NEWS

KENYA HOSTS ITS FIRST CROWDFUNDING HACK

Underemployment rate is getting higher in Kenya but this is not stopping the youth from being innovative. Thanks to one of Nairobi’s successful business incubators, youths had the opportunity to receive aid by coming up with an idea and post it for crowd-funding. This business incubator that goes by name Nailab. No pun intended but Nailab is actually located right next to iHUB. The winner of the crowd funding hack was SOKOTEXT. They were boosted with a 300,000 Kenya shilling donation for their ongoingcampaign.

The event was sponsored by the ICT Board (formerly ICT Authority) and 1% club(one percent club). one percent club is a crowd funding organization similar to Indiegogo that links ideas to willing investors. 1% club is based in Netherlands.

There were about 10 participants in the hack. 3 participants were awarded in terms of donations. the winner got 300,000. the first runners up got 125,000 while the second runners up whose ideas was to make shoes made out of Kitenge(Leso) got 80,000.

For those who would like to take part in being part of Nailab. They will be scouting for new ideas to consider for incubation soon. submit your idea to http://www.nailab.co.ke/faq/ .

Written by: Neville Mugambi

Video courtesy of : http://www.ebruafrica.tv/

 

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