African Businesses Turn to Online Crowdfunding

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African Businesses Turn to Online Crowdfunding

VOA News. 02/15/15

Crowdfunding is a way to raise money from a large number of people over the Internet to support a project. Crowdfunding has become common in many 1. ___________________. Kickstarter and Indiegogo are two crowdfunding websites. Such sites have helped launch Western-operated projects. Yet crowdfunding websites are almost unknown in Africa.

Recently, 2. _____________________ launched a program to help business owners in 3. _______________ make use of crowdfunding. The bank’s Kenya Climate Innovation Center provides crowdfunding mentorship programs for small companies.

A World Bank study found crowdfunding could have a major effect in 4. _________________ _____________. But to raise money through websites, business owners need specific skills.

Edward Mungai works at the Kenya Climate Innovation Center in 5. ___________________. He says business owners need to be well connected to both individuals and organizations. He says they also need to know how to show their ability 6. ________________________ they collect. Finally, he says, they should show how their business would help society.

7_____________________ in the program have launched campaigns. One of them is Wanda Organic, an organic fertilizer business. Marion Moon started Wanda Organic 8. _____________. Like many small African entrepreneurs, Ms. Moon found it hard to finance her business.

So, Ms. Moon says, she decided 9. _____________________________: online crowdfunding. She says banks would not finance her business in the early days. She had to depend on friends and family to keep her business going.

In some ways, Ms. Moon says, crowdfunding is similar 10. _________________________ Kenyans raise money from their communities.

“I think the word ‘crowdfunding’ is 11. _____________________. But the idea or the principle of everybody putting in a little bit to help a project, I do not think that is new at all. So I think one of the things we maybe could have done better is how we linked what people are used to, to this word ‘crowdfunding. ’”

Edward Mungai says getting local support for crowdfunding has not been easy. He says most of the money is still coming from 12. ____________________, and not from Kenya.

“Unfortunately, the people who are being reached, they cannot be able to contribute because there is 13. ______________________ to contribute. ”

He adds that most Kenyans do not have 14. _________________. Marion Moon notes that those who do have credit cards are worried about 15. _____________________.

Her Wanda Organic is halfway through its campaign. The company has only raised around 16. _______ of its 17. _______________ goal.

She has 18. ___________________ left to raise enough money to build storage centers for her fertilizer. 19. ____________________ has been slow, she says, but she has not lost hope.

I’m 20_____________________.

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