One of the big challenges faced by businesses is funding. According to CK Japheth, Team Lead of Innovation Village in Uganda, the startup ecosystem is not attracting enough funds as well as the right funds.
This is why the Innovation Village project was instituted in Uganda: to help develop a competitive space to attract funding and build the startup ecosystem.
CK spoke extensively about raising funds and how to attract the right kind of money. “Money doesn’t flow to people who need it,” explained CK. “Money flows to those who create value for it.” Hence, money follows value created.
What problem are you solving?
As a person who has worked with Venture Capitalists, CK insists that problem discovery with a viable market is crucial for businesses and startups, or individuals who want to raise money.
Oftentimes, he continued, people are lost in what they want, what they will gain, and what they care about. He advised that knowing who is facing a problem, what they are interested in, and presenting yourself as the best person with the best product to solve that problem is essential in business.
For entrepreneurs who want to meet with investors, he said that showing the potential investors what you can do for them or the profit you can generate for them should be part of your pitch. The Team Lead believes that blockchain will be of great help to the Uganda economy.
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