Progress records
1
Stage of your startup
Prototype
When did you start
January 2018
City
Abuja, FCT, Nigeria
Definition in 1 sentence
Direct Electronic Automated Monitoring Solution
Elevator pitch
DREAMS is an electronic platform that helps federal, state and local government, gaming regulators, gaming licensors accurately track and keep record of all online gaming transactions developed in Nigeria by CHRISOLYTE Communications Limited, and with international standard for online gaming analysi
Are you incorporated?
Yes
Category
Software
Sector
Industrial internet & IoT
How do customers use or interact with your product?
API
Product Demo Video Adress
Video Password
Startup Presentation
Other Documents
Image gallery
Why do you want to attend this program?
As Nigeria is striving to diversify, I want to contribute to the growth and development of my country by helping to streamline our tax regime also to improve my capacity and knowledge about the product am introducing into the market and we need all the assistance we can get from your organization.
Create Date
Saturday, August 17, 2019 20:31 (Godfirst Nwaonu)

Business model

Describe the problem you are solving
DREAMS makes it easy for federal, state, gaming regulators, gaming licensors to have an accurate amount of all online gaming stakes (GROSS REVENUE) and taxes and VAT deductible appropriately made.
How are your customers solving that problem today?
This is made possible by assigning a transaction license code for every online gaming transaction. This unique license code is generated when any customer places a bet and serves as authorization for such transaction. For this to be effective all Online gaming operators platform would be integrated to the DREAMS booking API.
Target custormers - Define customers, who are they
How do you plan to acquire customers?
For an executive order to be issued by the government for all online gaming operators to integrate into DREAMS booking API.
What is your revenue model or expected revenue model?
with our DREAMS technology the states and country's Internally Generated Revenue from online gaming can grow to a minimum of over 3million dollars in its first year to over 5million dollars in the second year. With our modalities we have have the capacity to increase online gaming revenue my country and all over the world.

Market info

What is your target market?
The market target is over 50million payers or users with over 1 billion dollar that is generated by the operators anually.
What is your total available market size
$ 1,000,000,000
What steps have you taken to validate the market?
We have taken some steps in the area of conducting seminars and workshop to states and online gaming operators preparing them for DREAMS booking API ingeration, while we look forward for the issuance of the executive order by the federal government.
Do you have competitors? Please write down the names
Competitor name
Competitor website
Competition: write down competitors and explain
Who are your competitors and how are you different?
We don't have competitors for now because DREAMS is a new technology that have not been in existance in my country
Traction / KPIs
What progress have you made in the last six months?
we have written a letter to the Honorable Minister of Finance in of federal republic of Nigeria introducing DREAMS and requesting for an executive order to be issued to the Federal Inland Revenue Service, all the Commissioners of Finance and Board of Internal Revenue Service in the state to integrate online gaming operators into the DREAMS booking API in other to boost their Internally Generated Revenue.
How many customers/users do you currently have?
6
What is your monthly growth rate?
The online gaming industry is a billion dollar industry with a quarter of the Nigerian population from age 18-55 years engaging in one form of online bet or the others. There is an estimated 16percent growth in the industry till 2020.
Describe traction

Finance

How much runway do you have left(Month)?
10
How is equity divided?
Equity type
Name surname
Email
Equity
Co-Founder
Nwaonu
% 80
Co-Founder
Ukelonu
% 20
How much money raised since start?
$ 2,000
Revenue lifetime
$ 0
Last months revenue
$ 0
Investment round
Target fund to raise
$ 200,000
Equity on offer
% 10
Number of employees
4
Other info Write bullet points (Grants, prizes, acceleration)
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Team

Owner member
Yes
Member role
Co-founder
Name surname
Godfirst Nwaonu
Title
DREAMS
Education
General Equivalency Diploma
School name
NOUN
Birthdate
02 April 1981
City
Abuja, FCT, Nigeria
Short Bio
Godfirst Nwaonu is a Nigerian with an accomplished business analyst and skills in enhancing operational efficiency and expert in business improvement and management, Godfirst has exceptional planning and implementation capabilities which enable him to set and achieve targeted goals.
Meeting story with Cofounders
My co-founder and I have known each other for more than 10 years because we once lived together in the same location.
Working together time
we have work together for two years now towards the actualization and establishment of DREAMS.
Owner member
No
Member role
Employee
Name surname
Olubusola Nwaonu