Budding entrepreneurs seek funding from business moguls

Lack of adequate capital, the challenge cited by many budding entrepreneurs in the country, is increasingly being addressed with the increase in opportunities for emerging investors to present ideas to court potential funders. One of such sessions was held, yesterday, in Kigali where a group of young Rwandan entrepreneurs presented their business ideas for funding to a team of international investment moguls for possible partnership or a stake in their enterprises. The session, dubbed “Face the Gorillas,” took the model of the popular American television series, ‘Shark Tank,’ where emerging entrepreneurs looking for investment and mentorship present ideas to billionaires. The entrepreneurs, who were seeking a total of $205,000 (about Rwf153 million) stakes in their firms, presented their project proposals to the investors who included Seth Merrin, the founder and chief executive of Liquidnet; Eugene Nyagahene, the chair of TELE10 Group; Angela Homsi, a global impact investor; and Jason Merrin, an American film-maker. Gael Murara, founder of Grocewheels speaks to Investors at K-Lab yesterday. (T.Kisambira) Antoine Kajangwe, the founder of a digital advertising firm, presented a proposal seeking funding to expand his business in the country and to the region. Her firm deals in outdoor advertising and branding using digital tops on taxi-cabs. Kajangwe was seeking $20,000 for a 20 per cent stake in his firm to increase presence of the digital tops on taxis he has already signed contracts with. Two investors, Homsi and Nyagahene, expressed interest in his firm and have entered negotiations. ‘SafeMotos’, a phone application that links clients to vetted public transport motorcycle operators at no extra costs, the brainchild of Nash Barrett and Peter Kariuki, was also looking for $60,000 as a short-term debt to be later converted into equity. The two entrepreneurs are looking to tap into the growing use of commercial motorcycles as a preferred means of public transport in town. The solution relies on a map of the City of Kigali and global positioning system, enabling the cyclist nearest the client to locate their geographical location. According to the entrepreneurs, the application, unlike many ICT solutions, is built with the ordinary citizens in mind to ensure simplicity and broaden the user bracket. Investors listen to entrepreneurs at K-Lab yesterday. (Photos by Timothy Kisambira) The vetting process involves monitoring the road ‘conduct’ of the taxi-motos through the riders’ smartphones that register incidences of speeding and reckless riding. The firm raises revenue from commission from ‘moto’ operators as they guarantee them multiple clients in a day. Merrin, the founder of Liquidnet, promised to look into the business model to inform possible partnership in the coming days. Another emerging firm, KADIBRA, which provides online hotel booking services for travelers coming into the country and founded by Patrick Gihozo, was seeking $50,000 for a 20 per cent stake in the firm for marketing and team expansion to increase presence in the country and beyond. Gael Murara, founder of Grocewheels , a delivery firm specialising in household consumables such as groceriesm, is looking to expand his enterprise on acquiring $75,000. Nyagahene of TELE10 Group is in the process of availing some of the capital to the firm. editorial@newtimes.co.rw

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Budding entrepreneurs seek funding from business moguls