Cameroon - Business creation project

Describe your project or startup in a few words

Locato is a mobile and web platform aiming to address Africa's housing crisis by connecting property owners with seekers of residential and commercial properties, offering a centralized, secure, and modern solution for transparent real estate transactions

01.01 Describe your project in more detail

Locato is a digital platform (web and mobile app) designed to address the housing crisis in Cameroon and across Africa by connecting property owners, real estate agents, and agencies with individuals seeking residential and commercial properties. With an urbanization rate of 56% and over 16 million city dwellers in Cameroon, traditional property search methods are inefficient and prone to fraud. Locato provides a user-friendly interface, advanced search filters, secure transactions, multi-platform access, and real-time notifications to streamline property transactions and ensure transparency. Locato will stimulate the real estate sector, create jobs, and professionalize the industry in all African countries facing the same housing challenges than Cameroon, due to the lack of digital solution. Locato's will unlock the full potential of the real estate market, fuel economic growth and improve the quality of life for for millions across Africa.

01.02 What is the main problem you are trying to solve?

The main problem Locato is trying to solve is the chaotic and inefficient practice of the real estate market in Cameroon and other African countries, with the clear goal to : make finding a house easy and safe. Traditional methods of finding and advertising properties, such as street signs, word-of-mouth, and scattered social media posts, are not only outdated but also prone to fraud and mistrust. This disorganized approach fails to meet the growing demand for suitable housing driven by rapid urbanization and a burgeoning population. Consequently, both property seekers and real estate professionals face significant challenges in accessing and offering properties efficiently and securely. Locato aims to revolutionize this sector by providing a centralized, digital platform that connects property owners, real estate agents, and agencies with those seeking residential and commercial properties.

01.03 Tell us the major benefits and/or advantages of using the product/service that your project intends to provide (at least 3).

Three benefits of using Locato platform: 1. Centralized and efficient property search and posting: Locato provides a user-friendly, centralized platform that makes the process of finding and listing properties super easy, allowing both property owners/agents and prospective renters/buyers to connect and find an agreement in no-time. 2. Transparency and security: Locato's secure payment system, user's verification processes, and communication channels foster trust and transparency, reducing the risk of fraud and disputes common with traditional real estate methods. 3. Access to a wider market: By bringing together property owners, real estate agents, and seekers on a single digital platform, Locato expands the reach and visibility for all parties involved. Property providers can access a larger pool of potential renters/buyers, while seekers have access to a large amount of properties options aligned with their preferences (location, features, price range and more).

01.04 Please describe who exactly your project is aimed at serving. Who are the targeted beneficiaries?

Locato aims to serve the following categories of people: 1. Property seekers: This includes individuals and families across all income levels searching for residential properties (apartments, houses, etc.) to rent or purchase within urban areas of Cameroon. Locato provides a platform to find suitable properties matching their preferences and budget. 2. Property owners/landlords: Private property owners looking to rent out or sell their properties (residential or commercial) can use Locato to find prospective tenants/buyers efficiently and reliably. 3. Real estate agents/agencies: Professional real estate agents and agencies will use Locato to market their properties to a larger audience, manage client relationships, and conduct transactions transparently. 4. Service Providers: Companies offering services like home loans, insurance, moving/relocation, cleaning, renovation, etc. will have the option to reach Locato's user base through targeted advertising or partnerships.

01.05 When did you start working on your project?

2023-10-10

01.06 How many other partners are associated with your business venture?

4

01.07 Among the other partners, how many are female?

2

01.08 Please describe the profile of each of the other partners (skills, experience, etc.)

Ngumih Fien: 23yo, UI/UX designer Josias Aurel: 19yo, front-end developer (React.js, Next.js) Mboh Bless: 23yo, Flutter mobile developer Jael Ngaleu: 24yo, Flutter mobile developer

01.09 If you have a website, a social media page (Facebook, Instagram, Linkedin…), or app, please provide the link here:

01.10 Which industry best describes your project?

k) Property (real estate)

02.01.01 My project contributes to the No poverty goal

7 - Strongly Agree

02.01.02 No poverty - Justification

Locato facilitates access to affordable housing options for low-income individuals and families. It creates employment opportunities through jobs within the company and the broader real estate ecosystem. By enabling an efficient and transparent housing market, Locato can drive economic growth and income generation, thereby helping to alleviate poverty in Cameroon and in other African countries with the same realities.

02.02.01 My project contributes to the Zero hunger goal

5

02.02.02 Zero hunger - Justification

By facilitating access to affordable housing, Locato helps families allocate more of their limited incomes towards food and nutrition instead of diverting significant portions to rent. When households have decent, affordable living conditions, they can prioritize spending on adequate and nutritious food, thereby reducing hunger and malnutrition rates, especially among children and vulnerable groups. Additionally, Locato's ecosystem promotes economic growth and employment opportunities, which increase disposable incomes that can be directed towards fulfilling basic food needs

02.03.01 My project contributes to the Good health and well-being goal

5

02.03.02 Good health and well-being - Justification

Locato supports good health and well-being by providing better living environments, reducing stress, and increasing economic means for maintaining a healthy life.

