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 talent, Access to technology, Access to economic opportunity.
What has been the impact of your solution to date?
Invest Africa has established contracted partnerships with local institutions in the following countries: Benin, Ghana, Mali, Nigeria. As of today, Invest Africa raised $1360 via its online platform and plans to finance an agro-processing plant in Ghana.
What is your projected impact over the next 1-3 years?
As an online platform, Invest Africa will be accessible to anyone with Internet access. The platform and the team members are bilingual (English and French) which will enable Invest Africa to develop in the USA, Europe and Africa and gain millions of users over the years. If successful, Invest Africa could expand its activities in all the African regions by increasing the number local partners/entrepreneurs and set up an office in Africa.Invest Africa will track its impact through program performance indicators (total value of investments, number of enterprises who received investments, number of hours of coaching program provided...) and social and economic indicators (number of jobs created, number of local service providers who better meet entrepreneurial demand)
What barriers might hinder the success of your project? How do you plan to overcome them?
Lack of repayment: While the extremely high repayment rates among microfinance clients are encouraging, there are still potential circumstances which could lead to an investor‘s loss of all or part of his/her money. These include: political unrest, currency fluctuation, natural disasters, business failure, institutional bankruptcy or fraud, etc. Invest Africa aims to circumvent these challenges as best we can with the selective choosing of our field partners and areas of operation. Lack of adequate capital
Another challenge is the difficulty to raise funds to provide funding to the entrepreneurs. The balance the risk of failure, Invest Africa plans on using various sources of funding: individuals (online investments, fundraising events), corporations (sponsorships, investments).
Winning entries present a strong plan for how they will achieve and track growth. Identify your six-month milestone for growing your impact
Reach 1000 online investors and provide $50000 funding to African entrepreneurs
Now think bigger! Identify your 12-month impact milestone
Reach 10 000 online investors and provide $500 000 funding to African entrepreneurs