The SliceBiz team, a Ghanaian start-up, were one of three teams to win the $10 000 cash prize at the Apps4Africa competition this year. The start-up plans to make crowdfunding the “it” thing in Africa by displaying 30 second pitches, recorded by entrepreneurs, to potential investors on mobile phone devices. Investors are then be able to transfer money into which ever project they like, from the app.

The SliceBiz model involves recipients giving up a stake in their business in return for the money received.

William Edem Senyo, a Ghana-based businessman and Heather Cochran, a former social worker from California, are the founders of SliceBiz. The pair plan to breathe life into the Africa start-up scheme by applying and modifying the Western model’s proven success with applications like Kickstarter, Indiegogo and GoFundMe. They explained in their competition entry form:

Hundreds of start-up founders can’t access credit from banks and other financial institutions. People all over the world with some disposable income are about to see how they can deploy their funds to better use.

Senyo had this to say after his win:

Less than three months ago no one would have been able to convince me that I would quit my job, find a great partner, start a possibly disruptive company, and to top that win Apps4Africa. This is a major validation for our business.

The Apps4Africa competition is funded by the World Bank and the United States State Department and awards the prize “to projects with the possibility of top-up funds if the winners meet set targets.”

[Source: BBC News]