African Innovators to get $500,000 Seed Funding from Cheetah Fund
Located at the horn of Africa, Somalia is probably the driest place in the eastern parts of Africa. Water is a rare and highly cherished commodity, and like any other cherished commodity it obeys the law of Demand & Supply.
The rare the commodity, the higher the cost of attaining that commodity – the fact that the commodity in subject here is water. One of the most vital things necessary to main life. One water company, dubbed Doburo Somaliland has set out to mitigate the water shortage. By supplying Somaliland residents with clean and affordable water packed in jerrycans.
Unlike most organizations operating in hardship areas that usually wait for the government, NGOs and foreign donors funding; Doburo Somaliland has set itself to make a change, instead of waiting for others to donate to them the resources they require to bring about this change.
Targeting the Somali market of the middle class and poor, the company wants to supply clean water packed in jerrycan in an affordable and self-sustaining way by employing the use of cutting edge technology in filtering system. The technology enables the company to produce 100% clean water for as low as $0.01 per liter of water.
Doburo Somaliland has joined the Cheetah Fund crowdfunding campaign in order to raise the money needed to kick start their initiative. So far the company has raised 15,177 Euros ($19,038), and the rest of the amount will be catered for by the Cheetah Fund.
Come 9th and 10th October, the 1% Club together with iHub, iBiz, mLab and Nailab will be holding a crowdfunding boot camp dubbed the Cheetah Fund aimed at helping local entrepreneurs start their businesses. With a 400,000 Euro Fund ($501,760) allocated for primary social and environmental impact driven projects throughout Africa.
It will also train the participant on how to raise at least 30% of the amount they are aiming at raising through crowdfunding within a 30 days period, while the remaining amount will be catered for by the organization.
The 30% in 30 days approach will ‘separate the wheat from the chaff. Those who manage to meet this requirement will have proven themselves as eager to kickstart their projects and motivated enough to support their campaign.
The Cheetah Fund Event on October 10th, will be a two-day event and will be hosting sessions that will touch on social media, communications, pitching and storytelling among other skills need to be successful in crowdfunding. To register for the event click here.
“There are many African pioneers who have great ideas to change the world. An idea that creates social or environmental impact… An idea that leads to a cleaner, safer or friendlier world. These change makers have a fresh perspective and are eager to contribute to a better world.
We call them the ‘CHEETAHS’ of this world. They have the drive and like to go off the beaten path. What they often don’t have is the financial means to achieve this.” – narrated, Cheetah Fund.
The 400,000 Euros Cheetah Fund will be awarded to 100 founders or project teams as the seed money for their innovative projects; that will, hopefully, spark a wave of social changes across the African continent.