Trade in is a great business model: you exchange a used asset in part payment for another. Example: he traded in his old Toyota car for a new Innoson Motors in Nigeria. Looking at the data, we figured out that many things could be traded in easily. At Egoras, a portfolio startup, the team designed a model, using zero-interest financing, to soup things up, capturing more value in used items.
But what do you do with the used items? You refurbish them – and that requires a new playbook, bringing and training technical brilliant minds to operate at another layer.
This young company will likely hit 2,000 staff by December. It is opening factories where electric fans, generators, smartphones, etc are refurbished at scale. You see the big billboards in PHC; it is on the way to Onitsha and Enugu. When you buy an Egoras refurbished asset, you get a 6-month guarantee. And if you want a new asset, you can trade in your old asset via a zero-interest financing system.
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Jobs. Jobs. Jobs – Nigeria needs them. And new business models will unlock many. CEO Ugoji Harry and the team have impressed. They will be hiring 60 people in Enugu next month.
Video: Egoras.com refurbishment unit in PHC. The packaging (not shown) is done at Aba. They have also engaged Awka blacksmiths to shape some metals. In other words, they work the clusters, finding most things needed within Nigeria.
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