The Nailab First Ever Start-up Crowdfunding Boot Camp

The Nailab in partnership with 1%Club, a Netherlands based crowdfunding venture, and Accenture  held a 2 day start-up crowd funding boot camp. The boot camp which brought together a total of 19 ventures in different spheres saw the entrepreneurs develop strong crowdfunding campaigns, understand the essence of crowdfunding as a significant alternative source of start-up capital and 3 winning campaigns take home cumulative Ksh 450,000.

Read Why crowdfunding is not a new concept in Kenya

According to Nailab CEO Sam Gichuru

“There are several sources of startup capital. There is bootstrapping, a situation where an entrepreneur attempts to found and build a company from personal finances or from the operating revenues of the new company, then there are angel investors, venture capitalists and credit facilities from financial institutions. Crowdfunding is a channel that has been scarcely exploited by many entrepreneurs and has a lot of potential as an entrepreneur does not have to give up equity or accumulate any debt”

The Crowdfunding concept has gained a lot of traction in the west in the last few years with platforms like 1%Club expanding their capacity to more enterprises from emerging and developed markets.

Anna Chojnacka, one of the founders at 1%Club had the following to say:

“ Our greatest desire is to make great ideas possible and help make small ideas big through facilitating their funding on our platform. I am impressed at the quality of solutions that have been showcased and the entrepreneurs quick adoption of the crowdfunding concept.”

Soko Text, which has taken the Kenyan start-up scene by storm in the last few weeks won the overall prize, Ksh.300,000. Soko Text is an sms service that helps the small-scale vegetable retailers also known as “mama mbogas” aggregate daily orders.

The 1st runner up, Keja Hunt an online property-listing platform and 2nd runner up Young Freddie, a young shoe fashion designer who uses recyclable material, took home Ksh. 90,000 and Ksh. 60,000 respectively.

Kennedy Kachwanya1080 Posts

--- Kennedy Kachwanya is a technology blogger interested in mobile phones both smart and dumb, mobile apps, mobile money, social media, startups ecosystem and digital Savannah. New media must not forget the strength of old tech.


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