African industrialist Adam Molai has launched a $1 million fund to provide entrepreneurs with capital to kickstart or expand their enterprises.
The Jua Kickstarter Fund will provide successful applicants with funds to launch or grow their businesses, as well as mentoring and guidance.
Molai, who has successfully started several enterprises across Africa and whose TRT Investments had $125 million of assets under management as of the end of 2019, said a desire to inspire the continent’s entrepreneurial generation was behind the creation of the fund.
“Without entrepreneurs, economies cannot grow and countries cannot advance. But 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 said.
“Wherever there is adversity, there is opportunity. Africa is rife with adversity, wherever you turn business prospects are in abundance. Entrepreneurs provide solutions to societal challenges, whilst creating space for the advancement of their communities. 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.”
The entire application process is electronic and funds are expected to be disbursed to successful applicants within 12 weeks of their shortlisting.