02.04.01 My project contributes to the Quality education goal

4

02.04.02 Quality education - Justification

02.05.01 My project contributes to the Gender equality goal

5

02.05.02 Gender equality - Justification

Locato's digital platform provides equal access and opportunities to women in the real estate market, both as property seekers and listers. This empowers women economically by giving them the same chances as men to find affordable housing or generate income through renting/selling properties.

02.06.01 My project contributes to the Clean water and sanitation goal

4

02.06.02 Clean water and sanitation - Justification

02.07.01 My project contributes to the Affordable and clean energy goal

4

02.07.02 Affordable and clean energy - Justification

02.08.01 My project contributes to the Decent work and economic growth

7 - Strongly Agree

02.08.02 Decent work and economic growth - Justification

Locato will promote economic growth by creating direct and indirect employment opportunities, stimulating growth in the real estate sector and related industries. Modernizing the real estate market in Cameroon and other African countries will lead to increased incomes for properties owners and contribute to overall economic development.

02.09.01 My project contributes to the Industry innovation and infrastructure

6

02.09.02 Industry innovation and infrastructure - Justification

Locato contributes to the UN's goal of industry, innovation, and infrastructure by building digital infrastructure to support a modernized real estate industry in Cameroon and beyond. It fosters innovation through its use of technology to improve the efficiency and transparency of real estate transactions. This will promote inclusive and sustainable industrialization by making the real estate market more accessible and professional.

02.10.01 My project contributes to the Reduced inequalities goal

6

02.10.02 Reduced inequalities - Justification

Locato reduces inequalities by increasing access to suitable housing for all, regardless of their location or socioeconomic status. This promotes a more equitable distribution of housing opportunities and can help to close the gap between urban and rural areas.

02.11.01 My project contributes to the Sustainable cities and communities goal

6

02.11.02 Sustainable cities and communities - Justification

Locato contributes to the UN Sustainable Cities and Communities goal by improving access to safe and adequate housing through its platform. This helps to make cities more inclusive by ensuring that everyone has the opportunity to find a place to live. Additionally, by formalizing the rental market and promoting secure transactions, Locato contributes to safer and more resilient cities.

02.12.01 My project contributes to the Responsible consumption and production goal

4

02.12.02 Responsible consumption and production - Justification

02.13.01 My project contributes to the Climate action goal

4

02.13.02 Climate action - Justification

02.14.01 My project contributes to the Life below water goal

4

02.14.02 Life below water - Justification

02.15.01 My project contributes to the Life on land goal

4

02.15.02 Life on land - Justification

02.16.01 My project contributes to the Peace justice and strong institutions goal

4

02.16.02 Peace justice and strong institutions - Justification

02.17.01 My project contributes to the Partnerships for the goal

4

02.17.02 Partnerships for the goal - Justification

05.01 There are a large number of customers who already use a product/service very similar to the product/service we envision creating.

1 - Strongly Disagree

05.02 The product/service we envision creating represents an entirely new type of product/service.

6

05.03 The product/service we envision creating could be described as a new technology.

6

05.04 The product/service we envision creating is an improvement on an existing product or service.

5

05.05 The product/service we envision creating could be described as an extension of a range of products or services.

5

05.06 The product/service we envision creating responds to a demand or need that has not been satisfied by other products/services.

7 - Strongly Agree

05.07 The product/service we envision creating is a new version of an old product/service.

1 - Strongly Disagree

05.08 Justification

Locato is unique and innovative because it offers a centralized, digital platform tailored to the Cameroonian real estate market, replacing fragmented traditional methods with a secure and user-friendly solution. It ensures secure transactions through an escrow system, supports both web and mobile access (even on low-end mobile phones), and addresses local challenges like fraud verification (against scammers). Additionally, Locato stimulates economic growth by creating direct and indirect jobs and has a diverse business model with multiple revenue streams. Its potential for regional expansion further highlights its scalability and adaptability.

05.09 Who are your main potential competitors and what makes you stand out from them?

Locato’s main competitors are social media platforms like Facebook where people post their property search and find offers published by landlords and real estate agents. Other competitors are a few poorly made and abandoned real estate websites built by other people. Locato stands out by offering: - Centralized Platform: 100% dedicated to real estate, unlike scattered social media listings. - Local Adaptation: Tailored for the Cameroonian/African market with zero unnecessary complexities and with multilingual support. - Security: Escrow system for secured transactions and user verification to prevent fraud. - User Experience: Modern, intuitive design with advanced search and real-time notifications.

10.06 Are you initiating actions within your community to promote the role of female entrepreneurs?

I try to keep my team balance by giving a chance to ladies when hiring workers in my business.