Startups looking for funding get in here! Apart from Ventures Capital funds, there are other ways startup founders can get business funding.
As we know, no business, startup, or fintech can start its operations without capital. This funding is needed to set things in place.
The funds can be raised through several methods and then spent on startup necessities including salaries, rent, inventory, and advertising.
However, there are other ways by which a company can raise funds. Let’s dive into it quickly.
Ways Startups Can Raise Funds
1. The Tony Elumelu Foundation
The Tony Elumelu Foundation (TEF) has pledged over US$100 million to help find, mentor, groom, and finance 10,000 African entrepreneurs by 2024.
Successful applicants will receive US#5,000 in seed funds and further investment. They will also undergo 12 weeks of intense online training with world-class mentors.
To apply, you will need to be a permanent resident of any of Africa’s 54 countries. Your business/startup must be at an ideation stage or not a business older than 5 years.
To apply, click here
2. The Next Titan Show
The Next Titan is a Nigerian entrepreneurial reality TV show. There are three stages to the selection process for The Next Titan.
The first stage is the general audition, while registrants are brought together for a one, two, or three-day event. The number of days for the pitch event will depend on the number of people that need to be auditioned.
During the show, each entrant will have to convince the judges as to why their idea or startup deserves funding from the Next Titan.
For more information on this or how to apply, you can get that on the website
3. The Anzisha Prize
The Anzisha prize awards young entrepreneurs between the ages of 15 -22 with $200,000 in business support and prize money. It monitors the business it supports and the entrepreneur’s progress over three years.
When a company demonstrates exceptional development and initiative, it is rewarded with a variety of resources, including free online courses, discounted cloud services, and cash grants.
At the end of the 2nd year, startup founders will present their business progress and achievements in hopes of winning $50,000 in funding from the organization.
For more details, click here.
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