Tuesday, November 12, 2019
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Meet & Learn From Ayo Dawodu, the CEO of Loystar

Ayo Dawodu is a Computer Science graduate from Covenant University. When asked what led to the creation of Loystar, he explained that he wanted to use tech to help businesses be more profitable.

“During my masters in England, I liked going shopping once in two weeks, but they had a system that would make you go back more than that once. For example, they would give you coupons that will expire at a certain time, forcing you to return often,” he said.

“I wanted to find a way to bring that back to Nigeria; a way to make smaller businesses use that concept because back here, it’s only big shops like ShopRite that use it, that’s why I created Loystar.”

So what does Loystar do? Loystar is a retail and loyalty platform designed to help micro, small and medium business sell and drive repeat sales in their businesses. It clinched third place in the 25th Nigerian Economic Summit (NES25) startup-pitch competition, beating almost 2000 other contestants.

Ayo explained how he was able to build the platform.

“Apart from my background in computer science, I did a course in mobile application development during my masters. So, I channelled what I learnt in the course,” he explained.

Loystar, since its inception in 2016, now has patronage from different businesses outside Nigeria. They’ve patronage from Ghana, Liberia, Gambia and the US.

He explained that they’ve been able to attract customers from all across Africa and beyond because he knew from day one that he wanted to build a global company. Also, they’ve been able to build a customer base with the aid of technology.

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“Loystar isn’t for Nigeria and Africa alone and technology has helped achieve our vision because tech has no border,” he stated.

However, despite its gradually booming customer base, Ayo says there is a big challenge in finding team members that are truly committed to the cause.

“Everything rises and falls with the team. You need team members that believe in your dream and it can be difficult to get people like that,” Ayo complained.

Apart from making it to the NESG’s top 3, he says his other biggest achievement was being part of Visa everywhere initiative.

“The companies we competed with were far ahead of us, but to be picked as one of the merchant companies was big,” Ayo expressed.

When asked if he had any tips to give to people looking to get into techpreneurship, Ayo had just one advice to give.

“Running very lean. There’s this concept called a lean startup. You use the least amount of resources you can; doing much more with the little you have,” he advised.

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Akinola
Akinola
Akinola Olusegun is a blogger and publisher of this blog, money247.com.ng. You can also check out his other blogs : segtv.com.ng (videos & news), letgoonline.com.ng (e-commerce), letgoonline.com.ng/blog (news) among others. Follow him via any or all of his social media pages to get fresh posts update.
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