Many African start-ups have found it hard to bag investors at all levels which can result in businesses that take the life of an entrepreneur’s dream too long to actualise or die.
While it is inevitable that many will cease to exist, much more needs to be done to link African businesses with the necessary capital and the mentorship they need.
To plug this gap is Humanity Node Protocol, a blockchain-based platform which is working to eradicate poverty in Africa through community service. Humanity Node Protocol pays its users in cryptocurrency for doing simple tasks for the community.
The platform was launched in 2019 and now has more than 100,000 people as its members, spanning from Nigeria in West Africa to Kenya in East Africa.
The current usage of non-fungible tokens (NFT) technology creates a unique smart contract on-chain that ensures there is no directly swappable counterpart for the NFT which makes it unique. This is the same for the Humanity Node Protocol.
Fungibility is the key component. No two tasks are the same and no two talents of people are the same.
“The unique opportunity here is that Africa will have the opportunity to build its own technology eco-system by serving the needs of its own society,” said Joel Plasco, Co-Chairman of the Humanity Angels Club.
To push Africans further and faster, Humanity Node Protocol is creating an angel mentor network in each African country. In this plan, there will be two pairs of angel mentors creating a network of four established business people.
Recruitment is currently ongoing as Humanity seeks 2-person-teams which will have a cumulative of 100+ teams continent-wide.
To start the networks off, each angel network will be sponsored with a minimum US$10,000 worth of Humanity NFTs. From these, the team collects 4 per cent royalty of the NFT which is priced at the market value.
Plasco adds, “By mentoring new African businesses and having Angels involved, many of the African start-ups will have the opportunity to learn what it takes, from previously successful ventures and apply that knowledge for the betterment of the communities they serve. This is Africa deciding its own destiny.”
What the Angel Network teams do:
The Angel Network teams assign the NFTs to people in their country and mentor them to grow their businesses and skills. Depending on the success of the teams, they get to split 1 per cent of the royalties of the NFTs in the country. They also become eligible for lifetime royalties.
All country Angel Mentor teams will get an opportunity to compete for a US$100000 grand prize which will go to 10 teams through the African Startup League (ASL).
The ASL is an annual startup competition aimed at funding 10,000 sustainable new start-ups that solve real-world problems in Africa.