AVAILABLE AVENUES FOR GETTING FUNDED IN AFRICA
Getting funding as a tech business in Africa requires some creativity in acquiring funds. Need some creative ideas to get funding? Here are a couple:
Enter a Contest
Over the past couple of years, numerous contests have been hosted all over the continent soliciting for tech entrepreneurs and startups. The prize for most of these contests is seed funding or mentoring. Entering a couple of these contests can help you acquire some funding.
Crowd funding has recently become very popular all over Africa. Crowdfunding for your startup is as simple as posting your business on the web or creating a prototype and asking for funding. There are different types of crowdfunding. To find out more about them, check out this link.
Solicit to Friends and Family
There is nothing wrong with pursuing old methods. Go to friends or family and request assistance with funding. However, make sure that when getting funding from someone you are close to, you go on written contract terms so as to avoid future miscommunication.
Join a Cooperative
Another good way to raise funds is to join a cooperative. For all this unfamiliar with the current system of micro finance, there are programs that allow individuals with low credit scores and employment similarities to form a group and save up together to help each member grow one by one.
Use Your Own Savings
If you have access to savings of your own, this might be the first place to look. The major advantage here is ease of access. Notwithstanding, if you use your money, do not do so expecting immediate returns.
Any other ideas for funding? Let us know in the comments below.