Nigeria - Business creation project

Describe your project or startup in a few words

DenCity is a realty startup developing design-led apartment towers that help couples and young families live within walking distance of social infrastructure by offsetting percentage homeownership costs to digital-out-of-home (DOOH) advertising.

01.01 Describe your project in more detail

SELLING OF URBAN RESIDENTIAL APARTMENTS AND REAL ESTATE MANAGEMENT SERVICES. DenCity takes ownership and outsources redevelopment of historic tower blocks to specialist architectural design and construction companies. We offer a wide range of well-designed city-center residential apartment units at lower prices below market value. The apartment buildings will help workfolks, couples, and young families live within walking distance of social infrastructures, including, work, school, shopping center, etc. We also offer facilities management services, such as energy, water, and home cleaning at our buildings. SELLING OF DIGITAL AD SPACES. DenCity earns revenue from digital-out-of-home (DOOH) advertisements on large-format digital billboards attached to the building exterior, and interactive media in shared areas. We sell video, GIF graphics, and moving typography ad spaces and also display advertising campaigns from popular advertising networks such as Google and Amazon Ad Marketplace.

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

URBAN SPRAWL. More than 20 million families cannot afford the high cost of city housing, leading to stress from everyday commute to work. In my final year of elementary school, my family was priced out of downtown Ibadan, leading us to seek refuge in a farm settlement approximately a 45-minute trek from public transport and further distant from social infrastructures. GHOST TOWERS. Nigeria has 56,000 abandoned construction projects worth over 12 trillion Naira scattered across its six geopolitical zones (NIQS, 2021). Disused and under-utilized high-rise office buildings litter city landscapes, yet dwellers tie-up limited funds in purchasing and developing remote, uninhabitable land areas. AFFORDABILITY DEFICIT The common Nigerian phrase “housing deficit” is really an “affordability deficit”. – Chief Commercial Officer at Mixta Africa, Rolake Akinkugbe. Housing finance and mortgage services are accessible to less than 10% of Nigeria’s 65 million economically active population.

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

SUSTAINABILITY. Demolition has a carbon footprint of 4.67kg/m². By repurposing old corporate towers into design-led apartment units made affordable to the average citizen by offsetting a percentage of home ownership cost to digital-out-of-home advertising, we are advancing sustainability to Africa’s growing urban population. HUMAN WELLBEING. DenCity apartment buildings meet customers’ needs and stand out from competitors because of their innovative streetscape architecture and standardized service-focused offerings across cities. Apartment units are design-led and at the center of economic and social infrastructure, thus enabling walkability. HERITAGE PRESERVATION. DenCity residents remain tied to its convenience, public attraction, and life-long association with historic buildings. “The right DOOH creation can make a building recognizable overnight. Tenants don’t usually want to vacate buildings that are recognizable and iconic.” – APN Outdoor general manager Mike Watkins.

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

• High earners • Working couples • Nigerians in diaspora DenCity targets mid-career professionals with a young nuclear family. In registering public and commercial presence, DenCity conducts customer surveys in local commercial banks and advertises using Netflix-style docu-series of its building redevelopment. We will leverage local investors, including commercial banks, to scale customer acquisition and receive relevant testimonials for our home offering. In essence, investors double as marketers and brand representatives. This approach is practical and frugal, considering that mortgage financiers can easily segment home seekers by earning capacity and have multiple branches in every city. DenCity produces documentary series detailing the history and redevelopment journey of building projects. Showing on a global streaming platform (Netflix or Amazon), the movie has an infinite content repository that generates significantly high revenues while providing laser-focused promotion.

01.05 When did you start working on your project?

2023-05-01

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

0

01.07 Among the other partners, how many are female?

0

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

Business Development Manager: Abdullah Olaiya MSc. I am a digital marketing specialist and graduate of the Ready-for-Scale program at Cranfield School of Management, UK. Alongside business development, I have over six years of professional experience traversing Academia, Healthcare, and Human Capital Development in Nigeria. I have also completed certificate programs in Sustainable Cities and Policymaking. Keen to leverage digital-out-of-home (DOOH) advertising to democratize urban living, I am applying for the 2024 TotalEnergies Startupper of the Year Challenge. Interests: Business Innovation Strategy | Affordable Housing & Urbanism | Sustainability: ESG I am looking to partner with a Real Estate Investment specialist. I am open to partnering with a lady specialist.

