Renting an apartment in Nigeria is quite expensive especially in cities like Abuja, Lagos & port Harcourt.
Cotenant.com.ng is offering the opportunity to share your apartment or office space and get paid. It was launched in December. I think this is Africa’s Airbnb.
I spoke with Mr. Kola to tell us what co-tenant is all about and how it started.
Tell us about your self, your educational background and your role at co-tenant?
My name is Kolawole Bilewu, I am 24 years of age, I studied Estate Management at Lagos State Polytechnic and I am the CEO of Co-tenant.
What is co-tenant all about?
Co-tenant Is a space and rent sharing platform, users can share a space in their apartment, office and shop etc and can equally share rent by looking for users looking to rent an apartment in a location and cant pay the full package.
What led you into starting co-tenant?
Well, the Holy Spirit gave me the idea after I prayed for souls to be saved f0r 5 hours straight. He made understand a lot of Africans can’t rent properties they desire because of cost. It was created to save cost of renting an apartment. Imagine someone working in Lekki everyday the cost of transportation to Lekki is #300,000 per year that’s the cost of a 3 bedroom in some parts of Lekki so imagine renting a room in someone apartment for lets say 70k? You just save yourself 230,000.
What are the challenges you face running your startup?
At present, I am learning new ways on how to run it effectively.
How challenging was raising funds for your startup?
To be sincere the funds come supernaturally to buy the domain and hosting, paying for ads and running email campaigns have been by God grace.
Who are your biggest competitors?
No one in Africa has a rent and space sharing platform in Africa yet.
What is your start-ups unique selling point and how do you make profit?
We make money through subscriptions and adverts from brands. Our selling point is a service that will help users save cost and prolong their lives.
How has the market responded to your service?
Great users contact us by registering and asking questions as it relates to their needs, we have users from Nigeria, Ghana, South Africa and getting some in Kenya.
What would you tell young and aspiring entrepreneurs who dream of having a startup like yours?
Don’t give up, there is no limit to what you can achieve, God is on your side. Create service that will make users willing to pay for
Finally, what are your thoughts about the startup ecosystems in Nigeria?
Well, I feel most startups need to take their eyes away from investors and start finding customers, so as to make profit. We all know the way Nigeria is so I except every one to come up with ideas and innovation that can drive growth and profit making, create jobs.