Let me share this as 2022 arrives. It is largely to inspire and motivate young people to organize themselves and look for complementary skills as they seek opportunities in markets.
Egoras team began with a business model which originally struggled. They wanted to pivot to something new. But to do that, there were many unknowns: how can you offer interest-free loans and still make money? They invented inventory fees. To model the risk and potential returns, young people with understanding of calculus were brought in.
It is that season of business reviews. This one is one of the fastest growing startups in Nigeria today. Ugoji Harry and the whole team are doing an amazing job, for pioneering a new business model, and the customers have responded well. And in less than 6 months, it has grown from 4 staff to over 100. Egoras offers “Interest-Free Loans” backed by physical or crypto assets within minutes; you only pay inventory fee. Phones and accessories go for $0.37 per day; Refrigerators for $0.49 – $0.98, etc on fees.
They were to solve many equations which were largely: minimize risks while maximizing returns while keeping prices at a range that the market would like. With dozens of variables – asset type, asset age, asset value, income, etc- to feed into the model, the optimization equation was a good one for a master’s degree.
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As the numbers were coming, they started pushing products to the market. Today, Egoras has a sweet spot, growing from 4 to over 100 team members in months. It will open in Enugu on the way to Onitsha, Aba, Osogbo, etc in coming months.
This is the lesson: you can code but can you solve the equations? Would you hire that brilliant math graduate to help? Ugoji Harry likes his engineers and he also admires the mathematicians who are building the models. Of course, he is happy that he has a good math teacher as an advisor!
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