F is for funding.

So this week we entered an agreement with a bus owner so we could pilot our system and develop a prototype. The plan is to lease the bus, and raise funds at the same time, because you know, we’re bootstrapping in these streets. It’s exciting and daunting because essentially, to develop our system, we’ll need funding.

Funding, sigh. The other ‘f’ word. One thing that has stood out to me about the African startup ecosystem, is that there is no shortage of ideas, just a lack of access to resources. We have the ideas. We just don’t always have the access to capital to develop our ideas. We know our problems better than anyone. Many of us also have solutions to some of them. It’s unfortunate that a lot of the time, it takes a person from Europe to come and be a partner, because they have access to funding from their governments and other organisations. Instead of funding, we’re taken through mentorship programs. Don’t get me wrong, I’m not saying these are bad, but it would be nice if we were guaranteed funds at the end of them, as well as the knowledge transfer.

So we’re bootstrapping. Which means asking family members and putting in our own money and all that good stuff. We are pre-revenue, so that makes it more difficult to actually pitch to VCs. People want prototypes and minimal viable products, they want to know you’ve tested what you’re offering on your target market. They want to see proof of concept. An idea isn’t always enough.

Thankfully though, with every step, and every day, this startup becomes more than an idea, more than a concept. The vision is being realised.

Shout out to First Check Africa (they can be found here) and Tony Elumelu Foundation (and here) for funding ideas and concepts and betting on ridiculously early stage founders. Love to see it.