In this post, AfricaHacks Introduces Wedeydo, an African crowdfunding platform in the AfricaHacks Startup creation program. First, let’s discuss Crowdfunding. Crowdfunding (sometimes called online financing) is essentially the practice of raising financial contributions from a large number of people, usually through an online platform, to fund a business, project or venture. Crowdfunding in Africa has been relatively increasing in the past few years.
Crowdfunding harnesses the power of social networks and the internet to give people the means to raise funds, help others overcome hardship, and meet aspirational goals. With crowdfunding, you can help a friend or help an entire community. You can do everything from pay for your own surgery to fulfill a student’s dream of attending college and so much more.
According to Afrikstart, Africa-based crowdfunding platforms mainly specialize in promoting crowdfunding campaigns related to social causes (31.5% of the total platforms), business and entrepreneurship projects (21%), and then creative and innovative projects (17.5%).
What is Wedeydo and Its role in improving and promoting Crowdfunding in Africa?
Wedeydo is an African crowdfunding platform for African creatives and innovators. Wedeydo goal as a crowdfunding platform is to provide resources and funding to Africa’s innovators and content creators who have struggled to find support and funding to kickstart their projects.
Members of Wedeydo
Ovie Paul-Ejukorlem, founder and creator of Wedeydo is a young Nigerian who is passionate about creating and implementing innovative solutions. Coupled with a keen interest in strategy, he has applied his knowledge and experience to the different fields he worked in. These include business, animation, consulting, branding, digital marketing, and fintech.
Oghenero paul (Co-Founder) is the brother of Ovie Paul-Ejukorlem and they have been together for more than 20 years. Modupe Adebayo(Co-Founder) is a friend of Ovie Paul-Ejukorlem with whom he’s worked and studied together for many, many years. And together, they’ve worked on many projects including 2019’s GDD Ajah and Naijahacks Hackaton.
Before starting Wedeydo, the members realized three main problems:
- A lot of Africans have creative ideas in different industries, but these ideas rarely get to market due to a number of factors, some of which are adequate funding, availability of skilled personnel, and proper execution structure.
- The options mostly available to creative and innovative African entrepreneurs to raise funding for their project usually involve giving up a large chunk of their equity or going into large debt due to high loan interest rates.
- The gaps that many African creative professionals face. Thereby making it a significant obstacle compared to the rest of the world, due to their location.
Wedeydo is directly offering an alternative funding option for creative and innovative African businesses. In doing this, the company is also providing a new medium for international citizens to expend their goodwill towards Africa, they will be able to support and be a part of the success stories of some of the best projects coming out of Africa.
Wedeydo is currently working on an application and the features of the app are a creative, original business idea getting funded to its goal and Crowd funders tracking the success of the projects they donate to.
Wedeydo plan to focus on one industry at a time to raise funds for projects using their app.
The Future of Crowdfunding in Africa
Wedeydo is dealing with creatives and funding, these are 2 things the world can’t get enough of. Wedeydo is playing a vital role in the sprout of innovation across Africa over the next decade. The solution wedeydo is initializing may extend across various industries or pivot to complimentary services such as a market place to connect creatives.
Moreso, the members of wedeydo believes that they are creating a solution by creating a medium where creatives can get financial support from people who believe in their idea anywhere in the world.