BudgIT Cofounder Oluseun Onigbinde, says the model is a strategic move aimed at raising revenue for the non-profit start-up’s operational costs and advocacy campaigns on public finance data and transparency.
Based on the current model of raising funds mostly through grants from charity foundations and impact investors, BudgIT’s revenues force us to consider corporate offerings as a spin-off of our organization’s duties, to ensure we maintain consistency in our impact pattern and meet our obligations to our staff and more importantly to the citizens of Nigeria – Oluseun Onigbinde.
BudgIT For Business will provide a suite of services which include: Creative Document Redesign, Infographics for Corporates, Big Data and Social Media Analytics, Data Journalism and Predictive Analysis.
The new venture remains beholden to the ethics on which the parent organization was founded, the profits will be re-invested into BudgIT’s social mission of making civic engagement, transparency and accountability more routine, and the company will be very selective in accepting clients.
This announcement comes on the heels of BudgIT disclosing a partnership with the Kaduna State government, to create an Open Data Platform where residents can monitor the government’s policies, budgets, procurement records and the status of all released funds, via their mobile phones.
Nigerian startups raised $377m in 2019, more than twice what they did in 2018. Find out more when you download the full report.
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