To boost fundraising capacities: Stakeholders brainstorm on empowering start-uppers.

The session held in Yaounde, brought together some start-uppers, policymakers, entrepreneurs, researchers and investors. It was organised by the Nkafu Policy Institute of the Denis & Lenora Foretia Foundation.

Opening the session, Dr Merlin Mfondo, Executive Director of the Nkafu Policy Institute, said the purpose for the session was to examine the fundraising challenges faced by startups in Cameroon and shed light on how they can leverage available opportunities to improve access to finance, foster public-private partnerships, and ultimately shape the future of startups in Cameroon. 

He added that it was important to develop strategies for Cameroonian's startups to easily raise funds and to explore the potential of public and private entities to support startup fundraising.

Going by the Co-founder of Agrictech, a start-up, Dr Dorothee Nganti, the main challenge which the face is fundraising. She explained that this could be linked to the issue of education on financing by the start-uppers. 

“The main issue is finance education. We don’t know what it is or what it entails, that is why seminars like this will help many start-uppers to raise funds,” she said. She added that: “Most Cameroonian start-uppers are used to traditional fundraising means but with emerging financing, they need enough education on financing. When an investor wants to invest, there are several documents which he requires but if the start-upper is unaware of the documents that will be required, it poses already a challenge to him”. 

One of the participants, the General Manager of Mmockmie Cooperative Credit Union, Ngezem Fortsomo Skyly, saluted the initiative of the organisers.

“During this wonderful encounter, we discovered a lot of efforts from the government which are not being communicated enough,” he began, adding that good start-upper must have detailed business plan and time bound. 

“Apart from the business plans, we should underline that, the start-uppers need to unite themselves, create a network, where they will need to share their experience because most investors need a series of documents from the start-uppers and most often the start-uppers are not aware of what to furnish and where to furnish and at what time,” the Mmockmbie credit union GM added. 

On her part, Adeline Nembot, Economic Policy analyst at the Nkafu Policy Institute expressed her satisfaction with the level of engagement by the different stakeholders at the meeting. 

“We are sure the start-ups are going back home with some ideas which they will use to improve their businesses,” Nembot stated. 

The economic analyst further specified the need for start-uppers to go beyond the traditional means of raising funds given the difficult financial ecosystem.

“We know there are so many constraints as the banks will ask them to bring, so they have to go beyond the traditional ways and embrace emerging technological funding channels that exist and which are suitable for start-ups,” Nembot adde.