It started just like normal weird idea on the secret/invite-only group on Facebook, Silicon Africa when Kayode Muyibi asked this question “How easy would it be to get 1000 Africans’ to fund a fund with 100 dollars every month in perpetuity?” at about 3:56pm on Wednesday, August 29th. Few hours later, more than 40 comments were dropped on the idea. A mockup was created to get the idea started (we call that, JFDI: Just Fucking Do IT).
What is the idea about?
This project aims to raise $100,100 from 1001 slots on a monthly basis for the next 5 years. This would be done through a monthly contribution of a minimum of $100 per slot. Individuals are able to pay for more than a slot per month. The goal is to seed-fund one to four African based startups a month in the range of $25,000 to $100,000. The fund will be managed by a team of trustees and run out of UK or USA or Mauritius to take advantage of strict financial and investment laws.
In case you don’t know, 10 people already signified interest in pledging $1,400.
I see the idea as revolutionary as it will afford startups another avenue to raise fund from investors who understand African market and have interest in actually seeing the continent grow beyond financial gain.
With investment of $25,000 I think it’s a good enough money to help anyone starting out from Africa get to market. While the team is still being worked out, I want to see more successful Africans put their weight behind this and make other Africans dream become a reality!
Join the movement by making a pledge here.