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Crowdfunding in Nigeria: Empowering Dreams!
- Crowdfunding is emerging as a popular way of raising capital for businesses and entrepreneurs in Nigeria.
- This article discusses the different types of crowdfunding available and how they work.
- Reward-based crowdfunding is a popular type that offers backers rewards for their support.
- Equity-based crowdfunding allows backers to acquire a financial interest in the company they invest in.
- Debt-based crowdfunding involves Start-ups connecting with lenders and promising to repay with interest within a specific timeframe.
- Donation-based crowdfunding involves donations from a community of supporters, with donors not expecting any financial returns or rewards.
- Examples of crowdfunding platforms in Nigeria include Farmcrowdy, Chaka, and Borno Flooding Trust Fund.
- Smartphones and social media have made it easier for entrepreneurs to access vast networks of potential investors and expand the pool of investors beyond the traditional circle.
- Crowdfunding helps foster a culture of networks, innovation and business-oriented guidance between investors and start-up businesses.
- Overall, crowdfunding has become an essential tool for early-cycle businesses looking to raise capital and expand their network of investors.
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