we are able to give local organisation the opportunity of sending up-to 10,000 emails a month for just 9,950 naira. By doing this, religious organizations for example has been able to reduce the cost of sending out their bulletins and newsletters by a considerable lot.
Competitors
Our major competitors are the big brands in the industry . These are MailChimp, GetResponse etc.
Advantages or differentiators
We have an edge over our competitions because we have a better understanding of the local market more than them and we have taken away the USD exchange rate issue.

Also, our system is based on Amazon SES service which drastically reduces our cost associated with mail servers and the likes.
Finance
At present, a bulk package will be sold at 9,950 naira a month. A bulk is 10,000 emails. Other packages exist as may be preferred by the client.

In the next 5 years, we are anticipating a growth 35% which will result into 6,850 account holders.
Financed earlier, $
Loan terms
24 months
Interest rate, %
18.5
Type of pledge
Pledge and assets
1. Toyota Corolla 2004 model
2. Two MacBook 2014 laptop
3. One HP Pavilion series laptop
Business model
Our business model is based on volume. We believe that by giving the people a complete solution at an affordable price, more people will subscribe to using the solution. Revenue will be recurring with plans to give bulk pricing of quarterly, half-yearly and yearly with discounts.
Solution (product or service)
Paper printing and notice boards have been the primary information dissemination medium in Nigeria up until the coming of age of the Internet.

Most organizations want to cut down on their various cost associated with design and print then various permission from authorities to paste posters on the wall.

With our solution, these organizations are able to maximize the Internet by sending out various publication in a cost affordable way.
Lead creditor
 
$ 4.500
Risks
The risk associated with the project includes but not limited to
1. Discontinuation of the Amazon AWS service.
2. Termination of our account by the AWS team.
3. Drastic drop in price from our competitors.
Incubation/Acceleration programs accomplishment
Participated in the Airtel Catapult entrepreneurs challenge.
Participated in the Kolapo Benjamin Business Support (KBBS) program.
Won the competition and other awards
Invention/Patent
Videos
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Idea
Current Status
Market
Problem or Opportunity
Competitors
Advantages or differentiators
Finance
Financed earlier, $
Loan terms
Interest rate, %
Type of pledge
Pledge and assets
Business model
Solution (product or service)
Lead creditor
Risks
Incubation/Acceleration programs accomplishment
Won the competition and other awards
Invention/Patent
Videos
 
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