What has been the impact of your solution to date?
The Life’s Beads project has successfully raised the funds for its implementation through the National Lottery Fund in South Africa by focussing on poor women crafters and their work in the material culture of South Africa. Life’s Bead’s has also raised funds and a supportive market for its products through using an innovative crowd-funding approach. The success that life’s beads has achieved in capturing an entire value-chain from the sourcing of raw materials to the customers’ purchase and use of the end product vindicates the effectiveness of applying this hybrid value chain approach to craft.
To guarantee the success of the project, the Siyabhabha Trust plays a very active role in creating a value chain that ensures each group within the value chain can; access markets for their products; access information about opportunities and trends in the crafts sector.
What is your projected impact over the next 1-3 years?
We plan to to have over 100 project groups in craft directly supporting the livelihoods of some 2000 rural women living at the base of the pyramid. the indirect impact means that the livelihoods of these women's household will be improved thus affecting some 10 000 people. The products enhance the lives of the consumers of these products because they have cutlural and spiritual significance to them. We are targetting some 50 000 consumers who will buy these products over the next 36 months.
The model we use also involves investors through our crowd funding model in which we expect to reach some 50 000 small peer investors.
What barriers might hinder the success of your project? How do you plan to overcome them?
Poor marketing might lead to a decrease in peer investors and sales. To ameliorate against this risk we have designed the crowd funding approach in which investors receive products fvor theior investment. This turns investors into customers.
Managing the value chain and ensuring orders and supplies and customers are managed efficiently is a big barrier. We hope to win the SAP system so that we can implement it into our value chain.
There are other risks but most of them have been dealt with using usual business planning approaches.
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