How is your initiative financed (or how do you expect your initiative will be financed)?
Untill a few years ago when we decided not to pursue the project any further having exhausted all our resources, the development costs of the project, other costs and patent costs, were financed by ourselves out of private funds and through the selling of assets, and a few individuals who bought an interest in the project. As already mentioned elsewhere all the renewed interest in the project, very likely as a result of the ‘current growth in the philantropic and social entrepreneurial world and wealthy western companies waking up to the world’s needs seeing the value of social ventures’, opens up avenues of donor/sponsorship not previously available. Possibilities look very promising at the moment, the reason why we decided to pursue the project further.
Provide information on your finances and organization:
Since we decided not to pursue the project any further a few years ago, the company Q Drum (Pty) Ltd has been dormant but was revived now with the renewed interest and a Non Profit Association or Section 21 Company was also established with the international firm of KPMG appointed as auditors in the event of any donorships materialising.
At the moment I’m practising as a civil engineer again and took care of a few expenses for the manufacture of some Q Drums and the cost of sending them to inter alia the Science Museum in London for exhibitions to be held in Europe and the US, the Parque de las Ciencias, a museum in Granada as a permanent exhibition, ten samples for an organisation called Raising Malawi Global Village established by Madonna, two to a Dr. Faith Kostel-Hughes of The College of New Rochelle in New York doing charity work in Tanzania etc. and hopefully this will pay dividends in the long run.
What is the potential demand for your innovation?
If one considers the title of the exhibition held at the Cooper-Hewitt, National Design Museum in New York, “Design for the other 90%” (of the world’s population), then the potential demand for our innovation can be enormous. As stated elsewhere literally millions of people in the developing world, especially in rural Africa, live many kilometers from a reliable source of clean water.
What are the main barriers to financial sustainability?
If the necessary funding can be raised through donor/sponsorships the main barriers to financial sustainability can be overcome and to quote the film company’s CEO again: “What you need is a film to tell the Q Drum story in an exciting/educational way to reach new funding sources which will allow you to develop a longterm strategy that can be self-sufficient through partnerships … grants … sponsorships etc”.