February 2015. The IL team was sitting around a table (not a round one, though:) with a brunette, a blonde, and a baldie (and no, this is not a joke). They were 3 Africans whose passion to turn ideas into crowd fundable stories, outweighed their pain to do so…
Up until that point, they had successfully helped more than 140 entrepreneurs get funding through Thundafund (TF); breaking new ground as an African crowdfunding platform. These 140 entrepreneurs represented 70% of all the projects that had already received funding successfully. In comparison to Kickstarter’s 37% & Indiegogo’s 10% success rate, a 70% success rate is almost unheard of and a staggering achievement!
Now, what makes this such a staggering achievement, isn’t necessarily the high rate, but the fashion in which a team of 2 people guided these entrepreneurs to successfully get funding for their ideas.
Because Thundafund is running a lean startup, project submissions were done by filling out a 22 page Word document. These Word documents were revised and iterated upon by emailing it back and forth between a team of 2 and the project creator. More often than not, project photo’s would follow in separate emails – some of them humongously big and others pixelating small. Unavoidably, 1 email would become 10; multiply that with 100’s of projects, and soon you have something that doesn’t scale very well.
The first of 22 pages to capture and submit a project to Thundafund