Everyone Funding Startups!!! Grow VC
is the first global crowdfunding tool for web and mobile startups.
This is a fantastic idea, which compliments so nicely with Kiva. My only critique is that it is very tech focused. Although it makes a
logical entry point for oversight reasons (primarily), I hope that they
will open it up to other sectors. Everyday I meet business people
here in Africa with fantastic ideas. The capital flight from Africa has
created a situation where they cannot get access to mid-level funding.
Grow VC fills a very important gap in the finance world and I wish
them nothing but success.
On the notion of capital flight, this is a major problem. I heard a
story recently about a high-level East African politician who had
acquired a large sum of money but was having trouble getting the French
banks to accept it. Number one comment: good for the French banks. But
number two: if the African elites continue to put their money in developed
world banks, their SMEs are going to continue to lack access to
capital. If they could decide to bring some of that money back and then
the banks in their own countries could leverage that money via lending
to SMEs Africa would develop a lot faster.
Honestly, development has a place but all the weeping for the world
is tiring. Let us stop whining and act. Grow VC has done just that.
~ # ~
de7bce6 @ 2020-05-13