Start-up: MyMusic, Nigeria
MyMusic.com.ng is a Nigerian music download platform, co-founded by Dolapo Taiwo, Tola Ogunsola and Damola Taiwo. It is accessible through a mobile app and the web, allowing users to browse and download music easily.
Songs can be purchased via mobile payments or PayPal and bank card. Local artists are then remunerated for their music downloads.
How we made it in Africa spoke to Dolapo Taiwo, who outlined the company’s goals, wins and losses.
1. How did you finance your start-up?
The start-up has been self-funded so far by the three co-founders. Two of us run a web and branding agency on the side, while the third is a technology consultant who operates in the mobile payments space.
2. If you were given US$1m to invest in your company now, where would it go?
We would ramp up our content acquisition efforts and implement our robust marketing plan which includes outdoor, online and social media… We would also initiate expansion to other African markets such as Kenya and Ghana.
3. What risks does your business face?
Key risks include failure of adoption of our technology by the users on the scale we envisage, and lack of infrastructure development which will enable consumers to use the service seamlessly, for example lack of broadband and electricity.
4. So far, what has proven the most successful form of marketing?
Social media marketing has been very successful for us. Also mobile is big in Nigeria and advertising on mobile platforms has given us major traction compared with other streams.
5. Describe your most exciting entrepreneurial moment.
The day we were featured on CNN was definitely the most exciting moment. Also when we received our regulatory licence from the government in record time, without which our operations would have completely stalled. It gave us joy that our efforts were valued and respected.
6. What has been your biggest mistake, and what have you learnt from it?
Our biggest mistake was to underestimate the time and logistics involved in content acquisition. A lot of time was lost in the early days that could have been focused on those activities if we’d had an insight into how enormous the task was. Unfortunately, lost time cannot be bought back. But moving forward, we have learnt to nurture relationships and leverage partnerships which should help us achieve our goals faster.