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A new fund for African entrepreneurs, The JUA Kickstarter Fund has launched and is worth $1-million in funding.
African entrepreneurs are encouraged to apply to The JUA Kickstarter Fund
Established by Adam Molai, an African industrialist, the new fund aims to provide entrepreneurs with the much-needed capital to kickstart and expand their business.
Selected applicants will receive the support needed to succeed and contribute to the rise in startup businesses in Africa.
In an official press release, Adam Molai explains that the motivation behind the JUA Kickstarter Fund is to showcase the capacity of African innovative solutions.
“Without entrepreneurs, economies cannot grow and countries cannot advance. But African entrepreneurs unfortunately do not get the support they need to thrive for a myriad of reasons. Yet Africa is full of enterprising people. Wherever there is adversity, there is an opportunity. Africa is rife with adversity, wherever you turn business prospects are in abundance. Entrepreneurs provide solutions to societal challenges, whilst creating space for the advancement of their communities. I feel that Africa is so much more open and it is full of so much more opportunity than you would find elsewhere. I want to do everything in my power to ensure that this potential is cultivated and unleashed.”
The JUA Kickstarter Fund
Due to Covid-19, SMMEs were hit hard and entrepreneurs have as a consequence struggled to secure capital.
The traditional method of accessing funding from banks requires that entrepreneurs have collateral. With the pandemic causing a drastic drop in incoming revenue, many entrepreneurs are unable to seek loans or funding from the bank, with negative ripple effects of debit on the cards.
The JUA Kickstarter Fund aims to inspire Africa’s entrepreneurial generation to create innovative solutions to transform the entrepreneurial landscape in Africa.
Interested applicants can apply here for the JUA Kickstarter Fund.
Mentorship for Entrepreneurs is another challenge that Molai aims to address with the launch of The JUA Kickstarter Fund.
Molai comments that investors are more inclined to invest in the entrepreneurship environment of Africa if entrepreneurs display confidence in their capabilities.
“When people see Africans investing in our own environment, they feel more confident to invest alongside us. Confidence breeds confidence. And I am nothing if not confident in the future of Africa and in what we can collectively achieve. For decades we’ve looked to governments to create a conducive environment for entrepreneurship to thrive in Africa. Governments alone will not achieve this without entrepreneurs also investing into creating more entrepreneurs. For true success, there is a need for this symbiotic approach buttressed by supportive policies.”
The fund will not only provide successful applicants with funds to kickstart or expand their enterprises but it will also offer mentorship and guidance. Successful applicants will receive their funds within 12 weeks of their shortlisting as the application process operates electronically.
Molai proudly comments on the speed of distributing funds to successful applicants.
“Cash flow is essential to the survival of small and emerging businesses. Studies have shown that cash flow is one of the major reasons why small and emerging businesses fail within the first two to five years. So, we have committed to ensuring disbursement to successful applicants within 12 weeks.”
Featured Image: : Adam Mola, fouder of TRT Investments and The JUA Kickstarter Fund, (Supplied)