Ranald, now the CEO of Fyn Technologies Ltd, an ICT business that engages in developing websites and deploying Internet services and CCTV, recalled that after closing the hardware and building materials business in 2018, he began to think deeply about the next steps.
By Eberechi Obinagwam
Some give in to momentary setbacks, others persevere and soldier on. Those in the latter category, often end up with bigger stories and greater testimonies. They are the ultimate winners. Ranald Alaribe is in this class. In fact, he is an entrepreneur who refused to give up despite previous business failures. And today, he is better and happier for it.
Alaribe, a graduate of Linguistics and Communication from the University of Port Harcourt started his entrepreneurial journey in 2016 by selling hardware and building materials.
With capital from family and friends, he thought it was a cruising time, until inflation dealt a devastating blow, forcing him to close shop. “It was tough, but I didn’t want to give up. I knew I had to keep trying,” he said.
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Ranald, now the CEO of Fyn Technologies Ltd, an ICT business that engages in developing websites and deploying Internet services and CCTV, recalled that after closing the hardware and building materials business in 2018, he began to think deeply about the next steps.
“When I could no longer manage my hardware business due to inflation, I began to think deeply about other businesses I could start with minimal capital. The one that would not entail physical exertion,” he said during an interview with our Reporter.
While thinking of the next business plan amid his business failure, he got a job with a telecommunications company. That job provided the much-needed experience on his next line of action.
Ranald said he noticed a gap in the market while working for the telecommunications company. Government officials, businesses, and individuals were requesting services that the company didn’t offer. He saw an opportunity and began thinking of how he could meet that need.
The birth of Fyn Technologies Ltd.
With his experience in IT and communication, Ranald decided to start an ICT and Communication Consultancy in 2023, where he executed projects ranging from website development, Internet Installation, and other communication services for government parastatals, businesses, and private individuals to fill the gap his previous employer could not.
“I worked for a telecommunications company and they weren’t offering the services and products most customers were asking for. I needed to fill some very special technological requests like customized sim cards, special communication phone numbers, CCTV, Web Development, App development, etc.
“I got inspired to start up mine to fill the gap and unlike my previous business which was based on hardware, this is a software business that is based on contracts, and it’s not capital-intensive to start. Today, my customers are happy because we are very responsive in service delivery which most big companies can’t work that fast,” he said.
Overcoming the challenges of starting
Ranald said he had challenges sourcing capital in his new business, though it was a software business, unlike his previous hardware business.
“Yes, the capital was a challenge, but I started charging my customers up front for jobs to deliver for them, and good enough they responded positively because we had already proved ourselves on a small scale and it was products and services our customers needed,” he said.
Current challenges
He also disclosed that getting license for some of his products is very expensive. “It is a peculiar challenge for us, so for now we are only focused on service delivery,” he said.
Ranald said the lack of business startup capital, and electricity for most service-based businesses that rely on electricity poses a challenge for Nigerian businesses. This he said makes business products and service delivery a bit expensive to customers and clients alike.
Any plan for Japa?
Ranald said as much as hardship persists in the country, Nigeria is also a great place to succeed. He believes that where there are challenges, there are opportunities. “One needs to have a good eye to observe and seize opportunities when they present themselves. In all honesty, I feel very assured that I can succeed in Nigeria than traveling out.”
He added: “Imagine the very productive relationships I have built here over the years, connections, and contacts I have built. This thing is more psychological than human thinking. Your network (connection of productive contacts and relationships) determines your net worth.”
He advised those leaving to try building a good business in Nigeria, preferably a service based if they succeed outside before returning to the country because technology has and is helping us do a lot in the country.
Ranald also has a foundation, the Ranald Foundation, an NGO focused on fostering Entrepreneurship in Nigeria and beyond Africa.
He said the drive is to cater to the needs of struggling young entrepreneurs since most investments go to privileged and connected persons with foreign certificates to flaunt. “Who caters to those who are core local founders like my very self?”
Ranald Foundation collaborates with private investors to create venture capital for businesses that will help solve the problem of unemployment in the country.