Funding hindering ICT start-ups growth in Nigeria — Lognetics CEO
Light Ihesiulo, the Chief Executive Officer (CEO) of Lognetics, a tech brand agency, has stated that funding is the major challenge hindering the growth of the information and communication technology (ICT) industry in Nigeria.
Speaking in Abuja at the weekend, Ihesiulo lamented that a lack of access to finance has made it difficult for start-up businesses in the tech sector to grow.
According to him, “most of the challenges of start-up businesses in the tech industry is funding. I have friends who have brilliant ideas but don’t have the finance to power those ideas.”
He shared an experience of how Lognetics Company also struggled for survival at the infancy level but was able to over due to strong determination.
“Lack of commitment from the government is affecting the rate at which start-ups in the tech space grow in Nigeria.
“Imagine if we had funding from government, we would have been able to achieve a lot. In the course of building this agency, finance would have limited us. But we had to put in so much personal efforts to make sure we succeed” he stated.
Lognetics Company is bringing up products like the virtual reality system. This will offer customers the opportunity to have access to online products that they want to buy before paying for them.
“The company is strictly a product branding agency with a vision to solve human problems in accessing products online by incorporating a virtual reality system.
“Virtual reality systems are currently non-existent in most of the products in Nigeria.”
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He explained that the use of the virtual reality system with the implementation of augmented reality creates a 3D dissemination of an unreal world in the real world.
“For instance, one will not necessarily have to go to a shop to buy new clothing. All you need to do is scan your body and the outfit you want will automatically appear on you.
“So you know how the clothes look on you before you buy them. This is in line with E-commerce in clothing and fashion. What we are basically doing is that we are linking all the platforms into one system, converting most of the jackets online into visual elements that humans can interact with.”
Ihesiulo said innovation will eliminate cases of getting something different from what they ordered online.
This product will be launched on September 1, 2022, in Abuja.