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SokoText, a social enterprise founded last year with aims to help mama mboga’s in slums get fresh stock of vegatables and foodstuffs via an SMS-ordering and inventory system has won the Ksh 300,000 (2.500 Euros) grand prize at the Crowdfunding bootcamp organized by Nailab, 1% Club and Accenture.
The boot camp saw 19 startups from across Nairobi with different business ideas and from various sectors pitch and upload their business on 1% Club and ask their friends and connections to fund them.
In just the 24 hours after uploading their crowdfunding campaign on the platform, SokoText raised over €3,145 of their €4,300 requirement. Impressing the judges and everyone at the event.
Speaking to TechMoran SokoText co-founder Suraj Gudka said the firm was going to use the prize money to set up an outlet in Kenya’s Mathare Slums to help reach out to more mama mbogas (vegetable sellers).
“Being at Nailab has refined our business and our pitch we couldn’t have managed without Nailab’s training, said Gudka. “This bootcamp has also given us skills. Also our idea is great and connects with people. We are going to set up an outlet in Mathare and make sure it is sustainable so that we can sell to 100 mama mbogas a day.”
Other winners included Kejahunt, an online rentals listing platform with a feature to help the youth find roomates. Kejahunt ook home Ksh 125,000. The third winner was Young Freddie, a local shoe design startup using recyclable materials. Young Freddie took home Ksh 60,000.
The startups were taken though ability to develop solid crowdfunding plans, mapping relevant networks and insight in successful storytelling. The stsartups were to look at crowdfunding as a way of validation and promotion of their businesses and as a way of showing investors their businesses are viable.
Anna Chojnacka, the founder of 1%Percent Club and co-founder Nailab told TechMoran that the bootcamp was inspirational and as well demanding as they had to take through the startups through the basics of crowdfunding. She said SokoText’s business is realistic and deserved to win though she also liked Kejahunt for its affordable housing for the youth and Cladlight, a wearable jacket for bike riders set to reduce road accidents and E-Lab, an e-waste recycling startup.
“Majority of them did not know that investors don’t like funding for overhead costs. Entrepreneurs should not ask investors to meet their companies salaries, rent, and travel expenses,” said Chojnacka.
Yesterday during the commencement of the event Gijsbert Koren said that crowdfunding works because the backers believe they own the project, will be rewarded and the backers have little control in the manufacturing or other risky processes but unlike banks, backers always know what their money is doing.
Sam Gichuru, co-founder Nailab also announced the launch of a pan-African crowdfunding platform dubbed Babandu, to help entrepreneurs in Africa raise money for their projects online and a Kshs. 40,000,000 fund for African enterprises.
SokoText in January raised $50,000 to help make food security in Africa history.
