30 October 2018

South Africa: Crowdfunding is Changing South Africa for the Better

Photo: Cassidy Wehondo/Zanu-PF
From left Zanu-PF Cape District executive members Shingirirai Murire, Nigel Jena and Misheck Makora at a subcommittee meeting.
press release

Africa and Crowdfunding

Crowd funding in South Africa might be a relatively new concept, but this new financial avenue is changing people’s lives. Use it to start you own business or launch a product without fear of going into debt.

What is Crowd Funding?

Crowd funding is the method used to collect many small financial contributions by tapping into the power of the crowd. It’s a form of social networking; using the internet and online communities to spread word about your project, leading to instant exposure.

Crowd Funding in South Africa

Crowd funding is a relatively new concept in South Africa, so it's normal to feel nervous about trying out this fundraising trend. However, with our continent’s huge unemployment rates and
under resourced communities, this trend might be the answer to empower entrepreneurs in making their business dreams come true.

Three years ago, Mweb already wrote that: “Young entrepreneurs are tapping into the effectiveness of this form of funding as they discover that it can facilitate the growth and
funding for ideas, which might not have been possible via the conventional investment route”. Today, the South African crowd funding platform, Thundafund, has already funded over 140
projects worth a total of R5 million.

The crowd funding model has finally moved toward being a significant avenue for start-ups and investors in South Africa.

Government take too long to make decisions that really impact the person at the core of  communities, but maybe we can solve our own little small problems in our community together
through crowd funding for projects that better our own communities first.

People have always worked together and as Thundafund have proved, we can do wonders when working together. The way the stage is set now 100 investors can fund a business that is
being run in remote country and never even meeting once.

Using private online crowd funding platforms can increase Development in Africa faster than just relying on Governments. What this does is it gets entrepreneurs looking for new problems to solve for profit of course, but nevertheless serving some needs.

Cde Nigel Jena is Zanu-PF Cape District Youth League Secretary for Business Liason

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