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Creative Ways to Raise Business Startup Funds During Tough Times

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It is said that small and medium sized enterprises mostly rely on internal finances or cash from friends and family to begin, and initially manage their businesses. According to a report by the World Bank, this is because they are less likely to be able to secure bank loans, compared to large companies.

The International Finance Corporation (IFC), in a recent report estimated that 65 million businesses, or 40% of MSMEs in developing countries, have an annual unmet financing need of $5.2 trillion, translating to 1.4 times the amount of global MSME lending at present.

In Nigeria, there is no doubt that existing and aspiring entrepreneurs are experiencing difficult times in starting or funding their businesses due to the prevailing economic downturn, compounded with other socio-political factors.

According to a 2022 Nigeria MSME report titled “Fuel for Africa’s next billion businesses”, 80% of businesses under the Micro, Small, and Medium Enterprises (MSME) in Africa fail within the first five years of their existence. And, despite having the highest entrepreneurship rate in the world, lack of finance has been identified as a major causative factor.

That said, there is still room for success for young entrepreneurs, who are zealous enough to run personal projects and appeal for seed fundings.

In a conversation with Business expert, Yuliy Shenfeld, Director of Operations at Jiji Africa, we got insights on three legit ways that you can raise funds to start that business.

  1. Apply for grants

Different funding options may be available for your specific project or demographic. Follow these steps to identify and access them:

– Determine the type of grant you need, be it government, private sector or NGO grants like the Bill and Melinda Gates Foundation, CIPE Grant and other corporations.

– Research available opportunities by checking relevant government and private sector websites, reaching out to NGOs and searching for international grant opportunities.

– Ensure you meet relevant eligibility criteria before starting your application process.

– Prepare your grant proposal, and submit on time, through the appropriate channels.

– Follow up on your application with grant providers to ensure they received your submission, and inquire about the status of your application.

You may also get private investors who are willing to invest in your project for a fair return on investment.

  1. Explore freelance work

Statistics have shown that over 1.5 billion people in the global workforce are freelancers. If you have a specific skill or talent, such as writing, graphic design, or programming, you can offer your services as a freelancer.

There are many websites and platforms like Upwork and Freelancer.com, that connect freelancers with clients looking for their services globally.

All you need to do is: create a portfolio that showcases your skills on your preferred platform and set your rates based on your skills, experience and market rates for your services.

You also need to promote your services through your portfolio and social media channels, and start small by taking up low risk projects to build your portfolio and reputation.

Keep in mind that you must be deliberate about maintaining good relationships with your clients by delivering quality work on time, communicating effectively and being professional at all times. With these tips, you are good to go on your first freelance project, to start earning. You would be able to raise sufficient funds overtime, to execute personal projects or kick start that business idea.

  1. Sell unused items

A recent study by Statista.com showed that the value of the secondhand apparel market is set to double in coming years, up to 218 billion dollars by 2026. More interesting is the fact that the highest customers in this segment are Gen-Z and Millennials who see used items options as more affordable and environmentally friendly.

So, take a look around your home and gather your unused, used or preloved items. You can sell them online through websites like Jiji.ng. This way, you can generate extra business funds through the sales.

Whether you’re selling unwanted items, offering services, or applying for grants, these methods are sure to help you generate funds as seeding capital for that new business idea, or grow an existing business. Just be sure to choose the option that works best for you.


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E-Business

UK Orders Apple to Create Backdoor for Encrypted iCloud Data

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United Kingdom has issued a “technical capability notice” to Apple, mandating that the company create a backdoor to access users’ encrypted iCloud data.

UK Orders Apple to Create Backdoor for Encrypted iCloud Data

This directive, issued under the Investigatory Powers Act of 2016, requires Apple to provide British security officials with the means to retrieve all content uploaded to iCloud by any user worldwide.

Apple’s Advanced Data Protection (ADP) feature, introduced in 2022, offers end-to-end encryption for iCloud data, ensuring that only users can access their information.

The UK’s demand challenges this security measure, potentially compelling Apple to either comply by creating the backdoor or withdraw the ADP feature from the UK market.

Compliance could set a precedent, leading other governments to request similar access, thereby raising global privacy concerns.

The UK Home Office has declined to confirm or deny the existence of such notices, stating, “We do not comment on operational matters, including, for example, confirming or denying the existence of any such notices.”

This development underscores the ongoing tension between governmental surveillance efforts and technology companies’ commitments to user privacy.

 


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Oracle Adds AI Pricing Features to Financial Software

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Oracle on Thursday added another set of artificial intelligence (AI) tools to NetSuite, one of its corporate finance software offerings, including some that might make it faster for consumers to get a price quote on purchases like custom bicycles.

Oracle has taken a different tack with AI than rivals such as Microsoft. Rather than racing toward general purpose virtual assistants, Oracle has decided to add targeted features that speed common-but-tedious tasks like entering a brief write-up of how a sales meeting went into a corporate records system.

Another such task that is common in the business world is giving a customer a price quote on a complicated purchase that might have a lot of options, when a sales professional would need to sift through materials to come up with a price.

NetSuite on Thursday announced a feature to compile such a quote via conversation with a chatbot asking what the customer wants, which can either be used by sales professionals behind the scenes to speed up their work, or directly by consumers in the case of e-commerce businesses.

“When you buy something like a bicycle, you have to configure it – figure out what parts you want and which parts work together. We all do it when we buy our cars on the web these days,” Evan Goldberg, executive vice president of Oracle NetSuite, said.

“If you can configure (products) for customers more easily, you can do more deals in a day, or each deal costs less.”

To power those features, Oracle has decided to skip the costly race to develop huge AI models and instead works with partners such as Canadian startup Cohere.

Goldberg said that Oracle’s recent agreement to build massive data centers with ChatGPT creator OpenAI could lead to working with it as well, though the two firms have made no formal announcements.

“I think you could safely say that there’s a possibility that OpenAI will be part of this,” Goldberg told Reuters. “We are eager to work with OpenAI.”

 


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IBM Exits Nigeria and Ghana, Transfers Operations to MIBB

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IBM, the American multinational technology giant, has reportedly announced plans to exit Nigeria, Ghana, and other key African markets, transferring its regional operations to MIBB, a subsidiary of the Midis Group.

IBM Exits Nigeria and Ghana, Transfers Operations to MIBB

The move, which according to TechCabal was revealed in a statement by the company, effective April 1 2025, is part of a new operating model IBM is adopting across select African countries.

Under this arrangement, MIBB will take over IBM’s local operations, customer support, and relationships while marketing and selling IBM products and services across 36 African nations.

“MIBB will market and sell IBM products and services in 36 African countries, thereby giving MIBB’s sales network direct access to IBM products, services, and support, further boosting innovation and growth in the region,” IBM stated.

IBM has been a key player in Africa’s tech industry for decades, providing critical infrastructure for banking, telecom, oil and gas, and government services.

However, its planned exit follows a trend of multinational corporations leaving Nigeria.

In December 2024, Swiss cement giant Holcim announced its departure from Nigeria, selling its 83% stake in Lafarge to a Chinese firm.

Similarly, South African grocery retailer Pick n Pay disclosed plans in October 2024 to exit Nigeria by selling its 51% stake in a joint venture.

IBM has yet to respond to media inquiries regarding the specifics of its transition strategy and reasons for the exit.


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