Crowd Funding for African Entrepreneurs

by Developed Africa 9. December 2013 09:00

A recent tweet from EmergingStars about the usefulness of crowd funding for entrepreneurs has led us to look into how much crowd funding is being used by African entrepreneurs.

As it turns out there are a number of different crowd funding websites across Africa that provide such a service, and there are even groups on UK or US crowdfunding websites trying to get funding to start up crowdfunding sites for Africa.

An article evaluating the use of such websites in Africa from VentureBurn, argues that:

In Africa, crowdfunding could still be considered being it its beta phase but has the potential to evolve the startup financing culture of the continent."

The VentureBurn article also mentions the fact that crowdfunding might not quite go along with the African culture as well as it does in the culture of consumerism in the West. However, as the article points out, that might not be such a bad thing, and a different culture does not prevent development potential.

And there is a lot of promise in this notion, as crowdfunding appears to be a way of democratising the process of project funding- making it up to people to invest in ideas that they believe will work, as opposed to the bureacuracy of sourcing funding from the government or other organisations. 

Many opportunities in the developed Africa database are seeking funding. Where there is interest in doing crowdfunding for specific projects we will provide the facility.

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