5 minute read
Crowdfunding Africa — Ife
Crowdfunding Africa
with Ife Thompson
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e is an Electrical Engi-
Hneer by education and by training and likes to solve problems, particularly those related to life experiences. He has lived and studied in Nigeria, England,
Scotland and the United States of
America. He is very passionate about
Africa, and he is delighted in finding out how the talent and resources in
Africa can be fully utilised to equitably benefit Africa and the world as a whole.
Tell us about www.seedstotrees. africa. How did it all start?
www.seedstotrees.africa came as an effective way to solve the problem of unemployment across Africa. We had surveyed the landscape to ascertain the shortcomings in the fight against unemployment. We ultimately arrived at the conclusion that lack of capital and inadequate business education and mentorship were big factors hindering growth of entrepreneurship at the grassroots. We went down the crowdfunding route as a way to de-risk and decentralise funding for entrepreneurs at the grassroots. Hence, our platform facilitates a collective effort for Africa’s development by allowing people all over the world to economically engage with Africa at the grassroots level.
Do you have a great management team?
Yes we do. This, in fact, is one of our greatest assets. We all share the same passion and vision. We are long-term friends with cooperative disposition and a problem-solving mindset.
What positive early traction have you achieved?
Since we recently launched, general feedback have been positive, although more work is required with publicity to propel the platform into the limelight. We anticipate that this would happen and we would be able to create the much desired positive economic transformation across Africa whilst putting Africans in the driving seat.
Who are your initial investors?
We have used our personal resources till date, but we would be open to the right partners coming on board to help launch the platform to the next level.
What potential risks do you predict?
We have tried to de-risk the interaction with our platform, particularly with donation process by using a reputable gateway platform (Stripe) to handle all payment transactions off our site and to enable safe and secure handling of personal information. As for the Project Owners, we have put processes in place for the verification of identity before releasing the raised funds. Ultimately, fraudulent activities are the major risks due to the impact they can have on project supporters’ and other users’ confidence in interacting with the platform. But we are mindful of this and we try to encourage visible public profiles for project owners as a means of boosting transparency.
Why is the unique selling point of www.seedstotrees.africa great?
Simply, it is Africa-specific, led by three passionate Africans, and the platform aims to tackle a critical social problem, which is the high unemployment rate in Africa, particularly among the youth.
How would a potential investment be used? What progress will be made with such capital?
With the right partner(s), investment would be channeled towards the constant improvement of the platform and marketing purposes, ensuring every user-experience is simple, straightforward, purposeful and fulfilling.
What innovations are you bringing to crowdfunding? Do you have any differentiated technology?
As part of the overall experience and in order for us to disburse the funds raised after a project owner
lists a project, we mandate participation and completion of a free online Business Management and Entrepreneurship Diploma course to serve as foundation for all project owners. And in terms of technology, our emphasis will always be based on simplicity and accessibility. To this end, we will continually leverage on technology and best practices to ensure agility, simplicity, accessibility and participation.
What is urgent? What would you like to have done in the next 3 months?
For the next three months, our main effort will be geared towards marketing and generally the creation of an awareness of the potential benefits of our crowdfunding platform for Africa and potentially the world at large.
What are some of the long-term objectives you would like to see completed?
Our long-term objective is to be a game changer in Africa by becoming a widely known and patronised funding platform, thereby creating an organic and vibrant African entrepreneurship ecosystem to solve problems in Africa and potentially worldwide. This may take a while, but it is possible and very achievable.
What are the key indicators by which you measure impact?
To answer the question in simple terms, the key indicators will be the number of users and funded projects and also their positive impact on people’s lives.
How can Europeans be a part of this project?
With the basis for our crowdfunding platform hinged on the collective effort of everyone worldwide – African Diaspora and the rest of the world – anyone can be a part of our project by going to our website (www.seedstotrees.africa) and making donations of a minimum of US$5 or an equivalent to the listed African-based projects and project owners they see as being honest and full of potential.
What partnership have you developed to help you succeed?
Our team is widely experienced, but as it was mentioned earlier we are open to working with the right partners to ensure we are best able to actualise our goal of making a big dent in the unemployment rate across Africa through Africa-based entrepreneurship activities.
Where do you see www.seedstotrees.africa in the next 10 years?
We hope and pray that www.seedstotrees.africa will be a brand and a platform that is synonymous with developing and enhancing Africa-based entrepreneurship activities and job creation, and perhaps getting involved in facilitating and enabling other productive economic activities along the broad and diverse economic development value chain across Africa.
What do you think would be most surprising to find out about you?
I am somewhat of an introvert but can be extroverted when the need arises.
What book(s) are you reading now?
How I Built This by Guy Raz (The unexpected paths to success from the world’s most inspiring entrepreneurs). There is also a podcast, which I will encourage people to listen to.
What do you do with your free time? How do you unwind, deal with stress and big challenges?
I have always loved the outdoors, so I go for walks to decompress. I also play golf in my free time, although I am still very much a beginner.
