Africa definitely has great potential and so does its youth who make up about 65% of the population. It is no news that Africa is quickly progressing in terms of creativity and the development of information technology. This is not to say that development and creativity haven’t always existed; however it is clear that the world is getting increasingly interconnected. With the presence of service vacuums, the opportunity is provided for African innovators to fill the vacuum by creating businesses that would cater to the service needs.
Since unemployment remains an issue in Africa, innovation hubs are spread across the continent as a possible means of youth empowerment which would allow the youth to channel their creative energy towards a potentially productive source for their communities. This has proven productive to an extent. However funding is required by these upcoming startups looking to make a mark in their respective markets. Jovago highlights five tips that would definitely land these young startups the funding that is required to boost their productivity and reach! These tips would be quite useful after the risks involved have been assessed and understood.
Super ideas get super funding: Getting and developing an idea is one thing but capital is needed to boost your business. The more unique your idea is, the higher the probability that venture capitalists would be interested in investing in your business. Have you got been working on a unique project? Do you think it could be easily replicated?
Ambitious propositions for the win: To get the funding your business dearly needs, it is important to distinguish your project from others. There is a need to show the venture capitalists that your business is unlike anything they have ever seen. What value is being added by your startup? How is your immediate environment a better place because of what you have to offer? How indispensable is your product?
Think of the possibility of growth: Your idea might be super but if there is little to no possibility of growth, it is unlikely to get the funding it needs. It is important to study the scalability of the ideas or projects you’re developing if you’re looking to get some funding. Is your product viable in its present market?
Carve your niche in stone: Indeed your startup could be great but is it capable of making profit? It is important to gauge the ability to increase revenue in the niche you intend to carve for your business. The power to do this is sure to carve your niche in stone and it also boosts the possibility of getting funding.
Dream team, dream funding: This involves putting together the perfect blend of individuals who are enthusiastic about building your business. It is important to assemble people who can relate to your vision and commit to building your brand. Sourcing for profiles with the necessary experience to build your startup is important when assembling a team.
Are you a seasoned entrepreneur? What other tips helped you get the funding you required?
Jovago.com is an online hotel booking service with offices in Lagos (Nigeria), Nairobi (Kenya), Dakar (Senegal) founded by Africa Internet Group and has MTN and Millicom as investors. Jovago.com, Africa’s No.1 booking website, facilitates the booking process for its users to provide them with the best hotel booking experience with fast, transparent and easy-to-use services. Jovago.com has over 25,000 local hotel listings across Africa and over 200,000 hotels around the world.
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