Raising Love Money as an African Entrepreneur
In the early days of a project, Friends, Family and Fools (the 3F) are the most recommended sources of funding. This initial funding, called Love Money, helps the entrepreneur turn the project into a viable product. The rest, when executed well, should follow... In theory!
Let's face it: the funding ladder from 3F to VC depends a lot on the entrepreneur's location. It depends on where the entrepreneur comes from. Tech ecosystems are not at the same stage of maturity, hence not the same stage of funding or liquidity.
After shutting Sincuru down, I started working on a side project called African Foodie. We had a mobile web app working and our community was growing. I needed about £20,000 to get to the next level, and turned to the 3F. I was shocked to realise how hard it was for me as a Cameroonian, as an African, to raise Love Money. In London, in Paris, Home and beyond.
With limited options and in serious hardship, I turned to Jason Calacanis to get some advice. I followed almost exactly what Jason said, and I managed to keep the boat afloat... Until something else killed my dream to make African Foodie a success. But that is another story.
You can watch Jason's advice in the video below, it is only 3mn30 long. I am sure it will help those of you looking for that initial funding to keep your project going.