New crowdfunding service from Ghana, SliceBiz wins Apps4Africa prize

A start-up company from Ghana, SliceBiz, a crowdsourcing investment platform providing alternative
funding for start-ups, has been selected as one of the winners of this year’s Apps4Africa competition.

SliceBiz is in the process of developing a service that will deliver 30-second pitches recorded by entrepreneurs to potential backers over the phone. It says investors will then be able to transfer cash into the projects that have a lot of business potential, via their mobiles.

SliceBiz was founded by William Edem Senyo, an entrepreneur from Ghana – the company intends to shake up Africa’s start-up scene by adapting the crowdfunding model that has already proven popular in the West through online services such as Kickstarter, Indiegogo, GoFundMe and others.

Potential investors are asked to provide between US$250 and US$100,000 depending on how much is required by the start-up. Smaller amounts can be sent via mobile devices, while larger amounts will still rely on more traditional means.

The model SliceBiz employs involves recipient start-ups giving up a stake in their businesses in return for funding received – which is unlike other crowdfunding services.

The Apps4Africa scheme was set up in 2010, it gives awards of US$10,000 to three selected projects with the possibility of top-up funds if the winners meet set targets.