Crowdfunding is one concept we haven’t quite nailed in Africa, or better yet Nigeria, and funding itself is one issue that a lot of start-ups hinge on when they don’t get the expected traction. Perhaps all of these contribute to the excitement that comes with FASMICRO’s plan to unveil a crowdfunding platform, StartCrunch.com, optimized to meet the needs of African businesses, hobbyists and enthusiasts.
StartCrunch.com comes with a payment gateway that supports bank deposits, bank transfers, major international credit cards, PayPal and Interswitch. The platform offers Naira and USD currency options for project creators under two funding strategies – fixed and flexible funding plans. Categories supported include business, designs, politics, election, wedding, kids and health. Others include medicals, education, arts, NGOs, fashion, video, sports, film, dance, music and others.
Through this platform, anyone with a bank account or PayPal in any part of the world can raise funds. For project creators not resident in Nigeria, USD will be the natural currency for their projects while the Naira will be for those living in Nigeria. Project creators tap into their social networks to support their projects and then offer rewards or perks in returns. At the end of the funding round, FASMICRO will transfer the funds to the project creator minus any fees or commission. Payment to project creators in the US, Canada or Europe will be via PayPal, Nigeria through local banks; other countries will be bank wire transfer from their US bank. Western Union or similar products are not supported on this service. People can back projects in Naira or USD irrespective of the currency the project is created.
The site is ready for immediate use and will be approving projects submitted by project creators. People can fund them by choosing any of the payment options on the site. On this platform, everyone must be registered to make use of the services.
FASMICRO – the makers of Ovim tablets – will be giving three tablets to three project creators with highest in-month performances on the platform every month. In this case, performance means the projects that get highest fund backing within a calendar month. The first award will be due at the end of July 2013 and recipients will be made public.
FASMICRO is an award-winning engineering company with headquarters in Owerri, Nigeria. West Africa’s business partner to Altera Corp USA and Microchip Corp USA, it has executed many projects in Nigeria and beyond. Recognized by the Nigerian Presidency in 2011 for its innovation, the firm has a software unit that has created many products and services including education tools and analytics systems used by governments and private firms. In 2013, the firm’s Founder received the prestigious World Economic Forum Young Global Leader recognition. More at Fasmicro.com
This article was originally posted on Otekbits.com