Funding bright ideas in the dark continent

Abstract

This work explores the potential of small businesses and entrepreneurs, in developing countries, and Nigeria more specifically, in exploring the opportunities offered by social media based crowdfunding. The aim is to propose a framework for funding bright ideas that have the capacity to support economic growth in the African continent and create continuous employment and prosperity for its people. The means for achieving such a transformation is proposed here as social media based crowdfunding. Some variables identified in this study are also visible in some other parts of the world like Asia and South America, and thus, the solutions recommended here can be translated (with some minor adjustments) to such markets. The research uses data taken from a range of fundraisers in the United Kingdom and Nigeria, to 'determine the effects of social media as a crowdfunding platform for startups, particularly in the developing world'.

Keywords

• crowdfunding
• entrepreneurship
• smes
• fundraising
• developing countries
• social media