Friends will give you an ear when you explain the experiment to them, but they would not take a considerable risk.
Make a list of people in your network that you desire to target and break down the fund size required to share sizes that is affordable to the individuals.
Last week, we discussed six options that young people can consider to finance a startup. We highlighted the place of funds from one’s pocket, which is critical especially in the initial stages when you are still experimenting with a product and the market, until you have made improvements to attract a sizeable market. Usually at this stage, there is no business, rather, a trial and error stage that can last up to three or five years or longer, subject to availability of skills to help you see further faster.
In the business hubs around Nairobi, you will spot this kind of business idea when the founders are presenting at a competition to potential funders. Usually, they would have a very good theoretical understanding of how their concept would work in an ideal world, but have not walked the talk to produce the result that the potential client can pay for.
