There is a global crisisof unemployment/underemployment and every Government is grappling with this challenge. Although efforts are geared towards solving this problem, almost every solution employs traditional means of dealing with it. There is a mismatch between jobs created and population growth especially in sub-Saharan Africa, South America and Asia.
According to the International Labor Organization (ILO) report 2019, in Africa, the labor force is expected to expand by more than fourteen million people per year yet the economic growth rates are anticipated to be unreasonably low to create quality jobs to match the fast growing labor force. In the same report, the ILO director of research noted that,” a full 700 million people are living in extreme or moderate poverty despite having employment," which highlights the fact that most of the few existing jobs are not a solution to poverty. The Gallup poll 2019 further emphasizes this point in which it reports that 70% -85% of employees hate their jobs mainly because of the prevailing working conditions.
It is from this background that our solution forms its basis. We strongly believe that starting and running sustainable businesses can solve this problem. However, we noted with great concern that many businesses close within their first year of start which is mainly due to lack of business skills but what is more shocking is that millions of business ideas never materialize into businesses mainly due to lack of adequate funding as startup capital.
Our solution therefore addresses these two main challenges faced by businesses; Startup capital (funding) and relevant business skills.
Startup capital is raised through a crowdfunding approach that combines technology (peer to peer system) where every member manages their accounts and mathematics (the algorithm is an exponential function) that makes it possible for a member to raise $19,525 from a contribution of $40.
The platform has a virtual academy (in future, we shall have a physical academy) to inculcate basic business skills to its members. On sign up, members access twenty well thought through business modules prepared by respected business personalities selected across the globe.
With the growth expected to reach one million users in the near future, we shall have a marketplace where members are provided with an opportunity to showcase their goods and services for trade.
We have the foundation, which is a way we give back to community making the world a better place.