What’s happening to the world? Maybe when that person had claimed it will end on September 23rd what the person really meant was there will be changes on Instagram, Twitter and now Go My Way, that may lead to their extinction. GoMyWay, a trusted ridesharing community that triumphed way before the Uber you know in Nigeria today will sadly be going out of business, the CEO announced in an email to all users today morning. 2 years ago, GoMyWay was established by clever entrepreneurs with support from influential tech VIPs; Konga’s CEO, Sim Shagaya, CcHub and ex-Amazon executive, Bill Paladino to “connect travelers with drivers who have spare seats to share”. Smart right?
GoMyWay focused on city to city transport though also piloted for intra-city daily commute too. In an interview with Techcabal same year it launched (2015), Damilola Teidi, the CEO of the founding management had said they “are building the new African rail network…except [they] are doing it on roads” and we believe it.”
As its said by those experienced wise who sometimes speak with a gravity beyond their years, ‘a business without a funding source will flounder under the weight of its own debt’. Now it’s unfortunate that just this morning it’s the same Damilola, front-man and mouth piece of the founding management, who had to carry the burden to write the long email on behalf of the company, announcing that they are closing down. In the email, Damilola writes “We went from less than 1000 members in the first few months to 12,000+ members; 106,630 rides offered and rides shared across 16 states. However, it does take a lot of resources to run this business and the initial plan was no longer sustainable. The Shareholders/Investors came to a conclusion to shut down operations and close the business as there were no funds to invest further.”
Savings capital in funds is used to finance companies’ investments. And GoMyWay sure had this from the beginning but it appears they’ve lost it. Companies need capital to develop and by issuing shares or corporate bonds, they enable investments that allow the companies to invest in innovation and development for long-term profitability. They had a good understanding of their market and competitors too but their rivals have surpassed them.
To end the email, Damilola says kindly, “it would be unfair to leave you and other users hanging with no alternative; so, if you are resident in Lagos and in need of an affordable ride to/from work, please check out the guys at Shuttlers who run an affordable shuttle service for professionals. If interested, fill out their form.”
Featured Image Credit: gomyway . com
Fisayo is a journalist in search of words. Tweet at her @fisvyo