Duhange Project: Linking potential Venture Capitalists and Entrepreneurs in Rwanda

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Duhange Project: Linking potential Venture Capitalists and Entrepreneurs in Rwanda

Kigali, RwandaAll provinces of Rwanda, Rwanda
Organization type: 
for profit
Project Stage:
Growth
Budget: 
$50,000 - $100,000
Website:
http://www.braintechnologiesltd.com
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Project Summary
Elevator Pitch

Concise Summary: Help us pitch this solution! Provide an explanation within 3-4 short sentences.

Duhange Project is an initiative which was initiated by Brain Technologies Ltd, in order to nurture entrepreneurial minds among people.This project intends to expand and serve as a bridge between entrepreneurs with promising innovative business ideas and venture capitalists who are now rising up in Rwanda. This project will expand through East Africa in the Second year.

About Project

Problem: What problem is this project trying to address?

Rwanda is endowed with several entrepreneurial minds who lack enough capital to boost their ideas and turn them into working businesses. On the other hand, there are several middle income people who are financially self-sufficient but lack ideas. It is difficult to get a bank loan in Rwanda due to most of people lack mortgage/warranty to provide so that the bank will provide a loan. Due to this constraint, people fail to start small business while they still have innovative ideas. This is where venture capitalists come in.In Rwanda,we don't have many due to the fact that there is no platform which links potential funders and those who have innovative ideas.Getting financial help from an individual would be better than from bank.The challenge of unemployment will be tackled in this project

Solution: What is the proposed solution? Please be specific!

Since there are people who have innovative ideas in Rwanda but lack financial help to turn them into reality, and there are people also who have middle-income capacity and who are willing to fund promising projects without requesting any mortgage, the project Duhange becomes a bridge to VCs and entrepreneurs. Duhange is already operational and has been tested through the use of online media as a website www.duhange.com. Several people have contacted us to link them with potential funders while on the other hand potential funders have contacted us. We've noticed that this project was feasible. This solution will work as follows: Linking entrepreneurs with individuals who would fund their businesses. This platform has been lacking in Rwanda for a long time. This project will also provide jobs for 16 people.
Impact: How does it Work

Example: Walk us through a specific example(s) of how this solution makes a difference; include its primary activities.

This project makes a difference: it is the first initiative to be started in Rwanda until now which aims at improving economic status of the people by nurturing entrepreneurial minds inside them. Not only this project promotes entrepreneurship by publishing success stories of people who started from scratch and also business opportunities, but also intends to link potential Venture Capitalists that are rising in Rwanda and others potential entrepreneurs. Our company has experience in business development and thus understands how the whole model can work properly by protecting ideas of entrepreneurs and also by giving them support in coaching and other possible trainings in capacity building.
Sustainability

Marketplace: Who else is addressing the problem outlined here? How does the proposed project differ from these approaches?

Most of peers in this sector can be: angel investors and also banks. This project comes as an additional item to people who were not receiving loan services due to the lack of mortgage.
Team

Founding Story

After our company Brain Technologies Ltd faced this same problem of lacking funding while having an innovative idea because simply we couldn't provide a mortgage/collateral/warranty, we felt that there might be other people like us who have the same challenge. After identifying that there are several people in Rwanda who have money but don't know which business to start due to the lack of business skills and self-esteem, we wanted to link them with entrepreneurs who can be partners in business. These entrepreneurs will be having mutual agreement with these VCs. It is in this regard that we initiated this project "Duhange" which is a Kinyarwanda word meaning "Let us innovate". We wanted to tackle the challenge of access to funds when we initiated this project in August 2012. We have a vision of tackling this challenge of accessing funds!
About You
Organization:
Brain Technologies Ltd
About You
First Name

Rodrigue

Last Name

ISHIMWE

About Your Organization
Organization Name

Brain Technologies Ltd

Organization Country

, Kigali

Country where this project is creating social impact

, XX, All provinces of Rwanda

Age of Innovator

18-34

Gender of Innovator

Male

How long has your organization been operating?

Less than a year

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Innovation
How long have you been in operation?

Operating for less than a year

Social Impact
What solution(s) does your initiative address to help emerging entrepreneurs and small businesses grow and thrive in underserved communities? (select all applicable)

Access to financing, Access to economic opportunity.

What has been the impact of your solution to date?

Until now, the projec DUHANGE has been appreciated by a lot of people. Since its launch in August 13th until now, duhange.com has more than 76.000 visitors in total. People do appreciate this project. Initially, it started being an online business news coverage and entrepreneurship promotion initiative and it has grown to more than this. After being contacted by people as mentioned above, we are developing a system of linking VCs and entrepreneurs

What is your projected impact over the next 1-3 years?

After seeing how the process is being undertaken, this project will impact more than 2000 people who will be benefiting from this project:
- More than 150 businesses will be started and employ more than 2,000 people.
- The project itself will be growing (Duhange) and provide jobs to more than 30 people in 2015 (after 3 years)

What barriers might hinder the success of your project? How do you plan to overcome them?

The first challenge that we might face is the access to a large population (linking the entrepreneurs located in the rural areas without access to internet and TV). In order to reach them, we shall use radios which air in the rural area of Rwanda.
Another challenge that can rise can be the fear of being stolen their ideas. In order to counter to this challenge of stealing ideas, we shall develop a system where just a basic idea will be displayed and not be able to be stolen through patenting. Through coaching also we shall promote self-confidence among entrepreneurs.

Winning entries present a strong plan for how they will achieve and track growth. Identify your six-month milestone for growing your impact

Establishing a strong network of VC - Entrepreneur (enhancing a strong platform)

Identify three major tasks you will have to complete to reach your six-month milestone
Task 1

Complete the online database of www.duhange.com where entrepreneurs will be filling the form and VCs will fill the form and meet

Task 2

Start a TV program on local public Tv (Rwanda Television) where success stories will be shared and different innovative ideas

Task 3

Start a hard copy of Business Magazine of Duhange project

Now think bigger! Identify your 12-month impact milestone

Expanding Duhange project to the entire to East African Region and include English and French

Identify three major tasks you will have to complete to reach your 12-month milestone
Task 1

Seeking for partners in the East African Region (profit companies and non- profit and individual entrepreneurs)

Task 2

Start a business idea competition in Rwanda and the entire East Africa

Task 3

Hire more staff for the evolving Duhange project

Sustainability
Tell us about your partnerships

We do have partnerships with other non- profit NGOs and profit organisations but we are looking forward to create a deep partnership with the the government especially the Ministry of Youth and ICT, Ministry of Commerce, Ministry of Finance and Economic Planning and others.

Please elaborate on any needs or offers you have mentioned above and/or suggest categories of support that aren't specified within the list

If the above mentioned sections/categories are provided, it could be highly appreciable.

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