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Start-up: Techniques Of Successful Fund Raising

Conceiving a project idea is one thing and having financial resources to execute is another herculea

Raising funds for startups is an uphill task as classical financial institutions like the banks and micro-finance institutions always hesitate to take the risk. Most young entrepreneurs in Cameroon most often lack the collateral security demanded by these financial institutions. Hence good project ideas are in most cases thrown to the dogs as a result of inaccessibility to finances. This was the fate a Yaounde-based start-up specialised in graphic video games (Kiro Games) suffered for 13 years until 2013 when the enterprise founded by Guillaume Olivier Madiba invented its own method of raising funds online. Kiro Games successfully raised FCFA 130 million from 2013-2016 to set up its video games studio. Today, the enterprise is ready to share its experience to other start-ups in Africa through a mentoring project dubbed “Kiro Rebuntu”. According to Kiro Games Chief Financial Officer, Jean Yves Bassangna, the secret is building confidence in the investors. Kiro Games that has already succeeded in this venture adds that respect of investors’ funds is paramount as well as knowing what the investors want is also important. While it is absolutely necessary to evaluate your needs and verify the likelihood for profitability, it is also incumbent on the fund seeker to master every aspect of the project before meeting potential funders. Time management and credibility are also recommended. According to Kiro Rebuntu model, the secret is not only preparing a good file for the investors but equally create an investment roadmap spelling out concretely what you intend to do and how you intend to go about it. As Bassangna puts it, it was not easy getting traditional banks and micro-finance institutions to be interested in their project but Kiro Games never stopped searching for investors elsewhere. One of the principle is being persistent in as much as the funding is not yet secured.

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