The Nailab First Ever Start-up Crowdfunding Boot Camp

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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.

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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.

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