Harvard Case - Seso Global: Building a Blockchain-enabled Property Marketplace in Nigeria
"Seso Global: Building a Blockchain-enabled Property Marketplace in Nigeria" Harvard business case study is written by Boris Vallee, Yang Dolly Yu. It deals with the challenges in the field of Finance. The case study is 19 page(s) long and it was first published on : Feb 10, 2020
At Fern Fort University, we recommend that Seso Global prioritize a phased approach to launching its blockchain-enabled property marketplace in Nigeria. This strategy involves a combination of strategic partnerships, targeted marketing, and a robust financial plan to ensure sustainable growth and profitability.
2. Background
Seso Global is a Nigerian startup aiming to revolutionize the property market by leveraging blockchain technology. The company faces challenges in a fragmented and often opaque market, with limited access to reliable property information and inefficient transaction processes. Seso aims to address these issues by creating a secure, transparent, and efficient platform for buying, selling, and managing property.
The key protagonists in this case are:
- Adebayo Odutola: Founder and CEO of Seso Global, a visionary entrepreneur with a deep understanding of the Nigerian property market.
- Seso Global Team: A dedicated team of developers, marketers, and business professionals committed to building a successful platform.
- Potential Investors: Individuals and institutions seeking to invest in the burgeoning Nigerian tech sector and the potential of blockchain technology.
3. Analysis of the Case Study
This case study can be analyzed through the lens of several frameworks:
1. Porter's Five Forces:
- Threat of New Entrants: High, due to the relatively low barriers to entry in the online property marketplace.
- Bargaining Power of Buyers: Moderate, as buyers have access to multiple platforms and can compare prices.
- Bargaining Power of Suppliers: Low, as Seso Global will rely on property owners and agents who are not easily replaced.
- Threat of Substitutes: Moderate, as traditional real estate agents and other online platforms offer similar services.
- Competitive Rivalry: High, as the Nigerian property market is increasingly competitive with both established players and new entrants.
2. SWOT Analysis:
Strengths:
- First-mover advantage: Seso Global has the potential to be the first to offer a blockchain-enabled property marketplace in Nigeria.
- Strong team: The company has a dedicated team with expertise in technology, marketing, and the property market.
- Growing demand: There is a growing demand for transparent and efficient property transactions in Nigeria.
Weaknesses:
- Limited funding: Seso Global needs significant funding to develop and launch its platform.
- Lack of brand awareness: The company needs to build brand awareness and trust among potential users.
- Regulatory uncertainty: The regulatory environment for blockchain technology in Nigeria is still evolving.
Opportunities:
- Growing adoption of blockchain: Blockchain technology is gaining traction globally, presenting an opportunity for Seso Global to capitalize on this trend.
- Government support: The Nigerian government is promoting the use of technology in the real estate sector.
- Expanding market: The Nigerian property market is growing rapidly, offering significant potential for Seso Global.
Threats:
- Competition: Existing players in the property market could pose a significant threat to Seso Global.
- Technological challenges: Building and maintaining a secure and reliable blockchain-based platform requires significant technical expertise.
- Economic instability: Economic uncertainty in Nigeria could impact the demand for property and hinder Seso Global's growth.
3. Financial Analysis:
Seso Global needs to develop a robust financial plan to secure funding and ensure profitability. This includes:
- Capital Budgeting: Evaluating the costs and benefits of developing and launching the platform.
- Financial Forecasting: Projecting revenue, expenses, and cash flows over time.
- Risk Assessment: Identifying and mitigating potential financial risks, such as regulatory changes, competition, and economic instability.
- Return on Investment (ROI): Determining the profitability of the platform and its impact on shareholder value.
- Financial Modeling: Creating a comprehensive financial model to assess the viability of the business.
4. Recommendations
Seso Global should pursue a phased approach to launching its platform, focusing on building a strong foundation and gradually expanding its operations. This approach involves:
Phase 1: Pilot Launch and Strategic Partnerships (6-12 months)
- Develop a Minimum Viable Product (MVP): Focus on core functionalities, such as property listings, secure transactions, and escrow services.
- Secure strategic partnerships: Collaborate with key stakeholders in the property market, including real estate agents, developers, and financial institutions.
- Pilot launch in a specific region: Begin with a limited launch in a specific region of Nigeria to test the platform and gather user feedback.
- Focus on user acquisition: Implement targeted marketing campaigns to attract early adopters and build brand awareness.
Phase 2: Expansion and Market Penetration (12-24 months)
- Expand platform features: Add new functionalities based on user feedback, such as property management tools, mortgage financing, and legal services.
