Muyiwa Ogungboye is the CEO of eStream Networks, a licensed broadband communications provider dedicated to providing suitable connectivity solutions to businesses.
A graduate of the University of Ilorin with a degree in electrical electronics, Muyiwa also holds a masters in wireless communication from the University of Lagos.
He started eStream Networks after he left SpaceNet, a firm he worked for four years but not before acquiring an MBA from a foreign university.
According to him funding the business was not easy.
‘I don’t really know how to explain it. There was something within me that was just too powerful to resist. It’s like when you want to marry your wife and you’re sure she is the right woman, against all odds.I didn’t have the blueprint for success. Even the seed money I had was very small. But I just had this innermost conviction that it would work.I had also done feasibility studies and spotted gaps in the system that I knew I could bridge. Don’t forget that I had been part of two startups were I was drilled to do everything. When you’ve done something like that twice, doing it a third time will be relatively easy for you.I had also done something very risky. Before coming back to Nigeria, I was living in England and I had a house. But I sold everything I had, including the rug, and relocated my family to Canada. My wife was still pregnant with our first child then. I remember the day we left England, we slept on the floor, using a pile of newspapers as a makeshift pillow.
Majority of the proceeds from selling everything was put into kick-starting eStream Networks. All my wife said was, “I hope you know what you’re doing?” and I replied, “I know what I’m doing. This thing will succeed,” he said in an interview with techpoint.
The start of the business made heavy financial demands on him so much so his wife had to stay at a friend’s place in Canada. He was also away from the family for 7 months, taking his a business plan to probable investors in Nigeria. He opined that the investors decided to buy into his idea because they saw his drive and how much he had given up to make it happen.
“Don’t go into business because you want to be rich but because you want to solve a problem. Your passion to solve that problem should be your driving force because if you make money your driving force, you will most likely squander it when it eventually comes,” he advised.