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

Poverty and Inequality is widespread in Nigeria, with 40.1% of the population considered poor by national standards (National Bureau of Statistics, 2020). Nigerians also constitute approximately 12% of the global population living in extreme poverty (Statista, 2023). Separate from food, housing expenditure is chiefly responsible for our national poverty. By providing affordable housing for Nigerians, we are increasing the amount of disposable income available to help young families cater to other life necessities.

02.02.01 My project contributes to the Zero hunger goal

5

02.02.02 Zero hunger - Justification

Unlike the average New Yorker, who easily accesses food at just 0.6% of individual income per plate, we (Nigerians) spend more than half of our household income on food (WFP, 2020). Yet, Nigeria has been ranked 109 out of 125 countries with the most hungry population in the world. By offsetting percentage homeownership costs to digital-out-of-home advertisements, we will relieve the pressure on household income and allow for increased allocation to healthy food and nutrition.

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

7 - Strongly Agree

02.03.02 Good health and well-being - Justification

Apartment units are design-led and at the center of economic and social infrastructure, thus enabling walkability.

02.04.01 My project contributes to the Quality education goal

7 - Strongly Agree

02.04.02 Quality education - Justification

DenCity facilitates unhindered access to standard schools and institutions of learning.

02.05.01 My project contributes to the Gender equality goal

7 - Strongly Agree

02.05.02 Gender equality - Justification

Women ownership and work convenience are accounted for in DenCity realty services.

02.06.01 My project contributes to the Clean water and sanitation goal

7 - Strongly Agree

02.06.02 Clean water and sanitation - Justification

We offer facilities management services, such as wastewater purification and recycling, and home cleaning services at our buildings.

02.07.01 My project contributes to the Affordable and clean energy goal

7 - Strongly Agree

02.07.02 Affordable and clean energy - Justification

We offer facilities management services, such as renewable (solar) energy generation and storage.

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

DenCity central city locations facilitate the development of inclusive communities.

02.09.01 My project contributes to the Industry innovation and infrastructure

7 - Strongly Agree

02.09.02 Industry innovation and infrastructure - Justification

02.10.01 My project contributes to the Reduced inequalities goal

7 - Strongly Agree

02.10.02 Reduced inequalities - Justification

02.11.01 My project contributes to the Sustainable cities and communities goal

7 - Strongly Agree

02.11.02 Sustainable cities and communities - Justification

02.12.01 My project contributes to the Responsible consumption and production goal

7 - Strongly Agree

02.12.02 Responsible consumption and production - Justification

02.13.01 My project contributes to the Climate action goal

7 - Strongly Agree

02.13.02 Climate action - Justification

Despite the outcry of my home state governor regarding the rising incidence of insecurity resulting from hoodlums inhabiting many abandoned buildings, demolition is not an environmentally friendly option since it has a carbon footprint of 4.67kg/m² (ResearchGate, 2023). DenCity will repurpose disused office tower blocks into design-led apartment buildings.

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

7 - Strongly Agree

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

7 - Strongly Agree

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.

7 - Strongly Agree

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

7 - Strongly Agree

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

7 - Strongly Agree

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

7 - Strongly Agree

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.

7 - Strongly Agree

05.08 Justification

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

Competitors include realty companies offering premium, luxury apartment units in Nigeria’s major cities. Customers expect a high price for our prime country-wide locations, but we offset a percentage of the ownership cost to digital-out-of-home (DOOH) advertising, thus enabling affordability. By outsourcing construction to specialist architectural design companies, our apartment delivery speed and efficiency are significantly higher than in-house, ground-up development. We also expect to face a small but significant competition from land surveyors and agents who trade in landowner classism and promote the development of informal settlements by encouraging the purchase of remote and uninhabitable land areas. Notable mentions: ADRON HOMES https://adronhomesproperties.com/ MIXTA AFRICA (Nigeria) https://buy.mixtafrica.com/country/nigeria/ SUJIMOTO REAL ESTATE https://sujimotonig.com/ GRENADINES HOMES https://grenadineshomes.com/

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

Despite women representing more than half of the world’s population, most cities are designed around men’s needs and work. DenCity design-led apartment units take into consideration the individual needs of working couples in setting up locations within walking distance of economic and social infrastructure. You will agree with me that easy transport access and round-the-clock security from gender-based violence promote an entrepreneurial mindset in women and girls. We are particular about enhancing the role of women in urban homeownership.