Our short to mid-term focus is primarily on emerging markets, especially in Africa. With our K3 partnership and their proprietary technology, we have the perfect solution to create our market.
We can build broadband infrastructure where it is otherwise impossible to build.
Our unique solution enables us to tap into an unclaimed market worth about $97 billion annually (calculated at a 12% broadband penetration rate)1. Our advanced and effective technology gives us a competitive edge and minimal competition for platform adoption and growth.
The broadband penetration rate in Africa is currently less than 1%. This figure is incomparable to the world average of 12% or 40% in developed countries (World Development Indicators, 2021). The biggest obstacle is a lack of infrastructure. As we resolve this issue, we will gain years to establish and consolidate market share before any competition enters the space.
Our survey of over 300 respondents from Nigeria confirms this too. Only 2% of the respondents with internet access had true broadband connections. They believe broadband internet is FASTER, BETTER, and more RELIABLE.
There is a wide gap between the available internet speed and the desired Speed. 69% of consumers desire speeds above 10Mbps, while none currently have more than 10 Mbps speed.
Figure 3 Current vs. Desired internet speed in Nigeria (source: internal research survey)
As predicted, our survey confirmed that African users, especially the Nigerian population, are ready to accept cryptocurrencies. Over 90% of respondents are comfortable paying and receiving rewards in cryptocurrency.
Surprisingly, the internet ranks as the 3rd most important need, just after Food & Water and Hygiene.
Figure 4 Most important things for Nigerians in todays life (source: internal research survey)
After a successful rollout in Africa, we will explore entering other emerging markets and creating partnerships with established ISPs around the globe. We will be entering a global market valued at $1.6 trillion in 2020 and that is expected to grow at a compound rate of 5.4% annually, reaching $2.46 trillion by 2028 (Grand View Research, 2021).
In the long term, we are positioning our platform globally by offering novel methods to handle subscription services and bandwidth. Our target is to become the go-to platform to manage services for ISPs.
1 Number derived as estimation from around 400 million households x 12% market penetration (SEA countries) x K3 Sierra Leone ARPU.