Jason Njoku, the founder of iROKO, one of Africa’s most successful Internet startup, has announced it has funded a 23 years old entrepreneur through Spark, a company that builds companies. The name of the entrepreneur and his/her startup are unknown at the time of publishing this but Jason seems to be really upbeat about this move.
“Last week, Spark funded a 23-year-old. A truly amazing 23 years old who I believe captures the true essence of Spark 2.0 and whose journey I am excited to join,” Jason said in a blog post.
Spark is a company that builds companies, presently in Lagos, Nigeria as the gateway to Africa. Spark is focused on a well-defined and scalable revenue model and is a collection of internet people.
Reports from techloy.com says the amount of funds invested wasn’t stated, there are indications that the young entrepreneur may have secured something in the region of US $20,000 – $50,000.
It is true this young entrepreneur must be lucky to have caught the attention of mighty Jason Njoku. And we all can’t wait to see how his product churns out. Of course, It’s got to be industry-disrupting!
We’ll give you feedback once Jason talks about the young entrepreneur and whatnot. You might want to check back for it!
Personally, I think the Spark journey is a good one for our successful Entrepreneurs in Cameroon to emulate. There are many young entrepreneurs who are bridging the gaps, identifying problems faced in our local communities. The government may have turned its back on us, but we still have the power to determine our fates.
- The World Bank’s Doing Business Report for 2013 points out that starting a business in Cameroon is still a cumbersome process that requires five steps and it takes an average of 15 days.
- Doing Business Report further ranks Cameroon one of the worst countries among those evaluated in terms of enforcing a contract or the burden of tax payments.
- It is difficult for young entrepreneurs to access credit to start their businesses.
- Infrastructure in Cameroon still needs substantial improvement. Poor roads and unreliable electricity constitute major constraints on businesses.
- Cameroon has very low internet penetration. In an era when the Internet defines international competition, Cameroon’s rate hovers at less than 5%.
- Finally, entrepreneurs may be asked to pay a bribe relating to any aspect of their business.