We have developed strong business relationships over the past 5 years with constant business posts, discussions, trainings, book compilations and also various events such as meetings and tours. In the process becoming the biggest online hub of entrepreneurs in the country.
The next strategy is converting the strong business relationships into meaningful business partnerships including raising capital for businesses. Banks are not in a position to avail funding to start-ups without stringent collateral requirements. Donors are also not forthcoming as entrepreneurship support is not a priority. So entrepreneurs are on their own and have to innovate or die.
Our crowdfunding initiatives have been gathering momentum with a few companies formed and others in the pipeline and they include;
- Rabbits International: A company that raised funds to start rabbits rearing
- Agri-volution: A company of 30 shareholders who raised funds to kick start a cattle rearing project.
- Big Ideas Galore: A company formed by members based in South Africa for investment purposes.
- Nutricio: A mealie meal production company formed in September a month later already producing mealie meal for sale. The company raised US$10k
- Borehole Project: A company in the pipeline that seeks to raise US$100k to purchase a drilling rig for members.
A ZBIN Runner Project that seeks to facilitate the imports and exports of goods from Zimbabwe to South Africa is already underway. In Bulawayo a brick moulding project is at feasibility stage.
Our women’s forum has 3 projects of rearing goats, agro processing and microfinance.
Our relationships investment paying dividends as members identify opportunities—pool resources and form companies. Some of the members participating in projects are dotted across the globe such as UK, Dubai, RSA, USA and Zimbabwe. Distance is no longer an issue due to use of digital platforms to conduct meetings.
The good news is the desire to invest in Zimbabwe by our sons and daughters in the diaspora. Of course the challenge is running into dubious schemes where funds can be misused! This is why we have emphasis on transparency and stewardship of resources. Members are involved in company formations, shareholders selections and setting up of organisational systems that protect investments.
It’s still early days but we expect an explosion in crowdfunding next year across the country especially as results start coming up. The risk is some may use crowdfunding to create ponzi schemes!
Financial institutions are also encouraged to do more researches and come up with packages that support crowdfunding just like stokvel packages in South Africa. The risk is always—will forex banked locally not be converted to other currencies?
