AfricaHacks is a Social Enterprise focused on creating a platform for African youth to build companies. When Uchi Uchibeke founded AfricaHacks, he wanted it to have a transparent structure. That is the motivation for this post.
AfricaHacks cares about the team and community. That is why we work on helping each contributor to grow in their career.
As part of AfricaHacks Cares, we commit to:
- Promote and celebrate the efforts of each contributor.
- Provide adequate support to ensure the growth of every contributor and community.
In order to ensure that we provide adequate support to our contributors, we offer the resources and opportunities shown below:
We provide tools, resources, and mentorship to enable any AfricaHacks contributor to create a company. The entrepreneurship support includes up to 10,000 USD AWS credit, domain name support, design and review, tech architecture, and marketing support for projects the team members start. All they need to provide is a business plan or entrepreneurship idea which they are willing to implement. For example, Bayo, working on the Start app, is cofounder of Bridge.
Data and power budget
AfricaHacks has allocated a monthly pool of funds to cover power and internet data. Contributors can withdraw from these funds in a transparent process that everyone can see.
Learning and Development
We provide a small fund to support yearly educational courses for personal and professional growth. Team members can take any course within the budget, and we cover the cost.
Career transition and public recognition
We support any AfricaHacks Contributors that wants to transition to a new fulltime role. We provide recommendation letters, references, and nominations. When Blessing Thomas was part of the team, Uchi Uchibeke nominated her for the top 100 women in Tech award, which she won.
Online and Social Branding
AfricaHacks sponsors professional photo sessions for contributors. We also help review their existing social media platforms.
AfricaHacks Company Creation program
We are proud of the AfricaHacks company creation program. We do not take any equity in any of our Startups. Startups give us the option to invest in them via a SAFE. As Hackathon ideas, we value all the Startups uniformly, just like YC. And then we have the option to invest in them directly or via a partner depending on many factors like the availability of funds, traction, team, and other factors.
Furthermore, when they join our program, they work on getting an MVP, revenue, and all the other good stuff. In the end, we expose them to demo days. For Cohort 1, made of 14 Startups, they pitched to investors at StudentBuild and will be provided with more support and opportunities. For the future, we plan to structure the process in a way that does not take too many resources from AfricaHacks.
The current State of AfricaHacks
Some contributors to AfricaHacks, including the founding team, are not compensated, as is the case with many new Startups around the world.
- AfricaHacks does not make money, yet: We started in April 2020 and have made zero dollars. Hence, we are unable to pay a market rate for some team members.
- We give equity: Contributors to any of the products are assigned equity after two months.
- We cover expenses: See AfricaHacks cares, above.
Since none of the AfricaHacks contributors work on AfricaHacks full-time, we do not currently expect more than 5 hours a week. As part of our transparent structure, we maintain a Say vs. Do ratio metric that we use to measure performance. Furthermore, we filter out people for non-performance.
The future of AfricaHacks
For the future, AfricaHacks will always have a transparent structure and process. We know that AfricaHacks will grow, and we will generate revenue. While we work towards that, below are the plans for the future and the team.
- We assign more equity as the team member makes a more significant contribution. For some of the team members working on the product, we have doubled the initial number of shares assigned to them.
- All team members will keep their shares and get paid when we raise funds or get revenue.
Finally, we are excited about the future and our transparent structure. We remain flexible and continue to evaluate the roles and skills needed to ensure the most impactful, exciting, and best AfricaHacks. Please send an email to Team At AfricaHacks dot com to express interest, ask questions or share comments on the team and process.