An innovative mobile and web crowdfunding platform to help African startup companies attract middle class investors, not just wealthy individuals, won funding of its own to jumpstart the business venture.
SliceBiz was one of three $10,000 winners of the Apps4Africa business challenge, a competition funded by the United States State Department and the World Bank, that offers African innovators cash awards for developing solutions to local problems using technology.
The Ghana-based business, SliceBiz, seeks to bring the idea of popular crowdfunding sites, like Kickstarter and Indiegogo, to Africa, but with a twist. As BBC explains, entrepreneurs will provide 30-second video pitches to potential investors. Investors can then give between $250 and $100,000, and smaller investments can be made using a mobile phone. Also, investors will receive a stake in the business instead of the swag that other sites offer funders.