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Crowd funding made feasible to Cameroonian SMEs.
Crowd funding made feasible to Cameroonian SMEs.
Small and Medium-sized Enterprises have been urged to take advantage of the forum on crowd funding and multiply their funding options. The Ministry of Finance as well as that of Small and Medium-sized Enterprise and the National Credit Council have put hands on deck for this to become a reality.
As a result, the trio, last Thursday in Douala, launched a reflection on the urgency to support small and medium-sized enterprises, SMEs, and Medium-sized Enterprise, MEs, in their development drive.
This had been a key priority of Government over the last few years as initiatives like these have been very recurrent in the Cameroonian business community, Recently, the SMEs Promotion Agency had been created to spearhead the efforts. Elsewhere, the Minister of Small and Medium-sized Enterprise, Social Economy and Hundicrafts, Achille Basselinkin III, and the Israeli Ambassador to Cameroon, Ran Gidor, chaired a similar event that saw the injection of 100 young hi-tech entrepreneurs in the society. A few weeks ago, the government hinted it was eyeing the Islamic, Development Bank through which finding could be secured to support local SMEs.
The government used last week’s forum to exploit the sphere of crowd funding. It is a funding method that allows entrepreneurs to submit their projects or ventures to internet users on different digital platforms, canvassing for support.
It is with this in mind that the Ministry of Finance, in collaboration with the Ministry of SMEs and the National Credit Council planned the national workshop on crowdfunding. The reflection unfolded under the theme “Crowd funding: Participatory funding at the service of Small and Medium-sized Enterprises” .
The objective of the Forum was to inform the participants on the funding types the option offers, and advantages for project initiators.
The event also featured a presentation, experiences of other start-ups and proprietors of local projects who have had the opportunity to be funded thanks to crowd funding. Participants at the forum had an opportunity to network with experts in digital economy and were also thrilled on how to effectively market their ideas.
According to a study conducted between 2009 and 2014, FCFA 100 million was raised by Cameroonians using crowdfunding. And FCFA 1,375 billion will be raised in Africa within the next seven years.
Crowdfunding had been used to fund a wide range of for-profit, entrepreneurial ventures such as artistic and creative projects, travel, and community-oriented social entrepreneurship projects. Its use has also been criticized for funding dishonesty.
Culled from Cameroon Insider