African industrialist, Adam Molai has launched a US$1 million fund to provide entrepreneurs with capital to kickstart or expand their enterprises.
“Without entrepreneurs, economies cannot grow and countries cannot advance,” said the Chairman of TRT Investments which had US$125 million of assets under management as of the end of 2019.
The Jua Kickstarter Fund will provide successful applicants with funds to launch or grow their businesses, as well as mentoring and guidance. He stated that it is a desire to inspire the continent’s entrepreneurial generation that was behind the creation of the fund.
African entrepreneurs have always found it difficult to access the resources they need to launch their business dreams or take their budding companies to the next level. Yet thousands of African entrepreneurs are ready to take on investors to help them make the transition from idea, start-up and small operations to medium-sized to large business or even listed entities.
The world of venture capital and angel investors is generally closed to them, with capital being reserved for larger, and more successful companies. “African entrepreneurs unfortunately do not get the support they need to thrive for a myriad of reasons. Yet Africa is full of enterprising people,” he continued.
“Wherever there is adversity, there is opportunity. Africa is rife with adversity, wherever you turn business prospects are in abundance. I feel that Africa is so much more open, and it is full of so much more opportunity than you would find elsewhere. I want to do everything in my power to ensure that this potential is cultivated and unleashed,” said Molai who has successfully started several enterprises across Africa.
The funding seeks to address the issue around African Venture capitalists which is a rare commodity in Africa. The entire application process is electronic and funds are expected to be disbursed to successful applicants within 12 weeks of their shortlisting.