A $4M Fund for African Web3 Founders | Live Stream

1:51Asante Sana, Gary Bouni, Chip. We’re changing mic. I have a piece of sales with Kevin. I would love to just stress one thing out. We would love this to be an opportunity for us to wear three spaces.

3:41Long story short, been in the space for the past, I would say, eight years and been investing basically in a lot of founders, right? I think basically in a lot of founders, right, between different spaces, between people wanting to something with the payment space, helping, and then we’ll move on into a discussion and something more open so that we address the different companies when I had the idea to push

5:26So I said about a year ago when I wanted to basically launch that fund and focus on African founders, back them with basically end up going from here and there looking for the tech that is basically going to be empowering whatever you’ll be building with blockchain, right? So, Africa Ventures has been launched. It’s a $4 million fund exclusively focusing on African Web3 founders. I’ll break it down into quickly what it does. It’s depending on which stage the business founders are and going from basically rents up to $150,000 and equity financing up to half a million dollars. where you are and what kind of focus you want to be on.

6:17Last but not least, as I said, bringing human capital is one, bringing financial capital is two, but three, we’re also having engineers within that fund to be able to provide that hands-on support for the founders that need it. And I want to stress that out. It is not linked to StarkNet only. I will repeat that. It is not linked to StarkNet only. That means that if you’re building on base, on list, on scroll, on anything, and if you’re moving Don’t really necessarily get the grants, don’t necessarily get the proper backing And that is really a problem And so, what we realize is that there is an actual feedback that we are hearing from funders

7:02Related to how investments in Africa is going on so it’s hard to see Africa is going on so it’s hard to see how does this materialize a how does this materialize in value how do we actually make sure that in value how do we actually make sure that whoever we bag we can continuously whoever we bag we can continuously follow up and back so there’s a lot of money that’s been thrown out it really is a bad reputation that we’re getting that really means that the sense of exposure almost you would say even an investor bias that that we have. Meaning an investor bias that we have. Meaning investors don’t necessarily buy into the business. They actually invest and buy into the business. They actually invest. And we realize that, okay, we realize that, okay, basically this is not helping us at all, right? So there’s almost, basically this is not helping us at all, right? So there’s almost, you kind of really invest in people, not necessarily in the business.

8:05And speak the language that the VCs are used to, and the VCs are used to, and they can’t really relate to you, most of the time what happens is they won’t back you. That’s just the reality. They back the vast majority of you. Let’s be honest. This is a tiny population of founders that get to have that exposure. So, that is really what we realized And I’ll hand it over to KK to just kind of like, you know, share how we’re thinking about this And what are the potential propositions or solutions that we can bring to this Thank you If you could please just go back, just for the slide

8:47I want to just highlight something and add up Thank you I want to just highlight something and add up Thank you One thing that we’ve realized by being in this space as well Is that most of us are focusing on the technology, right? It is so important to stress out that there is the entire other aspect of who are the founders as people invest into people and especially because we’re not sitting here with series A, B, C. So now realize, think about it. You have about a million shillings and you want to invest in someone so early. What is it that really matters at the end of the day? Is that trust that that person would be able to sort of give to you?

9:33My Portfolio is something that I have not invested in. What do I mean by that? People pivoted. Their business is not at all what I’ve initially invested in. But what is it? And the integrity to basically take that money and run with it no matter what. So what does that mean? It means that us as founders here in Africa, when we’re coming up and facing any sort of funder, and when we say funder, it sort of follows, as Kevin said, culture in a way. So what do we mean by that? let’s meet people halfway and let’s be real not many of us would have the

10:12chance to go and study abroad investors to meet us halfway but that means that we have to do the other halfway that means understanding how their brain works that mean going out there and adapting and adapting versus expecting versus expecting the adaptation and this is how you make potentially a little bit of a That’s number one. But again, who is doing that? It’s not going to be protocols. It is not going to be chains. I’m real. We’re talking here for Stockhead. We’re not going to. And those are the Web3 clubs of Nairobi. Those are the Web3 bridge of Nigeria. Those are the other guys that are on the ground understanding, helping them, how they empower them so that they can actually convey that to the local people. So that when you come, you are that support, that mentor that can help them throughout the whole journey. And I’m not talking about hackathons or developer boot camps or whatever. It’s a permanent

11:06That You Get Out Of It And You Are Ready To Be Exposed To Any Investor That Is Coming And You Be Comfortable Pitching Yourself And Getting Their Money Access And Flexibility No Exclusivity I’m Saying This Again From A Protocol Please Let’s Get Out Of That Very Dangerous Approach Of Asking Builders If You Want To Get My Money Please Come And Build On My Chain We Have To Empower Our Entrepreneurs From Africa To Learn So Many Skills That They Become Bankable Bankable to be out, say, now I can choose depending on what I’m building, wherever I want to go If I’m a gaming developer, I’d better be on a chain that is excellent in gaming

11:46But I’m happy to have funded those guys that would end up on the chain, basically, market You go, you get a diploma, you get out there, and you’re having different jobs, right? We just have to be ready for those jobs So, please, I’m calling all ecosystem protocols, whatever that are, you know, either here or listening Let’s work together, great for them because we’re going to re-put the focus on the importance for the founders, not for the chains themselves. Three, ecosystem collaboration. Again, this is going to be a process with everyone. We have an idea that they become bankable for a fund to invest equity in them.

12:22I am very, I’m feeling sometimes powerless when I’m hearing people pitching.