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Cape Town Launches Award for Crowdfunding and Micro-Lending Technologies to Help Millions of African Entrepreneurs

Cape Town Launches Award for Crowdfunding and Micro-Lending Technologies to Help Millions of African Entrepreneurs

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Published by: Crowdsourcing.org on Jan 18, 2011
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Cape Town Launches Award for Crowdfundingand Micro-Lending Technologies to Help Millionsof African Entrepreneurs 
The City of Cape Town today announces that it is looking for technologies and solutions to establish a new type of Venture Capital Fund on the African continent that is geared towards indigenous entrepreneurs who create innovative solutions for Africa's challenges. Submissions are accepted until February 28th, with a special interest in crowdfunding, micro-lending and other new technology-based financing models that can be appropriated for African start-ups. The Award forms part of the Living Labs Global Award 2011 in which 8 global cities present technology challenges to help 40 million citizens in America,Africa, Asia and Europe.
 (PRWEB) January 17, 2011 Cape Town and Living Labs Global announce the award whichseeks to revolutionize the way financing is provided to Africanentrepreneurs. The Award seeks solutions that exploit newtechnologies and funding systems such as crowdfunding, micro-
credits, community finance, social networks and open datasystems to provide entirely new ways of connecting investors andentrepreneurs in ways that are more suitable to Africa'sentrepreneurs than traditional venture capital funds. Successfulsolutions would help African entrepreneurs become theemployers of tomorrow, develop new technologies, provide realsolutions to consumers and give investors healthy returns. Cape Town invites global companies, research centers andNGOs to submit their solutions for the Award by the 28th ofFebruary, which will be reviewed by an international jury as part ofthe Living Labs Global Award 2011 in which 8 global citiespresent challenges. The winner will be invited to pilot the solutionin Cape Town, with full support by all local stakeholders toevaluate the solution before a full-scale roll-out. Cape Town has many developmental challenges that are sharedacross the continent. Urbanisation, provision of housing, incomedisparity between rich and poor, provision of a comprehensiveand integrated public transport system are just a few of the manychallenges Cape Town is addressing. It is embarking onentrepreneurial and innovative approaches to solve theseproblems. Such an entrepreneurial eco-system requires a
sufficient supply of capital for emerging entrepreneurs, during thestart-up phase as well as in growth phases in the businesslifecycle. One of the key enablers for entrepreneurship to foster isthe availability of venture capital funding for start-up and growthbusinesses. Hence, Cape Town is inviting solutions to establish a VentureCapital Fund geared towards Africa's entrepreneurs who produceinspirational and virtually untapped innovation to solve indigenouschallenges that are scalable. "We are seeking new ways to understand how venture financecan be supplied and managed in Africa, combining some of theexisting and proven best practices with new solutions that mayhave emerged in the developed or developing world. As anexample, crowdfunding, micro-lending and community fund-raising are all powered by new technologies and financialmanagement. Where in developed countries you may have twoinvestors, African entrepreneurs may find a hundred willing micro-investors, in their family, community or beyond", says MansoorMohamed, Chief Executive of Cape Town's Economic-, SocialDevelopment and Tourism Agency.

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