- Expand geographically: Gradually expand operations to other regions of Nigeria.
- Develop a strong marketing strategy: Implement a comprehensive marketing plan to reach a wider audience and build brand loyalty.
- Secure additional funding: Explore various funding options, including venture capital, angel investors, and debt financing.
Phase 3: Growth and Innovation (24+ months)
- Focus on innovation: Continuously improve the platform by incorporating new technologies and features.
- Expand into new markets: Explore opportunities to expand into other African countries or international markets.
- Build a strong team: Attract and retain top talent to support the company's growth.
- Consider going public: Explore the possibility of an IPO to access capital and further expand the business.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core competencies and consistency with mission: Seso Global's core competency lies in its understanding of the Nigerian property market and its ability to leverage blockchain technology. The phased approach aligns with the company's mission to create a transparent and efficient property marketplace.
- External customers and internal clients: The recommendations prioritize the needs of both external customers (buyers, sellers, and investors) and internal clients (partners, employees, and investors).
- Competitors: The recommendations consider the competitive landscape and aim to differentiate Seso Global by offering a unique and innovative platform.
- Attractiveness ' quantitative measures: The phased approach allows for a gradual investment and provides opportunities to measure the platform's performance and adjust the strategy accordingly.
- Assumptions: The recommendations are based on the assumption that the Nigerian property market will continue to grow and that blockchain technology will be adopted more widely in the future.
6. Conclusion
Seso Global has the potential to revolutionize the Nigerian property market by leveraging blockchain technology. By pursuing a phased approach, focusing on strategic partnerships, and building a strong financial plan, Seso Global can achieve sustainable growth and profitability. The company's success will depend on its ability to navigate the complex regulatory environment, compete effectively in a dynamic market, and continuously innovate to meet the evolving needs of its customers.
7. Discussion
Alternatives not selected:
- Rapid expansion: This approach could lead to financial strain and operational challenges.
- Focusing solely on technology: This approach could neglect the importance of building relationships with key stakeholders in the property market.
Risks and key assumptions:
- Regulatory uncertainty: The regulatory environment for blockchain technology in Nigeria is still evolving, which could pose a significant risk to Seso Global.
- Competition: Existing players in the property market could pose a significant threat to Seso Global's market share.
- Technological challenges: Building and maintaining a secure and reliable blockchain-based platform requires significant technical expertise and investment.
- Economic instability: Economic uncertainty in Nigeria could impact the demand for property and hinder Seso Global's growth.
Options Grid:
| Option | Advantages | Disadvantages |
|---|---|---|
| Phased approach | Gradual investment, manageable risk, flexibility to adapt | Slower growth, potential for missed opportunities |
| Rapid expansion | Faster growth, potential for market dominance | Financial strain, operational challenges, higher risk |
| Focus solely on technology | Innovation, competitive advantage | Neglecting market dynamics, potential for lack of user adoption |
8. Next Steps
Seso Global should immediately begin implementing the recommendations outlined in this case study solution. The following timeline outlines key milestones:
Month 1-3: Secure initial funding, assemble a strong team, and develop a detailed business plan.
Month 4-6: Develop the MVP and begin piloting the platform in a specific region of Nigeria.
Month 7-12: Secure strategic partnerships, launch targeted marketing campaigns, and gather user feedback.
Month 13-24: Expand platform features, expand geographically, and secure additional funding.
Month 25+: Focus on innovation, explore new markets, and consider going public.
By following these recommendations and taking proactive steps to address potential risks, Seso Global can position itself for success in the rapidly evolving Nigerian property market.
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Case Description
The mutual aspiration of addressing the housing shortage and improving real estate market efficiency led Daniel and Phillip to co-found Seso Global in 2017. Seso Global developed a unique integrated platform to streamline and rationalize the process of acquiring and financing a home in Nigeria. In particular, the Seso team aimed to create a blockchain-enabled ledger of land titles to address a key challenge of Nigerian real estate and mortgages market: ensuring rightful ownership of properties. Their platform combined a land registry management and query portal, a property and mortgage marketplace, and a land service provider marketplace. However, VC investors had been grilling them on their business and revenue model. On the other hand, the impact investors they had talked to were focused on whether their activity would have an effect at the bottom of the pyramid. Pondering on the comments made by the VC, Daniel and Phillip were discussing which part of the platform to prioritize. What should be the focus of their business model? Who should be their main clients? Answers to these questions would be key to win over investors and scale up their operations.
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