I would like to establish Crowdfunding page for Somali young Buisness oriented people who are having financial startup difficulties as well as other people who are in need of financial help such personal causes, political, religion and others.
Research into crowdfunding in Africa has found that the location of projects does not correlate with the success of fundraising and start-ups in Africa have an equal footing with their counterparts in more developed markets.
CC crowdfunding can provide Somali entrepreneurs not only with the capital that banks (both domestic and international) are unwilling to lend, but also give start-ups in the region access to the investor contacts and mentorship needed for them to succeed in their ventures. It allows the aggregation of a base of investor for future expansion. This is very much a different dynamics in the traditional bank-industry relationship.
CC crowdfunding offers numerous advantages such as allowing start-ups to gauge the “pre-trial” demand for their projects during the ‘campaign stage’ and provide an opportunity to receive detailed early feedback on project ideas without the full cost of market research. Furthermore it gives far reaching global access to ideas and markets.
Initial crowdfunding operations in Africa were largely donation-based, however sub- Saharan Africa in particular has developed an investment-based crowdfunding climate and there has been steady growth over the last three years with the number of platforms doubling each year.
Combined with mobile money technology, crowdfunding can overtake the traditional financial structures and microfinance in allowing Somali Diaspora to invest in their home regions. Somalia is slowly recovering from civil unrest and is undergoing a unique and positive transformation in all sectors and industries of its economy.
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